Iconic Minerals Ltd. (TSXV: ICM) has announced the completion of its Phase 1 drilling program at the New Pass Gold Property in Churchill County, Nevada, along with receipt of all assay results from the final three drill holes. The program confirmed near-surface gold and silver mineralisation extending beyond the boundaries of the historical resource, with all three final holes returning grades above the program's cut-off threshold within 50 feet of the drill collar. Investors may be watching these results closely as the company evaluates further exploration and initiates metallurgical testing.

Key Points

  • Iconic Minerals Ltd. (TSXV: ICM | OTCQB: ICMFF | FSE: YQG)
  • Phase 1 drilling at New Pass Gold Property, Nevada, is now complete, with all 15-hole assay results received
  • Best interval: NP2611 returned 0.67 g/t Au and 9.56 g/t Ag over 170 feet (52 m), including 1.10 g/t Au and 17.13 g/t Ag over 90 feet (27 m)
  • Investors should watch for upcoming cyanidation leachability results and potential column leach test outcomes

Final Drill Holes Extend New Pass Mineralisation to the East

The 15-hole Phase 1 program was designed to test the up-dip extension of the known mineralised zone and infill between historical drill holes along approximately 1,900 feet (600 m) of strike length. All holes were drilled at a -45-degree angle, and the final three holes each intercepted grades above the 0.01 oz/ton (0.34 ppm) gold cut-off within 50 feet of the drill collar. The program extended mineralisation a maximum of approximately 200 feet (61 m) east of known historical intercepts, with the release stating that additional drilling would be required to test further eastward extent.

Assay Highlights from Holes NP2611, NP2619, and NP2626

Hole NP2611 delivered the strongest results of the final batch, returning 0.67 g/t Au and 9.56 g/t Ag over 170 feet (52 m) from surface, including a higher-grade sub-interval of 1.10 g/t Au and 17.13 g/t Ag over 90 feet (27 m). One sample interval within NP2611, at 80–90 feet depth, assayed silver grades above the laboratory's limit of detection, recorded as greater than 100 g/t. Holes NP2619 and NP2626 also returned mineralised intervals near surface. The release notes that reported widths are downhole lengths and true widths have not yet been determined.

Metallurgical Testing and Critical Element Evaluation Planned

Following completion of drilling, Iconic Minerals has submitted mineralised drill core samples to ALS for gold analysis using cyanidation extraction to assess leachability. The company states that all submitted samples are oxidised and are expected to respond favourably to leaching. Upon receipt of those results, the company plans to initiate column leach tests. The release also notes that multi-element assay results will be evaluated for potentially recoverable critical elements, with findings to be incorporated into updated geological interpretations to estimate the potential size and grade of the mineralised extensions.

Historical Resource Context and Exploration Outlook

The New Pass Au-Ag deposit carries a historical inferred mineral resource of 15,515,488 short tons at an average gold grade of 0.018 oz/ton (0.62 g/t) and silver grade of 0.202 oz/ton (6.93 g/t), as estimated by Paul D. Noland, CPG, in September 2010. The company cautions that a qualified person has not done sufficient work to classify this as a current mineral resource or reserve, and it should not be treated as such. The deposit remains open along strike in both directions and at depth. Technical content in the release was reviewed and approved by Richard Kern, Certified Professional Geologist and CEO of Iconic Minerals.