Currently I have clientCache Web.config cache which caches all statis content:
<staticContent>
<clientCache httpExpires="Sun, 29 Mar 2020 00:00:00 GMT" cacheControlMode ="UseExpires"/>
</staticContent>
But I want to exclude favicon.ico from caching (or make it expiration date less). Is there any way to implement it?
Try adding
<location>under<configuration>tag, specifying that it should be applied to that file only — something like this (just an example — taken from real working configuration, where favicon.ico has different expire time compared to all other files):