Phenom Reports Consistent Results on Rare Earth and Critical Metals Deposit at Crescent Valley
Rhea-AI Summary
Phenom Resources (OTCQX: PHNMF) reported additional drill results from its Crescent Valley rare earth and critical metals deposit in Nevada.
New hole CVN26-07 cut a 102.1 m REE-critical metals intercept from surface. The mineralized zone now spans about 240 m by 215 m near surface, with geophysics suggesting a much larger IOCG-type body. Separate drilling on a long epithermal gold target intersected thick quartz breccia but only weakly anomalous gold.
AI-generated analysis. Not financial advice.
Positive
- CVN26-07 returns 102.1 m REE-critical metals intercept from surface
- Mineralized REE-critical metals footprint now ~240 m by 215 m
- IP suggests body ~600 m wide, ≥200 m thick, 1 km long
- REE value in CVN26-07 dominated by 55% rubidium, 23% scandium
Negative
- Epithermal gold target shows only weakly anomalous gold over thick intervals
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2026) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce that additional drilling has returned similar thickness and grade in its Rare Earth Element (REE) and Critical Metals deposit on its Crescent Valley Property, about 22 km (13 miles) southwest of Carlin, Nevada. To date, all mineralized drill intercepts in the deposit start from surface. Principal metals of value include Rubidium, Hafnium, Scandium and Neodymium with lesser amounts of Dysprosium, Praseodymium, Cerium, Europium, Niobium, Strontium, Terbium and Yittrium, all on the US Geological Survey critical metals list considered vital to the U.S. economy and national security that face potential risks from disrupted supply chains.
The new deposit is an Iron Oxide Copper Gold (IOCG) deposit-type, a magnetite-tourmaline-pyrrhotite-pyrite breccia body with appreciable REE and Critical Metals content. Drill hole CVN26-07, 143 metres (east of CVN25-04 has returned a 102 metre (335-foot) intercept starting from surface of similar grade in REE and Critical Metals content as previously reported. Drill holes CVN24-02 (drilling in 2024) and CVN25-04 (drilling in October 2025), and a 75-metre-long continuous surface chip sample completed in summer 2025, all located at the north part of the breccia body, had returned near surface similar and reproducible elevated values in these metals. The drilled area now covers over 240 metres (780') wide by 215 metres (700') long (see Figure 1).
Although early in its evaluation, the deposit is presumed to have dimensions in the order of 600 metres (1970 feet) wide (east-west), at least 200 metres (650 feet) thick (vertically) and at least 1 kilometre (3280 feet) long (north-south) based on the Company's 2024 IP geophysical program completed by Zonge International Inc. and guided and interpreted by Jim Wright of Wright Geophysics. The IP program identified a continuous high chargeability anomaly coincide with and expressed as a near surface flat and long body which has now been ground-truthed by the three RC drill holes and surface chip sampling. A ground magnetic survey performed by Zonge 2012, was also used by Dave Mathewson to help guide the placement of the drill holes. The chargeability anomaly/REE and Critical Metals deposit is open to the north and requires additional IP lines to fully determine its length. IOCG deposits generally have a pipe configuration. Additional infill IP lines may help define the pipe root size and configuration.
Table 1: Drill Intercept and Chip Sampling Highlights (* previously reported)
| From (m) | To (m) | Length (m) | From (ft) | To (ft) | Length (ft) | Rubidium (ppm) | Hafnium (ppm) | Scandium (ppm) | Neodymium (ppm) | |
| CVN24-02* | 0 | 99.1 | 99.1 | 0 | 325 | 325 | 121.5 | 5.2 | 11.3 | 31.6 |
| including | 0 | 38.1 | 38.1 | 0 | 125 | 125 | 160.3 | 6.1 | 8.5 | 20.8 |
| and | 48.8 | 54.9 | 6.1 | 160 | 180 | 20 | 168.8 | 6.1 | 17.1 | 37.9 |
| and | 64.0 | 80.8 | 16.8 | 210 | 265 | 55 | 162.2 | 3.9 | 9.5 | 30.9 |
| CVN25-04* | 0 | 54.9 | 54.9 | 0 | 180 | 180 | 146.0 | 6.1 | 14.7 | 29.3 |
| including | 0 | 22.9 | 22.9 | 0 | 75 | 75 | 193.1 | 6.2 | 15.6 | 30.9 |
| 75m chip* | 0 | 75.0 | 75.0 | 0 | 246 | 246 | 132.8 | 5.8 | 11.2 | 38.5 |
| CVN26-07 | 0 | 102.1 | 102.1 | 0 | 335 | 335 | 109.0 | 7.2 | 18.0 | 41.4 |
Note: Intercept thicknesses of the mineralization are estimated to be true thickness.
