# Iconic Announces Termination of Option Agreement for New Pass Gold Property

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/iconic-announces-termination-of-option-agreement-for-new-pass-gold-property--c59c1abf-768d-4082-b96a-37bbcdb09fee

Original source: https://money.tmx.com/en/quote/ICM/news/7579913257850771/iconic-announces-termination-of-option-agreement-for-new-pass-gold-property

Publisher: tmx

Original announcement: 2025-02-24T23:39:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Iconic Minerals Ltd.

- Ticker: ICM

- Exchange: TSX

- Region: Nevada

- Primary commodity: Gold

- Secondary commodities: Silver

- Document categories: Agreement transaction, Resource update

- Extracted: 2026-08-21 08:45:28 UTC

Narrative sentiment: -0.40 · Bearish

## Minestarters Atlas summary

Iconic Minerals has terminated its option agreement with Gold Basin Resources for the New Pass gold property in Nevada because Gold Basin failed to meet the required exercise conditions. The company retains its interest in the property, which contains an Inferred Mineral Resource of 15.5 Mt at 0.022 oz/t gold equivalent.

Reasoning: The announcement is primarily about the termination of an option agreement due to the partner's failure to meet conditions. While it restates resource data, the resource itself is from a 2020 report, making the resource information low novelty.

- Positive factor: Termination of option agreement allows company to retain full interest in the property

- Negative factor: Loss of potential partner/funding from Gold Basin

- Negative factor: Resource data is historical \(2020 report\)

Facts used in scoring: 3

## Classification and evidence

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is explicitly categorized as Inferred in the 2020 NI 43-101 report.

Evidence · text

> contains an Inferred Mineral Resource of 15,515,488 short tons

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The resource is based on an NI 43-101 Technical Report dated December 2, 2020.

Evidence · text

> an NI 43-101 Technical Report dated December 2, 2020

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Richard Kern, a Qualified Person, has reviewed and approved the technical information.

Evidence · text

> Richard Kern, Certified Professional Geologist, a qualified person... has reviewed and approved the technical information

## Extracted facts

Stored fact records: 0. Some facts used in scoring do not have a stored record.

No stored fact records are available for this extraction.

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.