Vancouver, British Columbia--(Newsfile Corp. - December 15, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (FSE: YQGB) (OTC
Pink: BVTEF) (the "Company" or "Iconic") is pleased to announce that it has received very encouraging initial lithium leaching
results from sediments drilled in BC1601 at its Bonnie Claire project. Three samples from different elevations of the 1,560 feet
(475 m) thick, continuously mineralized section of fined grained sediments show leach recoveries of 98, 93 and 89 percent Li,
leaching with dilute acid. The lithium in the brine leachate appears to be lithium chloride, which is how lithium occurs in Clayton
Valley brines. Early analysis of the sediments including geochemical and x-ray diffraction (XRD) results indicate the lithium is
possibly occurring as lithium carbonate. Sample depths, lithium content of the original sample, lithium content of the leachate,
and total recovery are shown in the table below.
| Sample Description |
Sediment Assay Li (ppm) |
Leachate Assay Li (ppm) |
Recovery (%) |
| BC1601 440-460' |
1420 |
1390 |
98 |
| BC1601 780-800' |
1220 |
1130 |
93 |
| BC1601 1220-1240' |
2550 |
2260 |
89 |
Samples were leached with dilute hydrochloric/nitric acid and the leachate analyzed by Inductively Coupled Plasma (ICP) by ALS
Minerals of Reno, Nevada. The sediment assays average 1,153 ppm Li over the 1,560 feet (475 m) depth of the drill hole with the
highest value being 2,550 ppm Li. The lithium-rich sediments probably continue below the currently drilled depth. XRD results show
the sediments, dominated by very fine grained particles, are made up of common volcanic minerals and only minor clay minerals.
Further leach tests are under way using only deionized water. Additional metallurgical testing is planned to determine if either
bulk mining and heap leaching or in-situ leaching may be feasible for lithium recovery at Bonnie Claire.
Brine assays from both BC1601 and 1602 have now been received. Analysis was done by Western Environmental Testing Laboratory of
Sparks, Nevada. A highly anomalous brine sample was taken at 1,500 feet (457 m) in BC1601 which assayed 132 ppm Li. Although the
lithium content of other brine samples from BC1601 were low, the assay from 1,500 feet is encouraging enough to warrant additional
brine drilling. Results from BC1602 had a high Li value of 19 ppm. The results show that the Bonnie Claire project has the ability
to produce lithium brine, but more drilling is needed to define the most productive areas. Future drilling will specifically target
major fault zones hosting groundwater fluid flow as at Clayton Valley. At Clayton Valley producing wells occur along linear trends
we interpret as fault zones.
Iconic has refined its structural interpretation of the 35 square mile (90 sq. km.) project area and moved future drill sites to
interpreted fault zones. Drilling fault zones should increase the probability of intersecting more lithium brine and also provide
further intercepts of the Li bearing sediments. A NI 43-101 resource report is planned after the drilling is completed. Starting
with the 1,500 feet (457 m) intercept of lithium-rich sediments in BC1601 it should be relatively easy to define a very large
lithium resource. McClelland Laboratories, Inc., of Sparks, Nevada has been selected to conduct advanced metallurgy to determine
the feasibility of dilute acid leaching of the sediments producing a lithium brine that could then be treated by conventional means
currently used by lithium mines producing from brine.
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 2,070 square km (800
sq mi). Quartz-rich volcanic rocks, that contain anomalous amounts of lithium, occur within and adjacent to the drainage
basin. 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, the current estimates of the depth to bedrock range from 600 to 900 meters (2,000 to 3,000
feet). The current claim block covers the gravity low and the associated mud flats.
Richard Kern, Certified Professional Geologist (#11494) and CEO of Iconic is the Qualified Person who has prepared and reviewed
this press release in accordance with NI 43-101 reporting standards.
On behalf of the Board of Directors
SIGNED: "Richard Kern"
Richard Kern, President and CEO
Contact: (604) 336-8614
For further information on ICM, please visit our website at www.iconicmineralsltd.com. The Company's public documents may be accessed at www.sedar.com
Forward Statement: This news release includes certain forward-looking statements or information. All statements
other than statements of historical fact included in this release are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Iconic expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as
otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
