Iconic Minerals Ltd.
TSX VENTURE : ICM
FRANKFURT : YQG

Iconic Minerals Ltd.

September 21, 2011 13:02 ET

Iconic Acquires the Hercules Gold and Silver Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2011) - ICONIC MINERALS LTD. (TSX VENTURE:ICM)(FRANKFURT:YQG) is pleased to announce that through an ongoing joint venture with Willow Creek Enterprises, Inc., it has been granted an exclusive right and option to acquire up to a 70% interest in the Hercules Project, Lyon County, Nevada, subject to a 3% NSR that is payable under a prior agreement entered into between Willow Creek and a private company owned by two directors of Iconic.

The joint venture allows the sequential acquisition by the Company of a 70% interest in consideration for Iconic expending a total of US$3 million in staged expenditures on the property over a five year period. The Company may acquire an additional 5% interest for a total 75% interest by producing a Bankable Feasibility Study on the property.

The Hercules Project is located in the Como Mining District, Lyon County, Nevada, approximately 15 kilometers east of the Comstock Mine. The Hercules Project is a high level epithermal vein and disseminated gold/silver prospect occurring within Tertiary volcanic rocks. Iconic has agreed to acquire the Project due to its potential for bulk minable heap leachable gold-silver mineralization. Two sub-parallel structural zones approximately 750 meters apart can be traced along surface for over 2,600 meters. The Project has at least 240 shallow historic drill holes, mostly within the Northeast Target. Drilling was conducted by several exploration companies - most recently by WLOC. This work identified four gold- silver targets within the Project boundary (as noted in the table below: Hercules, Northeast, West Cliffs and Loaves). Iconic believes additional drilling between targets may define continuous mineralization. A map of the Hercules Project showing the identified targets as noted in this release can be found on the Company's website: www.iconicmineralsltd.com.

Although resources have been published for the Project area in historic reports, no National Instrument 43-101 compliant resource calculations have been completed for the property. The Company intends to complete an NI43-101 compliant resource study in the near future. The report will include recent drilling conducted for WLOC.

The 2011 WLOC drilling program included 20 holes to an average depth of 94 meters. Two of the 20 holes were terminated early due to caving, and did not reach the altered horizon. A total of 1,880 meters of drilling were completed on four targets. This drill program was designed to infill areas of historic wide- spaced drilling within and immediately adjacent to drill-inferred resource blocks. Results of the 2011 drill program intersected both thicker intervals of low grade gold (<1.5 g/t), and higher grades within discrete quartz veins than were previously reported. The results of this drilling are summarized in Table 1 below.

TABLE 1 – Summary of 2011 drilling
Hercules Target
Hole # From (m) To (m) Interval (m) Au g/t Ag g/t Hole Depth (m)
H0111 0.0 16.8 16.8 1.25 32.8 91.5
21.3 29.0 7.6 0.41 5.8
H0211 0.0 24.4 24.4 0.55 7.4 85.4
incl 0.0 7.6 7.6 1.09 8.4
64.0 85.4 21.3 0.55 5.9 EOH
incl 68.6 77.7 9.1 0.94 10.8
H0311 19.8 22.8 3.0 0.40 9.7 91.5
35.1 47.3 12.2 1.57 5.7
incls 39.6 42.7 3.0 5.23 5.2
Hole # From (m) To (m) Interval (m) Au g/t Ag g/t Hole Depth (m)
70.1 89.9 19.8 0.50 6.1
H0411 79.3 91.5 12.2 0.35 2.8 91.5
incls 88.4 91.5 3.0 0.58 3.9 EOH
H0511 12.2 16.8 4.6 0.50 1.9 94.5
25.9 29.0 3.0 0.64 3.7
H0611 19.8 80.8 61.0 0.51 7.5 97.6
H0711 7.6 22.9 6.1 0.37 3.4 91.5
H2011 Hole terminated due to mechanical failure 4.6
NE Target
H0811 36.6 61.0 24.4 0.49 2.6 134.1
incl 36.6 44.2 7.6 1.12 4.8
H0911 32.0 44.2 12.2 0.48 3.5 91.5
incl 32.0 36.6 4.6 0.95 6.9
West Cliffs Target
H1011 9.1 12.2 3.0 0.28 28.5 94.5
13.7 18.3 4.6 0.40 15.3
76.2 83.3 6.1 0.47 29.8
H1111 71.6 93.0 21.3 0.89 9.5 137.2
incl 82.3 85.4 3.0 3.08 52.1
H1211 19.8 33.5 13.7 0.73 7.1 109.8
61.0 77.7 16.8 0.64 6.2
incls 71.6 76.2 4.6 1.78 16.5
H1311 36.6 39.6 3.0 0.39 16.8 91.5
67.1 76.2 9.2 0.34 5.0
H1411 45.7 59.5 13.7 0.45 4.8 115.9
incls 83.8 86.9 3.0 1.07 6.1
H1511 30.5 47.3 16.8 0.36 9.0 91.5
H1611 NSV - Hole terminated at 21 m due to caving 21.3
H1711 41.2 45.7 4.6 0.51 2.2 106.7
H1811 9.1 12.2 3.0 0.79 1.2 143.3
36.6 42.7 6.1 0.44 6.4
59.5 71.6 12.2 0.38 15.3
79.3 91.5 12.2 0.40 4.7
112.8 134.1 21.3 0.34 3.3
Loaves Target
H1911 9.1 12.2 3.0 0.44 1 96.0
62.5 79.3 16.8 0.54 3.2
Total 1881.1

True thickness averages 0.85 of the above intervals.

The above results are based on sampling of reverse circulation drilling, where samples were collected on 1.5 meter intervals. Blanks and standards were inserted and the samples shipped to ALS Chemex in Reno, Nevada, where they were assayed using standard techniques. Repeat assaying of all +0.8 g/t gold and +40 g/t silver results were then conducted. ALS Chemex's internal procedure also includes blanks and standards.

Drill logs indicate oxidized mineralization occurs to depths of 40 to 95 meters below surface. Each of the targets drilled is open along strike and down dip. Future drilling will focus on the large gaps between targets as well as extending mineralization down dip.

Historic bottle roll performed by Kappes, Cassidy and Associates in 1985 and Bondar-Clegg in 1988 indicate good recoveries. Average recoveries from bottle roll tests of surface panel samples were 88% for gold and 77% for silver. Bottle roll tests were also conducted on individual five foot intervals of historic drill holes. The depths of samples ranged from surface to a depth of 47.2 meters. Average recoveries from these tests resulted in a cumulative 81% of the gold and 70% of the silver. Further metallurgical testing will be conducted on drill cuttings collected during the 2011 drill program. Sulfide mineralization will also be tested for leachability where it was encountered during the 2011 drilling.

Technical information in this release has been reviewed and approved by Mr. Paul Noland, P. Geo., and a Qualified Person as defined by NI43-101, unless otherwise noted.

On behalf of the Board of Directors

Richard Kern, President and CEO

The Company's public documents may be accessed at www.sedar.com.

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.

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