Phenom Resumes Drilling at Crescent Valley Gold Project for Gold and Rare Earths

Phenom Resources Corp. (TSXV: PHNM,OTC:PHNMF) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce that it has resumed drilling at the Company's Crescent Valley Gold Project, about 22 km (13 miles) southwest of Carlin, Nevada, strategically located along the southwest fringe of the Carlin Gold Trend within the prospective Northern Nevada Rift, Nevada.

Dave Mathewson, Company director and Geological Advisor states, "Crescent Valley Gold Project hosts two exceptional discovery opportunities for us, low sulfidation, bonanza-vein-type gold opportunities and an Iron oxide copper gold opportunity (IOCG) with appreciable rare earth metals. The two opportunities at Crescent Valley are both excellent and untested. Our enthusiasm remains high."

Dave Mathewson states, "There are a number of low sulfidation epithermal gold deposits in Nevada known for their very high grades in gold and silver including Goldfields, the famous Comstock Mine, Midas, Tuscarora, and Sleeper Mine. Comstock was so rich it served as an important funding contributor to the successful Union Army cause during the Civil War. Sleeper was a very high-grade gold mine discovered and mined by AMAX Gold. Midas and Tuscarora are also near to, and on the flank of the Carlin Trend. I have visited and studied many of these types of deposits in Nevada. Our Crescent Valley vein system has many characteristics of this deposit type."

At Crescent Valley, the 5-6-kilometre-plus-long large range-front-margin quartz vein system is accompanied with zone of multi-event, silica-healed, hydrothermal breccias. Multiple quartz veins individually, locally reach up to 30 metres thick. At and near surface, portions of the veins display repetitive banding, coarsely-bladed calcite, and quartz pseudomorphs of the calcite, within larger zones of phreatic-type brecciation that both typically represent above-boiling activity within zones of ascending hydrothermal fluids occurring above the prospective depositional levels of bonanza gold. In preparation for drilling, the Company conducted an extensive geophysical IP survey in 2023 which identified conductivity anomalies and breaks in chargeability anomalies, suggestive of structures and quartz veining at depth. One hole is planned in this setting.

IOCG's can be important and highly valuable concentrations of copper, gold and uranium deposits hosted within iron oxide and sulfide-bearing dominant gangue breccia assemblages also with appreciable rare earth metals. The Crescent Valley project property covers an intriguing IOCG setting that exhibits extensive magnetite veining/brecciation and rare earth elevations. On building the drill pad for this drill test, 75m of IOCG breccia was exposed and chip sampled. At least 15 of the rare earth elements were consistently elevated including neodymium, praseodymium, terbium, and dysprosium which are considered highly valuable due to their use in magnets for electric vehicles, wind turbines, and electronics. Hafnium, rubidium and scandium were particularly elevated. The Company's IP survey identified a strong funnel-shaped-configuration chargeability anomaly to depth that coincides with an existing very strong magnetic surficial anomaly now interpreted as the IOCG feeder and potentially where metal concentrations could be stronger. The suspected feeder will be tested in a second drillhole.

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 Valley Property.

Technical disclosure in this news release has been reviewed and approved by Dave Mathewson, a Qualified Person as defined by National Instrument 43-101, director and Geological Consultant 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, 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/266603