Phenom to Drill Crescent Valley Gold Project in October

Rhea-AI Summary

Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) announces plans to begin drilling at its Crescent Valley Gold Project in mid-October. This follows positive results from an IP geophysical survey completed in August. The project, located in Northern Nevada, is described as a high-grade, bonanza-vein gold prospect within the Northern Nevada Rift, near the Carlin Gold Trend.

Dave Mathewson, Director and Geological Advisor, compares the project's setting to the SLEEPER deposit in Humboldt County, Nevada, which was once the world's lowest-cost gold producer. The Crescent Valley Gold Project controls a 4 km strike-length of a large low-sulphidation epithermal vein system, featuring multi-event, silica-healed hydrothermal breccias. The project is located 22 km southwest of Carlin, Nevada.

Positive

• Drilling permits and contractors secured for mid-October start
• Positive results from recent IP geophysical survey
• Strategic location near the Carlin Gold Trend in Northern Nevada
• Project compared to historically successful SLEEPER deposit

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - September 25, 2024) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce that permits and drill contractors are in place for a mid October start to the initial drilling campaign on the Company's Crescent Valley Gold Project. The drill program follows positive results from an IP geophysical survey completed in August. The Crescent Valley Gold Project represents a high-grade, bonanza-vein gold prospect strategically located within the Northern Nevada Rift flanking the southwest fringe of the Carlin Gold Trend in Northern Nevada.

Dave Mathewson, Director and Geological Advisor to the Company states, "The Crescent Valley Project represents the core portion of the largest quartz vein system in Nevada that I am aware of. The project is a low-sulphidation bonanza-vein epithermal gold opportunity with a setting remarkably similar to that of the SLEEPER deposit located in Humboldt County, Nevada. The SLEEPER Mine was a high-grade gold mine operated by AMAX Gold from 1986-1996 and was considered the lowest cost gold producer in the world in 1988 at $103/oz because of its open pit mined Bonanza vein and wall-rock gold grades which, combined, averaged 0.48 opt Au."

The Crescent Valley Gold Project located 22 km (13 miles) southwest of the town of Carlin, Nevada controls a 4 kilometre (2.5 mile) strike-length of the large low-sulphidation epithermal vein system developed along the western margin of the northern Cortez Range. The range-front/margin vein system is a zone of multi-event, silica-healed, hydrothermal breccias. Portions of the veins display minor repetitive banding, coarsely-bladed calcite, and quartz pseudomorphs of the calcite, within larger zones of phreatic-type brecciation that typically represent above-boiling zones of hydrothermal fluids and also above the prospective deposition levels of gold.

About Phenom Resources Corp.
Phenom has 100% interest in the Carlin Gold-Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada and Highway I-80 which hosts the Carlin Vanadium deposit, North America's largest highest grade primary vanadium resource. The Project lies within the prolific Carlin Gold Trend. Approximately 9 million ounces comprised of multiple gold deposits, including past producing mines, are present near the Phenom property (5-15km). The Company has options on three gold projects in Nevada, the King Solomon and Dobbin Properties which are Carlin Gold-type targets and the Crescent Valley Property.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224563

FAQ

When will Phenom Resources Corp (PHNMF) start drilling at the Crescent Valley Gold Project?

Phenom Resources Corp plans to start drilling at the Crescent Valley Gold Project in mid-October 2024.

What recent positive results did Phenom Resources Corp (PHNMF) receive for the Crescent Valley Gold Project?

Phenom Resources Corp received positive results from an IP geophysical survey completed in August 2024 at the Crescent Valley Gold Project.

Where is the Crescent Valley Gold Project located?

The Crescent Valley Gold Project is located 22 km (13 miles) southwest of the town of Carlin, Nevada, within the Northern Nevada Rift near the Carlin Gold Trend.

What type of gold deposit is Phenom Resources Corp (PHNMF) exploring at Crescent Valley?

Phenom Resources Corp is exploring a high-grade, bonanza-vein gold prospect with a low-sulphidation epithermal vein system at the Crescent Valley Gold Project.