2022-07-21 | TSXV: ICM | Press release

Vancouver, British Columbia–(Newsfile Corp. – July 21, 2022) – Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the “Company” or “Iconic”) is pleased to provide an update on its 2022 mining exploration and development plans for the Bonnie Claire Lithium Project (the “Project” or the “Property”), located in Nye County, Nevada. The work plan is the result of discussions between the Company and its 50% partner in Bonnie Claire, Nevada Lithium Resources Inc. (CSE: NVLH) (FSE: 87K) (OTCQB: NVLHF) (“Nevada LithiumThe estimated $5M work program was fully funded under the option agreement, whereby Nevada Lithium secured its 50% stake.

Iconic Minerals Ltd CEO Richard Kern comments: “The completion of our first borehole is a major milestone in the quest to move Bonnie Claire forward to a feasibility study and beyond. Core allows us to determine the detailed geology as well as gather geotechnical parameters to be used in the design of drilling tests. I believe this program will further prove the huge potential of the project.”

Drill Hole BC2201C

The Company is pleased to announce that it has completed the first drill hole of the 2022 exploration program, hole BC2201C, with a final depth of 2001 feet (610 meters). Vibrating-wire piezometers were installed in the hole during closure to better understand groundwater flow in the basin. The drill rig is currently mobilizing to the next drill hole location, which is approximately 0.8 kilometers (0.5 miles) from the BC2201C site.

The first batch of 216 geochemical samples, extracted from borehole BC2201C, has been sent to ALS in Reno, Nevada for analysis. Sample material consists of quarter core PQ and HQ, 10% of all samples containing standard, duplicate or blank. All cores were stored and cut in a secure core storage facility near Beatty, Nevada.

Basic sampling program

Barr Engineering Company (Barr) has completed its core sampling program at drill site BC2201C and has begun evaluating the material. Over 200 core segments were taken for analysis to better understand the geotechnical characteristics of the resource at Bonnie Claire. While some measurements were taken in the field, where Barr personnel were on site for day and night shifts, the majority of testing will be done by Advanced Terra Testing (“ATT“) in Lakewood, Colorado. ATT has already received the samples. The information gained from this technical analysis will improve Barr’s understanding of the geology and will help optimize the design of future drilling extraction tests at Bonnie Claire.

Mud/Rotary Borehole

Over the next week, the Company will start a mud/rotary hole, which will be drilled to a depth of 2,000 feet (610 meters) and is located 20 feet (6 meters) from BC2201C. This hole will be geochemically sampled and compared to analyzes of the neighboring core hole. Based on previous drilling, the Company predicts that core lithium values ​​could be 10-15% higher than the mud/rotary hole. Upon completion of drilling, perforated PVC will be placed in the hole and downhole geophysics will be performed to determine high permeability zones along with other data. Water samples will be taken and analyzed and Barr will perform pump tests on identified permeable areas. This well will also serve as a source of water for future drilling.

Qualified person

Richard Kern, Certified Professional Geologist, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical information contained in this press 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 in the 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 included lithium values ​​as high as 2550 ppm Li and a vertical intersection of 1560 feet (approximately 475 meters) that averaged 1153 ppm Li. The PEA Report’s current 43-101 resource for the drillhole mineable portion of the resource is 3,407 million tonnes grading 1,013 ppm Li or 18,372 million kilograms of lithium carbonate equivalent. Low gravity in the valley is 20 km (12 miles) long, and current estimates of bedrock depth range from 600 to 1,200 meters (2,000 to 4,000 ft). The current claim block covers an area of ​​74 km2 (46.6 km2) with potential for brine systems and other sediment resources.

On behalf of the Board of Directors

SIGN: “Richard Kern”

Richard Kern, President and CEO

Contact: Keturah Nathe, Vice President of Corporate Development (604) 336-8614

For more information about Iconic, please visit our website at www.iconicminerals.com. The Company’s public documents can be viewed 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.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws, including the United States Private Securities Litigation Reform Act of 1995. All statements , other than statements of historical facts, included herein, including, without limitation, statements regarding the option, joint venture, amount of the offer, intended use of the proceeds of the offer and the Company’s future business plans and exploration activities, are forward-looking statements. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are generally identified by words such as: “will”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “may”, “should”, “potential”, “expected” or variations of such words and similar phrases and expressions, which by their nature refer to future events or results which may, might, might or will occur or be In making the forward-looking statements in this press release, the Company has applied several important assumptions, including, without limitation, that investor interest will be sufficient to close the Offering, that the fundamentals of the market will result in sustained demand and prices for precious metals, the receipt of all permits, licenses and regulatory approvals necessary 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 that may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the information. prospective. These risks and other factors include, among others, operational and technical difficulties related to mining exploration and development activities, actual results of exploration activities, including on the Smith Creek property, additional capital requirements, future lithium and gold prices, variations in general economic conditions, changes in financial markets and in the market demand and price of commodities, lack of investor interest in future financings, accidents, labor disputes and other risks of the mining industry, delays in obtaining government approvals, permits or financing or in completing development or construction activities, risks related to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the business, financial condition, and exploration and development activities. oppement of the Company, changes in laws, regulations and policies affecting mining operations, securities disputes, inability of the Company to obtain any ssaries of permits, consents, approvals or authorizations, including from the TSX Venture Exchange with respect to of the Option Agreement and the Offer, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture activities, and other risks and uncertainties disclosed in the latest report intermediary management of the Company and filed with the Canadian Securities Administrators. All of the Company’s Canadian public disclosure documents are accessible via www.sedar.com and readers are urged to review these documents, including 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 forward-looking statements contained in this press release or incorporated by reference herein, except as otherwise required by law.

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