- Phenom Resources (TSXV:PHNM) is set to acquire a 100 per cent interest in the King Solomon Gold Project in Nevada
- The project is ideally located roughly 32 kilometres south of the company’s Dobbin Gold Project
- Drilling to date at the King Solomon Gold Project has confirmed the Carlin replacement style of mineralization and intercepts have approached desirable gold grades
- Shares of Phenom Resources are up 1.89 per cent to C$0.54 as of 10:32 am ET
Phenom Resources (TSXV:PHNM) has revealed it is set to acquire a 100 per cent interest in the King Solomon Gold Project in Nevada.
In a news release Wednesday, the company stated the project consists of 178 claims spanning an area of roughly 1,140 hectares in central Nevada and is roughly 32 kilometres south of the company’s Dobbin Gold Project.
To date, drilling at the King Solomon Gold Project has confirmed the Carlin replacement style of mineralization and intercepts have approached desirable gold grades.
“The presence of permissive host rocks, Carlin-style epithermal-style alteration, and geochemistry of up to very high levels of arsenic, antimony, mercury, and locally gold, all indicate gold deposit prospectivity,” Dave Mathewson, director of Phenom Resources, said in a statement.
To acquire the property, the company signed a four-year option agreement with a private vendor where it can acquire up to a 100 per cent interest in 178 unpatented mining claims in Nevada known as the King Solomon Property.
Over four years, the company will pay an aggregate of US$150,000 and make share issuances of 75,000 shares in Phenom Resources.
The King Solomon Project comes with a large land package and an extensive data package that included results from various exploration efforts by previous companies.
Phenom Resources is focused on the acquisition, exploration, and evaluation of mineral properties. In addition to the recently acquired King Solomon Gold Project, the company has a 100 per cent interest in the Carlin Gold-Vanadium Project in Elko County, Nevada. The company has options on two gold projects in Nevada, the Dobbin Property which is a Carlin Gold-type target, and the CVN Property, a Bonanza high-grade gold vein-type target.
Shares of Phenom Resources (TSXV:PHNM) are up 1.89 per cent to C$0.54 as of 10:32 am ET.
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