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Iconic Minerals Ltd (2)
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Close 2018-08-01 C$ 0.15
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Iconic Minerals receives Bonnie Claire 3rd hole assays

2018-08-01 10:28 ET - News Release

Mr. Richard Kern reports

ICONIC RECEIVES DEEP HOLE SEDIMENT ASSAYS & INITIATES RESOURCE STUDY AT BONNIE CLAIRE LITHIUM PROJECT, NEVADA

Iconic Minerals Ltd. has received 50-element ICP (induced coupled plasma) analysis of sediment samples from its third deep drill hole at the Bonnie Claire project located in southern Nevada. From 79 metres (260 feet) to a total depth of 567 metres (1,860 feet), drill hole BC1801 averaged 921 parts per million lithium. A National Instrument 43-101-compliant resource report has been initiated using Global Resource Engineering Ltd. of Denver, Colo.

Following strict quality control measures, the drill hole samples were transported to ALS Chemex of Reno, Nev., which performed the analysis using ICP. Sample standards and coded repeat samples were included to check the integrity of the results. All standards and repeat samples are within quality control limits. Much of the sediments contain more than 1,000 ppm lithium and the bottom sample contained 1,310 ppm lithium, indicating that lithium-rich sediments probably continue. Other elements in the BC1801 hole with concentrations that may be amenable to recovery include boron and potassium. Bulk samples of the sediments, also collected as the hole was drilled, are being prepared for shipment to St-Georges Eco-Mining Corp. of Montreal for further metallurgical testing utilizing its propriety technology.

Brine sampling of BC1801 will take place this week (now that the hole fluids have returned to their natural state). Additional shallow drilling is planned south of the current resource to expand the resource, find shallow lithium-rich sediments for further bulk testing (using an excavator) and to test for shallow lithium brine. You may see the location map of these drill holes by visiting the Iconic Minerals website.

The Bonnie Claire lithium property characteristics

The property is located within Sarcobatus Valley, which is approximately 30 kilometres (19 miles) long and 20 kilometres (12 miles) wide. The associated drainage basin covers an area of 57 square kilometres (22 square miles). Quartz-rich volcanic rocks, which 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. The gravity low within the valley is 20 kilometres (12 miles) long. The current estimates of the depth to bedrock range from 600 metres to 900 metres (2,000 feet to 3,000 feet). The current claim block covers the brine-bearing potion of the gravity low (as defined by geophysics).

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 NI 43-101 reporting standards.

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