Phenom Provides Updated Assessment of the King Solomon Gold Project, Nevada
Phenom Provides Updated Assessment of the King Solomon Gold Project, Nevada
April 22, 2026 - Vancouver, British Columbia – Phenom Resources Corp. (TSX-V: PHNM) (OTCQX®: PHNMF)
(FSE: 1PY0) (“Phenom” or the “Company”) is pleased to report that consulting geologist Dr. Mike Ressel has
provided the Company with a comprehensive report o n his summer 2025 mapping, compilation of historic
geological, geophysical and geochemical data, and assessment of the Company’s King Solomon Gold Project,
in central Nevada, 120 kilometres (75 miles) southwest of Eureka, NV and 38 km (24 miles) southwest of the
Company’s Dobbin Gold Project. Both projects lie along the prospective Paleozoic continental margin within
favorable carbonate host rock units and nearby early Tertiary intrusive/extrusive heat sources contributing to
rock alteration and potential metal emplacement. The 83-page technical report is now available on the
Company website. Highlights are provided here to demonstrate the project’s regional-scale (6.2 square miles;
16.1 square kilometers) Carlin-type gold-silver-antimony and epithermal volcanic-hosted mineralized system.
Furthermore, it is noteworthy to mention that King Solomon has been held by numerous quality explorers in
the past, all recognizing the significance of this property but appear to have ultimately fatigued and walked
from onerous permitting requirements by US Forest Service. In meetings with Phenom Representatives held
in Washington, DC, the Chief of the US Forest Service, Chief Tom Schultz, indicated simplified draft permitting
reform is in progress and anticipating implementation this year. We anticipate these changes will finally allow
King Solomon exploration to be conducted more expeditiously under reasonable exploration permitting
policies. The Company is hopeful the timing of these new policies will allow for King Solomon drilling this year.
Extensive hydrothermal alteration and significant Au mineralization characterized by elevated Au, Ag, As, Sb,
Hg, Tl, and Ba occur within the King Soloman target area. Geophysical data include fairly detailed airborne
magnetics, gravity, and limited CSAMT and IP. The magnetics and gravity data corroborate much of the
detailed mapping, lending support to map interpretations of intrusive doming and extensive shallow covered
and exposed carbonate rocks. The lower -plate carbonate strata are variable in character, and several units
present are interpreted as prospective hosts for disseminated Carlin -type gold mineralization including the
thin-bedded carbonates of the Pogonip Limesto ne, Roberts Mountains Formation, and Devonian limestone
possibly correlative with either the McColley Canyon Formation or its downslope equivalent, the Rabbit Hill
Limestone. Areas of gold-bearing polymictic breccias associated with large dykes have been newly identified.
Dave Mathewson, accomplished gold finder states, “There is excellent potential for discovery of significant
Carlin-type gold deposits at King Solomon. Previous explorers, appear to not have understood the full extent
of, and significance of, the stratigraphy, or gold model. Typical of earlier 1990’s explorers, drilling was largely
limited to shallow tests of 90m to 122m deep (300-400 feet) and was primarily focused on the potential within
the overlying Tertiary volcanic rocks. Significant near surface gold intercepts within Tertiary volcanics which,
noteworthy as they are, suggest a bigger potential within the underlying more permissive, Paleozoic carbonate
package. Earlier explorers barely penetrated the more prospective rock units and only scratched the surface
of this prospect. The carbonate sequence below the volcanics at King Solomon which I have identified include
favourable Devonian, down into Ordovician gold host rock formations such as the Denay, Rabbit Hill, Roberts
Mountain and Pogonip limestone Fo rmations, with a collective thickness well in excess of 1000 feet. These
rock units represent a very significant potential host package to gold deposits that have not been significantly
drill tested here.”
Through Dr. Ressel 2025 work, Priority 1 and 2 areas have been identified for detailed evaluation this summer
and from that, drill target development (see Figure 1). Much of the property is ranked as priority.
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Figure 1: King Solomon Property – Exploration Priority Map
A select four figures from the report follow, demonstrating the significant regional-scale gold and pathfinder
metals signature typical of Carlin-type gold systems in lower plate Paleozoic carbonates, and overlying tuffs.
