Mr. Paul Cowley reports
PHENOM PROVIDES COMPANY UPDATE - WARRANTS EXPIRE
Today, May 6, 2024, at 5 p.m. PT, a total of 6,977,325 Phenom Resources Corp. warrants at 55 cents will expire. These warrants pertain to a May 5, 2021, company private placement and will not be extended.
In separate news, the company is awaiting feedback from the Department of Energy (DOE) on its review of the two grant applications the company has submitted for the company's Carlin vanadium project. One grant application is for a $300-million (U.S.) grant submission to the DOE and its Office of Manufacturing and Energy Supply Chains (MESC) for new commercial-scale separation, processing and recovery of battery critical minerals (non-lithium) projects for which the Carlin vanadium project processing plant construction may qualify for. This larger funding opportunity is part of the second round of funding by the DOE of approximately $3.5-billion to be made available for battery materials processing and battery manufacturing grants. The second grant application is for a $3-million (U.S.) from the DOE and its Office of Fossil Energy and Carbon Management (FECM) for RD&D bench- and pilot-scale funding for the Carlin vanadium project. This specific funding opportunity pertains to an earlier stage of technical work to assist advancing metallurgical testing for the Carlin vanadium project that would become part of a prefeasibility study.
Thirdly, the company has been actively scanning for and reviewing potential selective gold acquisitions in Nevada over the last four months to add to the company's gold portfolio in an environment of elevating gold price. This review is headed by Dave Mathewson, company director, geological consultant and accomplished Nevada gold mine finder. Mr. Mathewson is only considering projects for the company that have regional-scale gold system potential of the Carlin gold-type or Bonanza high-grade gold vein type. The company's geological team is currently in Elko, Nev., initiating summer field work and planning on its Dobbin and CVN projects and meeting with property vendors.
About Phenom Resources Corp.
Phenom has 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 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 nine million ounces comprising multiple gold deposits, including past-producing mines, are present near the Phenom property (five to 15 km). In addition, the company has options on two gold projects in Nevada: the Dobbin property which is Carlin gold-type target and the CVN property, a Bonanza high-grade gold vein-type target.
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