Iconic Minerals Completes Drilling and Brine Sampling of its Second Test Well at Bonnie Claire Lithium Property
TSX VENTURE: ICM
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (FSE: YQGB) (OTC Pink: BVTEF) (the "Company" or "Iconic") is pleased to announce that it has completed a second test well located approximately 1.43 miles (2.30 km) southeast of BC1601 at the Company's Bonnie Claire Lithium Project in Nevada, U.S.A. Drill hole BC1602 has been completed to a depth of 1,980 feet (604 m) and shows a substantial rise in conductivity beginning around 800 feet (244 m) where the lithology changes from dominantly sand to sand with interbedded clay. A map showing the drill hole location (shown as DH2) can be found on the Company's website.
BC1602 has been cased with perforated PVC, cleaned and downhole geophysics conducted. High conductivity, thought to be caused by brine, occurs off and on from 800 feet (244 m) to the bottom of the hole. Peak conductivity occurs between 1,070 and 1,300 feet (326 and 396 m) and occurs in mixed sands and clays and includes one thin tuff bed. Downhole sampling has been completed using HydraSleeve sample bailers (tubular plastic bags with intake valves) to sample 24 intervals of possible brine within the well.
All of the sampling was completed under the direction of an independent hydrogeologist, who will also be responsible for the security of the samples until they reach the geochem lab. Sample standards will be included with all brine samples submitted.
The Bonnie Claire Lithium Property Characteristics:
The Property 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.
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.