Phenom Resources Expands the Vanadium Deposit on its Flagship Nevada Project

Nov 23rd, 2022 15:03 EST

Vancouver, British Columbia--(Newsfile Corp. - November 23, 2022) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce the second and final report on shallow vanadium drilling from the 2022 summer program on its flagship Carlin Gold-Vanadium Project on the Carlin Gold Trend. This summer the Company completed 49 shallow vertical RC drill holes in four sectors (north, south, east and west of the deposit) in an effort to expand the outer limits of the Carlin vanadium deposit (see Figure 1).

Paul Cowley, President & CEO of the Company states, "The 2022 summer drilling program met its objectives by expanding the size of the vanadium deposit in three of the four sectors (north, west and east) beyond the limits of previous drilling showing continuity of consistent good vanadium grades and widths near surface. With the success of this program, it opens up the deposit to further expansion in four new areas, outlined in Figure 1, which will be drilled before a new resource estimate is done."

Western Sector Results

Nineteen holes generally 50 metres apart were completed in an area 300 metres by 250 metres in the western limits of the deposit. Intercepts tabled below, are new and outside of the 2019 Indicated resource estimate. Two generally flat lying vanadium zones were encountered in this area. The primary zone (intercepts in Table 1) averages 15.16 metres (49.74') thick grading 0.43% V2O5 found 15 metres (49') below surface. A second zone (intercepts in Table 2) averages 4.76 metres (15.6') thick grading 0.40% V2O5. The two zones are separated by roughly 14.6 metres (47').

Table 1: Shallow Vanadium Intercepts in Western Sector - Primary Zone

Hole IDFrom (m)To (m)Length (m)From (ft)To (ft)Length (ft)V2O5(%)
RCV22-7436.5844.207.62120145250.44
RCV22-7533.5341.157.62110135250.41
RCV22-9019.8128.969.146595300.41
RCV22-9122.8627.434.577590150.32
RCV22-9221.3445.7224.3870150800.34
RCV22-930.0021.3421.34070700.41
RCV22-940.0016.7616.76055550.45
RCV22-9519.8132.0012.1965105400.43
RCV22-9630.4833.533.05100110100.40
RCV22-9716.7632.0015.2455105500.49
RCV22-980.0010.6710.67035350.38
RCV22-990.009.149.14030300.41
RCV22-1020.001.521.520550.37
R- 11736.5842.676.10120140200.43
R- 1184.5739.6235.05151301150.32
R- 11919.8142.6722.8665140750.74
R- 1200.0022.8622.86075750.51
R- 1220.0027.4327.43090900.38
R- 12322.8653.3430.48751751000.53

 

 

Figure 1: 2022 RC Drilling to Expand Vanadium Deposit and Future Target AreasTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3372/145502_26f443daa4e4482c_002full.jpg

These intercepts are on the western valley slope and knoll where very limited and isolated wide spaced historical drilling had been done. Drill intercepts in this sector successfully links together with the main vanadium deposit as a continuous shallow relatively flat lying vanadium zone supported by 40-50m drill spacing across 550 metres.

Table 2: Shallow Vanadium Intercepts in Western Sector - Secondary Zone

Hole IDFrom (m)To (m)Length (m)From (ft)To (ft)Length (ft)V2O5(%)
RCV22-7456.3960.964.57185200150.30
RCV22-9050.2954.864.57165180150.48
RCV22-9136.5841.154.57120135150.24
RCV22-9425.9127.431.52859050.41
RCV22-9754.8664.019.14180210300.47
RCV22-9836.5842.676.10120140200.31
R-11848.7753.344.57160175150.45
R- 12232.0035.053.05105115100.55

 Eastern Sector Results

Ten holes were also completed along a 600-metre stretch of the eastern edge taking on 50 metre average step-outs to expand the deposit eastward. Intercepts from eight holes and one of the deeper gold holes encountered good vanadium grades and widths as shown in Table 3.

Table 3: Shallow Vanadium Intercepts in Eastern Sector

Hole IDFrom (m)To (m)Length (m)From (ft)To (ft)Length (ft)V2O5(%)
RCV22-10918.2925.917.626085250.56
RCV22-11076.2085.349.14250280300.42
RCV22-11179.2583.824.57260275150.54
RCV22-113016.7616.76055550.63
RCV22-11425.9141.1515.2485135500.40
RCV22-11557.9167.069.15190220*30*0.58*
RCV22-11718.2950.2932.00601651050.68
RCV22-11828.9660.9632.00952001050.45
RC20-04018.2918.29060600.33

 *Hole ended in mineralization

Southern Sector Results

Eight vertical holes were completed in a large (150-200 metres) step-out pattern to test the downdip projection in the southwestern corner of the deposit. Elevated vanadium was encountered, which provided useful deposit configuration for future infill drilling, but grades were below a cut-off of 0.20% V2O5.

The northern sector drill results were reported September 13, 2022.

Hole spacing in the 2022 program (40-50m) was chosen to replicate the hole spacing that supported an Indicated category in the 2019 resource estimate. Only Indicated resource category can be used in a prefeasibility study.

All 2022 holes are vertical with the vanadium units flat lying to mildly inclined, therefore intercept widths are considered true thickness. The vanadium drill program was planned and executed under the supervision of Paul Cowley, P.Geo., director and Company President and 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.

Future Vanadium Drilling

The three new drill target areas in the north identified in Figure 1 have a similar geological setting to the 2022 Western Sector results and would aim at lateral extensions. The southern target area aims at the downdip extension of the South Zone which holds particularly high vanadium grades.

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 Carlin Gold-Vanadium Project also hosts the Carlin Vanadium deposit. Phenom also has an option from Dave Mathewson to earn 100% in the SMOKE 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 to finance and further drill test the vanadium deposit. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145502

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