Mr. Richard Barnett reports

ICONIC ACQUIRES SECOND LITHIUM BRINE PROPERTY

Iconic Minerals Ltd. has acquired Grass Valley lithium property, located in Lander county in Nevada.

Grass Valley project

The property is located within Grass Valley in Nevada, and is approximately 64 kilometres (km) (40 miles) long and 29 km (18 miles) wide. The Grass Valley basin has characteristics in common with lithium brines within structural basins worldwide: (1) arid climate; (2) closed basin; (3) associated volcanic or geothermal activity; (4) adequate felsic source rocks; (5) suitable local structural faulting due to regional tectonics; (6) adequate hydrologic system, including subsurface aquifers; and (7) sufficient duration of time under arid conditions to concentrate lithium. Geochemical sampling of sediments in Grass Valley returned highly anomalous lithium values up to 510 parts per million (ppm), which affirms the presence of prospective lithium within the Grass Valley basin. The combined magnetic, gravity and resistivity data show a well-defined, extensive basin with accumulated alluvium 600 to 1,070-plus metres (2,000 to 3,500-plus feet) thick. The current 997 placer claim block covers an area of 80 square kilometres (31 square miles) with potential for brine systems as well as sediment resources.

To acquire the property, the company paid the claims fees for the current year of $177,231 (U.S.) to government authorities in Nevada and assumed an NSR (net smelter return) of 3 per cent. The property was acquired from a company related to Iconic by a common director.

A National Instrument 43-101 technical report was completed in January, 2022, on the property and approximately $1,086,663 (U.S.) has been spent to date on exploration and development of the property, which included drilling and magnetotellurics (MT) surveys.

Richard Kern, chief executive officer of Iconic, comments: "The Grass Valley basin has a large area underlain by what our geophysicist calls brine not dissimilar to our Smith Creek lithium project. We are very excited to move forward with both of these lithium brine projects on a 100-per-cent-owned-and-controlled basis. Additional work to further define and rank drill targets is planned before drill testing at Grass Valley and Smith Creek. This work should define high-angle faults and permeable horizons capable of hosting lithium-rich fluids or sediments."

Smith Creek project

The company has terminated the option agreement with Lithium of Nevada Pty. Ltd. (LON) a private Australian company, whereby Iconic's wholly owned Nevada subsidiary had granted LON the option to earn up to a 50-per-cent interest in Iconic's Smith Creek lithium project. The company terminated the option with LON in order to build better value for its shareholders through the retention of owning 100 per cent of Smith Creek. It is the company's desire to continue the exploration and development of both Smith Creek and Grass Valley on a 100-per-cent-owned-and-controlled basis.

About the Grass Valley project

The Grass Valley property is a lithium exploration project consisting of 997 placer claims covering an area of 80 square kilometres (31 square miles). Located approximately 60 km (36 miles) northeast of Austin, Nev., the property expresses indicators of a potential lithium brine system. The large, enclosed basin is surrounded by mountains with ample felsic volcanics and intrusives, has active hot spring systems on three sides of the valley, and has surface salt lithium assays as high as 510 ppm lithium (Li).

The Grass Valley property has near-ideal indicators of lithium brine potential. The claims staked on this very long playa are surrounded by the zones of active hot spring activity and the high-surface salt lithium values. The basin drains an area of 595 square miles, slightly larger than Clayton Valley.

Exploration to date of this very large basin has comprised surface sampling, an MT survey and one drill hole. The MT survey, run by Fritz Geophysics, shows an interpreted major brine zone extending from approximately 500 metres (1,600 feet) to over 1,000 metres (3,300 feet) below the surface. A core hole was drilled in 2022 but was lost before reaching the brine zone. Sediments in the drill hole show evidence of bleaching indicating lithium may have been leached and mobilized in groundwaters.

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 metres (4,200 to 5,000 feet). The current claim block covers an area of 67 square kilometres (26 square miles) with potential for brine systems as well as sediment resources.

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.

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