Iconic Files Updated Technical Reports ON Smith Creek and Grass Valley Lithium Projects
ICONIC FILES UPDATED TECHNICAL REPORTS ON SMITH CREEK AND
GRASS VALLEY LITHIUM PROJECTS
Vancouver, British Columbia – March 20, 202 4 – Iconic Minerals Ltd.
(the "Company" or "Iconic") (TSX-V: ICM) (OTC: ICMEF) (FSE: YQGB) reports
that it has filed an amended National Instrument 43 -101 Standards of Disclosure for
Mineral Projects ("NI 43-101") NI 43-101 technical reports for the Smith Creek project
(the "Smith Creek Property") located 24 miles (40 kms) south-southwest of Austin, Nevada
and the Grass Valley project (the “Grass Valley Property”) located 55 miles (88 kms)
south-southwest of Battle Mountain, Nevada.
The NI 43 -101 technical report s entitled "Geological Report and Summary of Field
Examination, Smith Creek Property, Lander County Nevada" and the NI 43-101 technical
report entitled Geological Report and Summary of Field Examination, Grass Valley
Property, Lander County, Nevada ) (the "Updated Technical Report s") are both dated
effective October 19, 2023. The Updated Technical Reports were prepared pursuant to NI
43-101 by a Qualified Person, Mr. Robert A. Lunceford. The Updated Technical Reports
are available on the Company's SEDAR profile at www.sedarplus.ca and on the Company's
website at www.iconicminerals.com.
Smith Creek Lithium Property
Extensive exposures of Tertiary siliceous ash flow tuff units, which are recognized source
rocks for lithium, surround the Smith Creek Property both on the east and west . Lithium
was eroded and deposited in the closed basin . On the west side of the Property, hot
geothermal springs occur along major faults. Limited geochemical surficial sampling of
sediments surrounding the hot springs conducted by Iconic 470 ppm Li, considered to be
strongly anomalous. Two Magnetotelluric (MT) surveys have identified a low resistivity
horizon averaging 650 ft. (200 m) in thickness . This lithium brine target MT anomaly
occurs 650 ft. (200 m) to over 3,000 ft. (1 km) below the surface. The fault related lithium
anomaly and the low MT resistivity indicate a possibly significant target.
Grass Valley Lithium Property
At Grass Valley Tertiary siliceous volcanic units occur on the western side of the basin and
provide a critical source for lithium -rich sediments or brines. The basin is flanked by hot
geothermal springs which are believed to enhance the solubility of lithium and lower the
pH of the brine to reduce the precipitation of lithium ions out of solution. To determine
brine potential a single, north-south MT (Magneto Telluric) survey line was conducted.
The survey indicated that a significant low resistivity z one possibly indicating brine
occurred within the alluvial sequence. The depth to the low resistivity target ranges from
2,500 ft. (760 m) to more than 3,300 ft. (1 ,000 m) beneath the surface . Limited surface
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sampling confirmed that lithium in sediments assayed up to 310 ppm Li which is
considered to be significantly anomalous.
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
For further information on Iconic, please visit our website at www.iconicminerals.com, or
contact: Keturah Nathe, VP Corporate Development (604) 336-8614.
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. All
statements, other than statements of historical fact, included herein 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:
"believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will",
"potential", "scheduled" or variations of such words and phrases a nd 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.
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 or implied by the forward looking information. Such risks
and other factors include, among others, statements as to the anticipated business plans and timing of future
activities of the Company, the ability of the Company to obtain sufficient financing to fund its business
activities and plans, delays in obtaining governmental and regulatory approvals (includi ng of the TSX
Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining
operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, risks relating
to epidemics or pandemics su ch as COVID –19, including the im pact of COVID –19 on the Company' s
business, financial condition and results of operations, 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, 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 continuous disclosur e documents. All of the Company' s Canadian public disclosure filings
may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward -looking statements. The Company does not
undertake any obligation to update any of the forward -looking statements in this news release or
incorporated by reference herein, except as otherwise required by law.