21:42:20 EDT Fri 09 May 2025
Enter Symbol
or Name
USA
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Phenom Resources Corp
Symbol PHNM
Shares Issued 101,621,664
Close 2024-05-21 C$ 0.53
Market Cap C$ 53,859,482
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Phenom enters option deal for King Solomon project

2024-05-22 12:49 ET - News Release

Mr. Dave Matheson reports

PHENOM ACQUIRES KING SOLOMON GOLD PROJECT, NEVADA

Phenom Resources Corp. has entered into an option agreement to acquire up to a 100-per-cent interest in the King Solomon gold project consisting of 178 claims covering approximately 1,140 hectares (3,560 acres) in central Nevada. The project lies 32 kilometres (km) south for the company's Dobbin gold project. Like Dobbin, the King Solomon project covers a regional-scale Carlin-type gold system. The King Solomon project is also 45 km east of Kinross Gold's Round Mountain gold deposit (10 million ounce gold production over a 20-year period, according to public disclosure), and 45 km southeast of the sediment-hosted Northumberland Carlin-type gold deposit.

Dave Mathewson, company director, geological consultant and accomplished gold finder, states: "Phenom is only going after gold projects in Nevada that have regional-scale targets. I have had my attention on this prospect for many years, so we are very excited to have secured King Solomon at this time. There is excellent potential for discovery of significant Carlin-type gold deposits there. Previous explorers appear to not have understood the full extent of, and significance of, the stratigraphy or gold model. Typical of earlier 1990s explorers, drilling was largely limited to shallow tests of 90 metres to 122 metres deep (300 to 400 feet), and was primarily focused on the potential within the overlying Tertiary volcanic rocks. Significant near-surface gold intercepts within Tertiary volcanics which, noteworthy as they are, suggest a bigger potential within the underlying more permissive, Paleozoic carbonate package. Earlier explorers barely penetrated into the more prospective rock units, and only scratched the surface of this prospect. The carbonate sequence below the volcanics at King Solomon which I have identified include favourable gold host rock formations such as the Denay, Rabbit Hill, Roberts Mountain and Pogonip limestone formations, with a collective thickness well in excess of 1,000 feet. These rock units represent a very significant potential host package to gold deposits that have not been significantly drill tested here."

Mr. Mathewson continues: "Drilling to date has confirmed the Carlin-replacement-style of mineralization and intercepts have approached desirable gold grades. The presence of permissive host rocks, Carlin-style epithermal-style alteration, and geochemistry of up to very high levels of arsenic, antimony, mercury and locally gold, all indicate gold deposit prospectivity. I lean strongly toward believing the existence of one or more gold deposits are present in the area."

A thin veneer of Tertiary volcanics in the order of 60 m thick (200 feet) overlies most of the lower plate carbonate package. Both volcanics and limestone units are highly silicified, hosting gold-silver-arsenic-antimony-barium-mercury-thallium mineralized zones typical of a Carlin-gold type opportunity. Surface samples reached as high as 8.4 grams per tonne Au (0.27 ounce per ton Au) from jasperoid within a three km by three km anomalous gold soil grid. Four exploration companies have drilled a total of 43 shallow reverse circulation drill holes to date, mainly in a 600 m long (1,970-foot) portion of the 4.8 km long (three-mile) mineralized area. The majority of the drill holes were drilled between 61 m (200 feet) and 152 m (500 feet) deep, typically cutting about 60 m (200 feet) of volcanics before testing only from 38 m (125 feet) to 99 m (325 feet) of the carbonate stratigraphy. The deepest drill hole was 183 m deep (600 feet). Many holes intercepted sizable, near-surface mineralized zones in the order of 52 m thick (170 feet) averaging 0.72 g/t Au (0.023 opt Au). Specific intercepts include 67.1 m (220 feet) at 0.5 g/t Au (0.018 opt Au) in volcanic rocks and 80.8 m (265 feet) at 0.8 g/t Au (0.028 opt Au) in carbonates. The fault pattern observed in the King Solomon project area (north-south, west-northwest and northeast) is a repetition of very common pattern throughout much of Nevada especially within gold deposit districts.

The King Solomon project comes with a large land package and an extensive data package that included results from various exploration efforts by previous companies. The project claims are on lands administered by the U.S. Forest Service and the Bureau of Land Management. Access is by maintained gravel roads, with King Solomon approximately 50 km from a paved highway.

King Solomon transaction

The company has signed a four-year option agreement with a private vendor pursuant to which it may acquire a 100-per-cent interest in 178 unpatented mining claims located in Nevada, commonly referred to as the King Solomon property. Pursuant to the King Solomon option agreement, in order to fully exercise its option and acquire the property, over a four-year period, the company will pay an aggregate of $150,000 (U.S.) and make share issuance of 75,000 shares in the company. The vendor will also retain an aggregate 3-per-cent net smelter return royalty on any mineral products derived from the property. Phenom will have the right to purchase up to a 2-per-cent NSR for $3-million (U.S.) at any time, leaving the vendors with a 1-per-cent NSR. Advanced royalty payments will be required thereafter under a schedule of $60,000 (U.S.) per year from years 5 to 10, $75,000 (U.S.) per year from years 11 to 15 and $100,000 (U.S.) per year thereafter until production. Any additional claims staked within an area of interest around the current property would fall under the terms of the agreement. The company has a 25-day due diligence period. All securities issued in connection with the property option will be subject to a four-month-and-one-day statutory hold period. The agreement remains subject to the approval of the TSX Venture Exchange.

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 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). 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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