JV Lithium Option Agreement Accepted

VANCOUVER -  Iconic Minerals Ltd. reported that it has received acceptance from the TSX Venture Exchange for the Company to enter into the option agreement with Nevada Lithium Corp. whereby Iconic, through its wholly owned subsidiary, Bonaventure Nevada Inc. granted Nevada Lithium the option to earn up to a 50% interest in the Bonnie Claire lithium property located in Nye County, Nevada. Pursuant to the Option Agreement, Nevada Lithium may exercise the Option in three stages by funding USD $5,600,000 in cumulative exploration expenditures on the Bonnie Claire Property. Phase I of the Option Agreement is expected to be exercised on or before March 8, 2021, to obtain 20% of the joint venture interests by expending USD$1,600,000 in exploration expenditures (“Exploration Expenditures”) on the Bonnie Claire Property.  

Iconic has received an advance of funds towards the initial Phase I Exploration Expenditures, which were used to acquire additional mining claims at the Bonnie Claire property. The acquisition ensures that the Company has sufficient land for major expansion of the exploration and development of the property. These additional claims include 220 placer claims totaling 4,400 acres, which increase the total claims held to 915 or 18,300 acres (74 km2 or 28.6 mi2). All of the claims are located on federal lands controlled by the Bureau of Land Management (BLM). Sediment hosted lithium must be held via placer claims on federal lands in the U.S.

Richard Kern, President and CEO, said, “We are looking forward to working with Nevada Lithium to develop the Bonnie Claire Property. The initial $1,600,000 will allow the Company to conduct additional definition drilling, accumulate additional sediments to advance the metallurgy we are currently exploring to find the most economic pathways to production. We are also pleased that this first phase will help facilitate the process of completing the Preliminary Economic Assessment (PEA). The total $5,600,000 is expected to fund all anticipated exploration and development activities, including a final feasibility study and an initial production stage.”