Electrum Discovery Corp. Announces High Grade Gold and Copper-Gold Assays from Rock Chip Sampling at Timok East; Extends Further Bambino Anomaly
Vancouver - Electrum Discovery Corp. ("Electrum" or the "Company") (TSX-V:ELY |FRA:R8N |OTC:ELDCF) is pleased to announce results from rock-chip sampling carried across various targets at its Timok East copper-gold project ("Timok East") in the Republic of Serbia. The results have confirmed significant strike extensions of the Bambino copper-gold anomaly ("Bambino") and identified a potentially over-printing gold system. The property adjoins Zijin Mining Bor Copper-Gold Mining Complex and is just 4km east from the Veliki Krivelj copper gold porphyry mine. | Highlights:
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Dr Elena Clarici, CEO and President of Electrum commented: "Our new results are highly encouraging and continue to support thesis that significant mineralization exists outside the traditional Timok Magmatic Complex. Our neighbor, Dundee Precious Metals Inc. has identified multiple copper-gold and gold mineralization styles in sedimentary rocks on the western edge and outside of the traditional Timok Magmatic Complex, and we are also seeing copper-gold and gold mineralization to the east. Historically exploration has focused on the main Timok porphyry trend and the new potential for camp scale mineralization in sedimentary rocks, adjacent to this trend is now being widely recognized. Furthermore, we are particularly encouraged by the indications of multiple overprinting copper-gold and gold mineralizing events identified at Timok East."
Technical Details
Rock-chip sampling results, confirm high grade copper-gold and gold mineralization in rocks across several structurally offset, hydrothermally altered zones north and south of the central Bambino target, aligning with previously announced surface copper-gold anomalism in soils. Mineralized rocks, typified by quartz-limonite stockwork veining and gossan textures, have now been identified over four distinct ridges, extending 1.5 kilometers along the same geological unit and structure (see Figures 1 & 2).
Click Image To View Full SizeFigure 1: 3D map of the Bambino target, showing distinct, structurally offset copper-gold mineralized ridges over 1.5 strike kilometers.
Reported rock-chip assay results at Bambino are from 131 rock float and outcrop samples collected during mapping (see Figures 2, 3 & 4) and they confirm significant copper-gold and gold mineralization over 1.5 kilometers strike. Highlight samples include 14.2 g/t gold with low copper and 4.90 g/t gold with 0.51% copper, mineralized samples correlate with robust copper-gold and gold anomalism in soils. Copper-gold and gold only sample assay results indicate two potentially overlapping mineralizing systems at Bambino. The gold only-phase identified at Bambino is potentially linked to an additional 1 kilometer long gold anomaly in soils, that runs parallel to Bambino and has not yet been correlated with rock samples due to extensive surface cover (see Figure 2).
In total, 112 samples were taken across the central Bambino target (see Figures 2, 3 & 4), 77 samples returned copper grades from 0.1% to 5.75%, 11 samples returned gold grades over 0.1 g/t ranging to 14.2 g/t (see Tables 1, 2 & 3). This sampling provides important grade vectors for drill targeting across the northern and southern portions of central Bambino not covered by trenching.
| >5 % Cu | 1-5 % Cu | 0.5-1 % Cu | 0.1-0.5 % Cu | 0 - 0.1 % Cu | |
| No. Samples | 3 | 18 | 52 | 52 | 50 |
| >5 g/t Au | 2-5 g/t Au | 0.5-2 g/t Au | 0.1-0.5 g/t Au | 0 - 0.1 g/t Au | |
| No. Samples | 1 | 4 | 4 | 11 | 111 |
| >50 g/t Ag | 10-50 g/t Ag | 0 -10 g/t Ag | |
| No. Samples | 3 | 30 | 98 |
Click Image To View Full Size Figure 2: Geological map of the Bambino anomaly, showing copper rock-chip sampling results across the target area.
Click Image To View Full SizeFigure 3: Geological map of the Bambino anomaly, showing gold rock-chip sampling results across the Bambino target area.
In total 10 samples were taken from the Bambino 1 & 2 Targets (see Figures 2, 3 & 4). These targets are located directly NNW from central Bambino, offset by an E-W striking inferred fault. Five samples were taken from rock float with hydrothermal alteration, stockwork and gossan textures, from a NNW striking 150 meter long zone. These samples returned gold grades ranging from 0.51 - 4.93 g/t Au, copper grades from 0.42 - 1.12 % Cu and silver grades from 9 - 71 g/t Ag.
Six rock chip samples were taken across the Bambino 3 & 4 Targets to the SSE of Central Bambino. Two samples returned significant assay results, returning 0.30 % Cu from one sample at Bambino 3 and 0.53% Cu, 0.27 g/t Au and 30 g/t Ag from one sample at Bambino 4. The grade and mineralization style is consistent with central Bambino and Bambino 1 & 2 Targets. (see Figures 2, 3 & 4).
The style of mineralization observed at the Bambino 1, 2, 3 & 4 Targets is similar in style to that found across the top of the central Bambino ridge and interpreted to be direct strike extensions of the same system, significantly increasing the known mineralized footprint of Bambino to the north and south. The elevated correlating copper, gold and silver grades of the new targets is in-line with the more distal part of a mineralizing system in a classic porphyry copper-gold model.
Follow-up more detailed mapping and additional sampling will aim to further define the extent of mineralization across these targets and investigate the structural off-sets and genetic links with central Bambino.
In addition to the sampling at Bambino, three rock-chip samples were taken from Gossan altered rocks with secondary copper minerals from the Northern Anomaly. Rock-chip assays returned between 10 - 205 g/t silver, 1.12 - 2.14% copper, and 0.15 - 0.87 g/t gold, confirming high-grade copper-gold mineralization, with previously un-identified silver potential 3 kilometers north of Bambino along same geological structure. Over 1.3 kilometers of on-structure strike remains un-explored between Bambino and the Northern Anomaly.
Click Image To View Full SizeFigure 4: Geology map of the Central Timok East target trend, highlighting planned soil sampling grids over un-explored strike extension targets and exploration plans at developed targets.
Sample Collection, QA/QC, Preparation and Analysis
Rock and soil sample locations were recorded using a Garmin handheld GPS with a nominal accuracy of 3 meters, and the location was then photographed with the labelled sample. Samples will be analyzed using a combination of four-acid digest with an AAS finish for copper and 50g fire assay with an AAS finish for gold analysis. Samples were submitted in batches of 40, made up of 38 samples, one CRM, and one blank. All batches passed QAQC Samples were be prepared and analyzed at SGS Serbia & Bulgaria (certification SRPS ISO / IEC 17025).
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)
Electrum's management team is focused on maximizing shareholder value through the acquisition and advancement of a large portfolio of copper-gold assets, 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: elena@electrumdiscovery.com | 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 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.
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