Iconic Minerals Ltd. announced the completion of updated NI 43-101 technical reports (the "Reports") on Iconic's 100% owned Grass Valley and Smith Creek Lithium Properties (the "Properties") located in Nevada. Work to date indicates that both projects have high potential to host lithium brine. Highlights: A seven-line MT survey has identified a widespread conductive zone over a seven mile (11 km) long portion of Smith Creek basin.

The Smith Creek MT survey shows a favorable deepening of potential brine horizons to the west coincident with a hot springs system along a fault. Drilling at both Smith Creek and Grass Valley show high lithium values (+200 ppm) at surface decreasing with depth along with apparent leaching of the bedrock by abundant near neutral pH groundwater. Drilling to date has not reached the interpreted brine zones, however, a drill program in 2024 will target these deeper brine zones.

Smith Creek Lithium Property: Extensive exposures of Tertiary siliceous volcanic units, which are recognized source rocks for lithium, surround the Smith Creek Property both on the east and west sides of the Smith Creek basin. Surrounding drainages which have leached lithium and other alkaline salts have been deposited in the central closed basin where the Property is located. On the west side of the Property, hot geothermal springs are present, which are believed to enhance the solubility of lithium and lower the pH of the brine to reduce the precipitation of lithium ions out of solution.

Here, local faults which are believed to be conduits to the geothermal springs enhance the amenability for proximal lithium-rich brines and lithium bearing sediments. Limited geochemical surficial sampling of sediments surrounding the hot springs conducted by Iconic subsidiaries in 2015-2016 reached 470 PPM Li, considered to be strongly anomalous. A second MT (Magneto Telluric) survey, accruing 46.2-line kms along northwest-southeast lines was conducted.

The 2023 MT survey identified a significant low resistivity zone extending +/- 5.5 miles (9 kms) along the western margin of the Property. The low resistivity horizon appears to be most well- developed on the northwest margin of the playa. Here, the core low resistivity horizon is believed to be at least 650 ft.

(200 m) in thickness. The tops of the zones range from 650 ft. (200 m) to over 3,000 ft.

(1 km). The presence of the hot springs along the fault zone and the strongly anomalous geochemical sampling indicate a possibly significant target. Grass Valley Lithium Property: At Grass Valley Tertiary siliceous volcanic units occur on the western side of the Grass Valley basin and provide a critical source for lithium-rich sediments or brines within the Grass Valley basin.

The basin is flanked by hot geothermal springs which are believed to enhance the solubility of lithium and lower the pH of the brine to reduce the precipitation of lithium ions out of solution. Local faults associated with basin development are conduits to circulating fluids. Gravity data indicates that the sub-surface shape of the Grass Valley basin deepened along the eastern side of the playa.

To determine brine potential within this north-south declivity, a follow-up, single, north-south MT (Magneto Telluric) survey line was conducted along the axis. The survey indicated that a significant low resistivity zone possibly indicating brine occurred within the alluvial sequence. The depth to the low resistivity target ranges from 2,500 ft.

(760 m) to more than 3,300 ft. (1000 m) beneath the surface at the north end of the surveyed line. Limited surface sampling confirmed that lithium in sediments contained up to 310 ppm Li which is considered to be significantly anomalous.

In late 2022 Great Basin commenced a deep drill test near the north end of the MT survey line. The planned depth of the vertical core hole was 2,200 ft. (669 m) but the hole was terminated at 1,888 ft.

(574 m) after weather and ground conditions prevented completion. Sediment sample lithium values were anomalous but below ore grade and the rocks appeared leached. Three water samples collected had minor Li and B values.

The drill hole did not reach the depths at which more saline waters were identified by the 2016 MT survey. The lack of significant lithium in water samples collected higher in the drill hole indicated that lithium has migrated after being leached and deeper water and sediments may have a higher lithium content. As recommended by the two Reports, Iconic plans on conducting additional geophysics to further define the drill targets and then will drill deep holes into the best identified brine targets for detailed water testing.