Timok East

The Timok East copper-gold project is located on the prolific copper-gold Western Tethyan Belt, in the Republic of Serbia. Project is composed of 3 mineral exploration permits: Luka, Makovište and Bukova Glava, covers a total of 123 square kilometers of exploration ground and is adjacent to the world-class mining operations of Bor, Veliki Krivelj, Čukari Peki and Majdanpek, each owned and operated by Zijin Mining Ltd (Figure 1).

Figure 1: Map showing Electrum Discovery Corp. and major third-party mineral exploration and mining companies’ properties in the Bor region. Third-party resource figures sourced from Jelenkovic, Rade & Milovanović, Dragan & Koželj, Dejan & Banješević, Miodrag. (2016). The Mineral Resources of the Bor Metallogenic Zone: A Review. Geologia Croatica. 69. 143-155.

Current exploration is centred on the contiguous Luka and Makovište permits (73.78 square kilometers combned), portions of which were previously held and explored by First Quantum Minerals Ltd. between 2016 and 2020.

The Bor metallogenic zone hosts one of the highest concentrations of Cu mineralization in the Eurasian Tethyan Belt. The Bor mining district has 100+ years history of mining of the large porphyry Cu-Au and high-sulfidation Cu-Au deposits.

The most recent discovery is world class Čukari Peki¹ with two types of mineralization:

     I. High sulfidation Upper Zone: 28.70Mt @ 3.7% Cu & 2.40g/t Au in M+I category and 13.90Mt @ 1.6% Cu & 0.90g/t Au in inferred category

     II. The Porphyry style Lower Zone: 1,659Mt @ 0.86% & 0.18g/t Au in inferred category

Following soil and rock chip sampling, in May 2024, Electrum has identified a significant copper-gold anomaly on the Makovište exploration permit, named ‘Bambino’. The Bambino anomaly occurs within a series of Lower Paleozoic-age schists and marbles, which include stockwork style veining in outcrops from which rock chip samples returned grades of 2.85% and 0.32% copper.

¹ See NI 43-101 Technical Report – Timok Copper-Gold Project, Serbia: Upper Zone Prefeasibility Study and Resource Estimate for the Lower Zone, Nevsun Resources Ltd., June 19, 2018

Figure 2. Simplified schematic geology map showing the position of Bambino anomaly, April 2024, Electrum Discovery Corp.

Figure 3. An example of stockwork boulder from the Bambino target

The anomaly measures approximately 550 meters in length and over 100 meters in width, following a southeast-northwest trend. Copper grades in soil display a high degree of continuity within this anomaly and are zoned outward from a central continuous core, ranging from 500 – 8238 ppm copper, which remains open in all directions. Gold anomalism in soils ranges up to 203ppb gold and remains open in all directions.

Figure 4. Copper in Soil and Rock Chip Samples (ppm) at Bambino Target, May 2024, Electrum Discovery Corp.

Figure 5. Gold in Soil and Rock Chip Samples (ppm) at Bambino Target, May 2024, Electrum Discovery Corp.

The Company is presently engaged in geological interpretation of the Bambino anomaly and is planning follow-on exploration to target potential extensions of the anomalys footprint to the southeast and northeast.