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Iconic Minerals Ltd (2)
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Close 2016-09-14 C$ 0.285
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Iconic Minerals tests Bonnie samples up to 1,410 ppm Li

2016-09-15 07:04 ET - News Release

Mr. Richard Kern reports

ICONIC ANNOUNCES GEOCHEMICAL RESULTS OF DRILL CUTTINGS AT BONNIE CLAIRE CONTAIN HIGHLY ANOMALOUS LITHIUM

Iconic Minerals Ltd. has received the first geochemical results from the sampling of drill cuttings taken from BC1601, the first monitor well drilled at its Bonnie Claire project. Beginning at a depth of 160 feet (49 metres) and continuing to the ending sample at 980 feet (299 m) lithium values range from 800 parts per million to 1,410 ppm. These highly anomalous results verify that lithium is abundant in the sediments within Bonnie Claire basin.

The samples were collected in 20-foot (6.1 m) intervals during the drilling of BC1601. The 820 feet (250 m) of samples taken from between 160 feet (49 m) and 980 feet (299 m) averaged 1,020 ppm lithium. Additional sampling results are pending for the remainder of the drill hole (total depth -- 1,560 feet (475 m)). Clay minerals including hectorite are the probable host for the lithium. At this time, it is unknown what, if any, relationship exists between lithium in the drill cuttings and lithium in associated brines.

The drill cuttings sampling of BC1601 was conducted by an independent geologist following quality control guidelines and shipped to ALS Chemex in Reno, Nev., for analysis. ALS Chemex is an ISO-registered and -accredited laboratory.

Brine sampling of the well is expected to be completed shortly and additional drill cuttings geochemical results are pending.

Richard Kern, certified professional geologist (No. 11494) and chief executive officer of Iconic, is the qualified person who has prepared and reviewed this press release in accordance with National Instrument 43-101 reporting standards.

Iconic's Bonnie Claire lithium property

The property is 23,100 acres located within a valley that is approximately 30 kilometres (19 miles) long and 20 km (12 miles) wide; the associated drainage basin covers an area of 2,070 square km (800 square miles). Quartz-rich volcanic rocks that contain anomalous amounts of lithium occur within and adjacent to the drainage basin. Geochemical analysis of the local salt flats has yielded lithium values up to 340 ppm, including lithium values up to 500 ppm which were performed by USGS (U.S. Geological Surveys). The gravity low within the valley is 20 km (12 miles) long, the current estimates of the depth to bedrock range from 600 to 900 metres (2,000 to 3,000 feet). The current claim block covers the gravity low and the associated mud flats.

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