Phenom Updates on Field Planning and Preparation for Gold Push

Rhea-AI Summary

Phenom Resources Corp. provides an update on their field planning and preparation for the summer/fall exploration program in Nevada focused on gold efforts. An access road and drill pad have been constructed for hole RC23-17, a 2000+/- foot hole planned to test the gold system. The site is located where near-surface gold of up to 1.4g/t Au in outcrop is considered high-level geochemical 'leakage' above the deeper target zone. The Company has narrowed down to two drill contractors to conduct the drilling. Geologists also met to design next steps of exploration on the Crecent Valley gold project, including conducting an Induced Polarization geophysical survey along the vein system.

Vancouver, British Columbia--(Newsfile Corp. - August 17, 2023) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to provide an update of the Company's field planning and preparation for the summer/fall exploration program in Nevada focused on gold efforts.

Paul Cowley, President & CEO, states, "Last week an access road and drill pad were constructed on the Carlin Gold-Vanadium Project designed for hole RC23-17, a 2000+/- foot hole planned to test the gold system. The site is located where near-surface gold of up to 1.4g/t Au (0.044oz Au/t) in outcrop is considered high-level geochemical 'leakage' above the deeper target zone and flanking the confluence of the north-south graben fault-zone and a northwest trending splay fault. North-south and northwest oriented fault-zones are the most significant fault orientations influencing gold mineralization on the Carlin gold trend. Hole RC23-17 will drill into a funnel-shaped IP anomaly at depth. The Company has narrowed down to two drill contractors to conduct the drilling. Once the contractor has been selected and rig date set, the Company will report to shareholders. Hole RC23-17 follows the impressive findings in hole RC22-16 from last summer, which encountered the best characteristics of the Phenom-controlled Carlin-type-deposit gold system to date; the most intense alteration and gold mineralized dolomite-silica-pyrite-breccia within Popovich limestone starting at a 1680' depth."

In addition, Company geologists met in Elko with Dave Mathewson, Company geological advisor, last week to design next steps of exploration on the Crecent Valley gold project. This included detailed review of previous technical reports, re-examining chips from five historic drill holes and a site visit of the project. The property hosts range-margin large-scale pyrite-bearing epithermal, locally gold anomalous quartz veins exhibiting multi-stage brecciation and multi-stage veining of chalcedony, characteristic of a low-sulfidation bonanza-type gold vein system. Examples of this style of veining are Sleeper, Midas, Mule Canyon, Fire Creek in the north-central Nevada region. The technical team's consensus was to conduct an Induced Polarization (IP) geophysical survey to provide an aid in directing effective drill targeting along the 4-kilometre length of the vein system. The Company has approached a well-known geophysical contractor to engage and schedule in the IP survey. Once dates are better defined for the IP survey, the Company will report to shareholders.

About Phenom Resources Corp.

Phenom has 100% interest in the Carlin 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 in the Carlin Gold Trend. Approximately 9 million ounces comprised of multiple gold deposits, including past producing mines, are present near the Phenom property (5-15km).

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. 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/177576

FAQ

What is the company providing an update on?

Phenom Resources Corp. is providing an update on their field planning and preparation for the summer/fall exploration program in Nevada focused on gold efforts.

What is the purpose of hole RC23-17?

Hole RC23-17 is planned to test the gold system at the Carlin Gold-Vanadium Project in Nevada.

What is the significance of the near-surface gold in outcrop?

The near-surface gold of up to 1.4g/t Au in outcrop is considered high-level geochemical 'leakage' above the deeper target zone.

How many drill contractors has the Company narrowed down to?

The Company has narrowed down to two drill contractors to conduct the drilling.

What are the next steps for the Crecent Valley gold project?

The next steps for the Crecent Valley gold project include conducting an Induced Polarization geophysical survey along the vein system.