Iconic Minerals Executes Joint Venture Agreement with McEwen Mining on New Pass Gold Property, Nevada
Rhea-AI Summary
Iconic Minerals and McEwen Mining (NYSE: MUX) executed a 50/50 joint venture to advance the 2,140-hectare New Pass gold property in Churchill County, Nevada. Iconic will initially manage the JV and is preparing an initial 20–30 hole drill program to test historical targets and IP anomalies.
The JV funds exploration proportionally, establishes a management committee, and includes dilution provisions if a party fails to fund its share. Iconic expects to drill and then update an NI 43-101 technical report incorporating program results.
AI-generated analysis. Not financial advice.
Positive
- 50%/50% joint venture formalized with McEwen Mining
- 2,140-hectare land position along a Carlin-type gold trend
- Initial 20–30 hole drill program planned to test extensions and IP targets
- Iconic to manage the JV initially and produce an updated NI 43-101
Negative
- Participating interests subject to dilution if a partner does not fund approved expenditures
- Exploration results are uncertain and will determine future capital needs and valuation
News Market Reaction – MUX
On the day this news was published, MUX declined 0.16%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
MUX gained 5.73% while close peers showed mixed, mostly modest moves (e.g., ASM +2.12%, USAS +1.52%, SLSR -2.56%). This points to a stock-specific reaction rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 23 | Resource estimate update | Positive | +2.5% | New Tartan Mine resource estimate with growth plans and 2026 drill budget. |
| Mar 12 | Earnings and outlook | Positive | -1.7% | Strong Q4 and 2025 results with growth plans to increase production. |
| Mar 09 | Results call notice | Neutral | +1.2% | Announcement of Q4 and year-end 2025 conference call for investors. |
| Jan 28 | Nevada acquisition | Positive | -4.8% | Agreement to acquire Golden Lake to consolidate Gold Bar Mine Complex. |
| Jan 27 | Drill results Nevada | Positive | +3.7% | Significant Gold Bar drill intersections supporting long-life mine transformation. |
Positive operational and resource updates have often seen supportive price moves, while larger strategic or financial announcements (earnings, acquisitions) have sometimes faced near-term selling pressure.
Over the past several months, McEwen reported multiple Nevada-focused growth steps and portfolio developments. Drilling at Gold Bar in Nevada delivered strong grades on Jan 27, with a positive price reaction. An acquisition to consolidate the Gold Bar Complex on Jan 28 and strong Q4 2025 earnings on Mar 12 were followed by short-term pullbacks, suggesting some sell-the-news behavior. More recently, the Tartan Mine resource update on Mar 23 was received positively. Today’s Nevada joint venture fits an ongoing strategy of expanding resources and mine life.
Market Pulse Summary
This announcement highlights a formal 50/50 joint venture on the 2,140-hectare New Pass gold property in Nevada and an upcoming 20–30-hole drill program, plus 38 RC holes targeting extensions where mineralization reaches surface. It follows earlier Nevada drilling success and resource growth efforts in the wider portfolio. Investors may watch for the planned NI 43-101 technical report, drill results that support a materially larger resource, and how capital allocation balances this project with other assets.
Key Terms
joint venture agreement financial
carlin-type gold system technical
ip survey technical
rc holes technical
ni 43-101 technical report regulatory
AI-generated analysis. Not financial advice.
Initial drill program targets resource expansion across established Carlin-type gold system.
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2026) - Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: ICMFF) (FSE: YQG) announces that its wholly owned subsidiary has entered into a formal joint venture agreement (the "JV Agreement") with a wholly owned subsidiary of McEwen Mining Inc. (TSX: MUX) (NYSE: MUX) to advance the New Pass gold property ("New Pass" or the "Property") in Churchill County, Nevada. The agreement formalizes a
Iconic Minerals' President and CEO, Richard Kern stated, "We are pleased to advance this joint venture with McEwen Mining as a strong partner as we move forward at our highly prospective New Pass property. Our focus is to expand the known mineralization and demonstrate the potential for a materially larger resource. With defined targets from historical drilling and recent IP work, we are preparing an initial 20-30 hole drill program to test extensions of the deposit. We believe this work can significantly enhance project value for both partners and our shareholders."
The JV Agreement is consistent with the terms set forth in the option agreement entered into in September 2004, as assigned to Iconic in 2005, whereby Iconic, through its wholly owned subsidiary, was granted the option to acquire a
- the parties will fund exploration and other Joint Venture expenditures on the Property in proportion to their respective participating interests;
- a management committee will be established to determine overall policies, objectives, procedures, methods and actions under the JV Agreement;
- Iconic Minerals will initially act as the manager of the Joint Venture; and
- a party's participating interest will be subject to dilution in the event it does not fund its share of approved expenditures.
