Phenom Resources Provides Drill Progress on Its Flagship Nevada Project

Vancouver, British Columbia--(Newsfile Corp. - November 23, 2021) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") (formerly First Vanadium Corp) is pleased to announce drilling results from eight reverse circulation holes evaluating the gold system on its flagship Carlin Gold-Vanadium Project on the Carlin Gold Trend. Drilling confirms that the gold system is immense, tracking at least 6.4 kilometres (4 mile) in length, averaging 0.5-1 kilometre (0.3-0.6 miles) wide, defined by the IP anomaly and favourable geological rock units with favourable alteration, brecciation, sulfide, gold and pathfinder metals. Extensive intercepts averaging 0.5 kilometre long of continuous elevated gold values have been encountered in every hole, indicating a vast amount of rock has been impregnated with gold.

Dave Mathewson states, "We are encouraged that from this drilling we have gained sound building blocks to understand this favourable large system. With it, vectoring tools are evident to pursue high grade sectors within it. The size of the system and extensive halo of gold within it, point to potentially multiple high-grade feeders, like a string of beads, snuggled along the westside, i.e. horst side, of the north/south graben fault. From my experience, these large Carlin systems always have high grade feeder zones. Often, they are in the order of 150-200m diameter, or smaller, collapse breccia "pipe-like features" so they are not always easy to find but the prize certainly can be worth the effort. We have plenty of high priority areas to go after with persistence, good science, and superior exploration know-how."

Figure 1 provides a close-up look of the system as expressed by the IP anomaly, the drilling and the high priority drill target areas. Figure 2 provides the bigger picture of the 6.4-kilometre-long system within the southern portion of the Carlin trend. Note that Phenom controls 3 of 4 of the square miles of the system, with the one intervening square mile controlled by Nevada Gold Mines, the Barrick/Newmont Joint Venture.

Initial conclusions from the drilling are:

1) The system is immense, tracking at least 6.4 kilometres (4 mile) long averaging 0.5-1 kilometre (0.3-0.6 miles) wide as defined by the IP anomaly (in orange-pink-white in the following figures). Drilling within the IP anomaly has confirmed that the IP anomaly reflects elevated sulfides encountered in every hole, thus confirming that the IP anomaly expresses the overall size and shape of the system.

2) The system is bounded to the east by a vertical north/south major graben fault where Woodruff, Rodeo Creek and Popovich stratigraphy is encountered, compared to the Rain and Railroad further shelfward stratigraphy to the east. Woodruff, Rodeo Creek and Popovich stratigraphy is similar to the bulk of the Carlin Trend that hosts world-class gold deposits. The nature of this north/south graben fault looks similar to major deep-seated faults within the Carlin Trend such as the Post Fault that influence large, locally high-grade, gold deposits.

3) The key Popovich limestone Formation occurs at about 2000' depth in some holes, while alteration and/or collapse brecciation impacts the unit in other holes.

4) Extensive drill intercepts averaging 0.5 kilometre long (364-677m) of continuous elevated gold values have been encountered in every hole, indicating a vast amount of rock has been impregnated with gold.

5) Accompanying alteration - silicification, dolomitization, and brecciation and pathfinder metals - arsenic and mercury, typical of Carlin gold systems were encountered in every hole.

6) Judging from varying intensities of multiple geological and geochemical components witnessed in drilling, vectoring is evident, favouring proximity to the north/south graben fault, north and south of RC20-01 and RC21-13. This points to large high-priority areas to test for high grade feeder zones (see figure below).

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Figure 1: Southern 2 miles of the system from IP anomaly, focused drilling and high-priority drill target areas

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Figure 2: Four-mile trend of system (left) with regional context in southern Carlin trend area (right)

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A total of seven vertical to steep angled reverse circulation holes (RC21-08 through 14) totaling 5,657 metres (18,560 feet) have been completed to date this year on the southern 2 miles of the project as well as 1 vertical reverse circulation hole (RCS21-01) totaling 1,010m (3,315 ft) on its Section 22 claims 1 mile to the north. The seven holes are broadly spaced in an area 700m by 400m in order to develop an architecture of the system and generate vectoring means. To this end, the drilling was focused on the crest of the IP anomaly as well as near the north/south graben fault.

Each drill hole encountered extensive lengths of elevated gold intercepts (see table below), elevated sulfides, brecciation/veining, silicification and dolomite alteration typical of a large-scale Carlin-type gold system. The single vertical hole on Section 22 within the IP anomaly confirmed continuity of the system 1 mile north.

Hole #From (m)To (m)Length (m)From (ft)To (ft)Length (ft)Au (ppb)
RC20-012857624779352500 (BOH)156528
RC21-102547444908352440 (BOH)16059
RC21-131288056774202640 (BOH)222011
RC21-142928055139602640 (BOH)16808

BOH = bottom of hole, *Hole RC21-08 was abandon at 1440' due to bad ground

The drill program was planned and executed under the supervision of Dave Mathewson, MSc., Geological Advisor for the Company, Qualified Person for the program and renowned Carlin gold expert and mine finder. 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.

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 Property located in the Independence-Eureka trend of Nevada.

per: "Paul Cowley"
CEO & President
(604) 340-7711

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.

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