Rubidium carbonate, currently selling for US
The relative value proportions of the principal metals in the CVN26-07 intercept are in the order of
Figure 1: Drillhole Locations for IOCG and Low Sulfidation Epithermal Target Testing
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3372/299471_0be3857ae459e8a3_002full.jpg
The following Figure 2 shows the chargeability anomaly in plan view on the left and cross-sections of the northmost 3 lines of chargeability on the right to help visualize the size, shape and near surface nature of the body. It also demonstrates the opportunity to extend the strike length of the chargeability/REE and Critical Metals body to the north with additional IP lines. Note the RC drill hole traces are superimposed on three of the cross-sections to show their penetration into the breccia body.
Figure 2: Plan View and Cross-sections of Chargeability Anomaly/REE and Critical Metals Deposit
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3372/299471_0be3857ae459e8a3_003full.jpg
Table 2: Drill Hole Information for IOCG Target
| Easting (m) | Northing (m) | Azimuth | Dip | Length (m) | Length (ft) | |
| Hole CVN26-07 | 563838 | 4485931 | 090 | -60 | 304.8 | 1000 |
Low Sulfidation Epithermal Target Testing
The Crescent Valley Property also hosts a 5-6-kilometre-plus-long (3-3.7 mile) range-front-margin low sulfidation epithermal gold opportunity which the Company tested further with drill holes CVN26-05, CVN26-06 and CVN26-08 as steps out from previously reported CVN25-03. CVN25-03 reported a 144.8 metre thick (475 feet) quartz breccia with continuous weakly anomalous gold values over a length of 274.3 metres (900 feet). CVN26-06 and CVN26-08 stepped out 100 metres (328 feet) and 200 metres (656 feet) to the north of CVN25-03. CVN26-05 tested 100 metres (328 feet) downdip from CVN25-03 (see Figure 1 and Table 3).
Much like CVN25-03, all three holes encountered the thick quartz veined and brecciated zone having thicknesses between 91.4-121.9 metres (300-400 feet). Gold values remained similarly weakly anomalous over thicknesses between 30.5 metres (100 feet) and 126.5 metres (415 feet). This program tested a small portion of the lengthy range-front-margin low sulfidation epithermal gold opportunity.
Table 3: Drill Hole Information for Low Sulfidation Epithermal Target (* previously reported)
| Easting (m) | Northing (m) | Azimuth | Dip | Length (m) | Length (ft) | |
| Hole CVN25-03* | 563103 | 4484245 | 090 | -60 | 426.72 | 1400 |
| Hole CVN26-05 | 563100 | 4484245 | 090 | -78 | 505.97 | 1660 |
| Hole CVN26-06 | 563139 | 4484345 | 090 | -78 | 519.68 | 1705 |
| Hole CVN26-08 | 563139 | 4484446 | 090 | -78 | 399.29 | 1310 |
The drilling programs were field supervised by Paul Cowley and Dave Mathewson, both QPs for the Company. Drilling was done by Envirotech Drilling LLC with 5-foot-long sample lengths. Rock and drill cuttings samples were analyzed by ALS Global for its gold and rare earth packages. Company QAQC sample inserts were included.
About Phenom Resources Corp.
Phenom has
ON BEHALF OF PHENOM RESOURCES CORP.
per: "Paul Cowley"
CEO & President
(604) 340-7711
pcowley@phenomresources.com www.phenomresources.com
Technical disclosure in this news release has been reviewed and approved by Dave Mathewson, a Qualified Person as defined by National Instrument 43-101, director and Geological Consultant of the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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