Gelum Resources Ltd. has completed the first three holes (800 metres) of the planned 11-hole, 3000 metre, helicopter-supported, diamond-drill programme at the Eldorado Gold project. Drilling intersected multiple quartz-carbonate-sulphide zones in all three holes. The mineralized zones are characterized by intense silica and carbonate alteration, quartz cemented hydrothermal breccias, crack and seal veins, open space filling (locally cockade banding) with fine-grained pyrite and arsenopyrite typical of high-grade gold-bearing structures in the district. A total of 252 core samples (and an additional 20 quality control samples) have been submitted to MSA Laboratories in Langley, B.C. and results are expected in 6-8 weeks. The Eldorado Gold Property is located 22 kilometres north of the Bralorne mine, and 17 kilometres north of the community of Gold Bridge. The 9028-hectare property covers multiple Minfile showings and two past-producing (1930s & 40s), small-scale gold mines that form the northern extent of the Bridge River-Bralorne/Pioneer orogenic gold system. Gold occurs in polymetallic sulphide veins and vein-stockworks within broad epizonal quartz-carbonate alteration in the Eldorado granodiorite stock and surrounding rocks, which are complexly juxtaposed by numerous faults associated with regional-scale structures linked to gold mineralization.
In September 2022, Gelum engaged Quesnel Bros. Diamond Drilling ("Quesnel") to drill approximately 3000 metres from eleven (11) drill pads targeting gold-arsenic-antimony geochemical anomalies and their possible source structures. With one exception, the areas to be tested have very shallow drilling or no previous record of drilling. Quesnel used a lightweight Hydracore 2000 drill rig and helicopter service was provided by Blackcomb Helicopters, with a base in nearby Gun Lake. Drilling went well, with some shifts achieving over 70 metres of core and an average overall recovery of 87%. A total of 795.5 metres were drilled in three holes from three widely spaced platforms. The first drill hole, ELD22-01, was collared at the entrance to the collapsed Northern Lights No. 1 historical adit, where in 19341 a 4,643-pound sample of sulphide-vein mineralization from an adjacent historical test pit returned 1.74 ounces/ton Au (2108 kg at 54 g/t Au). In the outcrops above the drill collar, several directions of gold-bearing sulphide veins are present in addition to thick panels of gossanous quartz-carbonate-sulphide cutting the Eldorado diorite and older Bralorne greenstone units for over 1000 metres along strike. ELD22-01 intersected Eldorado diorite cut by eight quartz-carbonate-sulphide structures ranging from 0.3 to 5.7m thick, all estimated as close (70-100%) to true width based on vein to core angles. The hole ended in weakly pyritic diorite at 268.5m. The second hole, ELD22-02, was collared 250 metres to the north of ELD22-01 and intersected very different units and mineralization. Below 10m of overburden, the hole intersected gossanous, partly silicified diorite/gabbro from 10 to 92.7m. Minor arsenopyrite is present to 34m and the interval includes 5m of gossanous massive silica with up to 1% pyrite-arsenopyrite, and a lower 10.2m intercept of quartz-carbonate breccia/stockwork with trace pyrite and chalcopyrite. From 92.7m to 168.6m the hole passed through feldspar porphyry with several narrow (2-10cm) silicic structures, and then entered a silicic breccia with minor disseminated pyrite, arsenopyrite, pyrrhotite and chalcopyrite to within two metres of the end of hole at 187.0m in andesite porphyry. The third hole, ELD22-03, targeted the largest gold-arsenic-antimony talus geochemical anomaly 1500 metres to the north of ELD22-02, just north of Eldorado peak. The hole remained in Eldorado diorite for the entire length of 340.0m. Several quartz-carbonate-sulphide veins and poly-phase vein breccias were intersected, the most significant being a nearly continuous silicified interval, 65.2m wide, from 177.7 - 262.3m, the lower contact being a fault that juxtaposes unaltered diorite against the interval. The remaining eight holes will be drilled in 2023, as soon as conditions allow. Most will target the east-dipping quartz-carbonate-sulphide panels at greater depths, and over greater thicknesses, than the completed holes to test whether gold grades increase downward. One hole will target the north end of a highly gossanous, gold-mineralized feldspar-porphyry dike on the Robson claim, which was extensively ground-sluiced for gold by the first prospectors in the area. Readers are cautioned that descriptions of down-hole mineralization and surface sampling results reported here should be viewed primarily as a guidance for future exploration drilling. There is no certainty that mineralized intersections will have significant metal content. Surface sampling is prone to sampling bias and is not necessarily a reliable indicator of mineralization at depth. The qualified person for this release has not done sufficient work to independently verify the historical sampling results described above. High-grade gold mineralization in similar epizonal, quartz-carbonate-sulphide structures on the southern portions of the same north-northwest, regional fault structures is being successfully targeted by Endurance Gold Corporation on their Reliance Gold project, located 14 kilometres to the southeast. Tempus Resources Ltd. is successfully targeting similar orogenic gold mineralization on the Elizabeth Gold Project, located 25 kilometres east of Eldorado, and hosted in similar geological units (Late Cretaceous diorite intruding ultramafic rocks). Talisker Resources are actively expanding resources at the Bralorne mine and exploring a wide area east and north of the Eldorado claim block. References to other mines and deposits made in this news release provide context for the Eldorado Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the property hosts similar grades and tonnages of mineralization. John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Drobe is not independent of the Company as he is a consultant of the Company.