Iconic Earns 100% of Bonnie Claire Lithium Project and Extends Hercules Gold Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2018) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) announces that it has now paid all required expenditures and completed all work requirements to earn 100% in the mineral claims at Bonnie Claire, Nevada that were the subject of the original agreement with Great Basin Resources Inc. Upon completion of the expenditures and all work requirements, the option is deemed exercised and the Vendor will transfer ownership in the property to Iconic except for the following:
a 4.5% Net Smelter Return payable to the Vendor and or it's designated assignees with respect to the Property, 1.5% of which Iconic shall have the right to buy back from the Vendor within 90 Days of the Property going into production for USD$2,000,000, and an additional 1.5% of which Iconic shall have the right to buy back from the Vendor within 180 days of the Property going into production for USD$4,000,000; and
a cash payment of USD$1,000,000 upon the property attaining commercial production.
Further, the Company has amended the terms of the Hercules gold project earn-in agreement in Nevada by extending its required payments and work expenditures by two years.
Under the terms of the amended agreement, the Company has the following requirements: cash payments and exploration expenditure commitments began in April 2015 and are payable as follows:
| Cash payments required | Payment | ||
| On or before April 20, 2015 (Paid) | US $20,000 | ||
| On or before November 17, 2015 (Paid) | 20,000 | ||
| On or before November 17, 2016 (Paid) | 20,000 | ||
| On or before November 17, 2019 then annually from 2020-2033 with increase tied to inflation | 50,000 | ||
| Exploration expenditures to be incurred | Expenditures | |
| On or before November 17, 2015 | Incurred | US $350,000 |
| On or before November 17, 2016 | Incurred | 450,000 |
| On or before November 17, 2019 | 550,000 | |
| On or before November 17, 2020 | 750,000 | |
| On or before November 17, 2021 | 1,000,000 | |
| Total expenditures required | US $3,100,000 | |
The Company has also paid the 2018 annual Hercules project claims maintenance fees to the Bureau of Land Management and Lyon County in Nevada.
The property is subject to a 3% net smelter royalty ("NSR"), payable to a company with a common director.
The Bonnie Claire Lithium Property Characteristics:
The Property is located within Sarcobatus Valley that is approximately 30 km (19 miles) long and 20 km (12 miles) wide, the associated drainage basin covers an area of 57 square km (22 sq mi). Quartz-rich volcanic rocks, that contain anomalous amounts of lithium, occur within and adjacent to the drainage basin. Geochemical analysis of the local salt flats has yielded lithium values up to 340 ppm. The gravity low within the valley is 20 km (12 miles) long, the current estimates of the depth to bedrock range from 600 to 900 meters (2,000 to 3,000 feet). The current claim block covers the brine bearing potion of the gravity low as defined by geophysics.The Hercules Gold Property Characteristics:
The Property is located approximately 25 miles (40 km.) south of Reno, Nevada near the historic Comstock mine. The property has been explored as a low-sulfidation epithermal high-grade Au-Ag vein and bulk-minable disseminated target. Work completed on the Property to date includes 263 drill holes totaling 57,538.5 feet (17,537.7m), trenching, soil, and rock chip sampling, underground sampling geophysical surveys, and preliminary metallurgical studies. As a result, 4 main Au-Ag mineralized areas known as Hercules, West Cliffs, Northeast, and Loaves have been defined on the Property. A historic non-NI43-101 resource exists for the project which needs to be updated with additional drilling. All permits are in place which will allow additional exploration.
Richard Kern, Certified Professional Geologist (#11494) and CEO of Iconic is the Qualified Person who has reviewed this press release in accordance with NI 43-101 reporting standards.
On behalf of the Board of Directors
SIGNED: "Richard Barnett"
Rick Barnett, CFO
Contact: Keturah Nathe, VP Corporate Development (604) 336-8614
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.