“Developing Economic Lithium and Gold Properties in Nevada”
Iconic has several quality Lithium and Gold exploration projects in Nevada, USA. The Bonnie Claire Sarcobatus Valley Lithium property encompasses 1,155 claims covering over 21.72 square miles (56.25 sq. / kms) or 13,900 acres.. Assays of the cuttings from the recently drilled first hole resulted in the discovery of Lithium enriched sediments averaging 1,153 PPM over 1,560 feet (475 meters). Initial leaching tests applying dilute acid to the drill cuttings resulted in recoveries as high as 98%. Iconic has two other highly prospective Lithium exploration properties also located in Nevada.
-Bonnie Claire Property:
The Bonnie Claire Property is located within Sarcobatus Valley that is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs, that contain anomalous amounts of lithium, occur within and adjacent to the valley. Geochemical analysis of the local salt flats has yielded lithium values up to 340 ppm. The gravity low within the valley is 20 km (12 miles) long, and the current estimates of depth to basement rocks range from 600 to 1,200 meters (2,000 to 4,000 feet). Four drill holes have identified an open ended, 43-101 compliant resource of 28.58 billion kilograms of lithium carbonate equivalent. The drilling that defined the current resource only covered an area of 3.0 km2 (1.2mi2), while previously run MT geophysics show a potentially mineralized area of 27.3 km2 (10.5mi2). Drilling to date has shown strong correlation between the MT results and the lithium mineralization. The thickness of the lithium mineralization is unknown, but drilling indicates it is greater than 600 meters (2,000 feet). The current claim block covers an area of 57.5 km2 (22.2mi2). Further drilling has been permitted and metallurgy to determine the most efficient recovery method is currently in progress.
-Smith Valley Creek Property:
Iconic controls 808 placer claims totaling 25.25 square miles (65.4 km2) over a major gravity low. The enclosed Smith Creek Valley Basin covers 582 square miles (1,507 km2), which is slightly larger than Clayton Valley Basin where lithium brines are produced. Smith Creek Valley is over +40 miles (+64 km) long in a north-northeast direction and averages 9 miles (14.5 km) in width. The vast majority of rock weathering into the basin is felsic ash flow tuff, which is an excellent source of lithium. The Smith Creek basin itself is composed of alluvium surrounding a mud flat, a remnant of a paleo-lake. Brine evaporate is found around the edges of the mud flat, but not in sufficient quantity to be mapped as a unit. The basin is bounded by a series of step faults that down-dropped the central basin several thousand feet. Some of these step faults serve as fluid conduits for present day hot springs that border the mud flats. Activity in this geothermal location is believed to be a major contributing factor to the presence of economic lithium brines. Previous shallow drilling by the USGS in the valley for a ground water study discovered the presence of brine, though it was not assayed for lithium. A gravity study of the Smith Creek Valley area completed by Frank Fritz of Fritz Geophysics of Fort Collins, Colorado, discovered a large gravity low under the southern portion of the valley. The mud flat sediments have a calculated thickness of over 4,000 feet (1,220 m). Sampling of brine evaporates deposited in the mud flat downslope of hot springs, located just northwest of the flat, returned lithium values of up to 470 ppm. It is possible that the lithium is being brought to the surface from brine at depth by geothermally heated groundwater.
A MagnetoTelluric (MT) geophysical survey has been conducted at Smith Creek Valley and is currently being interpreted. The purpose of this survey was to verify the extent and depth of the potential brine deposit.
The New Pass project is a gold and silver property which, is comprised of 107 unpatented lode mining claims (2,231 acres). The property is located in eastern Churchill County, Nevada; in the New Pass Mining District, 27 miles west of Austin, Nevada and 105 miles east of Reno. Iconic Minerals has a controlling interest in the property, in a joint venture with White Knight Gold U.S. Inc., (now U.S. Gold), with Iconic earning a 50% interest.
The Squaw Creek property is located 42 miles due north of Battle Mountain, Nevada and lies between the Midas and Ivanhoe mining districts on the northern portion of the Carlin Trend, six miles north of the Dee Mine in the Lower Plate Bootstrap Window.