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Iconic Announces Termination of Option Agreement for New Pass Gold Property
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2025) - Iconic Minerals Ltd. (TSXV: ...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Announces Termination of Option Agreement for New Pass Gold PropertyVancouver, British Columbia--(Newsfile Corp. - February 24, 2025) - Iconic Minerals Ltd. (TSXV: ICM) (OTC: ICMFF) (FSE: YQG) (\"Company\" or \"Iconic\") announces that it has terminated the property option agreement which was formed on May 3, 2024 (the \"Option Agreement\") (See News Release May 6, 2024) with Gold Basin Resources Corporation (TSXV: GXX) (OTCQB: GXXFF) (\"Gold Basin\"), whereby Gold Basin had the option to acquire from Iconic and Iconic's wholly owned subsidiary (together with Iconic, the \"Vendors\") a 50% interest in and to the New Pass gold property (\"New Pass\" or the \"Property\") consisting of 107 unpatented mineral claims (2,140 hectares) located three hours east of Reno, just off Highway US-50E in Churchill County, Nevada. Transaction Details Pursuant to the Option Agreement, the Vendors granted to Gold Basin the exclusive option (the \"Option\") to acquire an undivided 50% right, title and interest in and to the unpatented mineral claims comprising the Property, in consideration of the payment of an aggregate of CAD $750,000 in cash and the delivery of an aggregate of CAD $750,000 in common shares in the capital of Gold Basin (the \"Consideration Shares\"), to be paid and delivered as follows (collectively, the \"Option Exercise Conditions\"):The Option Agreement has been terminated as Gold Basin failed to deliver upon the Option Exercise Conditions as was required, and as such, Gold Basin holds no interest in the Property. About New Pass Gold PropertyNew Pass Project, located in Central Nevada, approximately 27 miles west of Austin with an NI 43-101 Technical Report dated December 2, 2020 (the \"Report\") contains an Inferred Mineral Resource of 15,515,488 short tons (14,075,414 metric tons) at 0.022 ounce per ton (0.75 grams/metric ton) gold equivalent or 341,750 ounces of gold equivalent comprised of 282,986 ounces of gold at an average grade of 0.018 ounces per ton (0.62 grams/metric ton) and 3,139,054 short tons (2,847,702 metric tons) of silver at an average grade of 0.202 ounces per ton (6.92 grams/metric ton). These resources were determined at a cut-off grade of 0.01 oz/ton gold equivalent and a gold to silver ratio of 60/1. For this ratio metallurgical recoveries and net smelter returns are assumed to be 100%. The Infer...