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Iconic Finds Strong Correlation Between Drill Holes at Bonnie Claire Lithium Project
Vancouver, British Columbia – December 7, 2022 – Iconic Minerals Ltd. (the "Company" or "Iconic")
(TSX-V: ICM) (OTC: BVTEF) (FSE: YQGB) and its 50% partner in the Bonnie Claire Lithium Project
(the ‘Project’ or ‘Property’) Nevada Lithium Resources Inc. (CSE: NVLH; OTCQB: NVLHF; FSE: 87K)
(“Nevada Lithium”, are pleased to provide an update on the 2022 drill program for the Bonnie Claire Lithium
Project (the ‘Project’ or ‘Property’), located in Nye County, Nevada. Lab tests results confirm that the rock types
and assay values between core hole BC2201C and core hole BC2203C correlate well. These correlating rock
types are identified as an upper mudstone unit underlain by sandstone , which is underlain by additional
mudstone.
Iconic Minerals Ltd CEO, Richard Kern, comments: “ The key to moving from resource to reserve is to show
continuity between our widely spaced drill holes. These two holes are a good start in this process.”
The assays for hole BC2203C, which is located roughly one-half mile from BC2201C, have been certified by
ALS Laboratories. The assay lengths from BC2203C average 19.6 feet (6 meters), which is roughly three times
longer than the 6.9 foot (2 meter) average length of assays taken from the first hole, resulting in a smoother assay
value curve. For example, the highest lithium assay in BC2203C was 4,740ppm Li where BC2201C had a high
of 5,570 ppm. The assay values of the two holes are shown graphed below.
Li in ppm
Depth in Feet
Li in ppm
Depth in Feet
Assay values correlate well between the two holes, despite the gaps in results and variable sample lengths from
BC2201C. The chart below shows weighted average lithium values for the two drill holes.
Drill
Hole
Entire Hole
Average Li ppm
80 - 380 feet (24-16 meters)
Average Li ppm
1040 - 2000 feet (317 - 610 meters)
Average Li ppm
BC
2201C 1231 1056 2061
BC
2203C 1315 1029 2213
All Averages are Weighted Averages
BC2203C has a “Shallow Zone” between roughly 80 and 380 feet (24 and 116 meters) from the surface which
has assays averaging 9 7% of the previous hole’s values. BC2203C’s “Deep Zone” is located between
approximately 1040 feet and 2,000 feet (317 and 610 meters) and has assays averaging 107% of the previous
hole’s values. Overall, hole BC2203C’s assays averaged 107% of BC2201C’s assays, which is very close
considering roughly 15% of BC2201C’s material has yet to be assayed. This shows the partial results from
BC2201C are probably close to the final results in values . Barr Engineering Compa ny is working with the
unassayed samples. Based on geologic logging of the core from other nearby holes, future assays are expected
so show a similar correlation.
Quality Assurance / Quality Control (QAQC)
As core was being drilled at Bonnie Claire it was moved to a secure warehouse after each shift. It was logged
and split by core saw and securely shipped to the geochem lab. Standards, blanks and sample repeats totaling
10% of the samples that were submitted were disguised within each lab shipment. All samples in the lab were
crushed, pulverized, and dissolved in aqua regia before being analyzed by Inductively Coupled Plasma Mass
Spectrometry (“ICP-MS”). This method determines elemental values for 52 elements, including Lithium.
The Company is currently completing additional analytical testing of its drilling samples with American Assay
Laboratories Inc. in Sparks, Nevada for secondary independent testing. In addition, Global Resource Engineering
(GRE) is collecting and assaying new quarter-core samples in preparation for writing the Project’s Prefeasibility
Study (PFS).
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.
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 5570 ppm Li
and a 1560 foot (roughly 475 meter) vertical intercept that averaged 1153 ppm Li. The current 43-101 resource
from the PFS 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 1,20 0 meters (2,000 to 4,000 feet). The current claim
block covers an area of 74 km2 (28.6 mi2) with potential for brine systems and further sediment resources.
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 limitation, statements with respect to the Option, the Joint Venture, t he 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 ne cessary 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 Smith Creek Property, requirements for additional capital,
future prices of lithium an d 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 i n 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 th e 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 di sclosed 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.