Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP. ANNOUNCES FURTHER POSITIVE ROCK CHIP SAMPLE ASSAY RESULTS AND REMOTE SENSING MAPPING AT TIMOK EAST

Electrum Discovery Corp. has released the results from recent rock-chip sampling and remote sensing mapping at its Timok East copper-gold project in the Republic of Serbia.

Highlights:

• Copper and gold in soil are now correlated with known copper-gold mineralization in a regional setting and with neighbouring large-scale copper-gold mines.
• Rock-chip sampling confirms significant copper-gold mineralization at Bambino, with assays including 1.85 per cent copper and 1.27 grams per tonne gold in rock chips.
• Significant copper mineralization was identified in bedrock adjacent to northern copper soil anomaly, returning 7.55 per cent copper in a rock-chip sample.
• Remote sensing has highlighted several killzone targets using new eight-band WV2 satellite imagery.

Twenty-one rock-chip samples were collected from float, subcrop and outcrop exposures at the Bambino anomaly, returning assay values from trace (12 samples less than 100 parts per million copper) to 1.85 per cent copper and 1.27 grams per tonne gold. Consequently, significant copper mineralization (greater than 1,000 parts per million copper) has now been confirmed in seven rock samples over 550 metres strike across the Bambino area.

Furthermore, the company has identified additional notable copper mineralization between the contact of an outcropping intrusive felsic dike and surrounding metasediments, located 400 metres southeast from the northern soil anomaly. One rock-chip sample was taken at this contact returning assay grade of 7.55 per cent copper. This underscores the prospectivity of underexplored northern section of the property and outlines targets for follow-up mapping and sampling.

Electrum's geological team is currently planning a trenching program across Bambino that will facilitate detailed geological mapping and trench sampling across the prospect to define high-priority drill targets. The team is also engaged in detailed geological interpretation of the rocks at Bambino through thin-section petrography and structural interpretation to better understand potential deposit types and controls on mineralization ahead of drill targeting.

Initial remote sensing analysis using Maxar eight-band satellite imagery has identified multiple zones of reduced vegetation, referred to as killzones. These areas exhibit similar visual characteristics with a prominent killzone associated with the highest copper grades in soils at the Bambino anomaly (likely associated with natural, lower pH from weathering sulphide minerals). The newly identified killzones align broadly with anomalous copper values detected in soil samples from the northwest sampling grid, follow the same northwesterly trend and are bound to the east by the same westerly dipping fault as Bambino. These findings delineate high-priority targets for detailed geological field mapping and follow-up rock-chip sampling north of Bambino.

Preliminary structural interpretation has been completed using the Airbus DEM (digital elevation model) data, providing a base guide for follow-up field mapping and future geophysical interpretations on the Timok East property.

Exploration at Timok East continues and is currently centred around trenching, field geological mapping and planned geophysics.

Sample collection, quality assurance/quality control, preparation and analysis

Rock-chip samples reported in this news release were collected from float, subcrop and outcrop locations. Each sample location was recorded using a Garmin hand-held GPS (Global Positioning System) with a nominal accuracy of three metres, and the location was then photographed with the labelled sample. Samples were prepared by drying (less than 3.0 kilograms), crushing to 75 per cent passing two millimetres, and 250 grams were then split and pulverized to 85 per cent passing 75 micrometres. Samples were then analyzed using a combination of four-acid digest with an AAS finish for copper and 50-gram fire assay with an AAS finish for gold analysis. Samples were submitted in one batch of 20, made up of 18 samples, one CRM (certified reference material) and one blank. Quality assurance/quality control samples performed well, passing company criteria. One additional batch of eight samples was submitted to complement petrographic work, including one blank and no CRM. Samples were prepared and analyzed at SGS Serbia and SGS Bulgaria (certification SRPS ISO/IEC 17025).

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.

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 copper-gold mining complex. 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 ounces gold equivalent (7.1 million tonnes at an average grade of 2.9 grams per tonne gold equivalent); see preliminary economic assessment dated Jan. 7, 2021.

Electrum's management team is 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 contents of this news release have been reviewed and approved by R. Michael Jones, PEng. Mr. Jones is a non-independent qualified person as defined by National Instrument 43-101 and a director of the company. He has visited the property and verified the data gathered by technically competent experienced staff by reviewing the assay certificates and the geological data and interpretation as well as reviewing the qualifications of the persons completing and compiling the fieldwork.

We seek Safe Harbor.