Iconic plans to advance its previously announced exploration program (the "Exploration Program"), focused on infrastructure development, drilling, and metallurgical optimization. In 2021 an extensive IP survey identified several oxidation zone anomalies located north, south and up-dip of the defined mineralized zone, and the Exploration Program will test these anomalies. A total of 38 angled RC holes are expected to be drilled to test extensions up-dip (east) and to the north and south of the deposit where mineralization occurs at the surface. Upon the completion of the Exploration Program, Iconic intends to complete a new NI 43-101 technical report incorporating the results of the program.
About the New Pass Gold Property
The New Pass Gold Property is located within Nevada's Basin and Range province along the highly prospective Sulfur-Lovelock-Austin structural gold trend, a region known for hosting Carlin-type gold systems.
New Pass is located within the Basin and Range province, along Nevada's prolific Sulfur-Lovestock-Austin structural gold trend. The Property was first explored in 1980, when a stream sediment arsenic anomaly led to the discovery of a gold-bearing jasperoid. Since then, over 40,000 m in 329 holes have been drilled, many of which intercepted significant intervals of Carlin-type Au-Ag mineralization, establishing what is known as the New Pass Au-Ag deposit.
The New Pass Au-Ag deposit represents a classic Carlin-type system, with mineralization largely contained within silicified host rocks and jasperoid which developed in decalcified limestone of the Triassic Lower Augusta Mountain Formation. A major north-northwest - south-southeast trending, west-dipping structure separates Triassic calcareous rocks from younger Tertiary volcanic rocks and served as a major conduit for hydrothermal circulation, alteration, and gold-silver precipitation.
The deposit outcrops at surface, and has been drilled approximately 1.25 km along strike, with the deepest pierce point at a vertical depth of approximately 295 m. The tabular deposit has a shallow (~30°) dip to the west and remains open along strike in both directions, and at depth, offering an excellent opportunity for further exploration.
Inferred Resource Summary
| Total Short Tons | Avg Grade Au EQ (oz/ton) | Contained Ounces (Au EQ) | Avg Grade, Ag Only (oz/ton) | Contained Ounces, Ag Only | Avg Grade, Au Only (oz/ton) | Contained Ounces, Au Only |
| 15,515,488 | 0.022 | 341,750 | 0.202 | 3,139,054 | 0.018 | 282,986 |
The New Pass deposit hosts a significant inferred mineral resource, demonstrating the established scale and continuity of the system. Historical NI 43-101 reporting outlines an inferred resource containing both gold and silver mineralization within a near-surface, oxide-dominant system. This existing resource provides a strong technical foundation for future expansion, with mineralization remaining open along strike and at depth. The combination of a defined resource and multiple untested targets supports the potential for meaningful resource growth through continued exploration.
Qualified Person
Richard Kern, Certified Professional Geologist, a qualified person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release. Mr. Kern is not independent of the Company as he is the Chief Executive Officer of Iconic.
About McEwen Mining Inc.
McEwen Mining Inc. is a diversified gold and silver producer with operations in North and South America. The company is focused on responsible resource development, operational efficiency, and long-term value creation. With a disciplined approach to exploration and project advancement, McEwen brings technical expertise and financial strength to joint venture partnerships.
About Iconic Minerals Ltd.
Iconic Minerals Ltd. is a Nevada-focused gold exploration company advancing high-potential assets in proven mining jurisdictions. The Company's flagship New Pass Gold Property hosts a defined resource with significant expansion potential. Iconic is committed to disciplined exploration, technical advancement, and unlocking long-term shareholder value through systematic project development.
On behalf of the Board of Directors
"Richard Kern"
Richard Kern, President and CEO
Contact:
Keturah Nathe, VP Corporate Development
+1-604-336-8614
For further information, please visit www.iconicminerals.com or contact the number above.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to future operations on the Property, the completion of the Exploration Program, results of the Joint Venture, and the future business plans and exploration activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "will", "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals, and the future development of the Property in a timely manner.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Property, requirements for additional capital, future prices of lithium and gold, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics, including the impact of such epidemics or pandemics on the business, financial condition and exploration and development activities of the Company, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including acceptance of the TSX Venture Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest Management's Discussion and Analysis and filed with the Canadian Securities Authorities. All of the Company's Canadian public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292720