Electrum Discovery planning IP survey, drilling at Timok East, Serbia
Electrum Discovery Corp. [TSXV: ELY] provided a corporate update and further plans for its exploration activities at its Timok East copper-gold project in Serbia.
Exploration at Timok East has successfully defined high-priority drill targets using a combination of surface geochemical sampling, mapping and trenching. The next phases of exploration will aim to further define and test these targets at depth using a combination of detailed geophysics and diamond drilling.
Exploration milestones at Timok East to date: A significant, open-ended copper anomaly defined in soils over 1.8 km strike at Bambino.An additional one-km-long gold anomaly, parallel to the copper zone was also established. Follow-up geological mapping and rock-chip sampling confirmed copper, gold and silver mineralization in limonite stockwork and gossan material over 1.4 km over five main targets at Bambino.
Remote sensing, followed by mapping and rock-chip sampling, identified copper-gold-silver mineralization in outcrop at the Northern anomaly, three kilometres north from Bambino Central along geological strike.
Trench sampling at Bambino Central returned weighted average assays value of 0.43% copper over 133.5 metres along strike.
To further develop the Bambino target, Electrum is planning an imminent IP survey, to be followed by a maiden 2,000-metre diamond drill program, which is scheduled to start in late December 2024.
The Timok East project is located on the edge of Timok magmatic complex (TMC), a significant copper-gold district located in the Republic of Serbia. TMC has a long history of copper-gold mining, dating back to 1903, and, in recent years, has emerged as a world-class exploration district. Recent discoveries, including Cukaru Peki (2012), have underscored the area’s potential for large-scale porphyry copper-gold deposits.
Notably, new deposit models in areas outside of the traditional TMC porphyry trend are proving highly prospective. Dundee Precious Metals’ work on the western TMC margin has revealed high-grade gold and copper mineralization in skarn-type and sedimentary-hosted settings, breaking conventional exploration paradigms.
Electrum’s Bambino anomaly lies on the eastern flank and slightly outside the traditional TMC but exhibits similar characteristics with existing known copper-gold porphyries and high-sulphidation epithermal deposits in the area as well as new deposit models exhibited on the western TMC boundary, principally: copper-gold mineralization with low molybdenum; overprinting gold mineralization with significant silver values and Extensive stockwork-style veining indicative of intense fluid interaction.
Exploration plan for Q4 2024/Q1 2025: Following the successful completion of mapping and trenching at the Bambino target, Electrum is advancing exploration efforts with a high-resolution resistivity and induced polarization (HIRIP) survey. This geophysical program aims to refine the understanding of the subsurface geology, particularly the orientation and depth of potential hypogene mineralization zones.
The HIRIP survey will be executed in two phases: Phase 1: Three survey lines, each 900 metres in length, will traverse the Bambino Central target. Phase 2: Six additional survey lines, also 900 metres each, will focus on the northern and southern Bambino extensions (Bambino 1, 2, 3 and 4), areas identified through previous mapping and surface geochemical analysis.
Together, these phases will cover approximately 1.6 km of strike length, with an estimated depth penetration of 300 metres.
The IP component of the survey is designed to detect chargeability anomalies, which could indicate zones of elevated sulphide content associated with primary, potentially higher-grade sulphide stockwork mineralization. The integration of resistivity and chargeability data will provide critical insights into the depth and spatial orientation of key targets, aiding in the precise planning of drill holes for the coming maiden drill program.
The geophysical survey is expected to be completed by mid-December 2024, with results available shortly thereafter.
Concurrently, Electrum has secured a reputable drilling contractor for a 2,000-metre maiden drill program at the Bambino Central target. Logistical preparations are under way, including the construction of drill roads and securing appropriate core-handling facilities.
Drill targets will be prioritized based on a comprehensive analysis of trench mapping and sampling, surface geochemistry (soil and rock-chip data), and the results from the HIRIP survey. This integrated approach will ensure that the initial drill holes are optimally positioned to efficiently test the Bambino Central target defined on surface.
This drill campaign marks a significant milestone for Electrum as it aims to validate the potential and advance the Timok East Project
Electrum Discovery is pleased to report that it continues to build its local exploration team. Veljko Dikic has joined the company as an exploration geologist. Luka Jovic has also joined the team as an exploration geologist. Milos (Vucko) Vuckovic has joined Electrum as a senior geotechnician.
Furthermore, the company granted an aggregate of 3.61 million incentive stock options to certain officers, directors and consultants of the company under its stock option plan. All options are exercisable at 13 cents per common share, are subject to vesting requirements and have an expiry date of November 13, 2029. Additionally, the company has granted 300,000 deferred share units (DSUs) to directors of the company under the terms of the company’s omnibus equity incentive plan.
Timok East extends over 123 km2 across the Timok copper-gold region and includes the recently discovered Bambino copper-gold anomaly, located less than five km from the Bor copper-gold mining complex.
Novo Tlamino, located in the southeast of the Republic of Serbia, covers 522 km2 and includes an inferred mineral resource estimate of 670,000 ounces gold equivalent (7.1 million tonnes at 2.9 g/t gold equivalent average grade).