(TheNewswire)
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Vancouver, Canada, January 29, 2025 – TheNewswire - Electrum Discovery Corp. ("Electrum" or the "Company") (TSX-V:ELY |FRA:R8N |OTC:ELDCF) is pleased to announce the commencement of its maiden diamond drill program at the Timok East copper-gold project ("Timok East") in Eastern Serbia. The program principally aims to test priority geological, geochemical and geophysical targets defined at the Bambino Central copper-gold anomaly, located less than 4 kilometers east from Zijin Mining’s Bor mining complex. The initial phase comprises up to 1,000 meters of drilling, with an additional 1,000 meters contingent on the results of the first phase.
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Highlights:
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Dr Elena Clarici, CEO and President of Electrum commented: “We are thrilled to move into the next stage of exploration and to start our maiden drilling campaign at the Bambino Central zone of the Timok East project. Initial soil and rock chip sampling, trenching and ground geophysics have all pointed to a strong anomaly in the southern part of Timok East and drilling is the natural next step. Drilling Bambino is the first step in the broader exploration program and will provide further understanding of the largely untested 123 square kilometers Timok East Project ”
The Timok East project is located on the eastern margin of the Timok Magmatic Complex (" TMC"), a world-class copper-gold district located in the Republic of Serbia. In the recent times, the TMC region has seen and continues to see significant new exploration, discoveries and investment. The Timok East project, consists of three licences: Bukova Glava, Luka and Makovište and covers some 123 square kilometers. Work to date was entirely focused on the Makovište licence where Bambino Anomaly was outlined in 2024 (see News Release 8th May 2024).
Bambino Central, the most advanced target at Timok East, spans 550 meters of strike and features highly anomalous surface copper and gold geochemistry supported by positive trenching results (See Figures 1 & 2) with underlying chargeability and resistivity anomalies at depth. It lies within the 1.8 kilometer Bambino copper and gold
anomaly within which Electrum has identifiedfould additional target areas (Bambino 1, Bambino 2, Bambino 3, and Bambino 4) with significant copper and gold anomalies identified from soil and rock-chip samples (See Figure 2).
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Figure 1: Geology and surface geochemistry map showing the location of the Bambino and Bambino Central anomalies within the broader target area (rock and soil results from News Releases 30th October 2024, 4th September 2024, and 3rd July 2024).
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Figure 2: Planview map showing the initial 2 planned drillholes at Bambino Central, with rockchip and soil sampling results within the broader Bambino anomaly. (News release October 30th 2024).
Drill Program Summary
An initial 1,000 metre diamond drill program is planned at Bambino Central, followed by an additional 1,000 metre contingent on the results of the first phase. The program is primarily aimed at gaining insights into the sub-surface geological environment, with a focus on evaluating potential down-dip extensions of copper-gold bearing quartz-limonite stockwork mineralisation identified at surface across Bambino Central and identifying evidence for the potential presence of a large hydrothermal system at depth. This drilling will be guided by chargeability and resistivity high anomalies identified beneath Bambino Central in the High-Resolution Induced Polarization ("HIRIP") survey.
The first of the two planned drillholes, BP001, is designed to test the strongest chargeability anomaly beneath surface copper anomalism across the southern portion of Bambino Central. Drilling from east to west also targets a deeper resistivity-high anomaly at approximately 250 meters depth, which may correspond with increased silicification, potentially linked to the outer margins of an underlying hydrothermal system (see Figures 2 & 3).
The second hole, BP002 will be drilled in the central portion of Bambino Central, targeting the near surface down-dip extensions of copper mineralised quartz-limonite stockwork that has been mapped and trenched at surface, and resistivity high anomalies identified at depth. Subsequent drillhole location and orientations will be adjusted based on initial geological interpretations from these holes, ensuring maximum targeting efficiency.
