Iconic Minerals Stock Price, News & Analysis

Iconic Minerals Ltd (ICMFF) is a mineral exploration company whose projects, based on available disclosures, are focused on gold and lithium in the state of Nevada, USA. The company is listed on the TSX Venture Exchange under the symbol ICM and trades on the OTCQB market under the symbol ICMFF, with a Frankfurt Stock Exchange listing under the symbol YQG. According to multiple technical and corporate updates, Iconic is involved in advancing the New Pass gold property as well as the Smith Creek and Grass Valley lithium projects.

New Pass Gold Property

Iconic reports that the New Pass Gold Project is located in central Nevada, approximately 27 miles west of Austin. The project has been described as hosting a Carlin-type gold-silver deposit with a historical NI 43-101 Inferred Mineral Resource. A technical report dated December 2, 2020 (identified as NI 43-101 non-compliant in more recent summaries) outlines an inferred mineral resource of 15,515,488 short tons at 0.022 ounce per ton gold equivalent, or 341,750 ounces of gold equivalent. This is comprised of 282,986 ounces of gold at an average grade of 0.018 ounces per ton and 3,139,054 ounces of silver at an average grade of 0.202 ounces per ton, determined at a cut-off grade of 0.01 ounce per ton gold equivalent and a gold to silver ratio of 60 to 1.

Iconic notes that mineralization at New Pass comes to surface and that a significant portion of the deposit has been estimated to be oxidized and amenable to heap leaching based on previous metallurgical test work. The company reports that mineralization is open in all directions, and historical drilling has outlined a deposit associated with a jasperoid zone approximately 3,000 feet long. Historical drill intercepts cited in technical reports include intervals such as 45 meters at 0.080 ounce per ton gold, 20 meters at 0.078 ounce per ton gold, and 50 meters at 0.047 ounce per ton gold.

New Pass is described as a Carlin-style, sediment-hosted deposit where gold and silver mineralization follows bedding in south-westerly dipping limestone and rhyolite tuff. Iconic reports that a total of 277 drill holes were completed between 1982 and 2013, and that several historic resource estimates were prepared, including a 2010 NI 43-101 report by Paul D. Noland. The company also notes that the New Pass property has an active Plan of Operations permitting up to 25 acres of exploration-associated disturbance.

In recent corporate communications, Iconic has emphasized an exploration plan for New Pass that includes infrastructure work, drilling, and advanced metallurgy. An extensive IP (induced polarization) survey conducted in 2021 identified oxidation zone anomalies located north, south, and up-dip of the defined mineralized zone. Iconic outlines plans to drill angled reverse circulation holes to test extensions of the resource up-dip and laterally where mineralization occurs at surface, with the intention of generating a new NI 43-101 technical resource report upon completion of drilling and metallurgical work.

Ownership and Option Agreements at New Pass

According to a property option agreement announced in May 2024, Iconic and its wholly owned subsidiary granted Gold Basin Resources Corporation an option to acquire a 50% interest in the New Pass gold property, which consists of 107 unpatented mineral claims totaling approximately 2,140 hectares in Churchill County, Nevada. The option terms included staged cash payments and share issuances by Gold Basin. Iconic later disclosed in February 2025 that this option agreement had been terminated because Gold Basin did not fulfill the required option exercise conditions, and as a result Gold Basin holds no interest in the property.

Smith Creek Lithium Property

Iconic reports that the Smith Creek Lithium Property is located in Nevada, in a basin where extensive exposures of Tertiary siliceous volcanic units surround the property. These units are described as recognized source rocks for lithium. The company states that lithium-bearing material has been eroded and deposited in a closed basin where the property is situated. On the west side of the property, hot geothermal springs occur along major faults, and limited surficial sampling of sediments surrounding these springs has returned lithium values up to 470 ppm, which Iconic characterizes as strongly anomalous.

Two Magnetotelluric (MT) geophysical surveys have been conducted at Smith Creek. Iconic reports that a seven-line MT survey identified a widespread conductive zone over a seven-mile portion of the basin, with a significant low-resistivity horizon extending along the western margin of the property. This low-resistivity zone, interpreted as a potential lithium brine target, is described as averaging about 650 feet in thickness, with tops ranging from around 650 feet to over 3,000 feet below surface. The presence of hot springs along fault zones and the low-resistivity anomaly are cited by the company as indicators of a potentially significant lithium brine target.

Grass Valley Lithium Property

The Grass Valley Lithium Property, also in Nevada, is described by Iconic as being underlain by Tertiary siliceous volcanic units on the western side of the basin, which provide a source for lithium-rich sediments or brines. The basin is flanked by hot geothermal springs, and local faults associated with basin development are described as conduits for circulating fluids. Gravity data indicates that the basin deepens along the eastern side of the playa.

To evaluate brine potential, Iconic reports that a north-south MT survey line was conducted along the axis of the basin. The survey identified a significant low-resistivity zone within the alluvial sequence, interpreted as a possible brine target at depths ranging from approximately 2,500 to more than 3,300 feet beneath the surface. Limited surface sampling at Grass Valley returned lithium values in sediments up to 310 ppm, which the company describes as significantly anomalous.

Iconic discloses that a deep drill test was initiated near the north end of the MT survey line. The planned depth of the core hole was not reached due to weather and ground conditions, and the hole was terminated before intersecting the interpreted deeper brine zones. Sediment samples from the hole were anomalous in lithium but below ore grade, and water samples collected higher in the hole contained minor lithium and boron. Iconic interprets these results as indicating that lithium has migrated and that deeper water and sediments may have higher lithium content, consistent with the MT anomaly.

Technical Reports and Compliance

Iconic has reported the completion and filing of updated NI 43-101 technical reports for the Smith Creek and Grass Valley lithium properties. These reports, titled geological reports and summaries of field examination, are dated effective October 19, and were prepared by a Qualified Person, Robert A. Lunceford. The company states that these updated technical reports are available on its SEDAR+ profile and on its website. For New Pass, Iconic references multiple historical NI 43-101 reports and notes that the most recent resource estimate is historical and requires further verification work to be considered current under NI 43-101 standards.

Exploration and Corporate Activities

In its public disclosures, Iconic outlines exploration plans that include drilling programs, advanced metallurgical testing, and additional geophysical surveys to refine drill targets at its Nevada projects. The company has also reported the granting of stock options under a 10% rolling stock option plan to directors, officers, consultants, and service providers, as well as the engagement of media and investor relations consultants to support corporate communications and market awareness. Financing announcements indicate that Iconic has pursued non-brokered private placements to fund drilling and advancement of the New Pass exploration program and for general working capital purposes.

Trading Venues and Jurisdiction

Iconic Minerals Ltd is identified in its news releases as being based in Vancouver, British Columbia. Its shares trade on the TSX Venture Exchange under the symbol ICM, on the OTCQB market in the United States under the symbol ICMFF, and on the Frankfurt Stock Exchange under the symbol YQG. The company’s projects described in its public documents are located in the state of Nevada, including Churchill County, Nye County, and other Nevada basins referenced in its technical reports.

Risk and Technical Considerations

Iconic’s disclosures emphasize that many of the mineral resource estimates and geophysical interpretations referenced for its projects are historical or exploratory in nature. The company notes that certain NI 43-101 reports are historical and that verification, including additional drilling, assaying, and recalculation of resources, is required to make these resources current. References to inferred mineral resources, anomalous lithium values, and geophysical anomalies are presented as exploration targets rather than defined reserves. The company’s news releases also include cautionary language regarding forward-looking statements and the need for readers not to place undue reliance on preliminary exploration results.