Phenom Expands Footprint of the King Solomon Gold Project in Nevada

Phenom Resources has expanded its King Solomon Gold Project in central Nevada through the acquisition of 26 additional claims covering approximately 210 acres.

The move increases the total area of ​​the project to 1,651 hectares and positions the company for further exploration and development in the region.

Phenom has entered into a four-year option agreement with a private seller for this purpose.

To fully exercise this option, Phenom will have to pay a total of $105,000 (C$143,692) over four years.

The seller retains a 3% net smelter return (NSR) on all minerals produced on site.

However, Phenom reserves the right to purchase an NSR of up to 2% for $3 million, reducing the seller’s royalty to 1%.

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In addition, the company is required to make upfront royalty payments on a fixed schedule, starting at $50,000 per year from years five to ten and increasing incrementally thereafter.

The King Solomon Project is located 20 miles south of Phenom’s Dobbin Gold Project.

Both projects are known to host a regional scale Carlin gold system, which is a highly desirable geological setting for gold mining due to the potential for large, low-grade gold deposits.

The King Solomon Project is also located 45 km east of the Round Mountain gold deposit, owned by Kinross Gold.

Geological studies indicate that the area is covered by a thin layer of Tertiary volcanics, about 60 meters thick, overlying a lower sheet carbonate package.

The presence of highly silicified volcanics and limestone units is indicative of mineralized zones rich in gold, silver and other elements typical of Carlin-type gold systems.

Exploratory drilling has produced promising results, with many holes intercepting significant mineralized zones at the surface. Notable intercepts include 67.1 million at 0.5 grams per tonne (g/t) gold (Au) and 80.8 million at 0.8 g/t Au, demonstrating the potential for economically viable gold mining.

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