Electrum Discovery Announces Geophysical Survey Results and Drilling Update at the Timok East Project

Electrum Discovery Corp. (TSX-V:ELY |FRA:R8N |OTC:ELDCF) announced the results from an Audio-Magnetotelluric (“AMT”) survey performed within the Bambino area of its 100% owned Timok East copper-gold project (the “Project”) in Serbia.

Highlights:

• The broadband AMT survey revealed a large-scale conductive body located 500-800 meters below the Bambino surface anomaly, dipping west, towards the Timok Magmatic Complex TMC.
• Potential for a deep-seated hydrothermal fluid migration pathway or potential mineralization or alteration linked to TMC related magmatism.
• A zone of high resistivity has been identified beneath this conductive anomaly, at depths below 1.5 kilometers. This feature potentially corresponds to a large intrusive body which may also be driving hydrothermal systems in the area.
• Additional AMT surveys are currently being planned along with other geophysical and geochemical survey techniques plus petrology studies to enhance the understanding of the geological environment and refine deeper exploration targets at Bambino and across the broader Timok East area.
• Results from the AMT coupled with preliminary geological observations from Phase 1 Diamond Drilling Program suggest a deeper primary hydrothermal system.

Audio-Magnetotelluric Survey

Electrum engaged 3D Consulting-Geo GmbH to conduct a broadband Audio-Magnetotelluric survey over the Bambino area of Timok East. The survey consisted of 14 stations spaced on a nominal 750-meter grid pattern (see Figure 1). AMT is a passive geophysical exploration technique used to map subsurface resistivity down to depths of over 5 kilometers, by measuring natural electromagnetic fields generated by global lightning strikes and ionospheric currents.

This method produces a resistivity model of the subsurface. Conductive areas may indicate fault zones, sulphide minerals, hydrothermal alteration, or conductive sedimentary sequences. Resistive anomalies may correspond with intrusive bodies, hydrothermal alteration, or quartz-rich clastic rock sequences.

Figure 1: Geology and surface geochemistry map showing the location of the Bambino and Bambino Central anomalies within the broader target area

Figure 2: Cross-section profiles through a 3D inversion resistivity model from the AMT survey showing the location of Bambino targets areas in relation to the conductivity and resistivity anomalies, and locations of two drill holes (BC001 and BC002) on the Profile B.

The AMT survey provides insights into the deep geological architecture of Timok East, enhancing the Company’s understanding of potential hydrothermal drivers and conduits at depth. This information is critical in the identification and enhancement of exploration targets associated with deep-seated structures, alteration cells and intrusive bodies that are linked with hydrothermal mineralization in the area.

The survey identified a significant westerly-dipping conductivity high beneath the Bambino target at depths of 500–800 meters. This zone continues with increasing depth to the west into the TMC. Additionally, it continues eastward toward the surface, aligning with an unexplored ridgeline approximately 1.5 kilometers east of Bambino. This area presents a compelling target for follow-up mapping and surface geochemical analysis.

This conductive anomaly potentially highlights a deep-seated regional structure that may have provided a pathway for mineralizing fluids to move laterally out of the TMC and could be linked to a large mineralized system. Directly beneath this conductive feature, the AMT survey identified a substantial zone of higher resistivity, which may correspond to a deep-seated intrusive body, potentially acting as a separate or additional driver of hydrothermal activity in the area.

These findings reinforce the geological prospectivity for deep-seated hydrothermal systems beneath Bambino and in Electrum’s Timok East licenses, providing potential evidence for structural links to the TMC magmatism and potential hydrothermal drivers and migration pathways needed for significant porphyry, epithermal or skarn style mineralization.

Following the success of the initial AMT survey, an expanded AMT survey is being planned along with other geophysical and geochemical survey techniques, to further enhance the understanding of the deep geological environment and further refine exploration targets at Bambino and across the broader Timok East license.

Drilling Update

The Company is pleased to provide an update on its Phase 1 Diamond Drilling Program. The program has completed the drilling of 2 holes (Figure 1 and Table 1) for a total of 704.4 meters. Both holes drilled below surface copper-gold mineralization targeting chargeability and resistivity anomalies identified in the late-2024 HIRIP survey (News Release 30th October 2024, 4th September 2024, and 3rd July 2024) at the Bambino Central target.

Table 01: Collar coordinates and orientations of complete diamond drillholes (EPSG:32634).

Drilling intersected varying intensities of chlorite-epidote alteration and silicification throughout both holes, along with stockwork-style quartz-calcite veining and skarn-style replacement featuring minor sulphide mineralization. These characteristics are indicative of the peripheral zones of a large hydrothermal mineral system and closely resemble the distal features of porphyry and epithermal systems in the Bor porphyry trend, and skarn type mineral deposits on the western margin of the Timok Magmatic Complex. Combined with the results of the AMT survey, these findings strongly suggest the presence of a deep primary exploration target, warranting further exploration.

All drill core from BC001 has been logged and sampled by Electrum’s geological team, and samples are currently being analyzed by ALS Laboratories at their facilities in Loughrea, Ireland, after sample preparation at ALS’s facilities in Bor, Serbia. Logging and sampling for BC002 has also been carried out by Electrum’s geology team with samples currently undergoing sample preparation at ALS’s facilities in Bor, Serbia.

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