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Figure 2: King Solomon Property – Gold-in-Soil Anomaly Map
Figure 3: King Solomon Property – Arsenic-in-Soil Anomaly Map
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Figure 4: King Solomon Property – Mercury-in-rocks Anomaly Map
Figure 5: King Solomon Property – Antimony-in-rocks Anomaly Map
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King Solomon has been partially tested by 103, mostly shallow drill holes, from the 1980’s when shallow drilling
of Carlin-type systems was common. Most of the drill holes were focused in a small area around the King
Solomon Mine where significant near surface gold intercepts were encountered ; some holes end ing in
mineralization as shown in the table below.
Drill Hole
ID From (m) To (m)
Intercept
Length
(m)
Gold Grade
(g/t) From (ft) To (ft)
Intercept
Length
(ft)
Gold Grade
(opt)
Ended in
Mineralization
(EIM)
KS-1 0.00 74.68 74.68 0.96 0 245 245 0.028 *EIM
KS-3 33.53 50.29 16.76 0.86 110 165 55 0.025 *EIM
KS-5 36.58 74.68 38.10 1.37 120 245 125 0.04
KS-7 39.62 91.44 51.82 0.79 130 300 170 0.023 *EIM
KS-9 54.86 86.87 32.00 0.72 180 285 105 0.021
KS-9 114.30 134.11 19.81 0.51 375 440 65 0.015 *EIM
KS-13 45.72 82.30 36.58 0.96 150 270 120 0.028
KS-13 86.87 121.92 35.05 0.41 285 400 115 0.012
KS-13 121.92 152.40 30.48 0.62 400 500 100 0.018 *EIM
KS-24 0.00 80.77 80.77 1.06 0 265 265 0.031
KS-26 32.00 76.20 44.20 0.72 105 250 145 0.021
KS-26 96.01 112.78 16.76 0.99 315 370 55 0.029 *EIM
KKS-1 0.00 80.77 80.77 0.96 0 265 265 0.028
KKS-3 7.62 41.15 33.53 1.10 25 135 110 0.032
KKS-3 140.21 182.88 42.67 0.62 460 600 140 0.018 *EIM
including 166.12 182.88 16.76 0.89 545 600 55 0.026 *EIM
KS-29-90 182.88 194.46 11.58 0.93 600 638 38 0.027 *EIM
Table 1: Highlighted Historic King Solomon Drill Intercepts – 9 of 11 holes ended in mineralization
Dave Mathewson continues, “Drilling to date has confirmed the Carlin -replacement-style of mineralization
and intercepts have approached desirable gold grades. The presence of permissive host rocks, Carlin -style
epithermal-style alteration, and geochemistry of up to very high levels of arsenic, antimony, mercury, and
locally gold, all indicate gold deposit prospectivity. I lean strongly toward believing the existence of one or
more gold deposits are present in the area.”
The principal targeted metal on King Solomon is gold . Contributing to that, it is interesting to note that King
Solomon was originally mined for high -grade antimony and silver. Considering the attention antimony is
getting as an important critical metal for the US, and the US government’s support to advance key antimony
projects, it is worth noting the antimony association on the King Solomon project. The historic high -grade
antimony mining may favourably influence the project’s permitting priority with regulators. Two historic grab
samples from one vein at King Solomon returned 12.57% and 38.86% antimony and 5.8 oz/t and 55 .16 oz/t
silver. A 4 ft wide shear zone reported an assay of 1.3% antimony and 2.8 oz/t silver.
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 gold projects in Nevada, the King Solomon
and Dobbin Properties which are Carlin Gold-type targets and the Crescent Vally Property, is a Bonanza high
grade gold vein-type and also a critical metals IOCG-type target.
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ON BEHALF OF PHENOM RESOURCES CORP.
per: "Paul Cowley"
CEO & President
(604) 340-7711
[email protected] www.phenomresources.com
Technical disclosure in this news release has been reviewed and approved by Paul Cowley, a Qualified Person as
defined by National Instrument 43-101, President, CEO and director 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, a nd 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.