Mr. Paul Cowley reports

PHENOM RESOURCES EXPANDS THE VANADIUM DEPOSIT ON ITS FLAGSHIP NEVADA PROJECT

Phenom Resources Corp. has released the second and final report on shallow vanadium drilling from the 2022 summer program on its flagship Carlin gold-vanadium project on the Carlin gold trend. This summer the company completed 49 shallow vertical RC (reverse circulation) drill holes in four sectors (north, south, east and west of the deposit) in an effort to expand the outer limits of the Carlin vanadium deposit.

Paul Cowley, president and chief executive officer of the company, states: "The 2022 summer drilling program met its objectives by expanding the size of the vanadium deposit in three of the four sectors (north, west and east) beyond the limits of previous drilling, showing continuity of consistent good vanadium grades and widths near surface. With the success of this program, it opens up the deposit to further expansion in four new areas, outlined in figure 1, which will be drilled before a new resource estimate is done."

Western sector results

Nineteen holes, generally 50 metres apart, were completed in an area 300 metres by 250 m in the western limits of the deposit. Intercepts tabled below, are new and outside of the 2019 indicated resource estimate. Two generally flat-lying vanadium zones were encountered in this area. The primary zone (intercepts shown in the table entitled "Shallow vanadium intercepts in western sector -- primary zone") averages 15.16 m (49.74 feet) thick grading 0.43 per cent V2O5 (vanadium oxide), found 15 m (49 feet) below surface. A second zone (intercepts shown in the table entitled "Shallow vanadium intercepts in western sector -- secondary zone") averages 4.76 m (15.6 feet) thick grading 0.40 per cent V2O5. The two zones are separated by roughly 14.6 m (47 feet).

These intercepts are on the western valley slope and knoll where very limited and isolated wide-spaced historical drilling had been done. Drill intercepts in this sector successfully links together with the main vanadium deposit as a continuous, shallow relatively flat-lying vanadium zone supported by 40 m to 50 m drill spacing across 550 m.

Eastern sector results

Ten holes were also completed along a 600-metre stretch of the eastern edge, taking on 50 m average stepouts to expand the deposit eastward. Intercepts from eight holes and one of the deeper gold holes encountered good vanadium grades and widths as shown in the table entitled "Shallow vanadium intercepts in eastern sector."

Southern sector results

Eight vertical holes were completed in a large (150 m to 200 m) stepout pattern to test the down-dip projection in the southwestern corner of the deposit. Elevated vanadium was encountered, which provided useful deposit configuration for future infill drilling, but grades were below a cut-off of 0.2 per cent V2O5.

The northern sector drill results were reported Sept. 13, 2022.

Hole spacing in the 2022 program (40 m to 50 m) was chosen to replicate the hole spacing that supported an indicated category in the 2019 resource estimate. Only indicated resource category can be used in a prefeasibility study.

All 2022 holes are vertical with the vanadium units flat-lying to mildly inclined, therefore intercept widths are considered true thickness. The vanadium drill program was planned and executed under the supervision of Mr. Cowley, PGeo, director and company president, and qualified person for the program. Industry-standard quality control/quality assurance protocols have been followed throughout in handling, sampling and shipping the chip. Samples were analyzed by ALS Global.

Future vanadium drilling

The three new drill target areas in the north have a similar geological setting to the 2022 western sector results and would aim at lateral extensions. The southern target area aims at the down-dip extension of the South zone which holds particularly high vanadium grades.

About Phenom Resources Corp.

Phenom has a 100-per-cent interest in the Carlin gold-vanadium project, located in Elko county, six miles south from the town of Carlin, Nev., and Highway I-80. The Carlin gold-vanadium project also hosts the Carlin vanadium deposit. Phenom also has an option from Dave Mathewson to earn 100 per cent in the Smoke property located in the Independence-Eureka trend of Nevada.

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