Vancouver, British Columbia--(Newsfile Corp. - January 18, 2017) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") is pleased to announce that it has initiated work at its recently acquired Smith Creek Valley lithium project ("Smith Creek"), located 140 miles (225 km) east of Reno, near Austin, Nevada. Claim staking, geologic mapping, surface geochemical sampling and gravity interpretation have been completed on Smith Creek. A map of the Smith Creek property is available on the Company's website.
Iconic controls 808 placer claims totaling 25.25 square miles (65.4 km2) over a major gravity low. The enclosed Smith Creek Valley Basin covers 582 square miles (1,507 km2), which is slightly larger than Clayton Valley Basin where lithium brines are produced. Smith Creek Valley is over +40 miles (+64 km) long in a north-northeast direction and averages 9 miles (14.5 km) in width. The vast majority of rock weathering into the basin is felsic ash flow tuff, which is an excellent source of lithium. The Smith Creek basin itself is composed of alluvium surrounding a mud flat, a remnant of a paleo-lake. Brine evaporate is found around the edges of the mud flat, but not in sufficient quantity to be mapped as a unit. The basin is bounded by a series of step faults that down-dropped the central basin several thousand feet. Some of these step faults serve as fluid conduits for present day hot springs that border the mud flats. Activity in this geothermal location is believed to be a major contributing factor to the presence of economic lithium brines. Previous shallow drilling by the USGS in the valley for a ground water study discovered the presence of brine, though it was not assayed for lithium.
A gravity study of the Smith Creek Valley area completed by Frank Fritz of Fritz Geophysics of Fort Collins, Colorado, discovered a large gravity low under the southern portion of the valley. The mud flat sediments have a calculated thickness of over 4,000 feet (1,220 m). Sampling of brine evaporates deposited in the mud flat downslope of hot springs, located just northwest of the flat, returned lithium values of up to 470 ppm. It is possible that the lithium is being brought to the surface from brine at depth by geothermally heated groundwater.
A MagnetoTelluric (MT) geophysical survey has been conducted at Smith Creek Valley and is currently being interpreted. The purpose of this survey was to verify the extent and depth of the potential brine deposit.
Bonnie Claire Project Update
McClelland Laboratories, Inc. of Sparks, Nevada has commenced agitated leach testing of the drill cuttings from BC1601. These tests will determine the leachability of lithium from the sediments using several different leaching agents including water, dilute hydrochloric and dilute sulfuric acid. Results of this first phase of metallurgical testing are expected within a few weeks. After determination of the optimal leaching agent, concentration and leaching time, advanced metallurgy including column leach testing is planned.
Additional geophysical surveying has been scheduled north of drill hole BC1601, in order to determine the location of the major east-west fault that is interpreted to truncate the brine horizon. This fault could be a major feeder structure for lithium brine and therefore, is a high priority drill target. Subject to the ground conditions, the survey will be conducted in February.
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: (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.
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