Bonnie Claire Lithium Property 2022 Drilling Program Update

VANCOUVER - Iconic Minerals Ltd. reported on the 2022 drill program at the Bonnie Claire Lithium Project, located in Nye County, Nevada. After the completion of the first core hole (BC2201C), the Company upgraded access allowing three drill rigs on the Property.

CEO, Richard Kern, said, "Over the last year the Company faced permitting delays, and shortages of drill rigs; however, despite these delays, we have successfully retained three drill rigs, which has expedited our exploration program which will be completed before the end of the year as part a Pre-feasibility Study.”

Drill Hole BC2201C: Core hole BC2201C reached a final vertical depth of 2001 feet (610 meters), which had a piezometer inserted for groundwater study; all samples not collected for engineering use were submitted to ALS in Reno for geochemical analysis. Logging has been completed and two thick zones of dark green claystone usually indicative of lithium-rich sediments, have been identified. Initial assay results are expected soon.

Drill Hole BC2202C: Core hole BC2202C is located 1,759 feet (536 meters) west of BC2201C. The hole is further out on the playa than BC2201C to test whether higher grade lithium (+1000 ppm Li) is closer to the surface than holes near the margins of the alluvial cover. The rig drilled to 1,443 feet (440 meters) and will drill to a total depth of approximately 2,000 feet (610 meters). Although not logged yet, dark green claystone was encountered within 25 feet (7.6 meters) of the surface.

Drill Hole BC2203C: Close to the completion of BC2201C, a second core rig arrived on site and is set up 1,840 feet (561 meters) south of BC2201C. This drill hole is also located further out on the playa than BC2201C and will also test whether higher grade lithium (+1000 ppm Li) is close to the surface. The hole has been completed to a total depth of 1,998 feet (609 meters). The drill hole is currently being prepared for geophysical logging. The core shows dark green claystone commencing at 17 feet (5 meters) below the surface.

Drill Hole BC2201: This mud/rotary drill rig is on site and has drilled to 80 feet (24 meters) and set casing. Soft ground caused by rare monsoonal thunderstorms delayed deployment of the very large mud/rotary drill rig. Construction of upgraded drill roads over several days finally allowed access to the drill site. This vertical hole will be drilled to a depth of approximately 2000 feet (610 meters) and is located 20 feet (6 meters) from BC2201C. This hole will be geochem sampled and compared with assays from the adjacent core hole (BC2201C). Based on previous drilling, the Company anticipates that the core lithium values may be 10-15% higher than the mud/rotary hole (see Company's Technical Report on the Bonnie Claire Project ). Once drilling is complete, downhole geophysics will be conducted to determine high permeability zones along with other data. Water samples will be collected and analyzed and Barr Engineering will perform pumping tests on the permeable zones identified. This well will also be used as a water source for future drilling.