(September 1, 2016) – Iconic Minerals Ltd. (the “Company” or “Iconic”) (TSX-V: ICM) (OTC: BVTEF) (FSE: YQGB) is pleased to announce that the Nevada Division of Water Resources have granted water permits to convert three exploration drill holes into monitor test wells. These permits will allow the Company to complete required testing, for future conversion into production wells.
Iconic’s first monitor test well, the BC1601, which reached a total depth of 1,560 feet (475 m), has been completed, set with PVC casing and perforated. The casing has been cleaned and a downhole geophysical survey has been initiated. The survey consists of conductivity, resistivity and natural gamma readings along the length of the drill hole. Results will be interpreted by the Company’s technical team, and will be used to help determine the sample density of the downhole brine sampling program.
Concurrent with the brine sampling of BC1601, Iconic will be initiating the drilling of its second test well, BC1602. Due to the thickness of the interpreted brine horizon, the total depth targeted for drilling is an estimated depth of 2,000 feet (608 meters).
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.
The Bonnie Claire Lithium Property:
The Bonnie Claire is located within a 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.
On behalf of the Board of Directors
SIGNED: “Richard Kern”
Contact: (604) 718-2800 ext 312
Keturah Nathe, VP Corporate Development
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.