Iconic Minerals drills 5,570 ppm lithium over 3.8 feet at Bonnie Claire, Nevada

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Iconic Minerals Ltd. [ICM-TSXV; BVTEF-OTC; YQGB-FSE] and its 50% joint venture partner, Nevada Lithium Resources Inc. [NVLH-CSE; 87K-FSE], provided an update on the 2022 mineral exploration and development plans for the Bonnie Claire lithium project, located in Nye County, Nevada. Two core rigs and one mud rotary rig are currently in operation on the Property.

Iconic Minerals Ltd CEO, Richard Kern, comments: “Drilling of the Southern target at Bonnie Claire has found by far the highest-grade Lithium we have ever drilled (up to 5,570 ppm) as well as a shallow zone that could be amenable to open pit mining. We look forward to more good news.”

Core drill holes BC2201C and BC2203C have both completed drilling to their respective total depths of 2001 (610 metres) feet and 2000 feet (609.6 metres). There are two remaining core holes from the BC2022 Exploration Plan which are currently being drilled. Core hole BC2202C is at a current drill depth of 1,800 feet (548.6 metres) and Core hole BC2204C is at a current drill depth of 800 feet (243.8 metres). The mud rotary hole BC2201 which was permitted as a test well, is also currently being drilled and is at a current drill depth of 600 feet (182.8 metres).

Due to the irregular sample lengths that were submitted, weighted averages are reported below.

BC2201C contained three zones of lithium mineralization (Li). The first shallow Li mineralization zone began around 100 feet (30.48 metres) in depth and averaging 1105 ppm lithium for 270.7 feet (82.5 metres). The middle Li mineralization zone began from 1,044 to 1,600 feet (318.2 to 487.7 metres) averaging 1,256 ppm lithium, a total of 556 feet (169.4 metres). The deepest Li mineralization zone began from 1,600 to 2,001 feet (488 to 610 metres) a total of 122 feet (37.1 metres) averaging 3,232 ppm lithium and included a 3.8-foot (1.2-metre) assay of 5,570 ppm lithium. The Assays submitted from BC2201C also included a total of 1,226.8 feet (374 metres) of lithium enriched material grading over 1,000 ppm Li. There were two zones that also encountered elevated boron, limiting out at greater then >10,000 ppm B, which will require additional testing to allow for greater ppm results.

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 2,550 ppm Li and a 1,560-foot (roughly 475 metres) vertical intercept that averaged 1,153 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 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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