Iconic Minerals Ltd. has been granted a notice of intent (NOI) by the Bureau of Land Management (BLM) to commence its lithium brine drilling program at the Bonnie Claire property, located 30 miles (48 kilometres) north of Beatty, Nev. The NOI grants Iconic the right to drill six of the eight approved drill locations, that were applied for through the BLM. A drilling rig has been scheduled and will be mobilizing to the property.
The initial drilling program will consist of 3 vertical drill holes designed to test potential brine horizons, which have been identified by the Company’s MT geophysical surveys (refer to June 19, 2016 News Release ). Drill targets will be spaced an average of 1.3 miles (2.1 km) apart and drilled to depths of 1,200 to 2,000 feet (365-610 m) deep. The brine target thickness to be tested, as defined by MT, ranges from 330 to 980 feet (100-300 m) thick. Lithium assays from the brine sampling should begin being received within 4-6 weeks after initiation of the drilling program. Additional details relating to the drilling program will be released prior to the initiation of the drilling.
The following is a brief summary on the Property:
The Property is a lithium brine target comprising 18,420 acres. It is located within a valley that is over +20 miles (+30 km) long and 12 miles (20 km) wide into which streams from an +800 mi2 (2,070 km2) drainage basin empty. The source rocks are quartz-rich volcanics that contain anomalous amounts of lithium. Sampling of salt flats within the basin has found lithium values in salt samples ranging from 50 to 340 ppm. The deeper part of a gravity low within the valley is 12 miles (20 km) long and initial estimates are the depth to bedrock ranges from 1,500 to 2,000 feet (460-610 m) within this low. The current claim block covers the gravity low and associated mud flats that could be used for evaporation ponds if significant lithium brines are discovered in drilling.