Iconic Announces Termination of Option Agreement for New Pass Gold Property
Original announcement by tmx on
- Company
- Iconic Minerals Ltd.
- Ticker
- ICM
- Exchange
- TSX
- Region
- Nevada
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update, Agreement transaction
- Extracted
- 2026-09-12 07:31:27 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Iconic Minerals has terminated its option agreement with Gold Basin Resources for the New Pass gold property in Nevada due to Gold Basin's failure to meet exercise conditions. The announcement also restates an Inferred Mineral Resource from a 2020 NI 43-101 report consisting of 15.5 Mt at 0.022 oz/t AuEq.
Reasoning: The company terminated an option agreement because the counterparty failed to meet conditions, while re-stating historical resource data from a 2020 report.
Positive factors
- Termination of option agreement allows Iconic to retain full interest in the property
Negative factors
- Loss of potential CAD $1.5M financing from Gold Basin
- Resource data is historical (2020 report)
Facts used in scoring: 4
Classification and evidence
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is stated as an Inferred Mineral Resource.
Evidence · text
“contains an Inferred Mineral Resource”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The resource is based on an NI 43-101 Technical Report.
Evidence · text
“an NI 43-101 Technical Report dated December 2, 2020”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The resource estimate is from a 2020 report, which is more than 2 years old.
Evidence · text
“NI 43-101 Technical Report dated December 2, 2020”
Extracted facts
Stored fact records: 3. Some facts used in scoring do not have a stored record.
Resource Estimates (3)
inferredNew Pass · goldTonnes: 15515488Grade: 0.022Grade Unit: oz/tonContained Metal: 341750Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- New Pass
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- ICM
Resource scope
- Estimate type
- resource
- Effective date
- 2020-12-02T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paul D. Noland, Richard Kern
- Resource group id
- resource:9af1acc88f01740d6108
- Deposit or zone
- New Pass
Resource Data
- Category
- inferred
- Tonnes
- 15515488
- Grade
- 0.022
- Grade Unit
- oz/ton
- Contained Metal
- 341750
- Contained Unit
- oz
- Cutoff Grade
- 0.01
- Cutoff Unit
- oz/ton gold equivalent
Prior Estimate
- Resource Date
- 2020-12-02
Metal Equivalent
- Metal Eq. Grade
- 0.022
- Metal Eq. Unit
- oz/ton
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2020-12-02T00:00:00.000Z
Dates
- Event date
- 2025-02-24T00:00:00.000Z
Reasoning: Restatement of historical Inferred resource grade.
Negative factors
- Historical data from 2020 report
Evidence · table
“0.022”
Context: 15,515,488
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
inferredNew Pass · silverTonnes: 15515488Grade: 0.202Grade Unit: oz/tonContained Metal: 3139054Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- New Pass
- Commodity
- silver
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- ICM
Resource scope
- Estimate type
- resource
- Effective date
- 2020-12-02T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paul D. Noland, Richard Kern
- Resource group id
- resource:9af1acc88f01740d6108
- Deposit or zone
- New Pass
Resource Data
- Category
- inferred
- Tonnes
- 15515488
- Grade
- 0.202
- Grade Unit
- oz/ton
- Contained Metal
- 3139054
- Contained Unit
- oz
- Cutoff Grade
- 0.01
- Cutoff Unit
- oz/ton gold equivalent
Prior Estimate
- Resource Date
- 2020-12-02
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2020-12-02T00:00:00.000Z
Dates
- Event date
- 2025-02-24T00:00:00.000Z
Reasoning: Restatement of historical Inferred resource silver grade.
Negative factors
- Historical data from 2020 report
Evidence · table
“0.202”
Context: 15,515,488
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
inferredNew Pass · goldTonnes: 15515488Grade: 0.018Grade Unit: oz/tonContained Metal: 282986Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- New Pass
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- ICM
Resource scope
- Estimate type
- resource
- Effective date
- 2020-12-02T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paul D. Noland, Richard Kern
- Resource group id
- resource:9af1acc88f01740d6108
- Deposit or zone
- New Pass
Resource Data
- Category
- inferred
- Tonnes
- 15515488
- Grade
- 0.018
- Grade Unit
- oz/ton
- Contained Metal
- 282986
- Contained Unit
- oz
- Cutoff Grade
- 0.01
- Cutoff Unit
- oz/ton gold equivalent
Prior Estimate
- Resource Date
- 2020-12-02
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2020-12-02T00:00:00.000Z
Dates
- Event date
- 2025-02-24T00:00:00.000Z
Reasoning: Restatement of historical Inferred resource gold grade.
Negative factors
- Historical data from 2020 report
Evidence · table
“0.018”
Context: 15,515,488
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.