Iconic Minerals Reports Further Positive Near-Surface Gold and Silver Results from Final 2026 Drill Assays at New Pass, Nevada

Iconic Minerals reports strong near-surface gold and silver intercepts at New Pass, Nevada.

What the company is saying

Iconic Minerals Ltd. (TSXV:ICM, OTCQB:ICMFF, FSE:YQG) is highlighting the completion of a 15-hole Phase 1 core drilling program at its New Pass Gold Property in Nevada, with all assay results received. The company emphasizes that all holes targeting the area east of the historical resource intercepted near-surface gold and silver mineralization, including the final three holes, which returned grades above a 0.01 opt (0.34 ppm) Au cut-off within 50 feet of the drill collar. Management, led by President and CEO Richard Kern (the qualified person for the release), frames the results as confirmation of significant mineralization extensions and a technical foundation for further exploration. The announcement stresses the scale of historic work—over 131,000 feet (40,000 m) of drilling in 329 holes since 1980—and references a historic inferred resource of 15,515,488 short tons at 0.75 g/t AuEq, containing 341,750 AuEq ounces, 3,139,054 ounces of silver, and 282,986 ounces of gold. The company is also preparing for metallurgical studies to assess leachability, with plans for column leach tests. The tone is confident, focusing on technical achievement and future exploration upside, while clearly stating that the historic resource is not yet current under NI 43-101.

What the data suggests

The disclosed assay results from the final three holes show mineralized intervals at or near the drill collars, ranging from 50 to 170 feet (15 to 52 m) in length. NP2611 returned 170 feet (52 m) grading 0.67 g/t Au and 9.56 g/t Ag, including 90 feet (27 m) at 1.10 g/t Au and 17.13 g/t Ag. NP2619 yielded 50 feet (15 m) at 0.34 g/t Au and 1.48 g/t Ag. NP2626 produced 30 feet (9 m) at 0.28 g/t Au and 6.20 g/t Ag, and a further 50 feet (15 m) at 0.41 g/t Au and 1.58 g/t Ag. One interval in NP2611 exceeded 100 g/t Ag (>3.53 opt), above the detection limit. All holes were drilled at -45 degrees, testing up-dip extensions along 1,900 feet (600 m) of strike and extending mineralization up to 200 feet (61 m) east of known intercepts. The historic inferred resource, based on 266 of 329 holes drilled between 1982 and 2008, stands at 15,515,488 short tons grading 0.75 g/t AuEq (341,750 AuEq oz), 6.93 g/t Ag (3,139,054 oz), and 0.62 g/t Au (282,986 oz). The deposit remains open along strike and at depth. No current economic or NI 43-101-compliant resource is presented; further drilling and metallurgical testing are required to update the resource.

Analysis

The announcement provides a detailed and transparent operational update on the completion of Phase 1 drilling at the New Pass Gold Property, including explicit assay results and historic resource figures. The tone is positive, but the language is largely proportionate to the technical results disclosed, with no exaggerated claims about imminent production or economic impact. Most key claims are realised and supported by specific drill data, while forward-looking statements (such as plans for metallurgical testing and the need for further drilling to upgrade the resource) are clearly identified as future steps. There is no evidence of narrative inflation or overstatement regarding project economics or near-term value creation. The absence of financial or economic analysis is normal for an exploration-stage update and does not constitute a deficiency. The gap between narrative and evidence is minimal, as the company refrains from making unsupported projections.

Risk flags

• ●The current resource estimate is historical (2010) and not NI 43-101-compliant, so investors cannot rely on it for current project valuation. Upgrading to a compliant resource will require more drilling, assaying, and technical work, which introduces both time and funding risk.
• ●Metallurgical recoveries are assumed to be favorable but have not yet been demonstrated; if leach tests reveal poor recoveries, the economic potential of the deposit could be significantly reduced.
• ●The deposit remains open along strike and at depth, but the extent and continuity of mineralization beyond the tested area are unproven. Additional drilling may or may not confirm further extensions, and exploration success is not guaranteed.
• ●There is no economic analysis or preliminary assessment, so the project’s viability, required capital, and potential returns remain undefined. Investors face uncertainty regarding the timeline and likelihood of advancing to development.

