Canadian company to mine as well? – Electrum Discovery announces continuation of exploration of enormous gold site near Bosilegrad and new site near Bor

The Canadian company Electrum Discovery, formerly Medgold Resources, has announced a non-brokered private placement of up to 21,428,571 units of the company, at a price of 0.07 Canadian dollars per unit, to raise aggregate gross proceeds of up to approximately 1.5 million Canadian dollars. Each unit will comprise one common share of the company and one common share purchase warrant. The proceeds of the private placement will be used by the company for the continued exploration of its Timok East copper-gold project including a maiden drill program and for working capital purposes.

In Serbia, Electrum has two main projects spanning 645 square kilometers of prospective exploration ground – Timok East, which extends over 123 square kilometers, and Novo Tlamino, located in the south-east of the Republic of Serbia and covering 522 square kilometers.

The company recently announced that it had discovered a copper-gold anomaly in the East Timok region, around five kilometers from the Veliki Krivelj site.

The anomaly, named Bambino, is 550 meters long and over 100 meters wide, with a copper content of 500-8238 ppm (parts per million) and rock chip samples which have shown contents of 2.85% and 0.32%, as well as up to 203 ppb (parts per billion) of gold. Not long after, Bamibino was extended to 1.8 kilometers, and subsequent explorations showed two parallel gold anomalies, of 600 meters and one kilometer in length.

Elena Clarici, Chief Executive Officer and Director, stated that the expansion made the Bambino site even more important, emphasizing the insufficiently explored border areas of the Timok district.

Electrum is currently doing a detailed geological interpretation of the Bambino anomaly, and the company also points out that, at the same time, it has launched a strategic revision of its Novo Tlakmino project on Serbia’s border with North Macedonia and Bulgaria, in the light of the global increase in the price of gold.

Within the Novo Tlamino project, it is added, there is a historical source of cold, the so-called Tlamino gold project. The estimates have shown that, in the Barje location near Bosilegrad, within the Donje Tlamino license, there are 7.1 million tons of ore with 2.9 grams of gold per ton (which is around 20 tons equivalent), and as much as 38 grams of silver.

Between the 1950s and 1970s, the Yugoslav government systematically explored this area looking for lead and zinc, but not gold, which creates a significant opportunity for Electrum, says the Canadian company.

As Aleksandar Vulovic of the then Medgold Resources, said in 2021 for eKapija, the Barje location, which was discovered in 2018, is in the company’s focus and there is an economic feasibility for the exploration to continue.

Electrum Discovery has 7 licenses, that is, exploration rights, for the Novo Tlamino project.

B. P.

Electrum Discovery d.o.o. Beograd

Medgold istraživanja doo Beograd

Electrum Discovery

Medgold Resources

Bambino

Timok East

Novo Tlamino

Barje

gold and copper explorations