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Electrum Discovery Announces Audio-Magnetotelluric Geophysical Survey Results over the Central Bambino Anomaly at the Timok East Project and Provides Drilling Update

Written by Ad on February 19, 2025

Posted Under: Uncategorized

Vancouver, Canada, February 19, 2025 – Electrum Discovery Corp. (“Electrum” or the “Company“) (TSX-V:ELY |FRA:R8N |OTC:ELDCF) is pleased to announce the results from an Audio-Magnetotelluric (“AMT“) survey performed within the Bambino area of its 100% owned Timok East copper-gold project (the “Project“) in Serbia.

Dr Elena Clarici, CEO and President of Electrum commented: “The AMT survey results over the Bambino area provide additional support for and strengthen our conviction of the potential of the Company’s Timok East project. These findings highlight the deep-seated geological architecture that likely plays a crucial role in driving and focusing mineralization at Timok East, reinforcing our confidence in the region’s potential for significant copper and gold discoveries. With the support of advanced geophysical techniques like AMT, we are gaining invaluable insight into the geological setting, which will refine our exploration targets and guide our next steps.”

Audio-Magnetotelluric Survey

Electrum engaged 3D Consulting-Geo GmbH to conduct a broadband Audio-Magnetotelluric survey over the Bambino area of Timok East. The survey consisted of 14 stations spaced on a nominal 750-meter grid pattern (see Figure 1). AMT is a passive geophysical exploration technique used to map subsurface resistivity down to depths of over 5 kilometers, by measuring natural electromagnetic fields generated by global lightning strikes and ionospheric currents.

This method produces a resistivity model of the subsurface. Conductive areas may indicate fault zones, sulphide minerals, hydrothermal alteration, or conductive sedimentary sequences. Resistive anomalies may correspond with intrusive bodies, hydrothermal alteration, or quartz-rich clastic rock sequences.

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 Release 30^th October 2024, 4^th September 2024, and 3^rd July 2024) with AMT survey stations, profile lines corresponding to figure 2. and phase 1 & 2 IP lines (Coordinates/projection: EPSG 32634).

Figure 2: Cross-section profiles through a 3D inversion resistivity model from the AMT survey showing the location of Bambino targets areas in relation to the conductivity and resistivity anomalies, and locations of two drill holes (BC001 and BC002) on the Profile B.

The AMT survey provides insights into the deep geological architecture of Timok East, enhancing the Company’s understanding of potential hydrothermal drivers and conduits at depth. This information is critical in the identification and enhancement of exploration targets associated with deep-seated structures, alteration cells and intrusive bodies that are linked with hydrothermal mineralization in the area.

The survey identified a significant westerly-dipping conductivity high beneath the Bambino target at depths of 500–800 meters. This zone continues with increasing depth to the west into the TMC. Additionally, it continues eastward toward the surface, aligning with an unexplored ridgeline approximately 1.5 kilometers east of Bambino. This area presents a compelling target for follow-up mapping and surface geochemical analysis.

This conductive anomaly potentially highlights a deep-seated regional structure that may have provided a pathway for mineralizing fluids to move laterally out of the TMC and could be linked to a large mineralized system. Directly beneath this conductive feature, the AMT survey identified a substantial zone of higher resistivity, which may correspond to a deep-seated intrusive body, potentially acting as a separate or additional driver of hydrothermal activity in the area.

These findings reinforce the geological prospectivity for deep-seated hydrothermal systems beneath Bambino and in Electrum’s Timok East licenses, providing potential evidence for structural links to the TMC magmatism and potential hydrothermal drivers and migration pathways needed for significant porphyry, epithermal or skarn style mineralization.

Following the success of the initial AMT survey, an expanded AMT survey is being planned along with other geophysical and geochemical survey techniques, to further enhance the understanding of the deep geological environment and further refine exploration targets at Bambino and across the broader Timok East license.

Drilling Update

The Company is pleased to provide an update on its Phase 1 Diamond Drilling Program. The program has completed the drilling of 2 holes (Figure 1 and Table 1) for a total of 704.4 meters. Both holes drilled below surface copper-gold mineralization targeting chargeability and resistivity anomalies identified in the late-2024 HIRIP survey (News Release 30^th October 2024, 4^th September 2024, and 3^rd July 2024) at the Bambino Central target.

Table 01: Collar coordinates and orientations of complete diamond drillholes (EPSG:32634).

Drilling intersected varying intensities of chlorite-epidote alteration and silicification throughout both holes, along with stockwork-style quartz-calcite veining and skarn-style replacement featuring minor sulphide mineralization. These characteristics are indicative of the peripheral zones of a large hydrothermal mineral system and closely resemble the distal features of porphyry and epithermal systems in the Bor porphyry trend, and skarn type mineral deposits on the western margin of the Timok Magmatic Complex. Combined with the results of the AMT survey, these findings strongly suggest the presence of a deep primary exploration target, warranting further exploration.

All drill core from BC001 has been logged and sampled by Electrum’s geological team, and samples are currently being analyzed by ALS Laboratories at their facilities in Loughrea, Ireland, after sample preparation at ALS’s facilities in Bor, Serbia. Logging and sampling for BC002 has also been carried out by Electrum’s geology team with samples currently undergoing sample preparation at ALS’s facilities in Bor, Serbia.

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.

• 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.

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.

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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.

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.