Phenom Options Dobbin Gold Property, Nevada

Rhea-AI Summary

Phenom Resources Corp strengthens its gold exploration portfolio in Nevada by signing an Option Agreement for the Dobbin Gold Project, a Carlin-type gold-deposit opportunity. The project is located in central Nevada and has significant elevated gold values in soils ranging between 1g/t and 3g/t Au at surface. The Company will pay an aggregate of US$150,000 and incur US$2,000,000 in exploration expenses over a six-year period to acquire the property. The vendors will retain a 3% net smelter return royalty. Phenom has the right to purchase up to a 1% NSR for US$1.0 million prior to commencing commercial production.

Positive

• Phenom Resources Corp strengthens its gold exploration portfolio in Nevada
• Significant elevated gold values in soils
• Phenom has the right to purchase a portion of the net smelter return royalty

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - September 6, 2023) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce the further strengthening of its gold exploration portfolio in Nevada by signing an Option Agreement for a Carlin-type gold-deposit opportunity strategically located along the northwest trending Sulfur-Lovelock-Austin structural-mineral trend in central Nevada, approximately 80 kilometers (50 miles) southwest of Eureka, Nevada.

Dave Mathewson, Geological Advisor to the Company states, "The Dobbin Gold Project is an exceptionally good Carlin-type gold prospect which I identified in the late 1980's for Newmont. The prospect area was initially identified through an altered cobbles in drainages program, followed up by detailed rock sampling, claim staking, and soil surveys. Soil sampling identified an area on the property of significant elevated gold values in soils consistently ranging between 1g/t and 3g/t Au at surface in highly altered Roberts Mountains Formation. Roberts Mountains Formation is well known to be one of Nevada's best rock hosts for Carlin-type gold deposits. Much to my protests, Newmont pulled out of the project when an initial Wilderness Study Area was declared in 1989 which later shrank in size, leaving the anomalous gold-in-soil area open for staking which is now covered by the recently acquired Dobbin Property."

Paul Cowley, President & CEO states, "We are very excited to add this high-quality near surface gold asset as we continue our gold push in Nevada, complementing our flagship Carlin Gold-Vanadium and Crescent Valley Projects. Much to our astonishment and delight, this gold prospect had been completely and mistakenly forgotten by the world under the assumption it was still within the Wilderness Area. I spent three days last week in the anomalous gold-in-soils area on the Dobbin Property. I was very impressed with the intensity and size of the area where the Roberts Mountains Formation is completely silicified (jasperoid); over an area of at least 1 kilometre long and 300 metres wide. And, knowing that there is 1-3g/t Au values reported at surface within this unit is remarkable."

Dobbin Transaction

The Company has signed a six-year option agreement with two private vendors pursuant to which it may acquire a 100% interest in 31 unpatented mining claims located in Nevada, commonly referred to as the Dobbin Property. Pursuant to the Dobbin Option Agreement, in order to fully exercise its option and acquire the property, over a six-year period, the Company will pay an aggregate of US$150,000 (US$25,000 in Year 1, US$25,000 in Year 2, US$25,000 in Year 3, US$25,000 in Year 4, US$25,000 in Year 5 and US$25,000 in Year 6) and incur an aggregate of US$2,000,000 in exploration expenses on the property (US$100,000 in Year 1, US$100,000 in Year 2, US$200,000 in Year 3, US$200,000 in Year 4, US$400,000 in Year 5, and US$1,000,000 in Year 6 ). The vendors 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 1% NSR for US$1.0 million for each 1% NSR prior to commencing commercial production, leaving the vendors with a 2% NSR.

About Phenom Resources Corp.

Phenom has a 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. The Project lies in the Carlin Gold Trend. Approximately 9 million ounces comprised of multiple gold deposits, including past producing mines, are present near the Phenom flagship property (5-15km). The Carlin Gold-Vanadium Project also hosts the Carlin Vanadium deposit.

ON BEHALF OF PHENOM RESOURCES CORP.

per: "Paul Cowley"
CEO & President
(604) 340-7711
pcowley@phenomresources.com
www.phenomresources.com

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

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.

Forward-looking information

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance and include the Company's ability to meet its obligations under the Access and Mineral Lease Agreement and the conditions required to exercise in full its option to acquire the Carlin Vanadium project, to finance and drill test the interpreted gold target model and to encounter potential gold zones shown in the gold model . All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179699