Electrum Discovery Corp. Identifies Additional Copper-Gold Anomalies at the Timok East Project

May 22, 202406:01 UTC

(TheNewswire)

Vancouver, Canada – TheNewswire- May 22, 2024 – Electrum Discovery Corp. ("Electrum", or the "Company")(TSXV:ELY) | (FRA:R8N) ispleased to announce additional copper-goldanomalies on its Timok East Project("Timok East"), located five kilometres east of Zijin Mining’sworld-class Bor copper-gold mining complex, on the Western TethyanBelt, in the Republic of Serbia.

Newly defined anomalies located two kilometres alongstructure and within the same units as the previously announcedBambino anomaly.
Several kilometres of on-structure strike betweenanomalies remain unexplored and sampling is ongoing.

Soil samples were collected over a 200 x 200-metergrid, infilling areas of anomalism identified by First QuantumMinerals' gridded soil sampling in 2019. Sampling extended andconfirmed historic anomalies, resulting in the definition of two largecopper-gold anomalies, located approximately 2.5 kilometres to the northwest and northof the Bambino anomaly (See Figure1), straddling the sameregional fault and following the same group of Palaeozoic schists.

The Northwestern Anomaly measures approximately 1.2 kilometres long by 400 meters wideand shares a similar NW orientation and geochemical signature withBabmino, with peak assay values in the soil of 622 ppm Cu and 39 ppbAu (See Figure 2).

The Northern Anomaly is locatedapproximately three kilometres to the north of Babmino, across arepeat sequence of fault-bound Palaeozoic schists. Copper-goldanomalous zones have been defined within several pods measuring up to400 x 400 meters each, with peak assay grades of 468 ppm copper and 19ppb in soils (See Figure 2).

Dr Elena Clarici, Chief Executive Officer and Directorof Electrum Discovery Corp., commented:"The identification ofadditional large copper-gold anomalies at Timok East is a highlyencouraging development at this stage of exploration and underscoresthe project's potential for new discoveries. These anomalies are in an area overlookedby historic exploration although still in vicinity of world classporphyry copper gold mines.The presence of these anomalies within the same Palaeozoic schistunits as Bambino suggests the potential for an extensive copper-goldmineralized system on the property. These results give us an excellentbaseline for continuous systematic exploration tofurther define and develop these targets."

Click Image To View Full Size

Figure 1: Simplified schematicgeology map highlighting copper-gold anomalies on the Timok EastProject, in relation to Bambino, the Veliki Krivelj and Bor copperdeposits; Electrum DiscoveryCorp., May 2024.

Click Image To View Full SizeFigure 2: Copper soil and rock chip sample results highlighting newnorthern and northwestern copper anomalies in relation to Bambino andthe Veliki Krivelj porphyry copper deposit; Electrum Discovery Corp., May 2024.

In addition to expanding the Bambino anomaly withfurther tightly spaced soil grids, the next phases of exploration willalso focus on infilling the 200 x 200-meter soil grid to furtherdefine the orientation and extent of the northern anomalies.Additional grids are also planned to test the unexplored two-kilometrestrike of fault-bound Palaeozoic schists between the northern andBambino targets.

Sample Collection, QA/QC, Preparation and Analysis

Soil samples reported in this news release werecollected from the B-horizon from a depth of between 15-40centimetres. Each sample location was recorded using a Garmin handheldGPS with a nominal accuracy of 3 meters, and the location was thenphotographed with the labelled sample. Sampleswere prepared and analysed at SGS Bulgaria. Soil samples were driedand pulverized in their entirety, with 85% passing 75 microns. Sampleswere then analysed using a combination of four-acid digest with anICP-MS finish (49 elements) and 50g fire assay with an ICP-MS finishfor gold analysis (1-2000ppb). Samples were submitted in batches of45, made up of 40 samples, two CRMs, two blanks, and one duplicate.QA/QC samples performed well, with all batches passing Companycriteria.

Rock chip samples reported in this news release wereprepared and analysed at SGS Serbia and Bulgaria. Samples wereprepared by drying, (<3.0 kg), crushing to 75% passing 2 mm, 250gwas then split and pulverized to 85% passing 75 μm. Samples were thenanalysed using a combination of four-acid digest with an ICP-MS finish(49 elements) and 50g fire assay with AAS finish for gold analysis(0.01-1000ppm). Samples were submitted in batches of 25, made up of 22samples, one CRM, one blank, and one duplicate. QA/QC samplesperformed well and all batches passed predefined criteria.

About Electrum Discovery Corp.

Electrum Discovery Corp. is an emerging, Canadian-basedmineral exploration and development company focused on copper and goldon the prolific Western Tethyan Belt with activities in the Republicof Serbia. The Company is currently pursuing two projects: the TimokEast copper-gold project adjacent to the world-class Bor miningcomplex and the New Tlamino gold project, located in Southern Serbia.

Electrum's management team is focused on maximizingshareholder value through the acquisition and advancement of a largeportfolio of copper-gold assets, while fostering sustainability,governance and knowledge transfer in the region.

Additional information on Electrum Discovery Corp. canbe found by reviewing the Company's page on SEDAR+ at www.sedarplus.ca.

For more information contact:

Dr Elena Clarici, Chief Executive Officer andDirector

T: +1 604 8015432 | E: info@electrumdiscovery.com | W: electrumdiscovery.com

Qualified Person:

The scientific and technical contents of this newsrelease have been reviewed and approved by Chris Wilson, B.Sc. (Hons),PhD, FAusIMM (CP), FSEG, FGS. Dr. Wilson is a Qualified Person asdefined by NI 43-101. Dr Wilson is a consultant to the Company.

Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this news releaseconstitute “forward-looking information” within the meaning ofCanadian securities legislation. All statements included herein, otherthan statements of historical fact, are forward-looking information.Such statements include disclosure relating to the PEA for Tlamino and the Company’s objectivesto convert existing inferred resources at Tlamino into measured andindicated resources, along with 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 beidentified 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 unknownrisks, uncertainties and other factors which may cause the actualresults, performance or achievements of Electrum, to be materiallydifferent from any results, performance or achievements expressed orimplied by forward-looking information. Suchuncertainties and factors include, among others, uncertaintiesinherent in the PEA and the estimation of mineral resources; risksrelated to the failure to obtain adequate financing on a timely basisand on acceptable terms; changes in general economic conditions andfinancial markets; risks associated with the results of explorationand development activities, and the geology, grade and continuity ofmineral deposits; unanticipated costs and expenses; and such otherrisks detailed from time to time in Electrum's quarterly and annualfilings with securities regulators and available under Electrum'sprofile on SEDAR+ at www.sedarplus.ca. Although Electrum hasattempted to identify important factors that could cause actualactions, events or results to differ materially from those describedin forward-looking information, there may be other factors that causeactions, events or results to differ from those anticipated, estimatedor intended.

Forward-looking information contained herein are basedon the assumptions, beliefs, expectations and opinions of management.Forward-looking information has been made as of the date hereof andElectrum disclaims any obligation to update any forward-lookinginformation, whether as a result of new information, future events orresults or otherwise, except as required by law. There can be noassurance that forward-looking information will prove to be accurate,as actual results and future events could differ materially from thoseanticipated in such information. Accordingly, investors should notplace undue reliance on forward-looking information.