Iconic Files Notice of Intent to Drill at Smith Creek Lithium Project, Nevada
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ICONIC FILES NOTICE OF INTENT TO DRILL AT SMITH CREEK LITHIUM
PROJECT, NEVADA
Vancouver, British Columbia – June 1, 2021 – Iconic Minerals Ltd. (the "Company"
or "Iconic") (TSX-V: ICM) (OTC: BVTEF) (FSE: YQGB) is pleased to announce it
has initiated permitting its Smith Creek Lithium Project, 37 miles southwest of Austin,
Nevada, for drilling. The Notice of Intent (NOI) will permit the drilling of 5 RC holes to
a depth of 122 meters (400 feet). These holes are designed to test the sediments and ground
waters for lithium . Previous drilling conducted by the United States Geologic Survey
(USGS) for ground water evolution studies noted shallow brines in the drill area, though
none were assayed for lithium. Lithium baring salts and sediments may also be present, as
salts around nearby hot springs at the edge of Iconic’s claim block have assayed up to 470
ppm Li. The Magnetotellurics (MT) geophysical survey conducted at the project also
shows high conductivity material in the subsurface, from surface to a maximum of 1.3
kilometers in depth, which may indicate a salty sediment or brine response.
The initial drill program covered by the NOI targets 3 distinct potential targets. The first
hole is in the northern zone, with the lowest resistivities seen near surface, and where USGS
drilling showed lower (<7) pH values. The next two holes target a large northwest trending
structure in the middle of the claim block and the fluids that potentially pool against/in it.
This zone shows higher pH values (8.1-9.2), but also has the lowest magnesium to sodium
ratios of the USGS holes that intercepted brine. Lastly, the southern zone will test the area
with the most saline brines discovered by the USGS, and a strong near surface MT response.
All proposed holes are on a mud flat devoid of vegetation which should limit environmental
concerns and provide easy access.
Smith Creek Property
The Smith Creek Property is located within Smith Creek Valley, which is approximately
60 km (37 miles) long and 16 km (10 miles) wide. Quartz-rich volcanic tuffs containing
anomalous amounts of lithium occur within and adjacent to the valley. Surface sampling
around hot springs on patented ground just off the claim block assayed a maximum of 470
ppm Li. The gravity low within the valley is 16 km (1 0 miles) long, and the current
estimates of depth to basement rocks range from 1,300 to 1,500 meters ( 4,200 to 5,000
feet). The current claim block covers an area of 46 km2 (17.8 mi2) with potential for brine
systems and further sediment resources.
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Qualified Person
Richard Kern, Certified Professional Geologist, a qualified person as defined by Canadian
National Instrument 43 -101, has reviewed and approved the technical information
contained in this news release. Mr. Kern is not independent of the Company as he is the
Chief Executive Officer of Iconic.
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 Iconic, please visit our website at www.iconicminerals.com.
The Company's public documents may be accessed at www.sedar.com.
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward -looking statements and forward -looking information (collectively,
"forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation,
including the United States Private Securities Litigation Reform Act of 1995. All statements, other than
statements of historical fact, included herein including, without limitat ion, statements with respect to the
Option, the Joint Venture, the amount of the Offering, the expected use of proceeds from the Offering and the
future business plans and exploration activities of the Company, are forward -looking statements. Although
the Company believes that such statements are reasonable, it can give no assurance that such expectations
will prove to be correct. Forward -looking statements are typically identified by words such as: "will",
"believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential",
"scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer
to future events or results that may, could, would, might or will occur or be taken or achieved. In making
the forward-looking statements in this news release, the Company has applied several material assumptions,
including without limitation, that investor interest will be sufficient to close the Offering , that market
fundamentals will result in su stained precious metals demand and prices, the receipt of any necessary
permits, licenses and regulatory approvals required for the Option Agreement and the future development of
the Company's projects in a timely manner.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to differ materially from any future
results, performance or achievements expressed o r implied by the forward -looking information. Such risks
and other factors include, among others, operating and technical difficulties in connection with mineral
exploration and development activities, actual results of exploration activities, including on the Smith Creek
Property, requirements for additional capital, future prices of lithium and gold, changes in general economic
conditions, changes in the financial markets and in the demand and market price for commodities, lack of
investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays
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in obtaining governmental approvals, permits or financing or in the completion of development or
construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of
COVID–19 on the business, financial condition and exploration and development activities of the Company,
changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the
Company to obtain any necessary permits, consents, approvals or authorizations, including of the TSX
Venture Exchange in respect of the Option Agreement and the Offering , the timing and possible outcome of
any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and
other risks and uncertainties disclosed in the Company 's latest interim Management 's Discussion and
Analysis and filed with the Canadian Securities Authorities. All of the Company's Canadian public disclosure
filings may be accessed via www.sedar.com and readers are urged to review these materials, including the
technical reports filed with respect to the Company's mineral properties.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes
no obligation to update any of the forward -looking statements in this news release or incorporated by
reference herein, except as otherwise required by law.