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Iconic Announces TSX Acceptance of JV Lithium Option Agreement and Initial Funds Advancement
Vancouver, British Columbia--(Newsfile Corp. - February 3, 2021) -  Iconic Minerals Ltd....
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Announces TSX Acceptance of JV Lithium Option Agreement and Initial Funds AdvancementVancouver, British Columbia--(Newsfile Corp. - February 3, 2021) -  Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (the \"Company\" or \"Iconic\") announces that the Company has received acceptance from the TSX Venture Exchange on January 28, 2021, for the Company to enter into the option agreement (the \"Option Agreement\") with Nevada Lithium Corp. (\"Nevada Lithium\")) whereby Iconic, through its wholly owned subsidiary, Bonaventure Nevada Inc. (\"Bonaventure\") granted Nevada Lithium the option (the \"Option\") to earn up to a 50% interest in the Bonnie Claire lithium property located in Nye County, Nevada (the \"Bonnie Claire Property\"). See the news release dated December 15, 2020.Pursuant to the Option Agreement, Nevada Lithium may exercise the Option in three stages by funding USD $5,600,000 in cumulative exploration expenditures on the Bonnie Claire Property. Phase I of the Option Agreement is expected to be exercised on or before March 8, 2021, to obtain 20% of the joint venture interests by expending USD$1,600,000 in exploration expenditures (“Exploration Expenditures”) on the Bonnie Claire Property.  Iconic has received an advance of funds towards the initial Phase I Exploration Expenditures, which were used to acquire additional mining claims at the Bonnie Claire property. The acquisition ensures that the Company has sufficient land for major expansion of the exploration and development of the property.These additional claims include 220 placer claims totaling 4,400 acres, which increase the total claims held to 915 or 18,300 acres (74 km2 or 28.6 mi2). All of the claims are located on federal lands controlled by the Bureau of Land Management (BLM). Sediment hosted lithium must be held via placer claims on federal lands in the U.S.Richard Kern, Iconic’s President and CEO, stated, “We are looking forward to working with Nevada Lithium to develop the Bonnie Claire Property. The initial $1,600,000 will allow the Company to conduct additional definition drilling, accumulate additional sediments to advance the metallurgy we are currently exploring to find the most economic pathways to production. We are also pleased that this first phase will help facilitate the proc...