# Iconic Announces Termination of Option Agreement for New Pass Gold Property Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/iconic-announces-termination-of-option-agreement-for-new-pass-gold-property--b30ea709-cbb5-4d92-b918-0ac60ee8b70f Original source: https://money.tmx.com/en/quote/ICM/news/7579913257850771/iconic-announces-termination-of-option-agreement-for-new-pass-gold-property Publisher: tmx Original announcement: 2025-02-24T23:39:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas 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 factor: Termination of option agreement allows Iconic to retain full interest in the property - Negative factor: Loss of potential CAD $1.5M financing from Gold Basin - Negative factor: Resource data is historical \(2020 report\) Facts used in scoring: 4 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: 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 Compliant** Polarity: positive Definition: 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 Estimate** Polarity: negative Definition: 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) ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/iconic-announces-termination-of-option-agreement-for-new-pass-gold-property--b30ea709-cbb5-4d92-b918-0ac60ee8b70f#fact-resource-facts-1) New Pass · gold Historical result Needs review: historical\_restatement #### 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 factor: Historical data from 2020 report Evidence · table > 0.022 Context: 15,515,488 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/iconic-announces-termination-of-option-agreement-for-new-pass-gold-property--b30ea709-cbb5-4d92-b918-0ac60ee8b70f#fact-resource-facts-2) New Pass · silver Historical result Needs review: historical\_restatement #### 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 factor: Historical data from 2020 report Evidence · table > 0.202 Context: 15,515,488 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/iconic-announces-termination-of-option-agreement-for-new-pass-gold-property--b30ea709-cbb5-4d92-b918-0ac60ee8b70f#fact-resource-facts-3) New Pass · gold Historical result Needs review: historical\_restatement #### 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 factor: Historical data from 2020 report Evidence · table > 0.018 Context: 15,515,488 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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.