Surface Gold/Silver Sampling Finds High-Grade Gold at Hercules Project, Nevada
ICONIC MINERALS LTD.
Suite 303, 595 Howe Street Vancouver, B.C. V6C 2T5 Phone: (604) 336-8614 Fax: (604) 718-2808 www.iconicmineralsltd.com
NEWS RELEASE Surface Gold/Silver Sampling Finds High-Grade Gold at Hercules Project, Nevada
July 8, 2015 – Iconic Minerals Ltd. (the “Company” or “Iconic”) ((TSX-V: ICM) (FSE: YQG) announces it has completed initial outcrop rock chip channel sampling at its Hercules Project (“Hercules”), located approximately 17 km (10.6 mi.) east-southeast of the well-known Comstock District in Lyon County, Nevada. Partial geochemical results have been received for these samples. Results are most complete for the Hercules Target, as shown in the table below. While the widespread intercepts of gold/silver grades consistent with gold/silver heap leaching in Nevada were expected, the discovery of high-grade gold/silver intercepts was unexpected. As shown in the table below, three +10 g/t (+0.3 oz/ton) gold assays were found including 3.35 metres (11 ft.) averaging 11.3 g/t (0.33 oz/ton) gold and 161 g/t (4.7 oz/ton) silver.
Wherever altered outcrops occur, channel rock chip sampling was done every 60 metres (200 ft.) over the 2.7 km (1.7 miles) long and 1 km (0.6 miles) wide project area. A map showing the extent of the alteration and sample line locations is available on the Company’s website. A total of 528 channel samples have been taken to date. The Hercules Target results shown below include 16 sample lines over a strike length of 760 metres (2,500 feet) and width of 150 metres (500 feet).
The Hercules Target results show extensive outcropping heap leach grade gold/silver values (≥ 0.005 oz/ton (0.17 g/t) gold equivalent) that will have a minimal stripping ratio if mined. The values will be used in a new NI 43-101 resource study to be completed after an upcoming drilling program.
The outcropping alteration was surveyed, logged and chip channel sampled, using 0.5-3.0 metre (1.5-10 feet) sample lengths. To ensure quality control, blanks and standards were added to each sample line before they were securely shipped to ALS Chemex, an ISO accredited geochemical laboratory.
As further results are received they will be released as soon as possible. Initial results for the other three targets included in the project area (West cliffs, Loaves and Northeast) are expected within three weeks. Several lines will be extended using an excavator. Surface geologic mapping, and mapping and sampling of underground workings at the Hercules Target are ongoing.
Hercules is a Comstock-type target, with strong potential for bulk minable, heap leachable gold/silver mineralization (+0.2 g/t Au) at surface, as well as potential high-grade (+10 g/t Au, to bonanza-grade (+68 g/t Au) at depth. Analogous to Comstock, the level of erosion at Hercules is slightly less than at Comstock as shown by a higher gold/silver ratio at Hercules. Therefore, any potential of high grade veins can be expected at greater depths than at Comstock.
