Canadian company Electrum Discovery, formerly known as Medgold Resources, has announced the successful financing of 1.5 million Canadian dollars to further its exploration of the Timok East copper and gold project in Serbia. The funding will support the initial drilling program and general working capital. Electrum plans a private placement of up to 21,428,571 company units at a price of $0.07 per unit, aiming to raise the total funds.
Electrum’s projects in Serbia cover 645 square kilometers, with Timok East spanning 123 square kilometers and the Novo Tlamino project covering 522 square kilometers in southeastern Serbia. In Timok East, the company has identified a promising copper-gold anomaly, named Bambino, located five kilometers from the Veliki Krivelj deposit. This anomaly has grown to 1.8 kilometers in length, revealing high copper and gold concentrations, with soil samples showing up to 8,238 ppm of copper.
CEO Elena Clarici highlighted the significance of the Bambino discovery and the potential of the underexplored Timok region. The company is currently conducting a detailed geological analysis of the site. Additionally, Electrum is reviewing its Novo Tlamino gold project, which contains historical gold reserves, in light of rising global gold prices. The Barje site, located within the Donje Tlamino license, holds an estimated 20 tons of gold and 38 grams of silver per ton.
