Iconic Receives JV Lithium Partner Phase One Funds Totaling USD$1,600,000
LC269255-1
ICONIC RECEIVES JV LITHIUM PARTNER PHASE ONE FUNDS TOTALING
USD$1,600,000
Vancouver, British Columbia – March 26 , 202 1 – Iconic Minerals Ltd.
(the "Company" or "Iconic") (TSX-V: ICM) (OTC: BVTEF) (FSE: YQGB)
announces that the Company has received Phase I funds totaling USD $1,600,000 and
Nevada Lithium Corp. (“Nevada Lithium”) has now obtained a 20% interes t in the joint
venture on the Bonnie Claire Property. Iconic, through its wholly owned subsidiary ,
Bonaventure Nevada Inc. ("Bonaventure") granted Nevada Lithium the option
(the "Option") to earn up to a 50% interest in the Bonnie Claire lithium property located
in Nye County, Nevada (the " Bonnie Claire Property"). See the news release dated
December 15, 2020 . Pursuant to the Option Agreement, Nevada Lithium may exercise
the Option in three stages by funding USD $5,600,000 in cumulative exploration
expenditures on the Bonnie Claire Property on or before October 1, 2021.
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
report on the projec t notes that, with a cutoff grade of 600 ppm Li and average grade of
1,027 ppm Li, one square mile contains an inferred resource of 5.025 billion kilograms Li
(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.
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 Barnett"
- 2 -
LC269255-1
Richard Barnett, CFO and Secretary
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 Ac t 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 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 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, 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, 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 go ld, 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 ob taining 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 explor ation 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 TS X 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 disclo sed in the Company 's
latest interim Management 's Discussion and Analysis and filed with the Canadian Securities A uthorities.
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 fi led 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 u pdate any of the forward -looking statements in this news release or
incorporated by reference herein, except as otherwise required by law.