Phenom Resources acquires King Solomon Gold Project in Nevada
VANCOUVER, British Columbia: Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0), a gold exploration company, has entered into an option agreement to acquire up to a 100% interest in the King Solomon Gold Project.
The project covers 178 claims spanning approximately 1,140 hectares (3,560 acres) in central Nevada. Notably, the King Solomon Project lies 32 kilometers south of Phenom’s Dobbin Gold Project and shares similarities as a regional-scale Carlin-type gold system.
Key Points:
• Carlin-Type Gold System: Like Dobbin, the King Solomon Project exhibits characteristics of a Carlin-type gold system.
• Stratigraphy and Gold Model: Previous explorers overlooked the full extent and significance of the stratigraphy and gold model. Drilling was primarily shallow, focusing on the overlying Tertiary volcanic rocks. However, the underlying Paleozoic carbonate package holds significant potential.
• Dave Mathewson’s Insights: Geological consultant Dave Mathewson emphasizes the prospect’s potential for significant gold deposits. He identifies favorable host rock formations, including Denay, Rabbit Hill, Roberts Mountain, and Pogonip limestone formations.
• Mineralization and Exploration: Surface samples yielded up to 8.4 g/t Au within a 3 km x 3 km anomalous gold soil grid. Exploration companies drilled 43 shallow RC holes, intercepting near-surface mineralized zones.
• Transaction Details: Phenom signed a four-year option agreement to acquire the King Solomon Property. The terms include payments totaling US$150,000, share issuance, and a 3% net smelter return royalty. Phenom retains the right to purchase up to a 2% NSR for US$3.0 million.
The King Solomon Project’s extensive land package and promising geological features position it as a significant addition to Phenom’s portfolio. The agreement is subject to approval by the TSX Venture Exchange.
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