Phenom Reports Project and Corporate Progress

Rhea-AI Summary

Phenom Resources Corp. (TSXV: PHNM, OTCQX: PHNMF, FSE: 1PY0) announced significant progress on various projects and corporate activities. The company has engaged Zonge International Geophysical Services for a geophysical survey at the Crescent Valley Gold Project, expected to complete in under three weeks.

At the Dobbin Gold Project, ongoing geological mapping and soil sampling have identified two significant anomalies. The King Solomon Gold Project is in the data consolidation phase, with field activities and drilling next steps being planned.

Phenom holds a 5% equity in MK Plus, a Japanese solid-state vanadium battery group, and discussions for funding their first battery plant are underway. The company is also pursuing new funding opportunities through the Department of Environment's Office of Clean Energy Demonstrations.

Additionally, Phenom received refunds on reclamation bonds for successful reclamation at the AVP, Section 22, and Smoke projects.

Positive

• Engaged Zonge International for geophysical survey at Crescent Valley Gold Project.
• Two significant anomalies identified in soil sampling at Dobbin Gold Project.
• 5% equity interest in MK Plus, a Japanese solid-state vanadium battery group.
• Reclamation bonds refunded for successful reclamation at AVP, Section 22, and Smoke projects.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - July 9, 2024) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to provide a progress report on project and corporate activities. The Company has a very busy agenda.

Crescent Valley Gold Project
The Company has engaged Zonge International Geophysical Services to conduct a geophysical survey on the Company's Crescent Valley Gold Project. Crews are currently in the field and are expected to take under 3 weeks to complete the IP/Resistivity program. The geophysical program is designed to provide important focus to vein-hosted mineralization in this bonanza-type low sulfidation epithermal setting for better drill targeting. In anticipation of results of this program, the Company has already secured a permit to drill targets at Crescent Valley.

Dobbin Gold Project
An experienced Nevada-based geologist with extensive familiarity with Carlin-type deposits has been detail- mapping the Dobbin Project since mid May, identifying key stratigraphic units, finding multiple altered areas, more jasperoid than indicated by initial work, and evidence of altered dykes which are all positive ingredients of Carlin-type systems. A series of progressive soil sampling campaigns have been done to-date to reproduce the gold anomaly previously identified in the 1980's by Newmont and has had positive outcomes; two sizeable anomalies have been identified. An infill and expansion soil sampling program were completed last week with samples delivered to the lab. The results of the collective expanded soil campaigns and next steps will be reported once the anomalies are better outlined and quantified.

King Solomon Gold Project
Data consolidation and compilation has been going on since announcing the project acquisition last month. The Company is nearing the end of that stage so that Company geologists can design next steps which would include field activities and multi-stages of drilling so that permitting can be designed accordingly.

MK Plus (Japanese solid state vanadium battery group)
MK Plus' president came to Vancouver last month and spent a day with Company president Paul Cowley in fruitful discussions on MK Plus' progress in additional testing with potential customers and on funding progress for their first battery plant. Last year, Phenom secured a 5% equity interest in MK Plus through an Off-take Agreement. More news on MK Plus will follow when milestones are met.

Grant Applications
The Company awaits Department of Environment's (DOE) evaluation of its two grant submissions on the Carlin Vanadium Project.

In addition, the DOE announced a new funding opportunity last week through its Office of Clean Energy Demonstrations (OCED) with a Notice of Intent (NOI) for up to $100 million to fund pilot-scale energy storage demonstration projects, focusing on non-lithium technologies, long-duration (10+ hour discharge) systems, and stationary storage applications. The Company will pursue this opportunity once target dates are firmed up by the DOE, anticipating to be in late summer / early fall. Through this funding, OCED plans to fund 3-15 projects, offering $5-20 million each.

Reclamation Bonds Refunded
Reclamation bonds have been released back to the Company for satisfactory reclamation results following the Company's exploration work that wrapped up on the AVP, Section 22 and Smoke projects.

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 additional 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.

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, director and Geological Consultant of 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. 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/215932

FAQ

What recent activities has Phenom Resources Corp. (PHNMF) reported?

Phenom Resources Corp. reported on progress across its Crescent Valley, Dobbin, and King Solomon Gold Projects. Additionally, updates were provided on their involvement with MK Plus and pursuit of DOE funding.

What is the status of the Crescent Valley Gold Project?

Phenom Resources engaged Zonge International Geophysical Services for a geophysical survey expected to complete in under three weeks.

What were the findings at the Dobbin Gold Project?

Geological mapping and soil sampling identified two significant anomalies and evidence of altered dykes, indicative of Carlin-type systems.

What is Phenom Resources' involvement with MK Plus?

Phenom holds a 5% equity interest in MK Plus and discussions are ongoing about funding their first battery plant.

What funding opportunities is Phenom Resources pursuing?

Phenom is pursuing new funding from the DOE's Office of Clean Energy Demonstrations for pilot-scale energy storage projects.

What recent financial refunds did Phenom Resources receive?

Phenom received refunds on reclamation bonds for successful reclamation at the AVP, Section 22, and Smoke projects.