| 2015 Surface Sampling Results Hercules Target (≥ 1.5 feet (.46 m) @ ≥ 0.005 oz/ton (0.17 g/t) gold equivalent) 07/5/15 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Hole No. | From (feet) | To (feet) | Interval (feet) | True | Gold | Silver | True | Gold | Silver | Au Equiv. |
| Width (ft.) | (oz/ton) | (oz/ton) | Width (m) | (g/t) | (g/t) | (oz/ton) | ||||
| HTH1 | 84 | 89 | 5.0 | 5.0 | 0.016 | 0.2 | 1.52 | 0.541 | 6.9 | 0.019 |
| HTH2 HTH2 | 0 29.5 | 3.5 39.5 | 3.5 10 | 3.5 10.0 | 0.022 0.010 | 0.3 0.2 | 1.07 3.05 | 0.740 0.358 | 10.3 5.2 | 0.027 0.013 |
| HTH3 | 0 | 14 | 14.0 | 13.8 | 0.055 | 0.6 | 4.20 | 1.878 | 20.7 | 0.065 |
| HTH4 | 10 | 13 | 3.0 | 3.0 | 0.008 | 0.1 | 0.91 | 0.268 | 2.9 | 0.009 |
| 2015 Surface Sampling Results Hercules Target (≥ 1.5 feet (.46 m) @ ≥ 0.005 oz/ton (0.17 g/t) gold equivalent) 07/5/15 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Hole No. | From (feet) | To (feet) | Interval (feet) | True | Gold | Silver | True | Gold | Silver | Au Equiv. |
| Width (ft.) | (oz/ton) | (oz/ton) | Width (m) | (g/t) | (g/t) | (oz/ton) | ||||
| HTH4 HTH4 HTH4 HTH4 | 19 45 57 81.5 | 22 50 62 93.5 | 3.0 5.0 5.0 12.0 | 3.0 4.8 4.5 7.7 | 0.047 0.098 0.005 0.024 | 0.9 1.8 0.0 0.6 | 0.91 1.47 1.38 2.35 | 1.620 3.360 0.167 0.832 | 29.6 63.0 1.2 19.2 | 0.062 0.129 0.005 0.034 |
| HTH5 HTH5 HTH5 HTH5 | 0 38.5 131.5 143 | 3.5 44.5 133 146 | 3.5 6.0 1.5 3.0 | 3.5 5.9 1.5 3.0 | 0.019 0.008 0.049 0.077 | 0.2 0.5 0.3 0.2 | 1.07 1.79 0.46 0.90 | 0.656 0.286 1.695 2.650 | 7.6 17.8 9.2 8.3 | 0.023 0.017 0.054 0.081 |
| HTH6 HTH6 HTH6 | 0 15 60 | 5 17 69.5 | 5.0 2.0 9.5 | 4.3 1.7 9.4 | 0.500 0.007 0.053 | 2.9 0.0 1.2 | 1.32 0.53 2.85 | 17.150 0.249 1.805 | 99.5 1.7 40.1 | 0.548 0.008 0.072 |
| HTH7 including HTH7 | 0 12 26 | 21 13.5 46 | 21.0 1.5 20.0 | 20.2 1.4 19.9 | 0.122 0.708 0.014 | 1.2 5.1 0.5 | 6.15 0.44 6.07 | 4.189 24.3 0.475 | 39.5 176 15.7 | 0.141 0.794 0.021 |
| HTH9A | 0 | 11 | 11.0 | 11.0 | 0.330 | 4.7 | 3.35 | 11.335 | 161.2 | 0.409 |
| HTH9B | 0 | 7 | 7.0 | 12.0 | 0.017 | 0.3 | 3.66 | 0.583 | 11.9 | 0.023 |
| HTH9C | 0 | 9 | 9.0 | 8.9 | 0.020 | 0.2 | 2.70 | 0.697 | 5.5 | 0.023 |
| HTH10 HTH10 | 0 81 | 29 84 | 29.0 3.0 | 28.6 1.9 | 0.012 0.022 | 0.4 0.3 | 8.71 0.59 | 0.417 0.763 | 14.5 10.2 | 0.019 0.027 |
| HTH11 | 0 | 40 | 40.0 | 38.6 | 0.014 | 0.3 | 11.78 | 0.481 | 9.9 | 0.019 |
| HTH12 HTH12 | 0 15 | 10 22.5 | 10.0 7.5 | 10.0 7.5 | 0.045 0.055 | 0.6 0.4 | 3.04 2.28 | 1.530 1.895 | 21.7 13.2 | 0.055 0.062 |
| HTH13 HTH13 | 0 17 | 10.5 21.5 | 10.5 4.5 | 10.5 10.5 | 0.012 0.028 | 0.1 0.7 | 3.20 3.20 | 0.418 0.955 | 4.0 22.5 | 0.014 0.039 |
| HTH14 | 0 | 10 | 10.0 | 9.9 | 0.074 | 1.7 | 3.00 | 2.523 | 57.2 | 0.101 |
Note: Au Equiv. calculation uses Au/Ag ratio of 60/1
Richard Kern, Certified Professional Geologist (#11494) and CEO of Iconic is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.
ON BEHALF OF THE BOARD
SIGNED: “Richard Kern”
Richard Kern, CEO
Contact: (604) 336-8614 For further information on ICM, please visit our website at www.iconicmineralsltd.com The Company’s public documents may be accessed at www.sedar.com
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Iconic expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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