Iconic Minerals drills 2,116 ppm lithium over 310 metres at Bonnie Claire, Nevada

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Iconic Minerals Ltd. [ICM-TSXV; BVTEF-OTCQB; YQGB-FSE] and its 50% partner, Nevada Lithium Resources Inc. NVLH-CSE; NVLHF-OTCQB; 87K-FSE], in the Bonnie Claire Lithium Project provided an additional update on the 2022 drill program for the Bonnie Claire lithium project, located in Nye County, Nevada.

Geochemical results and final drill logs have been received for BC2002C and BC2004C. Results appear to show continuous Lithium mineralization in a shallow zone averaging 360 feet (110 metres) thick and a deeper zone averaging 900 feet (274 metres) thick. The drilling delineates an area 4,000 feet (1,220 metres) long in an east-west direction and 2,030 feet (618 metres) long in a north-south direction.

Richard Kern, CEO, commented: “Defining a shallow resource as well as a deeper, higher grade resource are steps toward future production. Both open pit mining and borehole mining are being explored to extract the mineralized material. The continuity of these two flat-lying mineralized horizons indicates similar mineralization may occur basin wide. Bonnie Claire continues to show itself to be one of the largest lithium resources in the U.S.”

The average lithium grades of both mineralized zones drilled are similar in all holes drilled to date. The average grades for both horizons include the Upper Zone that returned 1,444 feet (440.1312 metres) averaging 953 ppm lithium. The Lower Zone returned 3,575 feet (1,089.66 metres) averaging 1,854 ppm lithium. While the deeper zone is higher grade, both horizons are well above the 600 ppm cut-off used in the company’s resource estimate.

Intercepts of the Upper Zone range from 320 feet (98 metres) to 382 feet (117 metres) in length with average grades ranging from 820 to 1,042 ppm lithium. The depth to the Upper Zone ranges from 16 to 20 feet (5-6 metres). Intercepts of the Lower Zone range from 620 feet (189 metres) to 1,018 feet (310 metres) thick with average values ranging from 1,043 to 2,065 ppm lithium. BC2204C had a narrower and lower grade intercept of the Lower Zone because it intercepted the Lower Sandstone at a shallower depth. The best hole was BC2203C in the Lower Zone that returned 1,018 feet (310 metres) averaging 2,116 ppm lithium.

The company is currently completing the drilling of BC2205C located one-half mile east of BC2203C. The hole is an extension of BC2205 which was a mud/rotary hole. BC2205 was terminated at a depth of 1,000 feet (305 metres) after results from the BC2201 mud/rotary hole were found to be much lower than its core twin, BC2201C. The current core hole is expected to be completed and in for assay before the end of the year.

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 5,570 ppm lithium and a 1,560-foot (roughly 475 metres) vertical intercept that averaged 1,153 ppm lithium. 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 lithium 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 metres (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.

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