Iconic Announces Granting of Permit to Drill and Initial Drilling Plan at Bonnie Claire Lithium Brine Project

VANCOUVER, BC / July 7, 2016 / Iconic Minerals Ltd. (ICM.V) (YQGB.F) (the "Company" or "Iconic") is pleased to announce that it has been granted a Notice of Intent (the "NOI") by the Bureau of Land Management (the "BLM") to commence its lithium brine drilling program at the Bonnie Claire Property (the "Property"), located 30 miles (48 km) north of Beatty, Nevada. The NOI grants Iconic the right to drill 6 of the 8 approved drill locations, that were applied for through the BLM. A drilling rig has been scheduled and will be mobilizing to the property.

 

The initial drilling program will consist of 3 vertical drill holes designed to test potential brine horizons, which have been identified by the Company's MT geophysical surveys (refer to June 19, 2016 News Release ). Drill targets will be spaced an average of 1.3 miles (2.1 km) apart and drilled to depths of 1,200 to 2,000 feet (365-610 m) deep. The brine target thickness to be tested, as defined by MT, ranges from 330 to 980 feet (100-300 m) thick. Lithium assays from the brine sampling should begin being received within 4-6 weeks after initiation of the drilling program. Additional details relating to the drilling program will be released prior to the initiation of the drilling.

The following is a brief summary on the Property:

 

The Property is a lithium brine target comprising 18,420 acres. It is located within a valley that is over +20 miles (+30 km) long and 12 miles (20 km) wide into which streams from an +800 mi2 (2,070 km2) drainage basin empty. The source rocks are quartz-rich volcanics that contain anomalous amounts of lithium. Sampling of salt flats within the basin has found lithium values in salt samples ranging from 50 to 340 ppm. The deeper part of a gravity low within the valley is 12 miles (20 km) long and initial estimates are the depth to bedrock ranges from 1,500 to 2,000 feet (460-610 m) within this low. The current claim block covers the gravity low and associated mud flats that could be used for evaporation ponds if significant lithium brines are discovered in drilling.

 

Richard Kern, Certified Professional Geologist (#11494) and CEO of Iconic is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.

 

On behalf of the Board of Directors

 

SIGNED: "Richard Kern"

 

Richard Kern, President and CEO

Contact: (604) 336-8614

 

For further information on ICM, please visit our website at www.iconicmineralsltd.com. The Company's public documents may be accessed at www.sedar.com

 

Forward Statement: This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Iconic expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

 

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.

 

SOURCE: Iconic Minerals Ltd.