Iconic Announces Drilling Program Initiated at Bonnie Claire Lithium Project

Vancouver, British Columbia--(Newsfile Corp. - July 20, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (FSE: YQGB) (OTC Pink: BVTEF) (the "Company" or "Iconic") is pleased to announce that it has initiated its Phase 1 Drilling Program (the "Drill Program") at its Bonnie Claire Lithium Project in Nevada, U.S.A (the "Property"). A three drill hole program will test a portion of the currently defined 27.5 square km (10.6 square miles) interpreted brine zone. Total footage drilled in the Drill Program is expected to be 1,525-1,830 m (5,000 to 6,000 ft). The map outlining the locations of the drill hole targets relative to each other, the interpreted brine zone boundary, as well as the project boundary, can be found on the Company's website.

http://www.iconicmineralsltd.com/index.php/lithium-properties

Harris Exploration Drilling has mobilized a Schramm C685/IR RD10 drill rig to the Property, including support equipment. A 6.25 inch (15.9 cm) diameter vertical mud rotary hole will be drilled at each site. Both drill cuttings and water/brine samples will be taken and analyzed concurrently with the drilling and various hydrologic parameters. Upon completion the holes will be cleared of drilling mud, perforated PVC casing inserted, and detailed sampling of the brine zones performed. Additionally, Gamma logging will be completed on each Well.

The brine sampling (the "Samples") will be completed under the direction of an independent hydro-geologist, who will be responsible for the security of the Samples until they are delivered to the geochem lab (the "Lab"). Brine sample standards will be included with the Samples submitted to the Lab to insure accurate results.

Although drilling of the Wells spaced approximately 1.3 miles (2.1 km) apart will take at least two months, initial lithium geochemical results are expected in August. If successful, the drill holes will be reamed to a larger diameter and pumping tests will be performed to determine potential production grade and flow rates. Successful testing would then turn toward turning the test holes into production wells.

The Bonnie Claire Lithium Property Characteristics

The Property is comprised of 23,100 acres located within a valley that is approximately 30 km long and 20 km wide, with the associated drainage basin covering an area of 2,070 square km. Quartz-rich volcanic rocks that contain anomalous amounts of lithium occur within and adjacent to the drainage basin. Geochemical analysis of the local salt flats has yielded lithium values up to 340ppm. The gravity low within the valley is 20 km (12 miles) long, and the initial estimates of the depth to bedrock range from 1260 to 610 m (1,500 to 2,000 ft). The current claim block covers the gravity low and the associated mud flats.

Richard Kern, Certified Professional Geologist (#11494) and CEO of Iconic is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.

On behalf of the Board of Directors

SIGNED: "Richard Kern"

Richard Kern, President and CEO
Contact: (604) 336-8614

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

Forward Statement: This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Iconic expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

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.