Gelum’S Geophysical Survey ON the Eldorado GOLD Project Outlines a Significant Untested Anomaly Below Current Limits of Drilling
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GELUM’S GEOPHYSICAL SURVEY ON THE ELDORADO GOLD
PROJECT OUTLINES A SIGNIFICANT UNTESTED ANOMALY BELOW
CURRENT LIMITS OF DRILLING
NR23-08 November 28, 2023
FOR IMMEDIATE RELEASE… Vancouver, BC – November 28, 2023 – Gelum Resources
Ltd., (the " Company" or " Gelum", CSE: GMR, OTCQB: GMRCF ), through its option
agreement with Wealth Minerals Ltd. (“Wealth”, or the “Optionee”, CSE: WML), has
completed a 3D DC-resistivity and induced polarization (“DCIP”) survey over approximately 1.5
square kilometres of the main mineralized trend . Results indicate the strongest concentration of
sulphides lies below and west of the limits of all completed drilling. Gold grades at Eldorado are
highly correlated with concentration of sulphides, particularly arsenopyrite and stibnite, which
occur within breccias and veins.
In late October, Gelum completed a six-hole, 1340-metre drill programme on the Eldorado Gold
Property, exploring for high-grade gold mineralization (see news release dated October 16, 2023).
Assays are pending.
The Eldorado Gold Property is located 22 kilometres north of the Bralorne mine, and 17 kilometres
north of the community of Gold Bridge in the south Cariboo (Map 1). The 9028-hectare property
covers multiple Minfile listings 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 quartz -carbonate
alteration in the Eldorado granodiorite stock and surrounding rocks. These units are complexly
juxtaposed by numerous faults associated with regional -scale struc tures linked to gold
mineralization. For detailed maps and project photos, please view and download our presentation
on our website.
3D DCIP Survey Details
Gelum contracted Dias Geophysical Ltd. of Saskatchewan (“Dias”) to complete a 3D DC -
resistivity and induced polarization (DCIP or “IP” ) survey over approximately 1.5 square
kilometres of the property (Map 1) between September 28th and October 18th, 2023. The goal of
the 3D IP survey wa s to provide continuous coverage across the area to provide robust 3D
inversion models of chargeability and resistivity to a depth of approximately 400 m. The
geophysical program was completed using the DIAS32 acquisition system in conjunction with one
Dias GS5000 25 kW transmitter. The IP survey was completed using a rolling distributed 3D array
with a pole -dipole transmitter configuration that resulted in a near -surface resolution of
approximately 12.5 by 25 metres.
Late summer forest fires and resultant access restrictions delayed the start of the survey, with even
preliminary data not available until the drilling was near completion. As such, it could not be used
to adjust the drill targeting as originally planned.
Gelum Resources Ltd. - 2 - November 28, 2023
NR23-08 Continued
Map 1: Location and station array of the 3D IP grid, with recent drill holes and historical
holes with significant intervals for context.
Gelum Resources Ltd. - 3 - November 28, 2023
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Dias completed 27 3D DCIP lines in a rolling distributed pole -dipole array in common voltage
reference (CVR) mode. The survey layout was as follows:
• The survey was comprised of 27 lines , oriented northwest-southeast with an azimuth of 150°
and spaced 50 m apart.
• Receiver stations were spaced 50 m apart and receiver lines were spaced 100 m apart.
• Transmitter stations were spaced 100 m apart and transmitter lines were spaced 100 m apart.
• Current injections lines were completed midpoint between consecutive receiver lines.
• Line lengths were adjusted to avoid treacherous areas where access was restricted and varied
from 15 m from the center of the line up to 100 m at the edge of the grid.
• Current extensions were carried out off the ends of the survey lines to provide additional depth
of investigation along the edge of the grid.
• A current remote electrode station was established approximately 1.8 km northeast of the grid.
