Phenom Resources to drill Crescent Valley project, Nevada
Phenom Resources Corp. [TSXV: PHMN; OTCQX: PHMNF; FSE: 1PYO] reported that permits and drill contractors are in place for a mid-October start to the initial drilling campaign on the company’s Crescent Valley gold project. The drill program follows positive results from an IP geophysical survey completed in August. The Crescent Valley gold project represents a high-grade, bonanza-vein gold prospect strategically located within the Northern Nevada rift flanking the southwest fringe of the Carlin gold trend in Northern Nevada.
Dave Mathewson, director and geological adviser to the company, stated: “The Crescent Valley project represents the core portion of the largest quartz vein system in Nevada that I am aware of. The project is a low-sulphidation bonanza-vein epithermal gold opportunity with a setting remarkably similar to that of the Sleeper deposit located in Humboldt County, Nevada.
“The Sleeper mine was a high-grade gold mine operated by AMAX Gold from 1986 to 1996 and was considered the lowest-cost gold producer in the world in 1988 at $103/oz because of its open pit mined Bonanza vein and wall-rock gold grades which, combined, averaged 0.48 oz/ton gold.”
The Crescent Valley gold project located 22 km (13 miles) southwest of the town of Carlin, Nevada, controls a 4-km (2.5-mile) strike length of the large low-sulphidation, epithermal vein system developed along the western margin of the northern Cortez Range. The range-front/margin vein system is a zone of multievent, silica-healed, hydrothermal breccias. Portions of the veins display minor repetitive banding, coarsely bladed calcite and quartz pseudomorphs of the calcite, within larger zones of phreatic-type brecciation that typically represent above-boiling zones of hydrothermal fluids and also above the prospective deposition levels of gold.
Phenom has a 100% interest in the Carlin gold-vanadium project, located six miles south from the town of Carlin, Nevada, and Highway I-80 in Elko County, 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 nine million ounces comprised multiple gold deposits, including past-producing mines, are present near (5-15 km) the Phenom property. 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.