Plan Of Operations Permitting Initiated For Bonnie Claire Lithium Project

VANCOUVER — Iconic Minerals Ltd. has begun total project scale permitting at the Bonnie Claire project located 48 km (30 miles) north of Beatty, Nevada. The permit, known as a Plan of Operation will allow exploration and development of the project for the next several years. Iconic has engaged EM Strategies Inc. of Reno, Nevada to create the Plan of Operations. The study will permit the following: An all-weather access road into the project site; Access to 39 proposed future drill sites; Trenching for bulk samples; and A proposed facility site. Other work, currently in progress, includes completion of an updated NI43-101 resource report by Global Resource Engineering Ltd. (GRE) of Denver, Colorado. The report is expected within the next week. Work also continues on the Preliminary Economic Assessment (PEA) and further metallurgical testing.

The Bonnie Claire Property is located within Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat have included lithium values as high as 2550 ppm Li and a 1560 foot (roughly 475 meter) vertical intercept that averaged 1153 ppm Li. The current 43-101 report on the project notes that, with a cutoff grade of 600 ppm Li and average grade of 1,027 ppm Li, one square mile contains an inferred resource of 5.025 billion kilograms Li (though this is a resource, not a reserve, and has not yet proven economic viability). The gravity low within the valley is 20 km (12 miles) long, and the current estimates of depth to basement rocks range from 600 to 1,200 meters (2,000 to 4,000 feet). The current claim block covers an area of 74 km2 (28.6 mi2) with potential for brine systems and further sediment resources.