Dias generated two sets of unconstrained 3D inversion models of resistivity and chargeability from
the final processed data set. All sets of inversions were carried out using the SimPEG Decoupled
inversion code (version 1.0 - https://www.simpeg.xyz/). The resulting models were gridded and
trimmed using Geosoft Oasis software and then converted into the UBC-GIF Tensor Mesh format.
The DC model is expressed in Ohm-m (resistivity model) and Siemens (conductivity model) and
the IP model in mV/V.
The fine inversion models show coherent features that are well supported by geological data.
However, and as is the case for any inversion, the level of confidence in the shape and amplitude
of the geophysical features is lower along the edges of the survey grid than in the center. Depth of
investigation was determined by observing the behaviour of the geophysical features centered on
the survey grid. This depth is likely shallower along the edges of the models.
Strongest Anomaly Lies at Depth Below Drilling
The main northeast-dipping, sulphide -bearing, siliceous ankerite vein/breccia panel that is
approximately 40-metres thick and intersected in at least three drill holes, including hole ELD22-
03 (see news release dated March 6, 2023) has a strong low resistivity (i.e., conductive) signature
running north-northwest through the centre of the grid (Map 2). The southern extension of this
horizon is interpreted to crop out 600 metres to the south as a 30-metre thick gossanous ankerite
panel with anomalous gold on the ridge col east of Nea Peak. The panel splits into two structures
at the north end of the IP grid. A subvertical western limb strikes north into hole ELD23-03 of the
recently completed programme, which intersected almost 100m of siliceous, sulphide -bearing,
iron-carbonate breccia, and veining that remains open to the north (assays pending). The eastern,
more moderate-dipping limb strikes northeast and was intersected at shallow levels in historical
drilling in holes ELD11-02 and 03. Both are also open in the down-dip direction.
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The IP defines a significant zone of low resistivity and high chargeability at depth in the western
portion of the survey area, forming a strong east-west root zone (Maps 3 and 4) that plunges gently
to the west. This zone has no geological expression at surface, as it is under talus and till cover.
This significantly stronger IP response ( Map 5; metal factor) below the regional NNW striking,
east-dipping panel suggests there is a deeper root zone of mineralization with higher sulphide
concentrations, and therefore better gold content, that has yet to be tested by drilling. This is now
the priority drill target on the project and the proposed drill plan for the next field season will be
changed accordingly.
Next Steps: Extending the Geophysical Coverage and Re-evaluating Drill Targets
Based on the success of the 3D IP survey, the grid will be extended 600m to the southwest to Nea
Creek, and one kilometre northwest past the Robson showing. The IP data indicates t he sulphide
content, and therefore gold, is highest in the new east-west root zone. This is now the priority drill
target, and several proposed holes on the east flank of the main ridge will be moved to the west to
test the IP metal factor anomaly at depths of 300- 400 metres. The down-dip and north extension
of the main gold-mineralized ankerite structure will also be tested at depth by holes in the Robson
basin (Knoll Creek area).
Readers are cautioned that historical drilling and surface sampling results reported here should
be viewed primarily as a guidance for future exploration drilling. The qualified person for this
release has not done sufficient work to independently verify t he historical sampling results
described above.
References to other nearby 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.
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Map 2: 3D IP resistivity plan at 50m from surface, with highlighted intervals from previous
drilling. The central resistance low is the down-dip expression of the main ankerite-silica-
sulphide breccia panel and is open at the south and north edges.
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Map 3: 3D IP resistivity relief plan at 200m from surface. The east-dipping, main
mineralized breccia has low-resistivity and thickens with depth in the central portion.
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Map 4: 3D IP chargeability relief plan at 200m from surface, with highlighted intervals
from previous drilling. Note the chargeability high is open on the west and north edges.
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Map 5: 3D IP “metal factor” (MF = chargeability divided by resistivity) relief plan at 200m
from surface. The MF anomaly is open on the west and north edges, with the strongest zone
lying below and mostly outside drilling completed to date.