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Iconic Acquires Second Lithium Brine Property
Vancouver, British Columbia--(Newsfile Corp. - September 7, 2023) - Iconic Minerals Ltd. (TSXV: I...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Acquires Second Lithium Brine PropertyVancouver, British Columbia--(Newsfile Corp. - September 7, 2023) - Iconic Minerals Ltd. (TSXV: ICM) (OTC: BVTEF) (FSE: YQG) (\"Company\" or \"Iconic\") is pleased to announce its acquisition of the Grass Valley Lithium Property (\"Grass Valley\" or \"Property\") located in Lander County, Nevada. Grass Valley ProjectThe Property is located within Grass Valley, Nevada, and is approximately 64 kilometers (\"km\") (40 miles) long and 29 km (18 miles) wide. The Grass Valley basin has characteristics in common with lithium brines within structural basins worldwide: 1) arid climate, 2) closed basin, 3) associated volcanic or geothermal activity, 4) adequate felsic source rocks, 5) suitable local structural faulting due to regional tectonics, 6) adequate hydrologic system including subsurface aquifers, and 7) sufficient duration of time under arid conditions to concentrate lithium. Geochemical sampling of sediments in Grass Valley returned highly anomalous lithium values up to 510 ppm, which affirms the presence of prospective lithium within the Grass Valley basin. The combined magnetic, gravity, and resistivity data show a well-defined, extensive basin with accumulated alluvium 600 to +1,070 meters (2,000 to +3,500 feet). thick. The current 997 placer claim block covers an area of 80 km2 (31 mi2) with potential for brine systems as well as sediment resources.To acquire the property, the Company paid the current year's claims fees of US$177,231 to government authorities in Nevada and assumed an NSR of 3%. The property was acquired from a company related to Iconic by a common director.An NI 43-101 Technical report was completed in January 2022 on the Property and approximately USD $1,086,663 has been spent to date on exploration and development of the Property, which included drilling and Magnetotellurics (MT) Surveys.Richard Kern, CEO of Iconic, comments: \"The Grass Valley Basin has a large area underlain by what our geophysicist calls brine not dissimilar to our Smith Creek Lithium Project. We are very excited to move forward with both of these lithium brine projects on a 100 percent owned and controlled basis. Additional work to further define and rank drill targets is planned before drill testing at Grass Valley and Smith Creek. This work should define high angle faults and permeable hor...