Nevada. The purpose of the first pass drilling program was to confirm and test the geological setting prospective for a Carlin-type gold system. The Magnetics and Gravity geophysical surveys were designed to provide structural and larger setting context.
Form 51-102F3
Material Change Report
Item 1: Name and Address of Company
Phenom Resources Corp. (formerly First Vanadium Corp.)
880- 580 Hornby Street
Vancouver, BC V6C 3B6
Item 2: Date of Material Change
March 21, 2022
Item 3: News Release
News Release dated March 21, 2022 disseminated via Newsfile Corp.
Item 4: Summary of Material Change
On March 21, 2022 the Company announced drilling and geophysical results on the Smoke property optioned
from Dave Mathewson located on the Independence- Eureka Gold Trend, 65 kilometres (km) south of Eureka,
Nevada. The purpose of the first pass drilling program was to confirm and test the geological setting prospective
for a Carlin-type gold system. The Magnetics and Gravity geophysical surveys were designed to provide
structural and larger setting context.
Drilling is planned on the bigger target once permitting is in place.
Item 5: Full Description of Material Change
On March 21, 2022 the Company announced drilling and geophysical results on the Smoke property optioned
from Dave Mathewson located on the Independence- Eureka Gold Trend, 65 kilometres (km) south of Eureka,
Nevada. The purpose of the first pass drilling program was to confirm and test the geological setting prospective
for a Carlin-type gold system. The Magnetics and Gravity geophysical surveys were designed to provide
structural and larger setting context.
Dave Mathewson states, “I like what I see here; there are intriguing geological and geophysical characteristics
for gold exploration. We determined from the drilling that we have the right age and character host rock, a
fundamental importance for Carlin-type gold. Certainly, the alteration is there in silicification, brecciation and
dolomitization. And a lot of structural damage has disrupted the rocks indicating structural dynamics in play
which is also a plus. The gravity survey indicates a 4 km by 0.5 km (2.5 x 0.3 mile) prospective anomaly. The
positives resulting from the drilling and geophysical surveys include the generally shallow depths to permissive
host rocks over a sizable area within the extensively gravel covered Little Smoky Valley, and the widespread
presence of altered prospective host rock combined with broad weakly anomalous gold, and moderately
anomalous pathfinder elements. This is an affirmative first step to exploring the potential on Smoke.”
The Smoke property position was expanded from the initial 14 claims to 48 claims in December 2021 due to
the positive visual drill evidence and further expanded in March 2022 to 82 claims to cover the gravity anomaly.
The SMOKE claims cover two strongly altered, silicified Paleozoic limestone exposures that bear some
resemblance to Devils Gate Fm of Devonian age, a known host to gold mineralization in Nevada. One silicified
exposure is substantial at 500m long by 200m wide (1640 ft x 656 ft). Exposures exhibit moderately to strongly
anomalous in epithermal gold pathfinder elements of arsenic, antimony, mercury, and thalium, and local weak
gold (25ppb). The limited exposures are surrounded for +4miles in all directions by post-mineral gravel cover.
Eight vertical RC holes were drilled over an area of 1.4km x 0.9km (0.9 x 0.6 miles), surrounding the ridge of
brecciated and multi-veined quartz exposure. All holes intersected gold system prospective host carbonate
and fine clastic rocks believed to be Devonian in age. Local anomalous pathfinder elements of arsenic (to
500ppm), antimony (47ppm) and mercury (6ppm), and very local weakly anomalous gold (24ppb) were
encountered.
These first-pass eight holes, drilled to depths of 91m to 244m (300 ft to 800 ft), comprise a total of 1402m
(4600ft) of drilling. Tertiary volcano-clastic rocks and possible limestone of early Tertiary Elko Formation was
encountered in some of the holes. The Paleozoic carbonates are comprised of mixed limestones and dolomites
that are locally quartz stringered and/or silica replaced. The presence of iron oxide suggests potential for local
sulfide concentration. Hole # 7 bottomed in a 4.6m (15ft) gossanous zone moderately anomalous in arsenic to
500 ppm.
The magnetics survey covering an area 7 km x 7.5 km (4.3 x 4.7 miles) revealed the basement target rocks to
be affected by multi-directional complex faulting with the presence of a principle north-northwest trending fault
block and a series of northeast trending Tertiary graben faults.
The gravity survey covering an area 11.5 km x 6.5 km (7.1 x 4 miles) revealed a north-northwest oriented
gravity high 4 km long by 0.5 km wide (2.5 x 0.3 mile). The coincident gravity high and nonmagnetic response
both suggest a much larger Paleozoic, shallow limestone/dolomite platform in the valley, ideal for a gold
prospect in Nevada.
Drilling is planned on the bigger target once permitting is in place.
QAQC
The drill program was planned and executed under the supervision of Dave Mathewson, MSc., Geological
Advisor for the Company, Qualified Person for the program. Industry standard quality control and quality
assurance protocols have been followed throughout in handling, sampling and shipping the chips. Continuous
sampling of 5-foot intervals were taken. Samples were analyzed by ALS Global.
About Phenom Resources Corp.
Phenom has an option to earn a 100% interest in the Carlin 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 FVAN property (5-15km). The Carlin Vanadium-Gold Project also hosts the Carlin Vanadium
deposit. The Company also has an option to earn a 100% interest in the Smoke Project.
Item 6: Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
N/A
Item 7: Omitted Information
N/A
Item 8: Executive Officer
Paul S. Cowley
President, CEO and Director
Tel: (604) 340-7711
Item 9: Date of Report
March 21, 2022
“Paul Cowley”
Paul Cowley, President & CEO