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Iconic Announces Completion of Resource Report on Bonnie Claire Lithium Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - November 1, 2018) - Iconic Minerals Ltd. (T...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Announces Completion of Resource Report on Bonnie Claire Lithium Project, NevadaVancouver, British Columbia--(Newsfile Corp. - November 1, 2018) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (\"Company\" or \"Iconic\")  is pleased to announce it has completed a NI 43-101 technical resource study of the Bonnie Claire Project (\"Project\" or \"Bonnie Claire\"). The report defined an Inferred resource of 5.370 billion kilograms (kg) or 11.839 billion pounds of (LCE). The lithium carbonate equivalent consists of lithium carbonate and lithium chloride. The average grade of the current resource is 963 ppm lithium. Highlights:The resource is outlined by 3 deep and 1 shallow drill holes. The resource is open in all directions.The deposit is essentially flat lying, continuous, and begins near-surface in the central part of the deposit.Early initial metallurgy showed leach recoveries of 83% to 98% Li, leaching with dilute acid and 11% to 56% leaching with distilled water.An additional 10 drill holes are needed to move the resource to Indicated or higher category.Details:The National Instrument 43-101 Mineral Resource Estimate will be filed on SEDAR within 45 days and carries an Effective Date of October 30, 2018. The report resource was estimated by Terre Lane, MMSA Qualified Professional and SME Registered Member, of Global Resource Engineering Ltd. (GRE) of Denver, Colorado. GRE has extensive experience in the resource estimation, mining, and extraction of sedimentary-hosted deposits. The mineral resource estimate incorporates geologic and assay results from drilling of four drill holes done by Iconic in 2016 to 2018.The four drill holes, total 1,737.4 meters (5,700 feet), with an average depth of 434.4 meters (1,425 feet) per hole. Assaying was performed using 6.096-meter-long (20-foot-long) sample intervals by ALS Chemex of Reno, Nevada. GRE created 100-meter composites at consistent elevations between the four drill holes. GRE modeled the composite grades into the 2000-meter diameter maximum area surrounding each drill hole, assuming a constant distribution of grade throughout each 100-meter interval. Using estimated mining and processing costs GRE estimated a cutoff grade of 400 ppm lithium. The results are as follows:Table 14-2: Summary of Bonnie Claire Lithium Project Inferred Mineral Resource Estima...