Mr. Paul Cowley reports
PHENOM EXPANDS KING SOLOMON GOLD PROJECT, NEVADA
Phenom Resources Corp. has entered into an additional option agreement to acquire up to a 100-per-cent interest in 26 additional claims covering approximately 210 hectares (520 acres) to the King Solomon gold project in central Nevada. This expands the King Solomon Project to 1,651 hectares or 16.5 square kilometres (6.37 square miles).
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).
Dave Mathewson, Company Director, Geological Consultant and accomplished gold mine finder states, "This new ground secures an additional 2.1 km2 of attractive and prospective altered carbonate rocks for us at King Solomon. As stated earlier, drilling to date at King Solomon has confirmed the Carlin-replacement-style of mineralization and intercepts have approached desirable gold grades. The presence of permissive carbonate 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 60m thick (200 feet) overlies most of the lower plate carbonate package. Both volcanics and limestone units are highly silicified, hosting Au-Ag-As-Sb-Ba-Hg-Tl mineralized zones typical of a Carlin-gold type opportunity. Surface samples reached as high as 8.4 g/t Au (0.27 opt Au) from jasperoid within a 3km x 3km anomalous gold soil grid. Four exploration companies have drilled a total of 43 shallow RC drill holes to date, mainly in a 600m long (1970-foot) portion of the 4.8 km long (3-mile) mineralized area. The majority of the drill holes were drilled between 61m (200 feet) and 152m (500 feet) deep, typically cutting about 60m (200 feet) of volcanics before testing only from 38m (125 feet) to 99m (325 feet) of the carbonate stratigraphy. The deepest drill hole was 183m deep (600 feet). Many holes intercepted sizable, near surface mineralized zones in the order of 52m thick (170 feet) averaging 0.72 g/t Au (0.023 opt Au). Specific intercepts include 67.1m (220 feet) at 0.5 g/t Au (0.018 opt Au) in volcanic rocks and 80.8m (265 feet) at 0.8 g/t Au (0.028 opt Au) in carbonates.
Additional King Solomon Transaction
The Company has signed a four-year option agreement with a private vendor pursuant to which it may acquire a 100% interest in 26 unpatented mining claims located in Nevada, commonly referred to as the King Solomon Core Property. Pursuant to the King Solomon Core 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 US$105,000. The vendor will also retain an aggregate 3% net smelter return royalty on any mineral products derived from the property. Phenom will have the right to purchase up to a 2% NSR for US$3.0 million at any time, leaving the vendors with a 1% NSR. Advanced Royalty payments will be required under a schedule of US$50,000 per year from years 5-10, US$75,000 per year from years 11-15 and US$100,000 per year thereafter until production.
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 CVN Property, a Bonanza high grade gold vein-type target.
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