Electrum Discovery Corp. provide a corporate update and further plans for its exploration activities at its Timok East copper-gold project (“Timok East“) in Serbia.
Exploration at Timok East has successfully defined high priority drill targets using a combination of surface geochemical sampling, mapping and trenching. The next phases of exploration will aim to further define and test these targets at depth using a combination of detailed geophysics and diamond drilling.
Exploration Milestones at Timok East to date:
- A significant, open-ended copper anomaly defined in soils over 1.8 kilometers strike at Bambino.
- An additional 1 kilometer long gold anomaly, parallel to the copper zone was also established.
- Follow-up geological mapping and rock-chip sampling confirmed copper, gold and silver mineralization in limonite stockwork and gossan material over 1.4 kilometers over five main targets at Bambino.
- Remote sensing, followed by mapping and rock-chip sampling identifed copper-gold-silver mineralization in outcrop at the Northern anomaly, 3 kilometers north from Bambino Central along geological strike.
- Trench sampling at Bambino Central returned weighted average assays value of 0.43% copper over 133.5 meters along strike.
To further develop the Bambino target, Electrum are planning an imminent IP survey, to be followed by a maiden 2,000-meter diamond drill program, which is scheduled to start in late December 2024.
Regional Setting
The Timok East Project is located on the edge of Timok Magmatic Complex (“TMC“), a significant copper-gold district located in the Republic of Serbia. TMC has a long history of copper-gold mining, dating back to 1903 and in recent years, has emerged as a world-class exploration district. Recent discoveries, including Čukaru Peki (2012) , have underscored the area’s potential for large-scale porphyry copper-gold deposits.
Notably, new deposit models in areas outside of the traditional TMC Porphyry trend are proving highly prospective. Dundee Precious Metals’ work on the western TMC margin has revealed high-grade gold and copper mineralization in skarn-type and sedimentary hosted settings, breaking conventional exploration paradigms.
Electrum’s Bambino anomaly lies on the eastern flank and slightly outside the traditional TMC but exhibits similar characteristics with existing known copper-gold porphyries and HS epithermal deposits in the area as well as new deposit models exhibited on the western TMC boundary, principally:
- Copper-gold mineralization with low molybdenum,
- Overprinting gold mineralization with significant silver values,
- Extensive stockwork-style veining indicative of intense fluid interaction.
Exploration Plan for Q4 2024 / Q1 2025
1. High-Resolution Resistivity and Induced Polarization Survey
Following the successful completion of mapping and trenching at the Bambino target, Electrum is advancing exploration efforts with a High-Resolution Resistivity and Induced Polarization (“HIRIP“) survey. This geophysical program aims to refine the understanding of the subsurface geology, particularly the orientation and depth of potential hypogene mineralization zones.
The HIRIP survey will be executed in two phases:
- Phase 1: Three survey lines, each 900 meters in length, will traverse the Bambino Central target.
- Phase 2: Six additional survey lines, also 900 meters each, will focus on the northern and southern Bambino extensions (Bambino 1, 2, 3 4), areas identified through previous mapping and surface geochemical analysis.
Together, these phases will cover approximately 1.6 kilometres of strike length, with an estimated depth penetration of 300 meters.
The IP component of the survey is designed to detect chargeability anomalies, which could indicate zones of elevated sulphide content associated with primary, potentially higher grade sulphide stockwork mineralization. The integration of resistivity and chargeability data will provide critical insights into the depth and spatial orientation of key targets, aiding in the precise planning of drill holes for the upcoming maiden drill program.
The geophysical survey is expected to be completed by mid-December 2024, with results available shortly thereafter.
. 2,000-Meter Maiden Drill Program
Concurrently, Electrum has secured a reputable drilling contractor for a 2,000-meter maiden drill program at the Bambino Central target. Logistical preparations are underway, including the construction of drill roads and securing appropriate core-handling facilities.
Drill targets will be prioritized based on a comprehensive analysis of trench mapping and sampling, surface geochemistry (soil and rock-chip data), and the results from the HIRIP survey. This integrated approach will ensure that the initial drill holes are optimally positioned to efficiently test the Bambino Central target defined on surface.
This drill campaign marks a significant milestone for Electrum, as it aims to validate the potential and advance the Timok East Project
Corporate Update
Electrum Discovery is pleased to report that it continues to build its local exploration team.
Veljko Dikić, joined the Company as an Exploration Geologist. Veljko brings significant relevant copper-gold porphyry and high sulphidation epithermal experience within the Timok region, gained through his time working for Zijin Mining Ltd. Veljko holds BSc (Geology) and MSc (Geochemistry and Petrology) from University of Belgrade, Faculty of Mining and Geology.
Luka Jović, has also joined the team as an Exploration Geologist. Luka is proficient with all aspects of exploration geology, with a particular expertise in skarn deposits, most recently gained with Zlatna Reka Resources (Strikland Metals Limited (ASX: STK), Luka holds BSc (Geology) and MSc (Geochemistry and Petrology) from University of Belgrade, Faculty of Mining and Geology.
Miloš Vučković (Vučko), joined Electrum as a Senior Geotechnician. Vučko is a veteran geotechnician with 15 years of field experience most recently with Terra Balcanica Resources Corp. (TSXV:TERA). In addition to being an experienced geotechnician, Vučko is a natural prospector and excellent logistics manager.
Furthermore, the Company announces that it has granted an aggregate of 3,610,000 incentive stock options to certain officers, directors and consultants of the Company under its Stock Option Plan. All options are exercisable at $0.13 per common share, are subject to vesting requirements and have an expiry date of November 13, 2029. Additionally, the Company has granted 300,000 deferred share units (“DSUs”) to directors of the Company under the terms of the Company’s omnibus equity incentive plan.
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.
- 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.
- 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.
For more information contact:
Dr Elena Clarici, Chief Executive Officer and Director
T: +1 604 801 5432 | E: [email protected] | W: electrumdiscovery.com
Qualified Person
The scientific and technical contents of this news release have been reviewed and approved by R. Michael Jones P.Eng . Mr. Jones is a non-independent Qualified Person as defined by NI 43-101 and a director of the Company. He has visited the property several times and verified the data gathered by technically competent experienced staff by reviewing, the assay certificates, the QAQC procedures and reports of company and lab samples, the geological data and interpretation and reviewing the qualifications of the persons completing and compiling the field work.
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.
