Iconic receives 2nd option payment for Bonnie Claire and extends deadline for final payment

Vancouver, British Columbia – (Newsfile Corp. – December 1, 2021) – Iconic Minerals Ltd. (TSXV: ICM) (OTC Rose: BVTEF) (FSE: YQGB) (the “Company” or “Iconic”) is pleased to announce that the Company has received the second option payment of US $ 2 million from Nevada Lithium Resources Inc. (“Nevada Lithium“) which increases Nevada Lithium’s overall stake in the Bonnie Claire project to 35%. Along with the payment, Iconic and Nevada Lithium also agreed to an amendment to the option agreement, which extends the deadline for the third and last option payment under the agreement until December 15e, 2021. Upon payment of the third option of US $ 2 million, Nevada will have fully won its option for an aggregate 50% stake in the Bonnie Claire project.

“We are pleased to announce the receipt of the second option payment from Nevada Lithium and look forward to working in partnership to confirm what we believe to be one of the largest world-class lithium deposits. The Company expects the acceptance of the plan of operations in the near future and looks forward to starting our 2022 drilling campaign on the Bonnie Claire property. The data collected from this campaign is integral to completing the pre-feasibility study and the next step in our development towards pre-production, ”said Iconic CEO, Richard Kern.

Bonnie Claire property

The Bonnie Claire property is located in the Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing abnormal amounts of lithium are found in and near the valley. Salt flat drilling results included lithium values ​​as high as 2550 ppm Li and a vertical intersection of 1560 feet (approximately 475 meters) that averaged 1153 ppm Li. The current 43-101 resource of the PEA report for the drill-exploitable part of the resource is 3,407 million tonnes grading 1,013 ppm Li or 18,372 million kilograms of lithium carbonate equivalent. (although it is a resource, not a reserve, and its economic viability has yet to be proven). Low gravity in the valley is 20 km (12 miles) long, and current estimates of basement rock depth range from 600 to 1,200 meters (2,000 to 4,000 feet). The current claim block covers an area of ​​74 km2 (28.6 km2) with potential for brine systems and other sediment resources.

On behalf of the board of directors

SIGN: “Richard Kern”

Richard Kern, President and CEO

Contact: Keturah Nathe, Vice President of Corporate Development (604) 336-8614

For more information about Iconic, please visit our website at www.iconicminerals.com. The Company’s public documents are accessible at www.sedar.com.

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.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the option, the joint venture, the amount of the offer, the intended use of the proceeds of the The Company’s offering and future business plans and exploration activities are forward-looking statements. While the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are generally identified by words such as: “will”, “believes”, “expects”, “anticipates”, “intends”, “believes”, “plans”, “may” , “Should”, “”, “planned” or variations of such words and expressions and similar expressions, which by their nature refer to future events or results which could, could, could, could or will occur. occur or be taken or achieved.In making the forward-looking statements in this press release, the Company has applied several important assumptions, including, without limitation, that investor interest will be sufficient to complete the Offer, that market fundamentals will result in sustained demand and prices for precious metals, receipt of all necessary permits, licenses and regulatory approvals for the option agreement and future development of the Company’s projects in a timely manner.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the companies. forward-looking information. These risks and other factors include, among others, operational and technical difficulties related to mining exploration and development activities, the actual results of exploration activities, including on the Bonnie Claire property, additional capital, future lithium and gold prices, changes in general economic conditions, changes in financial markets and in commodity market demand and price, lack of investor interest in future funding, accidents, labor disputes and other risks in the mining industry, delays in obtaining government approvals, permits or financing or in completing development or construction activities, risks associated with epidemics or pandemics such as that COVID-19, including the impact of COVID-19 on the Company’s business, financial condition and exploration and development activities é, changes in laws, regulations and policies affecting mining operations, conflicts of title, inability of the Company to obtain the necessary permits, consents, approvals or authorizations, including from the TSX Venture Exchange with respect to of the option agreement and of the placement, the timing and possible outcome of any pending litigation, environmental issues and responsibilities and risks associated with the joint venture activities, and other risks and uncertainties disclosed in the last report of intermediary management of the Company and filed with the Canadian securities regulatory authorities. All of the Company’s Canadian public information materials can be found at www.sedar.com and readers are urged to review these documents, including the technical reports filed with respect to the Company’s mineral properties.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update any forward-looking statements contained in this press release or incorporated by reference herein, except as otherwise required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106063

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