Phenom Extends Vanadium Deposit Southward

October 26, 2023 9:15 AM EDT | Source: Phenom Resources Corp.

Vancouver, British Columbia--(Newsfile Corp. - October 26, 2023) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce early results from the reverse circulation drill hole RC23-17 planned for a 2,000' depth, drilling for gold at the Carlin Gold-Vanadium Project in the Carlin Gold Trend of Nevada. In the upper section, the hole has encountered a near-surface mineralized vanadium zone. This intercept is now from the southernmost drillhole through the vanadium deposit, resulting in extending the deposit a further 85 metres (280 feet). The vanadium deposit still remains open southward, westward and northwestward for further expansion.

Hole RC23-17, the near vertical hole, encountered the 19.8 metres (65 feet) vanadium unit starting at 73.15 metres (240 feet). Readings from an XRF handheld device which have been found to be fairly reliable with vanadium grades, returned an average of 0.58% V205%. Laboratory assays will be available in November. True thickness of the intercept is not known. This hole's nearest neighbour holes were R-128 and DDH-4 which encountered 13.7m @ 0.51% V205 and 7.0 m @ 0.91% V205%, respectively.

RC23-17 is still in progress.

Concurrently with this drilling, field crews are conducting mapping and sampling efforts on the Company's recently acquired Dobbin gold property, in Nevada. Mapping is designed to provide the lithological, structural and alteration context for gold control. Most information will be provided as work continues there.

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 in the Carlin Gold Trend. Approximately 9 million ounces comprised of multiple gold deposits, including past producing mines, are present near the Phenom property (5-15km).

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

Technical disclosure in this news release has been reviewed and approved by Paul Cowley, a Qualified Person as defined by National Instrument 43-101, and President, CEO and director 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.

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