Dobbin Gold Footprint Expands in Nevada: Latest Phenom Reports

10/09/2024 – 09:15 AM

Vancouver, British Columbia–(Newsfile Corp. – October 9, 2024) – Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) (“Phenom” or the “Company”) is pleased to announce this recent round of soil results from sampling, the objective of which has been to expand the length of the strong northeast-trending Dobbin soil anomaly initially reported September 4, 2024. Dobbin Gold Project lies 80 kilometres (49 miles) southwest of Eureka in central Nevada. New soil sampling results extend the gold anomaly from 900 metres (3,000 ft) to 1.3 kilometres (4,300 ft) in length (see Figure 1). A large number of gold values in the anomaly assay between >0.1 g/t Au up to 2.73 g/t Au (approx. 0.09oz/ton). The system footprint may be larger still.

Prospecting and mapping have identified a 600 metre (2,000 ft) long by 200 metre (650 ft) wide trend of similar alteration (significant veining and jasperoid) which is interpreted to be a faulted off south-western extension of the gold anomaly (see Figure 1). Soil sampling has been completed over this new segment. Assays are anticipated in 2 weeks’ time.

Figure 1: Dobbin Gold Soil Anomaly defined by 25m x 25m detailed soil grid sampling

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The anomalous gold zone and SW extension represented in Figure 1 are interpreted to be controlled by northeast-trending structures presumed to be subvertical, cutting through gently-dipping Roberts Mountains Formation carbonates, an important host for many Carlin-type gold deposits in central and northern Nevada.

Dave Mathewson, Director and Geological Advisor of the Company, states, “The size and strength of this surface gold soil anomaly when it was just 900 metres long is rarely found in Nevada. Now it is longer, as determined by the new results and may yet be additionally extended. Anomalies of this character and magnitude where previously found have led to significant gold discoveries and ultimately even producing gold deposits. There has, to date, been no drilling in these areas. These geochemical levels of gold and associated pathfinder elements within these permissive Roberts Mountains Formation carbonates strongly suggest the presence of a significant disseminated, carbonate-hosted Carlin-style gold deposit.”

Phenom submitted the samples with QAQC standards to ALS Minerals for gold fire assay and ICP trace element analyses. The samples assayed up to 2.73 g/t gold along with strong Carlin-type pathfinder element values in arsenic, antimony and mercury. The northeast trending soil anomaly in Figure 1 is coincident with structures mapped in the field and air-photo interpretations. Mapping and sampling also indicate the widespread presence of Carlin-type system alteration assemblage of jasperoid and decalcification. Geologic mapping and sampling are ongoing on the project.

In addition, Phenom added more claims in September to increase the size of the Dobbin Property.

About Phenom Resources Corp.

Phenom has 100% interest in the Carlin Gold-Vanadium Project, located six miles south from the town of Carlin, Nevada, and Highway I-80 in Elko County, 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 comprised of multiple gold deposits, including past producing mines, are present near (5-15km) the Phenom property. 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 Vally Property, a Bonanza high grade gold vein-type target.

ON BEHALF OF PHENOM RESOURCES CORP.

Technical disclosure in this news release has been reviewed and approved by Dave Mathewson, Director and Geological Consultant of the Company and a Qualified Person as defined by National Instrument 43-101.

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.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Phenom, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company’s exploration plans, including ongoing mapping and sampling, future assay results and the impact thereof. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Phenom, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Phenom does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

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