Provides Additional Vanadium Intercepts On Its Flagship Nevada Project
Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) is pleased to announce new vanadium intercepts from the 2020 and 2021 drilling during the evaluation the gold system on its flagship Carlin Gold-Vanadium Project on the Carlin Gold Trend, Nevada.
Vanadium prices have been on the rise since January 2021 due to increased demand in steel and batteries. In the last 4 months alone vanadium prices have gone up by US$5/lb, now at US$12.40/lb V2O5. The Company's May 2020 Preliminary Economic Assessment was done below the current price, at US$10.65/lb. With this rising vanadium price setting, the Company has been working on both its gold and vanadium initiatives in Nevada.
Because the gold system is below the vanadium resource on its Carlin Gold-Vanadium Project, the drilling conducted in 2020 and 2021 passed through the vanadium deposit resulting in new near-surface vanadium intercepts which now have been assayed. The majority of these holes fall within the area of the vanadium resource, however, several holes, RC20-02, RC20-04, RC21-12, RC21-13 and 13A, fall outside the limits of the resource (see figure below).
Paul Cowley, President & CEO of the Company states, "These new vanadium intercepts are noteworthy reflecting multiple opportunities to expand the vanadium mineralization northerly, easterly and at depth. From the shallow intercepts, hole RC20-05 returned a >50% thicker intercept to its nearest previous hole, and hole RC21-13A, 100m north of the vanadium resource outer limits, returned 24.4m of 0.71% V2O5. Secondly, it appears from recent drilling that vanadium thicknesses and grades increase closer to the bounding north/south graben fault shown in the figure below; an area that had not been specifically targeted in the past and remains underexplored. Thirdly, the drilling encountered multiple deeper vanadium intercepts that were completely unexpected, reflecting multiple layers of vanadium mineralization."
The average true thickness estimate of the shallow intercepts (Table 1) is 19.5 m (68.5 ft) at a grade of 0.55% V2O5. The estimate of true thickness adjusts for intercept lengths with the dip of a drill hole and of the vanadium unit.
Multiple deeper vanadium intercepts were encountered below the near surface vanadium resource in holes RC20-02 and RC20-04 (Table 2). This is a new development, suggesting multiple vanadium layers not previously known. All the historic and 2018 drill holes that defined the vanadium resource were shallow.
The drill program was planned and executed under the supervision of Dave Mathewson, MSc., Qualified Person for the program. Industry standard quality control and quality assurance protocols have been followed throughout in handling, sampling and shipping the chip. Samples were analyzed by ALS Global.
In further news, the Company plans to start its 2022 drilling campaign in Nevada in early April, firstly on the Carlin Gold-Vanadium Project with vectoring within the gold system.
Disclaimer: Phenom Resources is a paid marketing client*