Mr. Richard Kern reports

ICONIC COMPLETES MT SURVEY AND EXPANDS CLAIM BLOCK SMITH CREEK LITHIUM PROPERTY, NEVADA

Iconic Minerals Ltd. has completed a new magnetotelluric (MT) survey at its Smith Creek project in Lander county, Nevada. The 7 lines, interpreted by Fritz Geophysics, revealed a low resistivity zone roughly 1000 feet (305 meters) below surface that may indicate a brine system or salty sediments, as seen in the figure below. This was the target of the MT survey, and the spatial definition of this large, low resistivity layer is now much better understood. In several MT sections, such as the one below, the lower resistivity target is interpreted to be at least 700 feet (213 meters) thick.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/4609/165908_7eb5cab964a0cb9e_002full.jpg

Richard Kern, CEO of Iconic Minerals, comments: "The Smith Creek Basin has a large area underlain by what our geophysicist calls brine. Additional work to further define and rank drill targets is planned before drill testing. This work should define high angle faults and permeable horizons capable of hosting lithium-rich fluids or sediments."

In response to the encouraging results of the MT survey, the claim block at Smith Creek has been expanded from 566 claims to 818, and now covers an area of roughly 26 square miles (67 square kilometers). While the new MT lines have enhanced understanding of the low resistivity zone's extents and properties, additional MT, along with other geophysical methods including active or passive seismic, are being evaluated to better define the target.

Qualified Person

Richard Kern, Certified Professional Geologist, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Kern is not independent of the Company as he is the Chief Executive Officer of Iconic.

About the Smith Creek Project

The Smith Creek Project is located within Smith Creek Valley in Nevada, which is approximately 60 km (37 miles) long and 16 km (10 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Surface sampling around hot springs on patented ground just off the claim block assayed a maximum of 470 ppm Li. The gravity low within the valley is 16 km (10 miles) long, and the current estimates of depth to basement rocks range from 1,300 to 1,500 meters (4,200 to 5,000 feet). The current claim block covers an area of 67 km2 (26 mi2) with potential for brine systems as well as sediment resources.

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