NOI To Drill At The Smith Creek Lithium Project

VANCOUVER - Iconic Minerals Ltd. has initiated permitting its Smith Creek Lithium Project, 37 miles southwest of Austin, Nevada, for drilling. The Notice of Intent (NOI) will permit the drilling of 5 RC holes to a depth of 122 meters (400 feet). These holes are designed to test the sediments and ground waters for lithium. Previous drilling conducted by the United States Geologic Survey (USGS) for ground water evolution studies noted shallow brines in the drill area, though none were assayed for lithium. Lithium baring salts and sediments may also be present, as salts around nearby hot springs at the edge of Iconic's claim block have assayed up to 470 ppm Li. The Magnetotellurics (MT) geophysical survey conducted at the project also shows high conductivity material in the subsurface, from surface to a maximum of 1.3 kilometers in depth, which may indicate a salty sediment or brine response.

The initial drill program covered by the NOI targets 3 distinct potential targets. The first hole is in the northern zone, with the lowest resistivities seen near surface, and where USGS drilling showed lower (<7) pH values. The next two holes target a large northwest trending structure in the middle of the claim block and the fluids that potentially pool against/in it. This zone shows higher pH values (8.1-9.2), but also has the lowest magnesium to sodium ratios of the USGS holes that intercepted brine. Lastly, the southern zone will test the area with the most saline brines discovered by the USGS, and a strong near surface MT response. All proposed holes are on a mud flat devoid of vegetation which should limit environmental concerns and provide easy access.

The Smith Creek Property is located within Smith Creek Valley, 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 46 km2 (17.8 mi2) with potential for brine systems and further sediment resources.