Iconic Minerals initiates drilling at New Pass gold property, Nevada

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2026) - Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: ICMFF) (FSE: YQG)  (the "Company" or "Iconic") announces that drilling is now underway at its New Pass Gold Property ("New Pass" or the "Property") in Churchill County, Nevada. American Drilling Corporation of Spokane, Washington, has commenced HQ core drilling at the Property, marking a significant advancement in the Company's exploration and resource expansion strategy. The 2,140-hectare New Pass Property is located along a highly prospective Carlin-type gold trend approximately 150 miles (240 km) east of Reno, Nevada, one of the world's premier mining jurisdictions.

The current drill program is designed to test extensions of a mineralized zone that has already been defined over more than 3,000 feet (915 metres) of strike length and remains open along strike and at depth. New Pass is being explored under a joint venture agreement with McEwen Mining Inc. (TSX: MUX) (NYSE: MUX), with Iconic serving as operator of the exploration program. The Company believes the current drill campaign has the potential to significantly expand the known mineralized system and further enhance the value of the existing inferred resource.

Iconic Minerals' President and CEO, Richard Kern stated; "We are excited to have drilling underway at New Pass as we target extensions of the mineralized zone. Core recovery has been excellent, and the drilling is helping define the structure and alteration associated with the system. We have already identified a decalcified and silicified limonite-stained section that we believe represents the mineralized zone.

Importantly, the geological characteristics intercepted to date appear analogous to Carlin-type mineralized structures found elsewhere in Nevada. We believe New Pass has the potential to become a significantly larger mineralized system and create additional value for shareholders." New Pass Drilling Exploration Summary Road and drill pad construction has been completed for nine drill sites, with additional sites in progress. Drill holes are designed to intersect the southwest-dipping mineralized zone, interpreted to be up to 250 feet (76 metres) thick.

Gold-silver mineralization occurs primarily near the contact between rhyolite tuff and limestone and extends into the limestone host rocks. Alteration includes strong silicification and jasperoid development within decalcified limestone, features commonly associated with Carlin-type gold systems. Drill core will be processed in Reno, Nevada before shipment to ALS Limited laboratories for fire assay analysis.

The current program is intended to improve geological understanding of the system while testing for potential expansion of the existing inferred resource. 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 recognized for hosting Carlin-type gold systems. The Property was initially explored in 1980, when a stream sediment arsenic anomaly led to the discovery of a gold-bearing jasperoid system.

Since that time, more than 131,000 feet (40,000 metres) of drilling across 329 drill holes have identified significant intervals of Carlin-type gold-silver mineralization, leading to the delineation of the New Pass Au-Ag deposit. The New Pass Au-Ag deposit represents a classic Carlin-type system, with mineralization hosted primarily within silicified rocks and jasperoid developed in decalcified limestone of the Triassic Lower Augusta Mountain Formation. A major north-northwest to south-southeast trending, west-dipping structure separates Triassic calcareous rocks from younger Tertiary volcanic rocks and acted as a major conduit for hydrothermal circulation, alteration, and gold-silver deposition.

The deposit outcrops at surface and has been drilled along approximately 3,000 feet (915 m) of strike length, with the deepest pierce point reaching a vertical depth of approximately 295 metres. The shallowly west-dipping tabular deposit remains open along strike in both directions and at depth, providing significant exploration upside. Inferred Resource Summary Total Short Tons: 15,515,488 Average Grade AuEq: 0.022 oz/ton Contained AuEq Ounces: 341,750 Average Silver Grade: 0.202 oz/ton Contained Silver Ounces: 3,139,054 Average Gold Grade: 0.018 oz/ton Contained Gold Ounces: 282,98 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 inferred resource provides shareholders with an established technical foundation from which the Company believes meaningful resource expansion potential exists through continued drilling and systematic 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 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/298400 Source: Iconic Minerals Ltd.