Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP ANNOUNCES POSITIVE RESULTS FROM THE IP SURVEY, FURTHER VALIDATES BAMBINO ANOMALY, SETTING THE STAGE FOR 2025 DRILL PROGRAM

Electrum Discovery Corp. has successfully completed and released the results of its high-resolution induced polarization (HIRIP) survey conducted by Terratec Geophysical Services and the results of 3-D geochemical porphyry targeting analysis performed by Fathom Geophysics. These results highlight multiple high-priority targets at Timok East copper-gold project in Serbia, which the company plans to test with diamond drilling in Q1 2025.

Highlights:

• Chargeability anomaly outlined directly beneath surface copper anomalism at Bambino Central in all profiles;
• Large resistivity-high anomaly identified as potential deep intrusive or zone of silicification beneath Bambino Central;
• 3-D geochemical porphyry targeting suggests potential deep porphyry target at Bambino;
• Systematic exploration and data-driven approach point multiple high-priority drill targets for 2025;
• Preparations for a 2,000-metre diamond drill program are well under way.

Dr. Elena Clarici, chief executive officer and president of Electrum, commented: "The IP survey results enhance our understanding of the subsurface mineralization potential at Bambino Central, providing critical information on the orientation of the target ahead of our maiden drill program at Timok East. The integration of IP and 3-D geochemical targeting not only validate our exploration model but also outline multiple drill targets, both near surface and at depth at Bambino.

"With the recently completed financing, we are fully funded for our maiden 2,000-metre drill program, set to commence in early 2025."

High-resolution induced polarization survey

A high-resolution induced polarization survey survey conducted by Terratec Geophysical Services of Germany completed three 950-metre survey lines using a 10-metre electrode spacing. This high-resolution methodology produced approximately 1,100 data points per section, providing detailed 2-D models of the subsurface chargeability and resistivity beneath Bambino Central.

Chargeability anomalies

Significant zones of elevated chargeability, measuring up to 100 metres in width and extending to depths of up to 180 metres, were detected directly beneath surface copper anomalism across all three HIRIP profiles at Bambino Central. These anomalies generally exhibit a steep easterly dip and display an increase in size and intensity compared with their surface expression. Chargeability highs are commonly associated with sulphide mineralization and are interpreted as corresponding to a subsurface extension of the copper-bearing quartz-limonite stockwork mapped and sampled at surface. The increase in chargeability with depth potentially marks the transition from oxide to hypogene mineralization and an increasing sulphide mineral content. The results reinforce the geological model of a near-surface mineralized system beneath Bambino Central, represent robust drill targets and provide critical insights for efficient drill targeting.

Additional zones of high chargeability were also identified in the flanking Paleozoic sedimentary and metasedimentary units to the east and west of Bambino Central, these geophysical anomalies are not associated with surface geochemical anomalism and are likely due to graphite or pyrite of the local lithologies.

Resistivity anomalies

Resistivity highs, located beneath and adjacent to the chargeability anomaly at Bambino Central, were detected in all three profiles. These features are interpreted as potential quartz-rich intrusive bodies or zones of silicification. Such zones may represent the upper sections of a deeper porphyry target or conduits for mineralized fluids along its margins.

3-D geochemical porphyry targeting

Electrum engaged Fathom Geophysics LLC to perform 3-D geochemical porphyry footprint modelling on geochemical data from soil and rock samples collected at Timok East.

The porphyry footprint modelling method takes a geochemical distribution of 11 chemical elements from an idealized 3-D porphyry copper system model and moves this distribution through 3-D space while comparing it with the distribution of the same 11 elements reported from surface soil or rock samples. The core of the system model is placed at every voxel (3-D pixel) in the limits of the project's 3-D model and the geostatistical fit between the observed data and the system model is assessed at every voxel. Each voxel is then assigned a score of between 0 and 1.

A value of 1 indicates that the rock or soil data perfectly match the porphyry system model and there is a high likelihood of porphyry mineralization at the location of the core of the system model. A value of 0 indicates that the data do not match a porphyry system model and there is a low likelihood of the presence of a porphyry mineralization. Values greater than 0.25 over an approximately one-kilometre distance are classed as a high-quality target for rock results; the threshold for high-quality target for soil data is lower.

Porphyry footprint modelling was run three times to compare the surface sample data from rock samples with two porphyry system models and data from soil samples with one porphyry system model.

This modelling indicates what Fathom describe as a high-quality target directly below the mineralized outcrops at Bambino Central. This target includes a strong deep porphyry target with a weaker high-sulphidation gold target closer to surface. The 3-D location of the high-sulphidation gold target overlaps the resistivity high anomalies identified in Electrum's recently completed HIRIP survey.

Planned work

Electrum is finalizing drill plans based on an integration of the HIRIP, surface geochemical results, porphyry footprint modelling and recent geological mapping. A 2,000-metre diamond drill program is scheduled to commence in January, 2025, to test the shallow, steeply east-dipping features beneath the mineralized outcrops at Bambino Central.

Also in January, winter conditions permitting, three additional lines of HIRIP are planned to be measured to add additional along-strike information to the north and south of existing HIRIP lines at Bambino Central.

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

Recent rock samples were collected by the company with locations recorded using a Garmin hand-held GPS (Global Positioning System) with a nominal accuracy of three metres. Samples were described and photographed in the field. Samples remained in the company's custody until handover to the sample preparation facility.

Samples were be prepared by SGS at facilities in Serbia using SGS method PRP89 (weigh, dry, crush to less than two millimetres and pulverize to 75 microns). Samples remained in the custody of SGS and were analyzed at SGS facilities in Bulgaria using methods of FAA505 (50-gram fire assay with AAS finish) for gold, IMS40B (ICP-MS after a four-acid digest) for a 49-element analysis suite and overgrade analysis after IMS40B by AAS42S (four-acid digest and AAS finish) for selected elements of interest.

Historic rock and soil sample results shown were announced by the company in a news release of Oct. 2, 2016.

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 (PEA; Jan. 7, 2021)).

Electrum Discovery is looking to maximize the value of its mineral projects for all stakeholders, including the company's shareholders, the local community and government. The company has an open-door policy and encourages all stakeholders to contact Electrum through its website. The company has a strong environmental and ethics policy to complete all its work in line with regulations in an open and transparent process. The company's projects are at an early stage, and Electrum 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 Thomas Sant, BSc, FGS, CGeol, EurGeol.

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