Iconic Minerals Ltd. announced its acquisition of the Grass Valley Lithium Property located in Lander County, Nevada. Grass Valley Project. The Property is located within Grass Valley, Nevada, and is approximately 64 kilometers ("km") (40 miles) long and 29 km (18 miles) wide.

The current 997 placer claim block covers an area of 80 km2 (31 mi2) with potential for brine systems as well as sediment resources. To acquire the property, the Company paid the current year's claims fees of USD177,231 to government authorities in Nevada and assumed an NSR of 3%. The property was acquired from a company related to Iconic by a common director.

An NI 43-101 Technical report was completed in January 2022 on the Property and approximately USD 1,086,663 has been spent to date on exploration and development of the Property, which included drilling and Magnetotellurics (MT) Surveys. The Company has terminated the option agreement (the "Option") with Lithium of Nevada Pty Ltd. ("LON") a private Australian company, whereby Iconic's wholly-owned Nevada subsidiary had granted LON the Option to earn up to a 50% interest in Iconic's Smith Creek lithium project ("Smith Creek"). The Company terminated the Option with LON in order to build better value for its shareholders through the retention of owning 100% of Smith Creek.

It is the Company's desire to continue the exploration and development of both Smith Creek and Grass Valley on a 100% owned and controlled basis. About the Grass Valley Project. The current claim block covers an area of 67 km2 (26 mi2) with potential for Brine systems as well as sediment Resources.

To acquire the property, the Company paid the current year's claims fees of US$177,231 to government authorities in Nevada and assumed an NSR of 3%. The property was acquired from a company related to Iconic by a common director.