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Iconic Minerals Announces Geophysical Results Show Interpreted Brine Horizon and Permit to Drill Filed at Bonnie Claire Project
Vancouver, British Columbia--(Newsfile Corp. - June 20, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (FSE: YQGB) is pleased to announce it has received a report by
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - June 20, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (FSE: YQGB) is pleased to announce it has received a report by Frank Fritz of Fritz Geophysics, Fort Collins, Colorado on the MagnetoTelluric (MT) geophysical survey at the Bonnie Claire Project (the \"Property\"). The survey identified a widespread conductor interpreted to be a brine horizon with an average thickness of over 300 meters (985 feet). A typical line along with the Fritz Geophysics interpretation can be found on the Company's website http://iconicmineralsltd.com/ . The survey, conducted by Zonge International Inc. of Reno, Nevada, consisted of six east-west lines covering a north-south target area 8 km (5 miles) in length. A total of 145 MT soundings were recorded at 73 receiver stations, with station spacing being 200 metres (656 feet). The results show a well-defined, very low resistivity layer starting approximately 200 metres (656 feet) below the surface and getting deeper to the east (see interpreted section on website). Resistivities are remarkably low, often being below 0.5 ohm metres. The low resistivity layer is interpreted to be a brine filled reservoir unit. Evaporitic material sampled on surface, was interpreted to be derived from a brine which when analyzed was found to contain lithium. (See News Release April 6, 2016). Because the potential brine horizon extends beyond the original survey, an additional MT survey has been initiated to determine its extent. Results are expected within two weeks. Iconic has filed a Notice of Intent (NOI) with the Bureau of Land Management (BLM) to drill 8 wells at Bonnie Claire. All requirements for the NOI, including an archeology survey, have been completed and filed. Granting of this drilling permit is expected shortly. Drilling is currently planned to begin around the end of June. The following is a brief summary on the Property: The Property is a lithium brine target comprising 18,420 acres. It is located within a valley that is over +20 miles (+30 km) long and 12 miles (20 km) wide into which streams from an +800 mi2 (2,070 km2) drainage basin empty. The source rocks are quartz-rich volcanics that contain anomalous amounts of lithium. Sampling of salt flats within the basin has found lithium values in salt samples ranging from 50 to 340 ppm. The deeper part of a gravity...