This initial phase of drilling will advance the understanding of potential mineralisation styles at Bambino Central and will add significantly to the geological understanding of the Bambino prospect. In conjunction with planned geophysical surveys, the data generated during drilling will support ongoing exploration efforts to refine additional drill targets within the northern and southern Bambino extensions, deep targets at Bambino, and define high-priority targets throughout the broader Timok East project area.
Drilling is being conducted by DRILLEX International DOO, utilizing a Cortech CSD1300 track-mounted diamond drill rig capable of angled drilling to depths exceeding 500 meters (See Figure 4).
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Figure 3: Cross section showing the planned BP001 drill hole on a background of resistivity and chargeability anomalies and surface copper anomalism (News release 19th December 2024).
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Figure 4. Cortech CSD1300 diamond drill rig on site preparing to drill hole BP001.
For more information contact:
Dr Elena Clarici, Chief Executive Officer and Director
T: +1 604 801 5432 | E: elena@electrumdiscovery.com | W: electrumdiscovery.com
Graham Farrell, Investor Relations
T: +1 416 842 9003 | E: graham@electrumdiscovery.com | W: electrumdiscovery.com
Qualified Person
The scientific and technical contents of this news release have been reviewed and approved by Mr. Thomas Sant BSc, FGS, CGeol, EurGeol. Mr. Sant is a non-independent Qualified Person as defined by NI 43-101 and the VP, Operations, of the Company.
About Electrum Discovery Corp.
Electrum Discovery Corp. is an emerging mineral exploration and development company focused on the prolific Western Tethyan Belt with two main projects spanning 645 square kilometers of prospective exploration ground in the Republic of Serbia.
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Timok East extends over 123 square kilometers across the Timok copper-gold region and includes the recently discovered Bambino copper-gold anomaly, located less than five kilometers from the Bor Copper-Gold Mining Complex.
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Novo Tlamino, located in the south-east of the Republic of Serbia, covers 522 square kilometers and includes an inferred mineral resource estimate of 670,000oz AuEq (7,100,000t at 2.9 g/t AuEq average grade), PEA (January 7, 2021)1
Electrum Discovery is looking to maximize the value of our mineral projects for all stakeholders including our shareholders, the local community and government. We have an open-door policy and encourage all stakeholders to contact us through our website. We have a strong environmental and ethics policy to complete all our work in line with regulations in an open and transparent process. Our projects are at an early stage, and we plan continue our consultation with all stakeholders in a climate of mutual respect, while fostering sustainability, governance and knowledge transfer in the region.
Additional information on Electrum can be found by reviewing the Company's page on SEDAR+ at www.sedarplus.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release constitute “forward-looking information” within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking information. Such statements include Company’s expected achievement of specified milestones, results of operations, and expected financial results of the Company. Often, but not always, this forward-looking information can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Electrum, to be materially different from any results, performance or achievements expressed or implied by forward-looking information. Such uncertainties and factors include, among others, uncertainties inherent in the PEA and exploration results and the estimation of mineral resources; risks related to the failure to obtain adequate financing on a timely basis and on acceptable terms; changes in general economic conditions and financial markets; risks associated with the results of exploration and development activities, and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in Electrum's quarterly and annual filings with securities regulators and available under Electrum's profile on SEDAR+ at www.sedarplus.ca. Rock chip and surface results are early stage and there is no assurance that future exploration will find mineralization of further interest. Although Electrum has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking information contained herein are based on the assumptions, beliefs, expectations and opinions of management. Forward-looking information has been made as of the date hereof and Electrum disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
1 Preliminary Economic Assessment and NI43-101 Technical Report for the Medgold Tlamino Project, January 7, 2021, www.sedarplus.ca. The effective date of the resource estimate is January 7, 2021. Authors of the Reports are: Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd for Mineral Resources; Dr. Matthew Randall, FIMMM, of Axe Valley Mining Consultants Ltd for Mining; Mr. Ian Jackson, FIMMM, of Bara Consulting for Mineral Processing, and Dr. Andrew Bamber, MCIM, of Bara Consulting Ltd for Economic Analysis.
The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the PEA will be realised.
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