Phenom Options Dobbin Gold Property, Nevada
Phenom Options Dobbin Gold Property, Nevada
September 6, 2023 - Vancouver, British Columbia – Phenom Resources Corp. (TSX-V: 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 19 80’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 3 1 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
[email protected] www.phenomresources.com
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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 perform ance 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 w ill 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.