Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP. ANNOUNCES HIGH GRADE GOLD AND COPPER-GOLD ASSAYS FROM ROCK CHIP SAMPLING AT TIMOK EAST; EXTENDS FURTHER BAMBINO ANOMALY

Electrum Discovery Corp. has released results from rock-chip sampling carried across various targets at its Timok East copper-gold project in the Republic of Serbia. The results have confirmed significant strike extensions of the Bambino copper-gold anomaly and identified a potentially overprinting gold system. The property adjoins Zijin Mining's Bor copper-gold mining complex and is just four kilometres east from the Veliki Krivelj copper-gold porphyry mine.

Highlights:

• Bambino anomaly: Rock-chip assays confirm copper-gold mineralization across significant extensions at Bambino to over 1.5 strike kilometres. Rock-chip samples returned grades of 14.2 grams per tonne gold and 3.35 grams per tonne gold and copper-bearing/gold-bearing rocks include chip samples of 4.93 grams per tonne gold and 0.57 per cent copper and 2.62 grams per tonne gold and 1.21 per cent copper.
• Northern anomaly: Rock-chip assays confirm high-grade copper-gold mineralization, with previously unidentified silver potential three kilometres north of the Bambino along the same geological structure.
• Central Bambino trenching: Completion of the 300-metre trenching program revealed consistent alternation of quartz-limonite stockwork across the Central Bambino ridgeline; assay results are expected within the next week.

Dr. Elena Clarici, chief executive officer and president of Electrum, commented: "Our new results are highly encouraging and continue to support thesis that significant mineralization exists outside the traditional Timok magmatic complex. Our neighbour, Dundee Precious Metals Inc., has identified multiple copper-gold and gold mineralization styles in sedimentary rocks on the western edge and outside of the traditional Timok magmatic complex, and we are also seeing copper-gold and gold mineralization to the east. Historically, exploration has focused on the main Timok porphyry trend and the new potential for camp-scale mineralization in sedimentary rocks, adjacent to this trend is now being widely recognized. Furthermore, we are particularly encouraged by the indications of multiple overprinting copper-gold and gold mineralizing events identified at Timok East."

Technical details

Rock-chip sampling results confirm high grade copper-gold and gold mineralization in rocks across several structurally offset, hydrothermally altered zones north and south of the central Bambino target, aligning with previously announced surface copper-gold anomalism in soils. Mineralized rocks, typified by quartz-limonite stockwork veining and gossan textures, have now been identified over four distinct ridges, extending 1.5 kilometres along the same geological unit and structure.

Reported rock-chip assay results at Bambino are from 131 rock float and outcrop samples collected during mapping, and they confirm significant copper-gold and gold mineralization over 1.5 kilometres of strike. Highlight samples include 14.2 grams per tonne gold with low copper and 4.90 grams per tonne gold with 0.51 per cent copper; mineralized samples correlate with robust copper-gold and gold anomalism in soils. Copper-gold and gold only sample assay results indicate two potentially overlapping mineralizing systems at Bambino. The gold-only phase identified at Bambino is potentially linked to an additional one-kilometre-long gold anomaly in soils, which runs parallel to Bambino and has not yet been correlated with rock samples due to extensive surface cover.

In total, 112 samples were taken across the central Bambino target, 77 samples returned copper grades from 0.1 per cent to 5.75 per cent, 11 samples returned gold grades over 0.1 gram per tonne ranging to 14.2 grams per tonne (see attached tables). This sampling provides important grade vectors for drill targeting across the northern and southern portions of central Bambino not covered by trenching.

In total, 10 samples were taken from the Bambino 1 and 2 targets. These targets are located directly north-northwest from central Bambino, offset by an east-west-striking inferred fault. Five samples were taken from rock float with hydrothermal alteration, stockwork and gossan textures, from a north-northwest-striking, 150-metre-long zone. These samples returned gold grades ranging from 0.51 gram per tonne to 4.93 grams per tonne gold, copper grades from 0.42 per cent to 1.12 per cent copper and silver grades from nine grams per tonne to 71 grams per tonne silver.

Six rock-chip samples were taken across the Bambino 3 and 4 targets to the south-southeast of Central Bambino. Two samples returned significant assay results, returning 0.30 per cent copper from one sample at Bambino 3 and 0.53 per cent copper, 0.27 gram per tonne gold and 30 grams per tonne silver from one sample at Bambino 4. The grade and mineralization style are consistent with Central Bambino and the Bambino 1 and 2 targets.

The style of mineralization observed at the Bambino 1, 2, 3 and 4 targets is similar in style to that found across the top of the central Bambino ridge and interpreted to be direct strike extensions of the same system, significantly increasing the known mineralized footprint of Bambino to the north and south. The elevated correlating copper, gold and silver grades of the new targets is in line with the more distal part of a mineralizing system in a classic porphyry copper-gold model.

Follow-up, more detailed mapping and additional sampling will aim to further define the extent of mineralization across these targets and investigate the structural offsets and genetic links with Central Bambino.

In addition to the sampling at Bambino, three rock-chip samples were taken from gossan altered rocks with secondary copper minerals from the northern anomaly. Rock-chip assays returned between 10 grams per tonne and 205 grams per tonne silver, between 1.12 per cent and 2.14 per cent copper, and between 0.15 gram per tonne and 0.87 gram per tonne gold, confirming high-grade copper-gold mineralization, with previously unidentified silver potential three kilometres north of Bambino along the same geological structure. Over 1.3 kilometres of on-structure strike remains unexplored between Bambino and the northern anomaly.

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

Rock and soil sample locations were 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 will be 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 batches of 40, made up of 38 samples, one CRM (certified reference material) and one blank. All batches passed QA/QC samples were prepared and analyzed at SGS Serbia & Bulgaria (certification SRPS ISO/IEC 17025).

About Electrum Discovery Corp.

Electrum Discovery is an emerging 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 2.9 grams per tonne gold equivalent average grade) as well as a preliminary economic assessment (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 several times 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.

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