Second Deep Hole Drilling At The Carlin Gold-Vanadium Project

VANCOUVER - Phenom Resources Corp. reported on the RC22-016, the second deep hole drilling in 2022 into the gold system that is present under the vanadium resource on the Carlin Gold-Vanadium Project, Nevada. RC22-16 was drilled 200 meters (650') south of RC22-15. The attributes of RC22-16 are strikingly better than RC22-15; RC22-16 is the strongest to date within the gold-bearing hydrothermal system which is hosted by Devonian Rodeo Creek and Popovich Formations. Highest priority future targeting has narrowed around the vicinity of RC22-16 and continues south for 1.5 kilometers (0.93 miles), between the convergence of the north-south large-displacement graben fault and NW Fault.

Highlights of RC22-16 are: 1) First hole in the system to date to have 155m (510') of massive Popovich limestone starting at a depth of 512m (1680') to hole bottom. 2) The entire limestone section is intensely dolomite and silicified altered - more than any other hole we have drilled. 3) The entire limestone section is strongly multi-stage brecciated with quartz and pyrite veining - more than any other hole we have drilled. 4) Multiple felsic intrusives, possible dacite, are present just beneath Woodruff Formation within the top of the underlying breccia of probable collapse origin. Felsic intrusives are integral elements present in Carlin gold deposits. 5) A continuous intercept of elevated gold within the limestone of 300' grading 80 ppb Au from 1780-2080', including 45' of 112 ppb Au and 90' of 110 ppb Au. 6) Southern stepping vector strategy is working - significant rapid lateral changes can be seen between RC22-15 and RC22-16 suggesting closer proximity to a feeder.

Dave Mathewson, Geological Advisor, said, "I am impressed with the presence and look of this intensely altered, brecciated and mineralized limestone section in RC22-16. It reminds me of other places on the Carlin trend I have observed and explored. This is very compelling. Around RC22-16 and to the south, is a very favorable geological setting with the convergence of two major faults, the N/S Graben fault and the NW fault both of which appear to be long-lived, multistage, potential feeder-zone structures. Both fault orientations are typical of controlling faults to Carlin type gold deposits. The highest priority area to drill test has narrowed but remains quite voluminous. The main area is 1.5 km long and 200-500m wide. This area remains untested; holes RC20-02, 3, 4 and 7 early in our efforts all fell short of the target depth by at least 800' yet all showed clear signs of strong dolomite alteration. A second high priority target area 1.2 km further south of RC22-16 south is 275m x 275m. High grade feeder zones in Carlin systems can be in the order of 150-200m x 150-200m in size and very attractive targets. These feeder zones in Carlin deposits were and are the real profit centers for these big low grade open pits. The IP chargeability anomaly underlay are interpreted as sulfide plumes related to the gold hydrothermal system. I have used IP to guide my exploration efforts in the Carlin Trend. One can see a string of IP hot spots along the west side of the N/S Graben Fault. There's a particularly large one where RC22-16 is located. The IP hotspot 1.2 km further south of RC22-16 is interesting as it is proximal to an area of gold anomalies at the surface."