Drilling Confirms a New Hydrothermal System Within Pilot And Devils Gate Formations At The Smoke Property

VANCOUVER - Phenom Resources Corp. reported on partial drill results from the 5-hole 2,700 foot RC drill program on the Smoke gold property, located on the southern extension of the Battle Mtn - Eureka Gold Trend, 65 kilometers (km) south of Eureka, Nevada. Drilling confirms a new hydrothermal system has been encountered within key Pilot and Devils Gate Formations at the Smoke Property.

The vertical hole SRC22-13 drilled 150 feet of gravel and then encountered a 280' thick section of oxidized, highly altered, quartz and alunite-bearing, veined, brecciated siltstone (probably Pilot Formation) with significantly elevated pathfinders of arsenic and antimony and minor gold followed by altered, oxidized probable Devils Gate (Guilmette) limestone to the end of hole at 600 feet.

The 2022 drill program intersected gold system prospective host carbonate and fine clastic rocks of probable Devonian age. Interpretation for the stratigraphy is Devonian Pilot and Devils Gate (Guilmette) Formations. The Pilot and Devils Gate sequence is the highly prolific host to multiple gold deposits in eastern Nevada. The intensity and style of alteration and significantly elevated pathfinder elements are evidence of a strong hydrothermal system typical of Carlin-style mineralization overprinting this permissive stratigraphy. Shallow depth of this system is favorable for quick and inexpensive drill evaluation, taking a day to drill each hole. Intensity and variety of oxide minerals encountered in SRC22-13 are typical of Carlin-style mineralization. Near surface oxidized gold systems are prized in Nevada for low-cost, bulk mineable opportunities.

The five 2022 broad-spaced RC holes were drilled outward from the 2021 campaign of 8 shallow holes centered around a prominent quartz-altered, dolomite breccia ridge. The July 2022 drilling covered an area of 2.5 kilometers x 1.25 kilometers and was designed to test geophysical anomalies (gravity and magnetic) on this predominantly gravel covered property surrounding the exposed, altered ridge. Based on drilling to date, gravel cover away from the quartz ridge varies from 30 ft to 150 ft thick.

Hole SCR22-13 returned anomalous arsenic values of 100-788 ppm, anomalous antimony values of 10-38 ppm and a single gold sample of 88 ppb. The other four holes encountered massive dolomite, probably of mid Devonian age, and Tertiary volcanics related to block faulting. Assay results for these four holes are pending.