- Phenom Resources (PHNM) secures strategic ground along with trends from the gold system on Carlin Gold Trend, 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
- The north-south trending root system interpreted from IP on the Carlin Gold-Vanadium Property suggests the system may continue northward onto Section 22
- It also reported that pursuant to the amendment of the Carlin Vanadium project option agreement it has issued 1 million warrants at an exercise price of $0.75 per share, expiring on July 9, 2026
- Phenom Resources Corp. (PHNM) is down 6.02 per cent, trading at C$0.78 at 12:09 pm ET
Phenom Resources Corp. (PHNM) has the right to acquire claims north of its 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.
Dave Mathewson stated,
“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 Phenom 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.
Phenom’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.
Limited historic drilling (1999-2002) on the east half of Section 22 had identified favourable lithologies, alteration, brecciation, elevated pathfinder metals and gold.
The north-south trending root system interpreted from IP on the Carlin Gold-Vanadium Property and a coincident north-south trending gravity anomaly suggests the system may continue northward onto Section 22.
Induced Polarization (IP) has proven to be an effective tool to delineate the root system on the Carlin Gold-Vanadium Property as well as at gold deposits elsewhere on the Carlin trend.
A preliminary IP survey has been deployed to the newly acquired Section 22 area to evaluate the root system extension onto this ground with results pending. IP has never been used on Section 22.
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, add to the list.”
It also reported that pursuant to the amendment of the Carlin Vanadium project option agreement, which was announced on July 6, 2021, it has issued 1 million warrants to the vendor at an exercise price of $0.75 per share, expiring on July 9, 2026.
Phenom has an option to earn a 100 per cent interest in the Carlin Gold-Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada and Highway I-80.
Phenom Resources Corp. (PHNM) is down 6.02 per cent, trading at C$0.78 at 12:09 pm ET.