Phenom Reports Strong Gold Results from its Dobbin Gold Project, Nevada

Vancouver, September 4, 2024 - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce it has identified a strong 900 metre (approx. 3,000 ft) long by 220 metre (approx. 720 ft) wide gold in soils anomaly with a large number of values between >0.1 g/t Au up to 2.73 g/t Au (approx. 0.09oz/ton) on the Company's Dobbin Gold Project 80 kilometres southwest of Eureka in central Nevada (see Figure 1). The linear anomaly reflects a northeast- trending structure presumed to be subvertical cutting through gently-dipping Roberts Mountains Formation carbonates, an important host for many Carlin-type gold deposits in central and northern Nevada. Because the 900m long persistent anomaly is open-ended in both directions, addition soil sampling was completed last week to test up to a 1.7 kilometre potential strike length. Multiple areas of black jasperoid rubble and outcrop were noted by soil sampling crews during the recent extensional soil sampling work. These additional results should be available later this month.

Dave Mathewson, Director and Geological Advisor of the Company, states, "The size and strength of this surface gold soil anomaly is rarely found in Nevada and is as good as it gets. Anomalies of this character and magnitude where previously found have led to further gold discovery and ultimately even producing gold deposits. This is a mine deposit-scale anomaly. There are no other words than calling these results a significant discovery indication event. There has, to date, been no drilling anywhere in this area. These geochemical levels of gold and associated pathfinder elements within these permissive Roberts Mountains Formation carbonates strongly suggest the presence of a significant disseminated, carbonate-hosted Carlin-style gold deposit."

Figure 1: Dobbin Gold Soil Anomaly defined by 25m x 25m detailed soil grid sampling

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3372/222079_f378f39094d62a28_002full.jpg

Dave Mathewson continues, "This Carlin gold deposit-style prospect was first identified and staked by me in 1989-1990 while in the employ of Newmont Exploration, Ltd. At that time, we could not advance the anomaly with trenching and drill testing because shortly after its discovery, the US Federal government imposed an overlapping Federal Wilderness Study Area. Some time after Newmont's departure from the site, the study area shrank to the smaller Table Mountain Wilderness Area, which reopened the anomaly to mineral staking and development. I am very pleased that this extraordinary anomaly has resurfaced, back in my hands again, and for Phenom."

Phenom submitted the samples to ALS Minerals, along with QAQC standards, for gold fire assay and ICP trace element analyses. The samples assayed up to 2.73 g/t gold along with strong Carlin-type pathfinder element values in arsenic, antimony and mercury. The northeast trending soil anomaly is consistent with field mapping of structures and air-photo interpretation. Mapping and sampling indicate the widespread presence of Carlin-type system alteration assemblage of jasperoid and decalcification. Limited rock chip sampling up to 400 metres along strike to the northeast end of the soil anomaly returned pathfinder element values up to 194 ppm arsenic, 103 ppm antimony and 12 ppm mercury, also suggestive that the anomaly is much longer than currently known. Geologic mapping and sampling are ongoing at the project.

Phenom has staked additional claims to increase the size of the Dobbin Property.

About Phenom Resources Corp.

Phenom has 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 of multiple gold deposits, including past producing mines, are present near (5-15km) 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 Vally Property, a Bonanza high grade gold vein-type target.

ON BEHALF OF PHENOM RESOURCES CORP.

Technical disclosure in this news release has been reviewed and approved by Dave Mathewson, Director and Geological Consultant of the Company and a Qualified Person as defined by National Instrument 43-101.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Phenom, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's exploration plans, including ongoing mapping and sampling, future assay results and the impact thereof. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Phenom, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Phenom does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222079