Electrum Discovery Corp. Announces Expanded Copper Gold Target Area and Commencement of Trenching at Timok East
Vancouver - Electrum Discovery Corp. ("Electrum" or the "Company") (TSX-V:ELY |FRA:R8N |OTC:ELDCF) is pleased to announce the results of geological mapping, and the commencing of trenching at its Timok East copper-gold project in the Republic of Serbia. The project adjoins the Zijin's Bor copper-gold mining complex. Exploration in the region has recently increased significantly as a result of new investment and expansion of the +1 billion tonne mine, and several new discoveries in the district. | Highlights:
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Geological mapping and rock chip sampling completed by Electrum's geology team has revealed zones of hydrothermally-altered intrusive rocks with significant stockwork veining over a 1.5-kilometer NNW striking corridor. These altered intrusive units are strongly associated with surface copper anomalies identified in soils, with an increasing density of stockwork veining corresponding to the highest-grade copper anomalies at Bambino (see Figures 1 & 4).
Alteration assemblages vary within these units, ranging from argillic-altered felsic intrusive rocks to zones that have undergone complete textural destruction, characterized by silica recrystallization and iron-oxide gossan material with boxwork textures. These are elements that may be associated with porphyry copper styles of mineralization.
139 rock chip samples were collected during the mapping phase (see Figure 1). These samples will provide critical understanding of the copper and gold grade distribution across the central Bambino target and test the grade of new occurrences to the north and south.
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Figure 1: Geological map of the Bambino anomaly, highlighting structurally offset, repeating sequences of hydrothermally altered intrusive rock that coincides with increased stockwork veining and copper anomalism in soils.
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Figure 2: Photomicrograph hydrothermally altered intrusive stockwork material in PPL. Sample taken from the center of the Bambino anomaly. Note relic intrusive texture that has been replaced with quartz, sericite and other clay minerals.
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Figure 3: Photomicrograph of hydrothermally altered intrusive stockwork material in PPL taken from the center of the Bambino anomaly. Note argillically altered intrusive stockwork material with micro quartz-iron-oxide stockwork.
Following its successful mapping campaign, Electrum has initiated a 300-meter trenching program across the central Bambino anomaly, with four trenches planned to crosscut intense stockwork zones exhibiting high grade copper in soil geochemistry (see Figure 4). These trenches are planned to expose significant new transects of bedrock, providing key insights into the style of mineralization and grade distribution allowing for more efficient drill targeting.
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Figure 4: Geological map of the Bambino anomaly, highlighting structurally offset, repeating sequences of hydrothermally altered intrusive rock that coincides with increased stockwork veining and copper anomalism in soils.
Follow-up mapping of natural vegetation 'kill zones' around the northwestern anomaly has uncovered secondary copper mineralization in hydrothermally-altered intrusive and metasedimentary rocks, along with boxwork textures in iron-manganese oxide-rich gossan material in both outcrops and float, three kilometres north of Bambino (see Figures 5 & 6). The natural vegetation reduction or "kill" is likely related to the natural weathering of zones with suphide minerals.
These findings indicate similar styles of alteration and mineralization as those observed at Bambino and significantly increase the strike length of the potential target, with copper mineralisation now confirmed in rocks in several locations over 3.5 kilometres strike.
Follow-up mapping and sampling of this area, at additional kill zones and in the three kilometres of unexplored strike between the two anomalies is underway to outline any additional mineralisation and highlight further targets for follow-up exploration.
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Figure 5: Photographs of samples taken from the northern killzones (see Figure 5). Note relict stockwork structure in iron-oxide gossan in sample 1008404. Boxwork textures in iron-manganese oxide gossan in sample 1008405 and secondary copper (malachite) precipitation in clay altered metasedimentary material in sample 1008403.
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Figure 6: Satellite map of Bambino and the north-western anomaly, highlighting 'kill zones' and the location of secondary copper and gossan mineralization.
Oxide staining across the rocks at Bambino is common and includes jarosite, limonite, manganese oxide, martite, malachite, and azurite precipitation. The intensity of stockwork veining varies from weak (<1%) to intense (>10%), with a noticeable increase towards the north. These crosscutting veins range from sub-millimetre to 2 cm in diameter and are typically composed of quartz and iron-manganese oxides, with pervasive copper-oxide staining in some locations (see Figures 2 & 3). Some veins display boxwork textures resulting from the oxidation of sulfides, and the presence of glassy limonite along oxidised veins also indicates original chalcopyrite veining and in situ mineralisation.
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. Samples will be prepared and analyzed at SGS Serbia and Bulgaria, certification SRPS ISO / IEC 17025.
About Electrum Discovery Corp.
Electrum Discovery Corp. is an emerging, Canadian-based 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 Zijin's 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 (7,100,000 tonnes at 2.9 g/t AuEq average grade), PEA (2021)1.
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: info@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 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.
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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