Iconic Completes Updated 43-101 Technical Reports on Smith Creek and Grass Valley Lithium Brine Projects
Original announcement by tmx on
- Company
- Iconic Minerals Ltd.
- Ticker
- ICM
- Exchange
- TSX
- Region
- Nevada
- Primary commodity
- Lithium
- Secondary commodities
- None reported
- Document categories
- Resource update, Other
- Extracted
- 2026-08-21 10:59:31 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Iconic Minerals has completed updated NI 43-101 technical reports for its Smith Creek and Grass Valley lithium brine projects in Nevada. While surface sampling shows anomalous lithium, drilling has not yet reached the deeper interpreted brine targets identified by geophysical surveys.
Reasoning: The announcement focuses on the completion of technical reports and geophysical indicators for lithium brine, but notes that actual brine zones have not yet been intercepted by drilling.
Positive factors
- completion of updated NI 43-101 technical reports
- anomalous surface lithium values identified
- geophysical surveys indicate potential brine horizons
Negative factors
- drilling to date has not reached interpreted brine zones
- lithium values decrease with depth
- one drill hole was terminated prematurely due to weather
Facts used in scoring: 2
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The announcement mentions that the Mineral Resource Estimate will be filed on SEDAR within 45 days, implying a new or updated formal estimate is forthcoming.
Evidence · text
“The National Instrument 43-101 Mineral Resource Estimate will be filed on SEDAR within 45 days”
QP/CP Signedpositive
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: The technical reports were reviewed and approved by Richard Kern, a Certified Professional Geologist.
Evidence · text
“Qualified Person Richard Kern, Certified Professional Geologist... has reviewed and approved the technical information”
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Resource Estimates (2)
inferredlithiumGrade: 470Grade Unit: ppmView all detailsHide details
Identity
- Commodity
- lithium
- Ticker
- ICM
Resource Data
- Category
- inferred
- Grade
- 470
- Grade Unit
- ppm
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2024-01-17T00:00:00.000Z
Reasoning: Surface sediment sampling at Smith Creek reached 470 ppm Li, which is considered strongly anomalous.
Positive factors
- strongly anomalous
Evidence · text
“geochemical surficial sampling of sediments surrounding the hot springs conducted by Iconic subsidiaries in 2015-2016 reached 470 PPM Li”
inferredlithiumGrade: 310Grade Unit: ppmView all detailsHide details
Identity
- Commodity
- lithium
- Ticker
- ICM
Resource Data
- Category
- inferred
- Grade
- 310
- Grade Unit
- ppm
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2024-01-17T00:00:00.000Z
Reasoning: Surface sampling at Grass Valley confirmed lithium in sediments up to 310 ppm.
Positive factors
- significantly anomalous
Evidence · text
“surface sampling confirmed that lithium in sediments contained up to 310 ppm Li”
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.