Iconic Finds Strong Correlation Between Drill Holes at Bonnie Claire Lithium Project

Vancouver, December 7, 2022 - Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") and its 50% partner in the Bonnie Claire Lithium Project (the 'Project' or 'Property') Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) ("Nevada Lithium"), are pleased to provide an update on the 2022 drill program for the Bonnie Claire Lithium Project (the 'Project' or 'Property'), located in Nye County, Nevada. Lab tests results confirm that the rock types and assay values between core hole BC2201C and core hole BC2203C correlate well. These correlating rock types are identified as an upper mudstone unit underlain by sandstone, which is underlain by additional mudstone.

Iconic Minerals Ltd. CEO, Richard Kern, comments: "The key to moving from resource to reserve is to show continuity between our widely spaced drill holes. These two holes are a good start in this process."

The assays for hole BC2203C, which is located roughly one-half mile from BC2201C, have been certified by ALS Laboratories. The assay lengths from BC2203C average 19.6 feet (6 meters), which is roughly three times longer than the 6.9 foot (2 meter) average length of assays taken from the first hole, resulting in a smoother assay value curve. For example, the highest lithium assay in BC2203C was 4,740ppm Li where BC2201C had a high of 5,570 ppm. The assay values of the two holes are shown graphed below.

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Assay values correlate well between the two holes, despite the gaps in results and variable sample lengths from BC2201C. The chart below shows weighted average lithium values for the two drill holes.

All Averages are Weighted Averages

BC2203C has a "Shallow Zone" between roughly 80 and 380 feet (24 and 116 meters) from the surface which has assays averaging 97% of the previous hole's values. BC2203C's "Deep Zone" is located between approximately 1040 feet and 2,000 feet (317 and 610 meters) and has assays averaging 107% of the previous hole's values. Overall, hole BC2203C's assays averaged 107% of BC2201C's assays, which is very close considering roughly 15% of BC2201C's material has yet to be assayed. This shows the partial results from BC2201C are probably close to the final results in values. Barr Engineering Company is working with the unassayed samples. Based on geologic logging of the core from other nearby holes, future assays are expected so show a similar correlation.

Quality Assurance / Quality Control (QAQC)

As core was being drilled at Bonnie Claire it was moved to a secure warehouse after each shift. It was logged and split by core saw and securely shipped to the geochem lab. Standards, blanks and sample repeats totaling 10% of the samples that were submitted were disguised within each lab shipment. All samples in the lab were crushed, pulverized, and dissolved in aqua regia before being analyzed by Inductively Coupled Plasma Mass Spectrometry ("ICP-MS"). This method determines elemental values for 52 elements, including Lithium.

The Company is currently completing additional analytical testing of its drilling samples with American Assay Laboratories Inc. in Sparks, Nevada for secondary independent testing. In addition, Global Resource Engineering (GRE) is collecting and assaying new quarter-core samples in preparation for writing the Project's Prefeasibility Study (PFS).

Qualified Person

Richard Kern, Certified Professional Geologist, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Kern is not independent of the Company as he is the Chief Executive Officer of Iconic.

Bonnie Claire Property

The Bonnie Claire Property is located within Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat have included lithium values as high as 5570 ppm Li and a 1560 foot (roughly 475 meter) vertical intercept that averaged 1153 ppm Li. The current 43-101 resource from the PFS report for borehole mineable portion of the resource is 3,407 million tonnes grading 1,013 ppm Li or 18,372 million kilograms of lithium carbonate equivalent. (though this is a resource, not a reserve, and has not yet proven economic viability). The gravity low within the valley is 20 km (12 miles) long, and the current estimates of depth to basement rocks range from 600 to 1,200 meters (2,000 to 4,000 feet). The current claim block covers an area of 74 km² (28.6 mi²) with potential for brine systems and further sediment resources.

On behalf of the Board of Directors

SIGNED: "Richard Kern"

Richard Kern, President and CEO
Contact: Keturah Nathe, VP Corporate Development (604) 336-8614

For further information on Iconic, please visit our website at www.iconicminerals.com. The Company's public documents may be accessed at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to the Option, the Joint Venture, the amount of the Offering, the expected use of proceeds from the Offering and the future business plans and exploration activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "will", "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that investor interest will be sufficient to close the Offering, that market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals required for the Option Agreement and the future development of the Company's projects in a timely manner.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Smith Creek Property, requirements for additional capital, future prices of lithium and gold, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the business, financial condition and exploration and development activities of the Company, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including of the TSX Venture Exchange in respect of the Option Agreement and the Offering, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest interim Management's Discussion and Analysis and filed with the Canadian Securities Authorities. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

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