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Phenom Resources Acquires 100% of Carlin Gold-Vanadium Project
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2022) - Phenom Resources Corp. (TSXV:...
About this update from Phenom Resources Corp
[{"type":"text","content":"Phenom Resources Acquires 100% of Carlin Gold-Vanadium ProjectVancouver, British Columbia--(Newsfile Corp. - June 27, 2022) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) (\"Phenom\" or the \"Company\") is pleased to announce that it has now completed all work commitments and option payments, including the final US$955,000 cash payment, under its option agreement to acquire the Carlin Gold-Vanadium Project. The Company now owns 100% of the Carlin Gold-Vanadium Project subject to a 2% NSR royalty which may be purchased by the Company at any time on or before June 30, 2027, for US$4,000,000 and up to four annual payments of US$250,000.Paul Cowley, President & CEO of the Company, stated: \"We are committed to this project, having advanced it with over $15 million of spending since fall 2017, more than the required US$1.02 million within the option agreement. This is truly a very satisfying milestone to now own 100% of the Carlin Gold-Vanadium Project.\"The Carlin Gold-Vanadium Project is 6 miles south from the town of Carlin, Nevada and Highway I-80. The property lies in the southern part of Carlin Gold Trend. The Carlin Gold-Vanadium Project hosts the Carlin Vanadium deposit. Underlying that is the Carlin-type gold system in which the Company is conducting vector drilling for high grade. Drilling recommenced June 9 with Hole RC22-15 which was completed last week to the planned depth of 2500'. All samples are in the lab for assays. As we await these assays, the drill rig has been moved to the Smoke gold property for a 3,000' six-hole second pass drilling campaign, exploring the larger gold target identified earlier this year from geophysical surveys. The Company also announces the proposed issuance of 87,500 common shares of the Company as bonus shares (the \"Bonus Shares\") to Buena Tierra Developments Ltd. (\"Buena Tierra\"), a private company owned by the Company's CEO & President, Paul Cowley. Phenom's board of directors, with Mr. Cowley abstaining, approved the issuance of the Bonus Shares to Buena Tierra in recognition of the attainment of certain milestones set by the Board for the fiscal year ended September 30, 2021, as amended in February 2022. The milestones included the negotiation of an early exercise of the Carlin Gold-Vanadium Project and meeting certain market capitalization criteria. The i...