- Iconic Minerals received phase one funds from its joint venture partner Nevada Lithium Corp.
- The money totals USD $1,600,000
- The payment now gives Nevada Lithium a 20 per cent interest in the joint venture on the Bonnie Claire Lithium Property
- The Bonnie Claire Lithium Property is located in Nye County, Nevada
- Iconic Minerals is down 1.61 per cent on the day, with shares of the company trading at C$0.30 at 2:48 pm ET
Iconic Minerals received phase one funds from its joint venture partner Nevada Lithium Corp.
The money totals USD $1,600,000.
The payment now gives Nevada Lithium a 20 per cent interest in the joint venture on the Bonnie Claire Lithium Property, through its wholly-owned subsidiary, Bonaventure Nevada Inc.
Nevada Lithium has the option to earn up to a 50 per cent interest in the property.
Nevada Lithium may exercise the its option in three stages by funding $5,600,000 in cumulative exploration expenditures on the property on or before October 1, 2021.
The Bonnie Claire Lithium Property is located in Nye County, Nevada, within the Sarcobatus Valley. The property itself is approximately 30 kilometres long and 20 kilometres wide. It is home to Quartz-rich volcanic tuffs containing anomalous amounts of lithium which occur within and adjacent to the valley.
Recent drill results from the salt flat have included lithium values as high as 2550 parts per million of lithium and a 1560-foot vertical intercept that averaged 1153 parts per million of lithium.
The current 43-101 report on the project notes that, with a cutoff grade of 600 parts per million of lithium and average grade of 1,027 parts per million of lithium, one square mile contains an inferred resource of 5.025 billion kilograms of lithium.
The gravity low within the valley is 20 kilometres long, and the current estimates of depth to basement rocks range from 600 to 1,200 metres. The current claim block covers an area of 74 square kilometres with potential for brine systems and further sediment resources.
Iconic Minerals is down 1.61 per cent on the day, with shares of the company trading at C$0.30 at 2:48 pm ET.