Phenom Resources Provides Additional Vanadium Intercepts on its Flagship Nevada Project
Phenom Resources Provides Additional Vanadium Intercepts on its Flagship Nevada Project
March 24, 2022 - Vancouver, British Columbia – Phenom Resources Corp. (TSX-V: PHNM) (OTCQX®: PHNMF)
(FSE: 1PY0) (“Phenom” or the “Company”) (formerly First Vanadium Corp) is pleased to announce new vanadium
intercepts from the 2020 and 2021 drilling during the evaluation the gold system on its flagship Carlin Gold-
Vanadium Project on the Carlin Gold Trend, Nevada.
Vanadium prices have been on the rise since January 2021 due to increased demand in steel and batteries. In the
last 4 months alone vanadium prices have gone up by US$5/lb, now at US$12.40/lb V2O5. The Company’s May
2020 Preliminary Economic Assessment was done below the current price, at US$10.65/lb. With this rising
vanadium price setting, the Company has been working on both its gold and vanadium initiatives in Nevada.
Because the gold system is below the vanadium resource on its Carlin Gold-Vanadium Project, the drilling
conducted in 2020 and 2021 passed through the vanadium deposit resulting in new near-surface vanadium
intercepts which now have been assayed. The majority of these holes fall within the area of the vanadium resource,
however, several holes, RC20-02, RC20-04, RC21-12, RC21-13 and 13A, fall outside the limits of the resource (see
figure below).
Paul Cowley, President & CEO of the Company states, “These new vanadium intercepts are noteworthy reflecting
multiple opportunities to expand the vanadium mineralization northernly, easterly and at depth. From the shallow
intercepts, hole RC20-05 returned a >50% thicker intercept to its nearest previous hole, and hole RC21-13A, 100m
north of the vanadium resource outer limits, returned 24.4m of 0.71% V2O5. Secondly, it appears from recent
drilling that vanadium thicknesses and grades increase closer to the bounding north/south graben fault shown in
the figure below; an area that had not been specifically targeted in the past and remains underexplored. Thirdly,
the drilling encountered multiple deeper vanadium intercepts that were completely unexpected, reflecting
multiple layers of vanadium mineralization.”
The average true thickness estimate of the shallow intercepts (Table 1) is 19.5 m (68.5 ft) at a grade of 0.55% V2O5.
The estimate of true thickness adjusts for intercept lengths with the dip of a drill hole and of the vanadium unit.
Table 1: Shallow Vanadium Intercepts
Hole ID From
(m)
To
(m)
Length
(m)
Est. True
Thickness
(m)
From
(ft)
To
(ft)
Length
(ft)
Est. True
Thickness
(ft)
V2O5
(%)
RC20-04 0 18.29 18.29 15 0 60 60 49 0.33
RC20-05 16.76 68.58 51.82 50.3 55 225 170 164 0.76
RC20-06 18.29 56.39 38.1 33.9 60 185 125 111 0.55
RC21-08 6.10 28.96 22.9 20.0 20 95 75 65 0.80
RC21-09 13.72 25.91 12.19 12.19 45 85 40 40 0.56
RC21-10 28.96 47.24 18.28 18.28 95 155 60 60 0.40
RC21-11 6.10 16.76 10.66 10.66 20 55 35 35 0.57
RC21-12 48.77 60.96 12.19 12.19 160 200 40 40 0.37
RC21-13 4.57 13.72 9.15 9.1 15 45 30 30 0.48
RC21-13A 12.19 36.58 24.39 20 70 120 50 41 0.71
Multiple deeper vanadium intercepts were encountered below the near surface vanadium resource in holes RC20-
02 and RC20-04 (Table 2). This is a new development, suggesting multiple vanadium layers not previously known.
All the historic and 2018 drill holes that defined the vanadium resource were shallow.
Table 2: Multiple Deeper Vanadium Intercepts
Hole ID From
(m)
To
(m)
Length
(m)
Est. True
Thickness
(m)
From
(ft)
To
(ft)
Length
(ft)
Est. True
Thickness
(ft)
V2O5
(%)
RC20-02 111.25 118.87 7.62 7.62 365 390 25 25 0.47
RC20-02 128.02 134.11 6.09 6.09 420 440 20 20 0.50
RC20-02 280.42 307.85 27.43 27.43 920 1010 95 95 0.49
RC20-04 210.31 222.50 12.19 11.6 690 730 40 38 0.36
RC20-04 274.32 278.89 4.57 4.3 900 915 15 14 0.30
RC20-04 284.99 291.08 6.09 5.8 935 955 20 19 0.27
Figure 1: Carlin Vanadium-Gold Project - New Vanadium Intercepts
The drill program was planned and executed under the supervision of Dave Mathewson, MSc., Qualified Person for
the program. Industry standard quality control and quality assurance protocols have been followed throughout in
handling, sampling and shipping the chip. Samples were analyzed by ALS Global.
In further news, the Company plans to start its 2022 drilling campaign in Nevada in early April, firstly on the Carlin
Gold-Vanadium Project with vectoring within the gold system.
About Phenom Resources Corp.
Phenom (formerly First Vanadium Corp.) has an option to earn a 100% interest in the Carlin Gold-Vanadium Project
and the Section 22 Property, located in Elko County, 6 miles south from the town of Carlin, Nevada and Highway I-
80. The two properties lie in the southern parts of Carlin Gold Trend. The Carlin Gold-Vanadium Project also hosts
the Carlin Vanadium deposit. Phenom also has an option from Dave Mathewson to earn 100% in the SMOKE gold
property located in the Independence-Eureka trend of Nevada.
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, the Company’s
Geological Advisor and a Qualified Person as defined by National Instrument 43-101.
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, and to finance and drill test the interpreted gold target . 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.