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Iconic Releases Positive Preliminary Economic Assessment Report on Bonnie Claire Indicating Minimal Environmental Surface Disturbance
Vancouver, British Columbia--(Newsfile Corp. - October 13, 2021) - Iconic Minerals Ltd. ...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Releases Positive Preliminary Economic Assessment Report on Bonnie Claire Indicating Minimal Environmental Surface DisturbanceVancouver, British Columbia--(Newsfile Corp. - October 13, 2021) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (the \"Company\" or \"Iconic\") is pleased to announce it has released Preliminary Economic Assessment report (\"PEA\") for the Bonnie Claire project (the \"Property\") located 48 km (30 miles) north of Beatty, Nevada. The report was done by Global Resource Engineering Ltd. (\"GRE\") of Denver, Colorado. Using the updated NI 43-101 resource report released September 1 by the Company GRE determined what portion of the resource is defined as borehole mineable. This resource, as reported in the PEA is as follows:Bonnie Claire Statement of Mineral ResourceClassExtraction Method Applied for ConstraintMass(Million Tonnes)Li Grade (ppm)Li(Million kg)Li Carbonate Equivalent (Million kg)InferredBorehole3,407.31,013.03,451.518,372.31. Cutoff grade of 700 ppm Li2. The effective date of the Mineral Resource is August 20, 2021.3. The Qualified Person for the estimate is Terre Lane of GRE.4. Resources are not Mineral Reserves and do not have demonstrated economic viability.5. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.6. Assumes 68% recovery by boreholeThe economic model used in the PEA only covers the first 40 years of production. GRE has the following conclusions from the modelling. Average annual production of 32.3 million kg (32,300 tonnes) of LCE Cash operating cost of $5,974/tonne LCE All-in sustaining cost of $6,057/tonne LCE A $1.5 billion after-tax Net Present Value (NPV) at an 8% discount rate A 23.8% after-tax Internal Rate of Return (IRR) Payback period of 6.7 years Break-even price (0% IRR) of $6,545/tonne LCE GRE found positive economics using borehole mining and recovery of lithium carbonate after thermal treatment and hot water leaching. GRE stated the following: \"The Project economics shown in the PEA are favorable and robust, providing positive NPV values at varying lithium carbonate prices, capital costs, and operating costs.\"GRE determined that even though the project is only partially drilled out the current resource will only be 27% mined in the first 40 years of production. The ...