Electrum Discovery Corp. (TSXV: ELY | FRA: R8N | OTC: ELDCF) has provided a corporate update and further plans for its exploration activities at its Timok East copper-gold project in Serbia.
Exploration at Timok East has successfully defined high priority drill targets using a combination of surface geochemical sampling, mapping, and trenching. The next phases of exploration will aim to further define and test these targets at depth using a combination of detailed geophysics and diamond drilling.
Exploration milestones at Timok East to date:
- A significant, open-ended copper anomaly defined in soils over 1.8km strike at Bambino
- An additional 1km long gold anomaly, parallel to the copper zone was also established
- Follow-up geological mapping and rock-chip sampling confirmed copper, gold and silver mineralization in limonite stockwork and gossan material over 1.4km over five main targets at Bambino.
- Remote sensing, followed by mapping and rock-chip sampling identified copper-gold-silver mineralization in outcrop at the Northern anomaly, 3km north from Bambino Central along geological strike
- Trench sampling at Bambino Central returned weighted average assays value of 0.43% copper over 133.5m along strike
To further develop the Bambino target, Electrum are planning an imminent IP survey, to be followed by a maiden 2,000m diamond drill programme, which is scheduled to start in late December 2024.
Regional setting
The Timok East Project is located on the edge of Timok Magmatic Complex, a significant copper-gold district located in the Republic of Serbia. TMC has a long history of copper-gold mining, dating back to 1903 and in recent years, has emerged as a world-class exploration district. Recent discoveries, including Čukaru Peki (2012), have underscored the area’s potential for large-scale porphyry copper-gold deposits.
Notably, new deposit models in areas outside of the traditional TMC Porphyry trend are proving highly prospective. Dundee Precious Metals’ work on the western TMC margin has revealed high-grade gold and copper mineralization in skarn-type and sedimentary hosted settings, breaking conventional exploration paradigms.
Electrum’s Bambino anomaly lies on the eastern flank and slightly outside the traditional TMC but exhibits similar characteristics with existing known copper-gold porphyries and HS epithermal deposits in the area as well as new deposit models exhibited on the western TMC boundary, principally:
- Copper-gold mineralization with low molybdenum
- Overprinting gold mineralization with significant silver values
- Extensive stockwork-style veining indicative of intense fluid interaction
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