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Iconic Enters into Definitive Property Option Agreement for Smith Creek Lithium Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - February 8, 2023) - Iconic Minerals Ltd.  (...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Enters into Definitive Property Option Agreement for Smith Creek Lithium Project, NevadaVancouver, British Columbia--(Newsfile Corp. - February 8, 2023) - Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the \"Company\" or \"Iconic\") announces that, further to its news release dated November 28, 2022, it has entered into a definitive property option agreement (the \"Definitive Agreement\") with Lithium of Nevada Pty Ltd (\"LON\"), a private Australian company, whereby Iconic's wholly-owned Nevada subsidiary (\"Iconic SubCo\") has granted LON the option (the \"Option\") to earn up to a 50% interest in Iconic's Smith Creek lithium project (the \"Smith Creek Project\" or the \"Project\") located 37 miles southwest of Austin, Nevada (the \"Transaction\").Richard Kern, the Company's Chief Executive Officer, commented, \"We are very excited to be working with Lithium of Nevada to advance the development of the potential highly prospective lithium brine structures that have been identified at the Smith Creek Property.\"Smith Creek ProjectThe Smith Creek Project is located within Smith Creek Valley in Nevada, which is approximately 60 km (37 miles) long and 16 km (10 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Surface sampling around hot springs on patented ground just off the claim block assayed a maximum of 470 ppm Li. The gravity low within the valley is 16 km (10 miles) long, and the current estimates of depth to basement rocks range from 1,300 to 1,500 meters (4,200 to 5,000 feet). The current claim block covers an area of 46 km2 (17.8 mi2) with potential for brine systems and further sediment resources.Commercial TermsPursuant to the terms of the Definitive Agreement, which replaces and supersedes the previously announced term sheet, as amended by an extension letter dated December 18, 2022, LON can exercise the Option by making cash earn-in payments to Iconic in the aggregate amount of USD $5,600,000 (the \"Earn-In Payments\"). The Earn-In Payments will be used to fund work programs on the Project during the term of the Option and will be payable as follows:DateEarn-In Payments (USD)On or before March 19, 2023$1,750,000On or before May 31, 2023$1,250,000On or before June 30, 2023$1,500,000On or before September 30, 2023...