Iconic Receives Initial Metallurgy Results and Announces Next Phase of Exploration Plans at Bonnie Claire Lithium Property

Vancouver, British Columbia--(Newsfile Corp. - April 4, 2017) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") is pleased to announce that it has received initial metallurgy results from sediments that were extracted from drill hole BC1601 on the Bonnie Claire Project.

McClelland Laboratories Inc. ("McClelland"), of Sparks, Nevada conducted the initial metallurgy. A series of bottle roll tests were completed using hydrochloric acid at various strengths for a period of 72 hours. Although the tests indicate that this method disolves the lithium mineral, the high calcium carbonate content of the samples caused excessive consumption of acid. The use of deionized water instead of acid has been proven to solve this problem.Testing has shown that deionized water leaches the lithium from the sediments more effectively. Further studies are underway using water with variable solid densities, and temperatures to optimize extraction. In addition, McClelland will be submitting a proposal with recommendations to test other recovery methods on the Bonnie Claire sediments.

Exploration Plan

Iconic's next phase of exploration is to drill two holes at Bonnie Claire to specifically test major faults, which are high priority lithium brine targets. These holes will also provide enough additional data to define a NI 43-101 resource for the sediments. One major fault has been identified from geophysics, however, the exact location of a major east-west structure will require an additional line of Magneto Telluric (MT) performed to determine the exact location of the fault. The Company is also permitting a 600 foot (183 m) deep core hole near drill hole BC1601 to provide material for additional metallurgical testing.

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 2,070 square km (800 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 gravity low and the associated mud flats.

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: Richard Kern (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.