Iconic Announces Completion of Resource Report on Bonnie Claire Lithium Project, Nevada
ICONIC MINERALS LTD.
Suite 303, 595 Howe Street
Vancouver, B.C. V6C 2T5
Phone: (604) 336-8614 Fax: (604) 718-2808
www.iconicmineralsltd.com
NEWS RELEASE
Iconic Announces Completion of Resource Report on Bonnie Claire Lithium Project,
Nevada
(November 1, 2018) – Iconic Minerals Ltd. (“Company” or “Iconic”) (TSX-V: ICM) (OTC:
BVTEF) (FSE: YQGB) is pleased to announce it has completed a NI 43-101 technical resource
study of the Bonnie Claire Project (“Project” or “Bonnie Claire ”). The report defined an
Inferred resource of 5.370 billion kilograms (kg) or 11.839 billion pounds of (LCE). The lithium
carbonate equivalent consists of lithium carbonate and lithium chloride. The average grade of the
current resource is 963 ppm lithium.
Highlights:
• The resource is outlined by 3 deep and 1 shallow drill holes. The resource is open in all
directions
• The deposit is essentially flat lying, continuous, and begins near -surface in the central
part of the deposit.
• Early initial metallurgy showed leach recoveries of 83% to 98% Li, leaching with
dilute acid and 11% to 56% leaching with distilled water.
• An additional 10 drill holes are needed to move the resource to Indicated or higher
category.
Details:
The National Instrument 43-101 Mineral Resource Estimate will be filed on SEDAR within 45
days and carries an Effective Date of October 30, 2018. The report resource was estimated by
Terre Lane, MMSA Qualified Professional and SME Registered Member, of Global Resource
Engineering Ltd. (GRE) of Denver, Colorado. GRE has extensive experience in the resource
estimation, mining, and extraction of sedimentary-hosted deposits.
The mineral resource estimate incorporates geologic and assay results from drilling of
four drill holes done by Iconic in 2016 to 2018.The four drill holes, total 1,737.4 meters
(5,700 feet), with an average depth of 434.4 meters (1,425 feet) per hole . Assaying was
performed using 6.096- meter-long (20- foot-long) sample intervals by ALS Chemex of
Reno, Nevada. GRE created 100- meter composites at consistent elevations between the
four drill holes. GRE modeled the composite grades into the 2000- meter diam eter
maximum area surrounding each drill hole, assuming a constant distribution of grade
throughout each 100- meter interval. Using estimated mining and processing costs GRE
estimated a cutoff grade of 400 ppm lithium. The results are as follows:
Table Error! No text of specified style in document.-1: Summary of Bonnie Claire Lithium
Project Inferred Mineral Resource Estimate (1,000,000s)
Cutoff
Grade
Tonnes Above
Cutoff
Lithium Above
Cutoff (kg)
Grade Li
(ppm)
400 5,574 5,370 963
2
Additional cutoffs and grades can be found in the NI43 -101 Technical Report filed on
SEDAR
At a cutoff of 400 ppm lithium there are 5,574,000,000 tonnes above cutoff containing
5,370,000,000 kilograms (kg) (11,839,000,000 billion pounds) of lithium carbonate equivalent
(LCE).
Readers are advised that Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability under NI 43-101.
Bulk sample metallurgy is currently being conducted by St-Georges Eco -Mining Corp of
Montreal and results are expected shortly. Additional drilling to expand and further define the
resource is currently in the planning stage.
The Bonnie Claire Lithium Property Characteristics:
The Property is located within Sarcobatus Valley that is approximately 30 km (19 miles) long and
20 km (12 miles) wide. Quartz-rich volcanic tuffs, that contain anomalous amounts of lithium,
occur within and adjacent to the valley . Geochemical analysis of the local salt flats has yielded
lithium values up to 340 ppm. The gravity low within the valley is 20 km (12 miles) long, and
the current estimates of depth to basement rocks range from 600 to 1,200 meters (2,000 to 4,000
feet). The current claim block covers an area of 35 km2 (13.5 mi2) with potential to be underlain
by lithium-rich sediments.
Richard Kern, Certified Professional Geologist (#11494) and CEO of Iconic is the Qualified
Person who has prepared and reviewed this press release in accordance with NI 43 -101 reporting
standards.
On behalf of the Board of Directors
SIGNED: “Richard Kern”
Richard Kern, President and CEO
Contact: Keturah Nathe, VP Corporate Development (604) 336-8614
For further information on ICM, please visit our website at www.iconicmineralsltd.com. The Company’s
public documents may be accessed at www.sedar.com
Forward Statement: This news release includes certain forward -looking statements or information. All
statements other than statements of historical fact included in this release are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate
and actual results and future events could differ materially from those anticipated in such statements. Iconic
expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise except as otherwise required by applicable securities
legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.