Phenom Resumes Drilling at Crescent Valley

16:38 Uhr  |  Newsfile

Vancouver, March 4, 2026 - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce that following its January 22, 2026 announcement of further validating its Bonanza-type low sulphidation epithermal gold model and target with the fall 2025 drilling at the Company's Crescent Valley Gold Project, and with the benefit of unseasonably warm and dry winter conditions, the Company has been able to mobilize a follow-up drilling campaign at Crescent Valley. This also follows the Company's announcement January 12, 2026, of the discovery of a rare Earth and Critical metals deposit at Crescent Valley and the expansion of the property size. The Crescent Valley project is about 22 km (13 miles) southwest of Carlin, NV, strategically located along the southwest fringe of the Carlin Gold Trend within the prospective Northern Nevada Rift, Nevada.

To advance the Bonanza-type low sulphidation epithermal gold target in this drilling campaign, the Company plans to build onto the encouragements of hole CVN25-03 with three additional RC holes with 100 metre (328 foot) step-outs. The first angle hole, CVN26-05, below CVN25-03, was just completed to a depth of 506m (1660ft) with all samples delivered to the lab for assaying. A large quartz flooded zone was encountered from 275m to 411m (900-1350ft). Details with be provided when assays are available.

As previously reported, CVN25-03 saw a dramatic increase in gold presence with over half of the hole reporting elevated gold values, a dramatic increase in volume of quartz veining, and evidence of boiling starting at a depth of 700 feet.

To advance the IOCG rare Earth and Critical metals deposit evaluation in this drilling campaign, the Company plans for a 100 metre step-out from CVN25-04 with one hole, in efforts to target a feeder pipe suggested from the 2024 IP survey.

Characteristics of the Vein System on Crescent Valley

The 5-6-kilometre-plus-long range-front-margin quartz vein system is accompanied with zone of multi-event, silica-healed, hydrothermal breccias. Multiple quartz veins individually, locally reach up to 30 metres (100ft) thick. At and near surface, portions of the veins display repetitive banding, coarsely-bladed calcite, and quartz pseudomorphs of the calcite, within larger zones of phreatic-type brecciation that both typically represent above-boiling activity within zones of ascending hydrothermal fluids occurring above the prospective depositional levels of gold.

Low Sulphidation Deposits in Nevada

There are a number of low sulfidation epithermal gold deposits in Nevada known for their very high grades in gold and silver including Goldfields, the famous Comstock Mine, Midas, Tuscarora, and Sleeper Mine. Comstock was so rich it served as an important funding contributor to the successful Union Army cause during the Civil War. Sleeper was a very high-grade gold mine discovered and mined by AMAX Gold. Midas and Tuscarora are also near to, and on the flank of the Carlin Trend.

About Phenom Resources Corp.

Phenom has 100% interest in the Carlin Gold-Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada and Highway I-80 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 9 million ounces comprised of multiple gold deposits, including past producing mines, are present near the Phenom property (5-15km). 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 Valley Property.

Technical disclosure in this news release has been reviewed and approved by Paul Cowley, a Qualified Person as defined by National Instrument 43-101, director, President and CEO of the Company.

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.

Forward-looking information

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

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