Iconic Minerals Reports Positive near Surface Gold and Silver Results in First Assays of 2026 Drill Program at New Pass Gold Property, Nevada
Iconic’s low-grade oxide holes confirm the known Carlin system rather than triggering a re-rate for the project.
Iconic Minerals Ltd. (ICM) released the first assay results from its 2026 New Pass core program on August 13, 2026. Five of the six reported holes returned near-surface intervals ranging from 70 to 150 feet (21 to 46 meters) with gold grades between 0.30 and 0.60 g/t Au and silver grades between 0.65 and 8.43 g/t Ag.
The key reported intercepts are: * NP2601: 140 ft (43 m) at 0.49 g/t Au, 3.89 g/t Ag, including 30 ft (9 m) at 1.67 g/t Au, 11.53 g/t Ag. * NP2603: 150 ft (46 m) at 0.60 g/t Au, 1.95 g/t Ag, including 10 ft (3 m) at 4.83 g/t Au, 7.00 g/t Ag. * NP2606: 70 ft (21 m) at 0.57 g/t Au, 8.43 g/t Ag. * NP2607: 100 ft (30 m) at 0.35 g/t Au, 0.65 g/t Ag. * NP2610: 110 ft (34 m) at 0.30 g/t Au, 4.11 g/t Ag.
Hole NP2604 was terminated before reaching the target horizon and did not intersect the mineralized zone. The company reports only core length, and no true width table is provided, despite all holes being drilled at a 45-degree dip. The release claims leachable-grade mineralization and cites a low Barrick oxide Carlin cutoff of 0.21 g/t Au.
Iconic Minerals Ltd. (ICM) is a pre-revenue junior explorer with a historical inferred resource and a going-concern warning. The stock is currently trading around CAD 0.06, near its 52-week low, after falling from a speculative high of CAD 0.30 in January 2026.
The market is not pricing in a major discovery. These results align with management expectations and the existing low-grade resource grade. While the drill holes may add near-surface oxidized tonnage if pending holes confirm continuity, they do not change the grade story or demonstrate a materially larger high-value system.
The result is not considered a material negative because it does not miss a highly embedded expectation; the share price has already round-tripped lower. It is also not a material positive because the grades and gram-metres are below the good band for Carlin open-pit, true widths are absent, and the release depends on a low cutoff and including intervals.
Iconic Minerals Ltd. is a Vancouver-based junior explorer primarily focused on the New Pass gold-silver property in Nevada. The company holds New Pass under a 50/50 joint venture with a subsidiary of McEwen Mining, with Iconic serving as the initial operator. The property hosts a historical inferred resource of 15,515,488 short tons at 0.022 oz/t AuEq, containing approximately 341,750 oz AuEq.
In addition to New Pass, the company holds earlier-stage lithium exploration assets, including Smith Creek and Grass Valley. Its financial position remains weak, with Q3-2026 cash of approximately CAD 1.92 million. Management has stated that cash is insufficient for the next twelve months. Shares outstanding were 185,759,051 as of the latest financial period.