Bottom line

Iconic Minerals has delivered a technically detailed update confirming near-surface gold and silver mineralization at New Pass, with strong intercepts in the final three holes and evidence of mineralization extending east of the historical resource. The historic resource is large but outdated and non-compliant with current reporting standards, so its relevance is limited until further drilling and studies are completed. Metallurgical testing is the next milestone, but any move toward a compliant resource or economic study is months to years away. The company’s narrative is credible and supported by explicit assay data, but the path to value creation remains long and contingent on successful technical de-risking. Investors should focus on upcoming metallurgical results and any plans for additional drilling as the next meaningful catalysts. The key takeaway is that while the technical foundation is improving, the project remains at an early stage with significant work ahead before any development decision.

Announcement summary

(TSXV:ICM) (OTCQB:ICMFF) (FSE:YQG) Iconic Minerals Ltd. announced the completion of Phase 1 drilling and receipt of all assay results from its New Pass Gold Property in Churchill County, Nevada. The 15-hole core drilling program was designed to test the up-dip extension of the known mineralized zone and infill between historical drill holes, confirming significant intervals of near-surface gold and silver mineralization beyond the boundaries of the historical resource. All holes targeting the area east of the historic resource intercepted near-surface gold and silver mineralization, including the final three holes, which returned grades above a cut-off of 0.01 opt (0.34 ppm) Au within 50 feet of the drill collar. Drilling was conducted at a -45 degree angle, testing up-dip extensions along approximately 1,900 feet (600 m) of strike length, and extended mineralization a maximum of approximately 200 ft (61 m) east of known historic intercepts. Ten-foot (3 meter) sample intervals of quarter HQ core were submitted to ALS Reno for assay, with standards, blanks, and repeat samples included. The final three holes returned mineralized intervals at or near the drill collars ranging from 50 to 170 feet (15 to 52 m) in length, with one sample interval in NP2611 assaying silver grades above the limit of detection (>100 g/t, >3.53 opt). Specific results include: NP2611, 0–170 ft (0–52 m), 170 ft (52 m) intercept, 0.67 g/t Au, 9.56 g/t Ag; including 60–150 ft (18–46 m), 90 ft (27 m) intercept, 1.10 g/t Au, 17.13 g/t Ag. NP2619, 50–100 ft (15–30 m), 50 ft (15 m) intercept, 0.34 g/t Au, 1.48 g/t Ag. NP2626, 10–40 ft (3–12 m), 30 ft (9 m) intercept, 0.28 g/t Au, 6.20 g/t Ag; NP2626, 50–100 ft (15–30 m), 50 ft (15 m) intercept, 0.41 g/t Au, 1.58 g/t Ag. All reported intervals represent downhole lengths; true widths have not yet been determined. For comparison, cut-off gold grades for the oxidized portion of Barrick's Carlin-style gold mines were reported as low as 0.21 g/t as of March 2025. The program provided sufficient material for detailed metallurgical studies to further evaluate the leachability of both gold and silver at New Pass. Mineralized intervals have been submitted for gold analysis using cyanidation extraction, and column leach tests are planned upon receipt of results. The New Pass Gold Property has seen more than 131,000 feet (40,000 m) of drilling across 329 drill holes since 1980, leading to the delineation of the New Pass Au-Ag deposit. The deposit outcrops at surface, has been drilled along approximately 0.8 miles (1.25 km) of strike length, and the deepest pierce point reaches approximately 1,000 feet (295 m) vertical depth. The deposit remains open along strike and at depth. A historic inferred resource (Paul D. Noland, CPG, September 3, 2010) includes 15,515,488 short tons at an average grade of 0.022 oz/ton (0.75 g/t) AuEq, containing 341,750 AuEq ounces, with an average silver grade of 0.202 oz/ton (6.93 g/t) and contained silver ounces of 3,139,054, and an average gold grade of 0.018 oz/ton (0.62 g/t) for 282,986 contained gold ounces. The historical resource is based on 266 out of 329 drill holes completed between 1982 and 2008. The company notes that additional drilling, assaying, and resource assessment are required to upgrade or verify the historical estimate as current mineral resources or reserves. Richard Kern, President and CEO, is the qualified person who reviewed and approved the technical information in the release.

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