Friday, April 10, 2020

Iconic Minerals Profile

Iconic has several quality Lithium and Gold exploration projects in Nevada, USA. The Bonnie Claire Sarcobatus Valley Lithium property encompasses 1,155 claims covering over 35 square miles (90 sq. / kms). Assays of the cuttings from the recently drilled first hole resulted in the discovery of Lithium enriched sediments averaging 1,153 PPM over 1,560 feet (475 meters). Initial leaching tests applying dilute acid to the drill cuttings resulted in recoveries as high as 98%. Iconic has two other highly prospective Lithium exploration properties also located in Nevada.

Iconic Minerals
SEDAR ProfileSEDAR - Iconic Minerals Ltd.
Investor DeckDeveloping Economic Lithium in Nevada
Company ProjectsBonnie Claire Property (lithium):

Bonnie Claire is a 100% owned lithium brine property comprising of 23,100 acres of contiguous placer claims, currently in control of 28.75 square miles (75 km2) located in Nye County, Nevada. The property area is contained within a valley that is 60kms from the only producing lithium mine in North America (Albermarle Silver Peak Mine). Bonnie Claire’s valley 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, have found lithium values in salt samples yielding up 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 gravity 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.

Smith Creek Valley Property (lithium):

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.

Hercules Property (gold):

The Project has at least 240 shallow historic drill holes, mostly within the Northeast target zone. Of the drilling which was conducted in 2011, 20 holes were attempted, however 18 holes were drilled to depth, and two holes were lost due to a cave-in at 20 m (70 feet), (Hole H16-11), and equipment failure on the second hole (H20-11). Drilling was performed to an average depth of 96 m (308 feet) of penetration per hole; with a true depth from the surface closer to an average of 67 m (215 feet) of penetration in the four target zones.

ICM Research Center