Phenom Validates the Low Sulphidation Epithermal Gold Target at Crescent Valley
January 22, 2026 – Vancouver, British Columbia – Phenom Resources Corp. (TSX-V: PHNM) (OTCQX®: PHNMF) (FSE: 1PY0) (“Phenom” or the “Company”) is pleased to announce drill results further validate its Bonanza-type low sulphidation epithermal gold model and target at the Company’s Crescent Valley Gold Project (CVN).
The project is located about 22 km (13 miles) southwest of Carlin, NV, strategically situated along the southwest fringe of the Carlin Gold Trend within the prospective Northern Nevada Rift. This follows the Company’s announcement on January 12, 2026, of the discovery of a rare Earth and Critical metals deposit on CVN and the expansion of the property size.
Key Insights from Dave Mathewson
Dave Mathewson states:
“The Bonanza-type low sulphidation epithermal gold model and target on Crescent Valley are in play and have been further validated and advanced with the recent drilling of hole CVN25-03. There is a dramatic increase in gold presence with over half of the hole reporting elevated gold values, a dramatic increase in volume of quartz veining, and evidence of boiling starting at a depth of 700 feet.”
The angled reverse circulation hole, CVN25-03, was drilled under two historic RC drillholes on the same cross-section.
Figure 1: Cross-section of CVN25-03 – Low Sulphidation Epithermal Target
It is apparent from the cross-section that stepping westward and deeper than the previous drill holes shows promise. There is a dramatic increase in gold presence, although low grade, being more abundant throughout CVN25-03. Quartz flooding, veining and brecciation zone increases from a thickness of 100 feet to over 560 feet. In addition, key alteration minerals, adularia and alunite were observed in CVN25-03, important pathfinder alteration minerals associated with boiling zones where gold typically drops out in these low sulphidation epithermal systems.
Strategic Progress
Dave Mathewson continues:
“It was very important to establish depths of boiling in this 5-6-kilometre long quartz vein system which was accomplished in CVN25-03. This allows better lateral step-out planning of future holes along the lengthy trend. We are encouraged and considering next steps in a subsequent drill program on this target.”
Figure 2: Plan view of REE-Critical Metals Deposit Outline and Low Sulphidation Epithermal Targets with Drillhole Locations for Figure 1 Cross-section
Technical Specifications & Drill Data
The drilling program was field supervised by Paul Cowley and Dave Mathewson, both QPs for the Company. Reverse circulation drilling was conducted by Envirotech Drilling LLC. Drill cuttings samples were analyzed by ALS Global of Elko, NV using Au 30g FA-AA finish and a 34-element multi-element package.
Table 2: Drill Hole Details
Hole ID
Easting (m)
Northing (m)
Azimuth
Dip
Length (m)
Length (ft)
CVN24-03
563103
4484245
090
-60
426.72
1400
Note: True thickness/widths of the mineralization are estimated to be 95% of that reported.
Characteristics of the Vein System on Crescent Valley
The 5-6-kilometre-plus-long range-front-margin quartz vein system is accompanied by a zone of multi-event, silica-healed, hydrothermal breccias. Multiple quartz veins individually, locally reach up to 30 metres (100ft) thick.
At and near surface, portions of the veins display:
Repetitive banding
Coarsely-bladed calcite
Quartz pseudomorphs of the calcite
These features typically represent above-boiling activity within zones of ascending hydrothermal fluids occurring above the prospective depositional levels of gold.
Low Sulphidation Deposits in Nevada
Nevada is known for very high-grade low sulphidation epithermal gold and silver deposits, including:
Midas & Tuscarora: Located on the flank of the Carlin Trend.
Sleeper Mine: A famous high-grade discovery by AMAX Gold.
About Phenom Resources Corp.
Phenom has 100% interest in the Carlin Gold-Vanadium Project, located in Elko County, Nevada, which hosts the Carlin Vanadium deposit, North America’s largest highest grade primary vanadium resource. The Company also holds options on three gold projects in Nevada: the King Solomon and Dobbin Properties (Carlin Gold-type targets) and the Crescent Valley Property.
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or the Company’s future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements.
