Identification Of Anomalous Copper Values At Northern Makoviste And Western Luka Concessions

VANCOUVER – Electrum Discovery Corp. reported on its exploration and corporate activities. Current exploration program focused on testing historic copper anomalism in soils at the Timok East Project, which shows a strong spatial correlation with outcropping Jurassic and Cretaceous limestones over a strike length of ~6 kilometers. This is considered a target for skarn and/or porphyry-style mineralization and is the subject of further mapping and sampling. Broader prospecting of the greater Timok East Project reveals further targets of interest - including potentially mineralized stockwork within Palaeozoic metasediments – with a historic rock chip assay result of 3.1% Cu1 obtained in the past by First Quantum Minerals, and potential orogenic gold occurrences similar to those at the neighbouring Deli Jovan project.  

At present, the Company’s exploration focus is its Timok East Project, located on the copper-gold Western Tethyan Belt, in the Republic of Serbia. Timok East 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, Cukari Peki and Majdanpek, each owned and operated by Zijin Mining Ltd. Current exploration is centred on the contiguous Luka and Makovište permits (74 square kilometers combned), portions of which were previously held and explored by First Quantum Minerals Ltd. (FQM) between 2016 and 2020.

FQM data readily demonstrate a strong spatial correlation between copper anomalism in soils and outcropping Jurassic and Cretaceous limestones over a strike length of ~6 kilometers. Considering their proximity to Veliki Krivelj, makes them a target for skarn and/or porphyry-style mineralization.  

To date, a total of 372 soil and 22 rock chip samples have been collected by the Company to define targets for geophysical surveys and drill-testing.

Eastward prospecting of Timok East beyond the Jurassic and Cretaceous limestones has revealed further targets of interest in Palaeozoic metasedimentary and ophiolitic rocks. Results of the current exploration program and the above noted samples are awaited and will be reported in due course.

Luka and Makovište together cover four distinct geological domains. Initial work originally targeted the historic copper anomalism concordant with Jurassic and Cretaceous limestones identified by FQM. Field work by the Company has validated further targets of interest in Palaeozoic metasedimentary and ophiolitic rocks to the east of the limestones.

Replacement / skarn type gold-base metal mineralisation linked to the Veliki Krivelj porphyry system and associated intrusion. Ridgeline and 400 x 400 m gridded soil sampling by FQM defined a linear 5 km copper anomaly over the limestone ridge. Detailed geological mapping and resonance rock chip sampling across the anomalous zone to better understand the source of anomalism and in order to effectively design follow-up exploration methods to further develop the target.

Satellite porphyry copper mineralisation associated with the Veliki Krivelj deposit, located 3 km to the west across analogous geological terrain.

Ridgeline and 400 x 400 m gridded soil sampling by FQM in the northern Makovište and western Luka concessions identified anomalous copper values up to 291 ppm. Orientation hand auger soil sampling survey to establish appropriate exploration method to test the under-explored Makovište portion of the TMC and to further define anomalous zones in Luka.

Various types of hydrothermal precious and base-metal mineralisation, including porphyry and epithermal type – linked to the proximal Bor mineralised trend. 400 x 400 m gridded soil sampling by FQM defined two large (>1 km2) copper anomalies in the southern Luka and northern Makoviste concessions. Historic rock chip sampling identified copper mineralisation (up to 3.1% Cu) in stockwork material in the centre of Makoviste. Infill 200 x 200 m gridded soil sampling over historic anomalies to delineate target structure orientations and vector in on anomalies for follow-up exploration. Follow-up soil sampling and rock-chip sampling over copper mineralised stockwork using a 25 x 50 m grid.

Historic ridge soil sampling by FQM in 2018, detected increased-level gold anomalies. Historic rock chip sampling by Reservoir Minerals / Orogen Gold PLC4 confirmed the continuation of the Gindusa gold system on the Luka property. Detailed geological mapping and rock chip sampling to define the strike and grade of the Gindusa extension. Two soil traverses across the zone, to identify parallel structures of interest and potential gold mineralisation associated with the ophiolite suture zone to the west.

Detailed geological mapping and rock chip sampling is currently under way in an area of extensive outcropping Jurassic and Cretaceous limestones anomalous in copper at Makovište. The anomaly has a strike length of ~6 kilometers and is approximately 270 meters wide. Orientation mapping work is underway on the anomaly to develop an efficient targeting strategy for further testing.

This domain hosts the major porphyry and epithermal copper and gold deposits of Bor, Veliki Krivelj, Cukari Peki and Majdanpek, which fall to the immediate west of the Jurassic and Cretaceous limestone targets described above. Copper anomalism across the domain was identified by FQM via soil sampling at Luka but was never properly tested. The Makovište portion of the TMC domain remains unexplored, and is the subject of a hand auger sampling program by Electrum. Once initial orientation works are completed, the Company plans to pursue a 400 x 400-meter soil, and/or auger sampling grid over the unexplored portion of the TMC within the Makovište exploration permit with a view to the identification of further porphyry targets.

Zone 3.

Palaeozoic gneisses, schists, and amphibolites are present as three northeast-southwest trending thrust slices within the Luka and Makovište exploration permits. Historic exploration work identified two zones of geological interest in this domain: in the areas of the northern Makovište and southern Luka exploration permits, two large copper anomalies were identified by FQM via soil sampling.

In conjunction with geological mapping of this area, Electrum has completed a 200 x 200 meter infill soil sampling grid comprising 169 samples to define targets for follow-up exploration. Assay results are pending and will be reported in due course. Geological mapping of Palaeozoic metasediments by Electrum has also recorded the presence of secondary copper mineralization (malachite and azurite) associated with exposed stockwork and alteration in historic trenches in central Makovište. While no historic follow-up work of this occurrence appears to have been pursued a historical rock chip sample returned a grade of 3.1% Cu.  Electrum completed a 50 x 25 meter soil sampling grid consisting of 81 samples to define potential copper anomalism along strike to the north and south of this trench, and providing a target for follow-up surface trenching.

Zone 4. Palaeozoic Ophiolite Targets

Cambrian ophiolites comprising ultrabasic and basic cumulates, sheeted dykes and volcanics crop out in the northeastern corner of the Luka exploration permit. Within this domain, Electrum's mapping, identified four shafts linked to the historic mining of orogenic gold-bearing silicified shear zones. Electrum believes this is a direct strike extension of the historic Gindusa mine, located approximately 1 kilometre to the southeast of the Electrum’s property. Gindusa was previously explored by Orogen Gold plc as part of their Deli Jovan Project.

Historically, trench sampling at Gindusa by Orogen returned results that included 3 meters @ 29 g/t Au in Trench TAG-2, 3.4 meters @ 61.4 g/t Au in Trench T6 and 2 meters @5.7 g/t Au in Trench T8. Additionally, Orogen completed a 1,426 meter diamond drill program at Gindusa, returning highlight intercepts of 0.5 meters @ 102 g/t Au, 0.7 meters @ 83 g/t Au and 5.1 meters @ 3 g/t Au. Gindusa is not presently within Electrum tenure.

Follow-up mapping is underway to better define the extent, orientation, and style of mineralization exploited by historic mining within Luka, and 96 soil samples were collected in the northeastern corner of the Luka exploration permit over two parallel NE-SW striking 150 meter spaced traverses, with the objective of seeking evidence for further Gindusa-style occurrences. These traverses will also be used to identify any potential gold anomalism associated with parallel gold mineralized structures and/or inflections within the ophiolite sequence and the western ophiolite-metasedimentary suture zone.