Iconic Receives 2ND Option Payment FOR Bonnie Claire and Extends Deadline FOR Final Payment
LC269255-1
ICONIC RECEIVES 2ND OPTION PAYMENT FOR BONNIE CLAIRE AND
EXTENDS DEADLINE FOR FINAL PAYMENT
Vancouver, British Columbia – December 1 , 202 1 – Iconic Minerals Ltd.
(the "Company" or "Iconic") (TSX-V: ICM) (OTC: BVTEF) (FSE: YQGB) is
pleased to anno unce that the Company has received the second option payment of $2MM
USD from Nevada Lithium Resources Inc. (CSE: NVLH; FSE: 87K) (“Nevada Lithium”)
which increases Nevada Lithium’s aggregate ownership in the Bonnie Claire Project to
35%. Concurrent with the payment, Iconic and Nevada Lithium have also agreed to an
amendment of the Option Agreement, which extends the deadline for the third and final
option payment under the agreement until December 15th, 2021. Upon payment of the third
option of $2 MM USD, Nevada, will have fully earned its option for an aggregate 50%
ownership in the Bonnie Claire Project.
“We are pleased to announce the receipt of the second option payment from Nevada
Lithium and look forward to working in partnership to confirm what we believe to be one
of the largest world class lithium deposits. The Company anticipates the acceptance of the
Plan of Operations in the near future and is eager to commence our 2022 drilling campaign
at the Bonnie Claire Property. The data collected from this campaign is integral to the
completion of the Pre-Feasibility Study and the next stage of our development towards Pre-
Production.” said Iconic CEO, Richard Kern.
Bonnie Claire Property
The Bonnie Claire Property is located within Sarcobatus Valley, which is approximately
30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing
anomalous amounts of lithium occur within and adjacent to the valley. Drill results from
the salt flat have included lithium values as high as 2550 ppm Li and a 1560 foot (roughly
475 meter) vertical intercept that averaged 1153 ppm Li. The current 43-101 resource from
the PEA report for borehole mineable portion of the resource is 3,407 million tonnes
grading 1,013 ppm Li or 18,372 million kilograms of lithium carbonate equivalent. (though
this is a resource, not a reserve, and has not yet proven economic viability). 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 74 km 2 (28.6 mi 2) with potential for brine systems and further
sediment resources.
On behalf of the Board of Directors
SIGNED: "Richard Kern"
Richard Kern, President and CEO
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LC269255-1
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 limitation, 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 stateme nts 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 sustained 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, uncer tainties 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 oth er factors include, among others, operating and technical difficulties in connection with mineral
exploration and development activities, actual results of exploration activities, including on the Bonnie
Claire 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 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 au thorizations, 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.