Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP. ANNOUNCES 0.43% COPPER OVER 133.5 METERS OF STRIKE LENGTH FROM TRENCH SAMPLING AT THE BAMBINO TARGET, TIMOK EAST.

Electrum Discovery Corp. has released the results from its 300-metre trench sampling program at its Timok East copper-gold project in Serbia.

Highlights:

• Trenching exposes consistent copper-bearing leached hydrothermal stockwork across Bambino Central;
• Trench sampling returns highlights of 133.5 metres averaging 0.43 per cent copper (Cu) and 6.9 grams per tonne (g/t) silver (Ag), along strike, including a higher-grade interval of 64.5 metres at 0.76 per cent Cu and 5.3 g/t Ag;
• Three cross-cutting trenches, all intercepted significant copper and gold mineralization, including 13.5 metres at 1.72 per cent Cu and 1.6 g/t Ag;
• Additional gold-bearing intervals, including 4.5 metres at 1.49 g/t gold (Au) and 6.9 g/t Ag, and 1.5 metres at 2.9 g/t Au and 20 g/t Ag, continue to suggest the presence of an overprinting gold system;
• Mineralization style and geochemistry analogous with large high-sulphidation systems and a potential distal association to the copper-gold porphyry deposits currently being mined on Zijin Mining's adjacent Bor mining complex.

Dr. Elena Clarici, chief executive officer and president of Electrum, commented: "The trenching results fit the mineralization pattern we have found over [a] three-kilometre strike length at Timok East and importantly align in metals mineralization and grade with several large, neighbouring copper-gold deposits. The results from this trenching program reinforce Timok East's potential to host a significant copper-gold mineralized system associated with the well-documented deposits in the Timok district and, together with planned geophysical survey, makes us ready for our maiden diamond drill campaign."

Trenching along the strike of the Bambino Central anomaly has exposed a north-northwest-striking zone of limonite-stockwork mineralization within argillic-silicic altered intrusive and metasedimentary rocks over 146.0 metres in trench TR02, indicative of the high-level oxidized portion of a large hydrothermal mineralizing system.

Assay results from within the 146.0 metres of alteration confirm significant copper mineralization within the system, with results including a weighted average of 133.5 metres at 0.43 per cent Cu and 6.9 g/t Ag in TR02, along strike complemented by several narrower, gold-dominant zones, including 1.5 metres at 2.9 g/t Au, 0.06 per cent Cu and 20 g/t Ag, suggesting potential overprinting by a secondary gold system.

Regional sampling reported earlier shows higher silver grades approximately 500 metres to the northwest, in potentially more distal mineralization from the core of the system by modelling from other similar porphyry-type districts.

Three additional cross-cutting trenches were opened east-northeast, all intercepting significant copper and gold mineralization, including 24.0 metres at 0.21 per cent Cu and 4.2 g/t Ag in TR01, 13.5 metres at 1.72 per cent Cu and 1.6 g/t Ag in TR04, and 22.5 metres at 0.26 per cent Cu and 2.6 g/t Ag in TR03. Trenches TR01 and TR03 ended to the east in hydrothermally altered metasediments and stockwork, indicating the system is open to the east. Over 400 metres strike of the highest-grade soil anomalism at Bambino central (more than 500 parts per million (ppm) Cu) remains untested in the subsurface environment and the true width of the system is not yet known. The trench results at Bambino are interpreted to be structurally controlled and show geological and geochemical similarities with significant resource stage copper-gold deposits discovered within the Timok region.

Trenching was successful in providing critical information on the grade, geometry, alteration and mineralization style at Bambino, and will be followed up with a tight IP (induced polarization) survey to define the orientation and potentially higher-grade hypogene portion of the mineralized body at depth ahead of drill targeting.

Trench details

Trench TR02 was opened over 153.0 metres in length, along the north-northwest-striking ridge aligning with the highest-grade copper anomaly in soils. This trench revealed consistent limonite stockwork material in hydrothermally altered rock across the trench ending to the north and south in hydrothermal stockwork. Secondary copper minerals Malachite and Azurite were encountered on the northern slope of the trench, coinciding with a drop in elevation, potentially representing supergene enrichment processes.

Significant weighted average copper dominant intervals from TR02 include:

• 133.5 metres at 0.43 per cent Cu and 6.9 g/t Ag from 0.0 metre;
• Including 64.5 metres at 0.76 Cu and 5.3 g/t Ag from 0.0 metre;
• And 10.5 metres at 0.21 per cent Cu and 5.3 g/t Ag from 142.5 metres.

Significant gold-bearing intervals were also intercepted within the broader copper zones, including:

• 1.5 metres at 2.9 g/t Au, 20 g/t Ag and 0.06 per cent Cu from 64.5 metres;
• 6.0 metres at 0.18 g/t Au, 13.3 g/t Ag and 0.35 per cent Cu from 96.0 metres.

Trench TR01 was opened over 40.5 metres striking roughly west-southwest across the southern portion of the trenched area. Copper-bearing limonite stockwork material was encountered from 15-30.5 metres in the trench within hydrothermally altered argillic altered rock with pockets of increasing silicification. The stockwork material was heavily oxidized with no secondary copper present, suggesting sulphide leaching during the weathering process. Copper-bearing silicified metasedimentary rock with minor quartz limonite stringers was encountered from nine to 15 metres.

