Phenom Resources First Pass Drilling Confirms Setting at the Smoke Property, Nevada Geophysics Expands the Setting
Phenom Resources First Pass Drilling Confirms Setting at the Smoke Property, Nevada
Geophysics Expands the Setting
March 21, 2022 – Vancouver, British Columbia – Phenom Resources Corp. (TSX-V: PHNM) (OTCQX®: PHNMF)
(FSE: 1PY0) (“Phenom” or the “Company”) is pleased to announce 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.
2
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.
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 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 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.