Source: Phenom Resources Corp.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Phenom Resources (PHNM) has reported partial drill results from a 5-hole 2,700 foot RC drill program on the Smoke gold property
  • Drilling Confirms a New Hydrothermal System within Pilot and Devils Gate Formations at the Smoke Property, Nevada
  • Phenom (PHNM) is focused on vanadium mining, exploration & development near Elko, NV. high grade & shallow
  • Phenom (PHNM) is up today, trading at C$0.46 as of Jul 28, 10:44 a.m. EDT

Phenom Resources (PHNM) has reported partial drill results from the 5-hole 2,700-foot RC drill program on the Smoke gold property in Nevada.

The Eureka Gold Trend confirms a new hydrothermal system has been encountered within key Pilot and Devils Gate Formations at the Smoke Property.

The vertical hole SRC22-13 drilled 150 feet of gravel and then encountered a 280′ thick section of oxidized, highly altered, quartz and alunite-bearing, veined, brecciated siltstone (probably Pilot Formation) with significantly elevated pathfinders of arsenic and antimony and minor gold followed by altered, oxidized probable Devils Gate (Guilmette) limestone to the end of the hole at 600 feet.

The Smoke drill program was planned and executed under the supervision of Dave Mathewson, MSc., Geological Advisor for the Company, Qualified Person for the program.

Dave Mathewson commented on the results.

“Results of this recent drilling appear to indicate the presence of a previously undetected sizeable, prospective, hydrothermal alteration system. This is an exciting major development at Smoke, a shallow oxide system in the right rocks.

1) The 2022 drill program intersected gold system prospective host carbonate and fine clastic rocks of probable Devonian age. My best interpretation for the stratigraphy is Devonian Pilot and Devils Gate (Guilmette) Formations.

2) The Pilot and Devils Gate sequence is the highly prolific host to multiple gold deposits in eastern Nevada. Examples are Alligator Ridge, Pan, Easy Junior, Midnight Ridge, and Limousine Butte.

3) The intensity and style of alteration and significantly elevated pathfinder elements are evidence of a strong hydrothermal system typical of Carlin-style mineralization overprinting this permissive stratigraphy,

4) The shallow depth of this system is favourable for quick and inexpensive drill evaluation, taking a day to drill each hole.

5) The intensity and variety of oxide minerals encountered in SRC22-13 are typical of Carlin-style mineralization. Near surface oxidized gold systems are prized in Nevada for low-cost, bulk minable opportunities.”

The five RC holes were drilled outward and centered around a prominent quartz-altered, dolomite breccia ridge. The July 2022 drilling was designed to test geophysical anomalies (gravity and magnetic) on the gravel-covered property surrounding the exposed, altered ridge.

Hole SCR22-13 returned anomalous arsenic values of 100-788 ppm, anomalous antimony values of 10-38 ppm and a single gold sample of 88 ppb. The other four holes encountered massive dolomite, probably of mid Devonian age, and Tertiary volcanics related to block faulting. Assay results for these four holes are pending.

The company is planning a follow-up drill program on Smoke next week to begin evaluating the size and quality of the gold potential of the near-surface oxide system.

Phenom (PHNM) is focused on vanadium mining, exploration & development near Elko, NV. high grade & shallow.

Phenom (PHNM) is up today, trading at C$0.46 as of Jul 28, 10:44 a.m. EDT.


More From The Market Herald
The Market Herald Video

" Silver Bullet Mines (TSXV:SBMI) issues operational update

Silver Bullet (SBMI) is reporting progress at its Arizona pilot plant and Buckeye and Washington mines.
NioBay Metals Inc. - President & CEO, Jean Sébastien David.

" NioBay Metals (TSXV:NBY) confirms mineralization

NioBay Metals (NBY) has discovered significant extensions to the mineralized zone at the James Bay Niobium Project.

" Alpha (CSE:ALCU) kicks off gold-copper drilling

Alpha Copper Corp. (ALCU) has announced its first diamond drilling program update on the Indata Project in British Columbia.
Tudor Gold Corp. - President & CEO, Ken Konkin.

" Tudor (TSXV:TUD) extends gold-copper mineralization

Tudor Gold (TUD) has received the fourth set of drill results from its 2022 exploration program on the Treaty Creek Project in B.C.