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Iconic Initiates 2019 Exploration Plan at Bonnie Claire Lithium Project, Nevada

Newsfile Corp.

Vancouver, British Columbia--(Newsfile Corp. - July 10, 2019) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) ("Company" or "Iconic")  is pleased to announce that it is preparing to mobilize to the Bonnie Claire project and initiate the 2019 exploration plan ("Exploration Plan").

Five drill holes averaging 90 meters (300 feet) depth will be drilled in the southern portion of the project area in an area of anomalous surface lithium values and interpreted faults. Down-hole sediment samples will be collected continuously in 6 meter (20 feet) intervals and sent to a geochem lab for analysis.

In Addition to the commencement of the Exploration Plan, the Company would like to announce that it has received the draft report titled: "Bonnie Claire Metallurgical Evaluation and Process Development", by St. Georges Eco Mining ('SX"), who collaborated with an independent lab, SGS Lakefield Laboratories ("SGS") where an elemental analysis and crystalline analysis of Bonnie Claire's material were performed.

Iconic's technical team is reviewing the report in conjunction with independent verification in accordance with 43-101 compliant standards.

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. 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.

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

Richard Kern, President and CEO
Contact: Keturah Nathe, VP Corporate Development (604) 336-8614

For further information on ICM, please visit our website at 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46170