Electrum Discovery Corp. Identifies New Styles of Gold Mineralization on Consolidated 522 square kilometers Novo Tlamino Project
(TheNewswire)
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Vancouver, Canada – TheNewswire – July 18, 2024 – Electrum Discovery Corp. ("Electrum" or the "Company") (TSX-V:ELY |FRA:R8N |OTC:ELDCF) is pleased to provide an update on its activities at Novo Tlamino.
The Company strategically consolidated an entire district, through a large-scale permit application program and corporate acquisitions creating the Novo Tlamino Project (“Novo Tlamino” and/or “Project”), currently covering 522 square kilometers. The Project is located in the Paleogene-Miocene magmatic portion of the Western Tethyan Belt in southern Serbia and includes the wholly owned Barje gold deposit with an inferred mineral resource of 670,000oz Au Eq(1).
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HIGHLIGHTS
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Electrum's consolidation of the Tlamino district, combined with fieldwork and historical data analysis, has uncovered new styles of mineralization previously overlooked, generating high-value targets for follow-up exploration.
"We are very encouraged by the results of our data review and initial fieldwork at Novo Tlamino. The definition of new anomalies at Jube Jube and newly recognized mineralization styles across the vast exploration land holding underscores the potential of the Novo Tlamino Project. Our team's efforts to develop geological models have positioned us well for the next phase of exploration. We look forward to further unlocking the value of Novo Tlamino and advancing our high-priority targets," Dr. Elena Clarici, CEO of Electrum Discovery Corp.
Click Image To View Full SizeFigure 1: Geology map with surface soil sample gold geochemistry
showing the existing gold resource at Barje and three main targets
identified for follow-up exploration on the Novo Tlamino Property:
Jube Jube, Karamanica and Liska.
Target Updates
Jube Jube Target: The analysis of past exploration data has identified four surface gold anomalies in soil samples over a 3 kilometers strike length. Three of these anomalies appear to be associated with structures along the same geological contact as the privately owned Grot polymetallic skarn deposit, located approximately 5 kilometers to the northwest. The largest anomaly trends north-south and is located about 200 meters east of the western boundary of the Crnook metamorphic dome complex. To date, no historical drilling or substantial follow-up exploration work has been conducted on this target.
Follow-up mapping and rock-chip sampling are planned to identify the underlying source of the anomalies and delineate targets for scout drilling.
Click Image To View Full SizeFigure 2: Geology map of the Jube Jube target. Highlighting
exploration targets over surface anomaly in soil samples.
Karamanica Target: Reinterpretation of past soil and rock-chip data/ has defined surface Au-Ag-Cu anomalism in soils over an approximate 3 by 3 kilometers area, with rock-chip samples assaying up to 7.4 g/t Au, 240 g/t Ag, and 4.7% Cu. Previous alteration mapping of silicification, correlates well with high Au-Cu anomalism. Current fieldwork by Electrum has identified sulphide-mineralized vuggy silica in historical mine dumps within a broad silicified zone in the south of the anomaly. Sulphide-mineralized vuggy silica is typically associated with high-sulphidation epithermal systems, a potential target that was previously unrecognized at Karamanica.
Past exploration focused on the western strike extension of the privately owned Bosilegrad Pb-Zn mine (Source: www.minecogroup.com/bosilegrad), a subvertical vein-hosted deposit southeast of the main anomalous zone. At Karamanica, eight holes were drilled in the past, totaling 1,996.5 meters targeting the Bosilegrad mine extension and gold anomalism over limestone in the north. This drilling intercepted varying degrees of gold mineralization, including 2.0 meters at 0.9 g/t Au from 241 meters in hole KAR002. The Yugoslav State also drilled several holes in the area over an unknown period, however, the only data available on these holes are the location coordinates plotted in Figure 4.
The next phase of exploration will focus on detailed mapping of the alteration assemblages across the whole of Karamanica, including delineation and sampling occurrences of vuggy silica, ahead of drill targeting.
Click Image To View Full SizeFigure 3: Example of vuggy silica material taken from Karaminca.
Note black Enargite copper-sulphide mineralisation within vughs. The
location these samples were taken from is highlighted in Figure 4 with
‘Vuggy Silica Samples’.
Click Image To View Full SizeFigure 4: Map showing surface soil gold anomalies, rockchip samples
and silicification mapped zones across the Karamanica exploration
target.
Liska Target: The Liska Pb-Zn occurrence is located 1.5 kilometers south of the Company’s wholly- owned Barje deposit within the same exploration license. Core, field-outcrop and 3D model review has concluded that both Liska and Barje are likely controlled by the same low angle detachment fault. This prospective fault between Liska and Barje zone remains underexplored and has been identified as a high priority exploration target.
The Barje gold deposit hosts an inferred mineral resource estimate of 7.1Mt @ 2.5g/t Au and 38 g/t Ag containing 570,000oz Au and 8.6Moz Ag or combined 670,000oz of AuEq at 2.9g/t AuEq. Cut-off grades of 0.6 g/t AuEq for the high-grade breccia domain, 0.8 g/t AuEq for low grade schist domain, and 0.5 g/t AuEq for partially oxidized domain were used. The 2021 Preliminary Economic Assessment (“PEA”) of the project returned an IRR of 69%, and a pre-tax NPV of US$101m at discount rate of 8%, using prices of US$1,500/oz Au and US$16.5/oz Ag.(1)
This ongoing geological re-evaluation has significantly enhanced the understanding of the Novo Tlamino property, providing critical context for both past and new exploration targets.
Quality Assurance and Quality Control
The soil and rock samples were taken by the qualified team of the previous operating company acquired by the Company. Soil samples weighing 1 to 1.5kg were collected from B horizon material after removal of the A horizon, by GPS position control. The soil and rocks samples were analyzed by ICP methods at ALS Group accredited labs: ALS Laboratory Services D.O.O in Bor, Republic of Serbia and ALS Laboratory in Loughrea, Republic of Ireland. Further details on the sample and assay procedures can be found in the Preliminary Economic Assessment and NI 43-101 Technical Report for the Tlamino Project, Serbia Addison Mining Services Ltd. Pages 123-127 of 262.
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.
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. 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 Mining Complex.
Electrum's management team has been 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.
Qualified Person
The scientific and technical information in this presentation has been reviewed and approved by Aleksandar Vučković, a Qualified Person for purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr Vučković is independent of the Company and is a Member of Australian Institute of Geoscientists (AIG).
For more information contact:
Dr Elena Clarici, Chief Executive Officer and Director
T: +1 604 801 5432 | E: elena@electrumdiscovery.com | W: electrumdiscovery.com
(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.
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.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
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 disclosure relating to the 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, risk 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. 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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