Phenom Resources Corp. [TSXV-PHNM, OTCQX-PHNMF, FSE-1PY0] (formerly First Vanadium Corp) today announced that it has secured by way of an Option Agreement, the right to acquire 100% interest in claims located one mile north of the Company’s Carlin Gold-Vanadium Property on the Carlin Gold Trend of Nevada. This new property is located along the interpreted north-south trending structural corridor that is present within and passing through the Carlin Gold-Vanadium Property located to the south. With this acquisition, Phenom controls 3 of 4 square miles of the structural trend, with the one intervening square mile controlled by Nevada Gold Mines, the Barrick/Newmont Joint Venture.
Geological advisor Dave Mathewson states, “The effective tracing of the root system by IP on our property gives us tremendous advantages in our drilling decisions and in strategic acquisitions. This timely acquisition, completed at the start of our next round of drilling, substantially increases the Company’s prospective land position in this evolving story.”
Recent drilling conducted by the Company resulted in the identification of a large-scale Carlin-type gold system on its Carlin Gold Vanadium Property under the direction of proven mine-finder and Carlin gold expert Dave Mathewson. The Company’s IP survey on the Carlin Gold Vanadium Property reported July 6, 2021, identified the large north-trending root system now characterized as having a strike length of at least 3.2 kilometres (2 miles) long (north-south) and 300 metres (980 ft) to 1.3 kilometres (0.8 miles) wide (east-west) and strengthening to the north.
Paul Cowley, President & CEO states, “We see numerous potential catalysts from our work in the second half of 2021; this new acquisition and its forthcoming IP survey results, adds to the list. The extensive vectoring approach drilling program targeting the large-scale root system on the Carlin Gold-Vanadium Property is in progress and drilling is also planned this summer on our AVP Property optioned from Dave Mathewson in the Battle Mountain Eureka Trend.”
Phenom last traded at CAD$0.78 cents with 75,333,157 shares issued and outstanding.