Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP. IDENTIFIES NEW STYLES OF GOLD MINERALIZATION ON CONSOLIDATED 522 SQUARE KILOMETERS NOVO TLAMINO PROJECT

Electrum Discovery Corp. has provided 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, currently covering 522 square kilometres. 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 670,000 oz (ounces) AuEq (gold equivalent).

Highlights

• Initial fieldwork and data evaluation have outlined several promising new targets for follow-up exploration.
  • Jube Jube: four gold anomalies over three kilometers strike length;
  • Karamanica: presence of sulphide-mineralized vuggy silica suggests high sulphidation exploration targets;
  • Liska: fault zone between Liska and Barje identified as a high-priority target.
• Efforts have focused on defining geological models through fieldwork and desk-based data evaluation and interpretation.

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, chief executive officer of Electrum Discovery.

Target updates

Jube Jube target

The analysis of past exploration data has identified four surface gold anomalies in soil samples over a three-kilometre 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 five kilometres to the northwest. The largest anomaly trends north-south and is located about 200 metres 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.

Karamanica target: Reinterpretation of past soil and rock-chip data/ has defined surface Au-Ag-Cu (gold-silver-copper) anomalism in soils over an approximate three-by-three-kilometre area, with rock-chip samples assaying up to 7.4 grams per tonne Au, 240 g/t Ag and 4.7 per cent 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 (lead-zinc) mine, a subvertical vein-hosted deposit southeast of the main anomalous zone. At Karamanica, eight holes were drilled in the past, totalling 1,996.5 metres targeting the Bosilegrad mine extension and gold anomalism over limestone in the north. This drilling intercepted varying degrees of gold mineralization, including 2.0 metres at 0.9 g/t Au from 241 metres 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 co-ordinates plotted in a figure shown in the original news release.

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.

Liska target

The Liska Pb-Zn occurrence is located 1.5 kilometres south of the company's wholly owned Barje deposit within the same exploration licence. Core, field-outcrop and 3-D 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 7.1 Mt (million tonnes) at 2.5 grams per tonne Au and 38 g/t Ag containing 570,000 oz Au and 8.6 Moz Ag or combined 670,000 oz of AuEq at 2.9 g/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 (internal rate of return) of 69 per cent, and a pretax NPV of $101-million (U.S.) at discount rate of 8 per cent, using prices of $1,500 (U.S.)/oz Au and $16.5 (U.S.)/oz Ag.

This continuing 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 one to 1.5 kilograms 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 DOO 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 National Instrument 43-101 technical report for the Tlamino project, Serbia Addison Mining Services Ltd.

About Electrum Discovery Corp.

Electrum Discovery is an emerging, Canadian-based mineral exploration and development company focused on the prolific Western Tethyan belt with two main projects spanning 645 square kilometres of prospective exploration ground in the Republic of Serbia.

Novo Tlamino, located in the southeast of the Republic of Serbia, covers 522 square kilometres and includes an inferred mineral resource estimate of 670,000 oz AuEq. Timok East extends over 123 square kilometres across the Timok copper-gold region and includes the recently discovered Bambino copper-gold anomaly, located less than five kilometres 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.

Qualified person

The scientific and technical information in this presentation has been reviewed and approved by Aleksandar Vuckovic, a qualified person for purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Vuckovic is independent of the company and is a member of Australian Institute of Geoscientists (AIG).

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