The project is a lithium exploration project with high potential and no previous drilling. The property consists of 512 unpatented placer claims covering 10,240 acres. Located approximately 23 miles southwest of Austin, Nevada, the property expresses all indicators of a potential lithium brine system. The large, enclosed basin is surrounded by mountains with ample felsic volcanics and intrusives, has active hot springs, and surface salt lithium assays as high as 470 ppm Li. The property is owned by Great Basin Resources Inc. and is currently optioned to Iconic Minerals Ltd.
The Smith creek project has near ideal indicators of lithium brine potential. The claims staked on the 40 mile long playa are focused on a gravity low and the proximity of high lithium in salt samples and hot springs.
Exploration to date has been comprised of surface sampling and an MT survey. The MT survey, run by Fritz Geophysics in December of 2016, shows a deep low resistivity target over 1,000 feet thick (300 m), with a shallow brine zone approximately 200 feet thick (60 m). The most favorable features revealed by the MT are steeply dipping zones of low resistivity which have been interpreted as structures. It is the belief of Great Basin Resources Inc. that these potentially brine filled structures are key for the existence of lithium rich brine. To date, no testing of any subsurface waters has taken place at Smith Creek. While the valley most likely also hosts sediments rich in lithium, the focus of exploration is on a brine target.
Iconic plans on additional geophysics and drilling after completion of resource drilling at Great Basin’s Bonnie Claire property, which Iconic also has optioned.