Significant weighted average copper dominant intervals from TR01 include:

• 24.0 metres at 0.21 per cent Cu and 4.2 g/t Ag from 12.0 metres.

Significant gold-bearing intervals were also intercepted within the broader copper zone, including:

• 1.5 metres at 0.13 g/t Au and 18.0 g/t Ag and 0.21 per cent Cu from 24.0 metres.

Trench TR03 was opened over 40 metres striking roughly west-southwest across the central portion of the trenched area. Copper-bearing limonite stockwork material was encountered from 6.0 to 33.0 metres in the trench within argillic altered rock with pockets of increasing silicification. The stockwork material was heavily oxidized with no secondary copper present, suggesting sulphide leaching during the weathering process. The trench ended in copper mineralized clay altered metasediments in the east.

Significant weighted average copper dominant intervals from TR03 include:

• 22.5 metres at 0.26 per cent Cu and 2.6 g/t Ag from 0.0 metre.

Significant gold-bearing intervals were also intercepted within the broader copper zone, including:

• 4.5 metres at 1.49 g/t Au and 6.9 g/t Ag and 0.16 per cent Cu from 13.0 metres.

Trench TR04 was opened over 69 metres striking roughly west-southwest across the northernmost portion of the trenched area. Copper-bearing limonite copper oxide stockwork material was encountered from 34.5 to 52.5 metres, within a mixture of hydrothermally altered argillic altered intrusive and silicified metasedimentary. Silicified metasedimentary rock with minor quartz limonite and calcite stringers was encountered from zero to 34.5 metres. Oxidizes metasedimentary units were mapped from 52.5 to 69 metres.

Significant weighted average copper dominant intervals from TR04 include:

• 1.5 metres at 0.51 per cent Cu, 6.3 g/t Ag and 0.16 g/t Au from 30.0 metres;
• And 13.5 metres at 1.72 per cent Cu and 1.6 g/t Ag from 39.0 metres.

Sample collection, quality assurance and quality control (QA/QC), and preparation and analysis

Trenches were opened using a mechanical excavator, clearing surface cover down to bedrock or consolidated subcrop between 0.5 and 1.75 metres of depth, measuring approximately 0.5 to 0.75 metres in width. Cross-cutting east-west-striking trenches were limited in length by increasing amounts of surface cover to the east and west of the main trend. Trenches were systematically sampled at 1.5-metre intervals, via a continuous 10-by-10-centimetre channel across the entire trench floor. Representative sample intervals were then photographed, logged and bagged by Electrum geologists.

An Electrum geologist placed the material from each 1.5-metre channel interval into uniquely labelled calico sample bags, verifying the interval against prelabelled depth markers along the trench wall. Each sample was then photographed and logged. The trench floor was logged on a field sheet, detailing alteration type, vein density, vein type, gangue mineral content, ore mineral content, lithology and structural data where available. Once collected, samples were sealed with single-use zip-lock ties and delivered to the company's sample storage facility, where they were batched and subsequently submitted to SGS.

The trenches were surveyed by an independent professional surveyor, using high-accuracy Trimble R980 gps unit, with a nominal accuracy of five centimetres.

Samples were analyzed using a combination of four-acid digest with an AAS (atomic absorption spectroscopy) 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 and one blank. All batches passed QA/QC samples were be prepared and analyzed at SGS Serbia & Bulgaria (certification SRPS ISO/IEC 17025).

Given the bulk nature and potential sulphide leaching of the limonite stockwork material sampled, a cut-off grade of 0.05 per cent Cu and 0.1 g/t Au was used to calculate the reported trench intercepts with a maximum of three metres continuous internal dilution.

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 (oz) gold equivalent (AuEq) (7.1 million tonnes at 2.9 g/t AuEq average grade), preliminary economic assessment (PEA) (Jan. 7, 2021) (1).

Electrum Discovery is looking to maximize the value of its mineral projects for all stakeholders, including its shareholders, the local community and government. Electrum Discovery has an open-door policy and encourages all stakeholders to contact the company through its website. The company has a strong environmental and ethics policy to complete all of its work in line with regulations in an open and transparent process. Its projects are at an early stage and the company plans to continue its consultation with all stakeholders in a climate of mutual respect, 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, the QA/QC procedures and reports of company, and lab samples, the geological data, and interpretation and reviewing the qualifications of the persons completing and compiling the fieldwork.

(1) Preliminary economic assessment and NI 43-101 technical report for the Medgold Tlamino project, Jan. 7, 2021, SEDAR+. The effective date of the resource estimate is Jan. 7, 2021. Authors of the reports are: Richard Siddle, MAIG, of Addison Mining Services Ltd., for mineral resources; Dr. Matthew Randall, FIMMM, of Axe Valley Mining Consultants Ltd., for mining; Ian Jackson, FIMMM, of Bara Consulting Ltd., for mineral processing; and Dr. Andrew Bamber, MCIM, of Bara Consulting, for economic analysis.

The PEA is preliminary in nature and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the PEA will be realized.

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