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Iconic Minerals Announces Additional Lithium Property Acquisitions in Nevada and Project Update of the Bonnie Claire Lithium Project
Vancouver, British Columbia--(Newsfile Corp. - October 13, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (OTC: BVTEF) (FSE: YQGB) (the "Company" or "Iconic"), announ
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - October 13, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (OTC: BVTEF) (FSE: YQGB) (the \"Company\" or \"Iconic\"), announces that, subject to approval by the TSX Venture Exchange, it has entered into two Lithium Property Option Agreements with a non-arms' length vendor (the \"Vendor\") to acquire a 100% interest totaling 1,185 placer mining claims comprising 23,700 acres in Nevada (\"Properties\"). Pursuant to the Agreement, Iconic may earn its 100% interest in the Properties by: (a) reimbursing the Vendor for all documented expenses, not to exceed US$40,000 for each Property; (b) expending initial and annual claim filing fees and expenses being, US$133,100 for the first Property (\"Property A\") and US$193,000 for the second Property ( \"Property B\"); and (c) also expending for exploration and development on each Property in the first year US$200,000, second year US$500,000, third year US$500,000 and fourth year US$1,000,000, totaling US$2,000,000 for each Property; in total, the \"Expenditures\". Upon payment of the Expenditures, the options will be deemed exercised by the Company, and the Vendor will then transfer ownership in each Property to the Company, with the exception of the following; (a) a 4.5% Net Smelter Return payable to the Vendor or its designated assignees with respect to each Property, 1.5% of which the Company shall have the right to buy back from the Vendor within 90 days of either Property going into production for US$2,000,000, and an additional 1.5% of which the Company shall have the right to buy back from the Vendor within 180 days of the Property going into production for US$4,000,000; and (b) a cash payment of US$1,000,000 to be made by the Company to the Vendor upon the Property attaining commercial production. Summary of Additional Lithium Brine Properties: Property A is a lithium brine target, which is located within a valley that is over 40 miles (64 km) long and averages 9 miles (14.5 km) wide into which streams from a 582 mi2 (1,507 km2) drainage basin empty. The source rocks are quartz-rich volcanics that contain anomalous amounts of lithium. Sampling of salt deposits down-slope from active thermal hot springs resulted in lithium values ranging from 110 to 470 ppm. A gravity low within the valley is 9 miles (14.5 km) long. The current claim block cove...