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Iconic Earns 100% of Bonnie Claire Lithium Project and Extends Hercules Gold Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2018) - Iconic Minerals Ltd. (TSXV...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Earns 100% of Bonnie Claire Lithium Project and Extends Hercules Gold Project, NevadaVancouver, British Columbia--(Newsfile Corp. - August 29, 2018) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) announces that it has now paid all required expenditures and completed all work requirements to earn 100% in the mineral claims at Bonnie Claire, Nevada that were the subject of the original agreement with Great Basin Resources Inc. Upon completion of the expenditures and all work requirements, the option is deemed exercised and the Vendor will transfer ownership in the property to Iconic except for the following:a 4.5% Net Smelter Return payable to the Vendor and or it's designated assignees with respect to the Property, 1.5% of which Iconic shall have the right to buy back from the Vendor within 90 Days of the Property going into production for USD$2,000,000, and an additional 1.5% of which Iconic shall have the right to buy back from the Vendor within 180 days of the Property going into production for USD$4,000,000; and a cash payment of USD$1,000,000 upon the property attaining commercial production.The Company has also paid the 2018 annual Bonnie Claire claims maintenance fees to the Bureau of Land Management and Nye County in Nevada.Further, the Company has amended the terms of the Hercules gold project earn-in agreement in Nevada by extending its required payments and work expenditures by two years.           Under the terms of the amended agreement, the Company has the following requirements: cash payments and exploration expenditure commitments began in April 2015 and are payable as follows:Cash payments required PaymentOn or before April 20, 2015 (Paid) US $20,000On or before November 17, 2015 (Paid) 20,000On or before November 17, 2016 (Paid) 20,000On or before November 17, 2019 then annually from 2020-2033 with increase tied to inflation 50,000 Exploration expenditures to be incurred ExpendituresOn or before November 17, 2015Incurred US $350,000On or before November 17, 2016Incurred 450,000On or before November 17, 2019 550,000On or before November 17, 2020 750,000On or before November 17, 2021 1,000,000Total expenditures required US $3,100,000The Company has also paid the 2018 annual Hercules project claims maintenance fees to the Bureau of...