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Iconic Minerals Initiates 2018 Exploration Program at Bonnie Claire Project, Nevada and Grants Stock Options
Vancouver, British Columbia--(Newsfile Corp. - January 9, 2018) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) has initiated its 2018 explorat
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - January 9, 2018) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) has initiated its 2018 exploration program at the Bonnie Claire Project located in southern Nevada. The primary goals of the program are to produce an NI43-101 compliant initial resource report on the lithium-rich sediments of the basin and provide additional bulk samples for further tests utilizing St-Georges Eco-Mining's (\"SX\") new proprietary extraction and purification technology. Drilling permits for the project are being amended to allow some adjustment in the location of Iconic's third deep hole to increase the resource area. This hole has a proposed depth of 450 meters (1,500 feet) using mud-rotary drilling. All drill cuttings will be collected using 3 meter (10 foot) sample intervals and multi-element analysis done on each sample. The bulk samples will be securely stored and shipped to SX's labs as needed to advance to defining the resource at Bonnie Claire. Additional Shallow Lithium Brine Targets Surface sampling in the southern portion of the project area at Bonnie Claire continues to define linear lithium high anomalies thought to be associated with shallow structures that may host lithium brine. After additional work, including geophysics, several shallow drill holes will be permitted to test the interpreted faults. If significant lithium brines are discovered they will be incorporated into St-George's ongoing lithium recovery testing program. Grant of Stock Options The Company further announces the grant, pursuant to its 10% Rolling Stock Option Plan that was ratified and approved by shareholders on February 16, 2017 and accepted for filing by the TSX Venture Exchange (the \"TSX-V\") on February 22, 2017, of options to certain eligible directors, officers and consultants to purchase a total of 3,000,000 common shares, exercisable in whole or in part on or before January 8, 2020 at an exercise price of $0.25 per share. The Bonnie Claire Lithium Property Characteristics: The Property is located within Sarcobatus Valley that is approximately 30 km (19 miles) long and 20 km (12 miles) wide, the associated drainage basin covers an area of 57 square km (22 sq mi). Quartz-rich volcanic rocks, that contain anomalous amounts of lithium, occur within and adjacent to the drainage basin. Geo...