Shares of Iconic Minerals Ltd (OTCMKTS:BVTEF) ended lower last week with a fall of 11%.
Market Reaction
On Friday, BVTEF stock went up 1.55% to $0.1555 with 50K shares, compared to its average volume of 75K shares. The stock has moved within a range of $0.1443 – 0.1555 after opening trade at $0.1460.
Provides Corporate Update
Iconic Minerals Ltd (OTCMKTS:BVTEF) provided corporate update on November 18, 2021. The firm had announced finishingPreliminary Economic Assessment confirming its flagship lithium property, the Bonnie Claire, is economically feasible harnessing borehole mining techniques.
The finishing of Plan of Operation environmental study will make the company set foot on a significant drilling initiative. Iconic Minerals plans to move its current resource from “Resource” to “Reserve”
The company will be fine tuning the metallurgy and engineering studies preparing for preliminary feasibility study. Iconic had finished Phase I drilling of Smith Creek Valley lithium project in September 2021, which comprised of 5 RC holes averaging 90 meters. Both ground waters and sediments were provided to Western Environmental Testing and ALS Chemex in Reno, Nevada and the results are awaited.
Also, the company in 2020 had decided to spin out the gold assets into new entity, NevGold Exploration Ltd., for the New Pass and Midas South gold properties. Iconic’s joint venture partner, Nevada Lithium, listed on Canadian Security Exchange and will earn 50% interest of the Bonnie Claire Property on final payment of USD$4,000,000 on or before the 1st of December 2021.
Located within Sarcobatus Valley, the Bonnie Claire Property is approximately 30 km (19 miles) long and 20 km (12 miles) wide.
