Terra Balcanica Intersects Mineralized Structure 640 m Along Strike From Cumavici Ridge Polymetallic Epithermal Vein in Bosnia
Vancouver, British Columbia – Septe,ber 5th 2023 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce discovery of a new mineralized structure over 600 m northwest from the recently reported CMV23001 at the Cumavici Ridge epithermal vein target within its principal Viogor-Zanik project in eastern Bosnia and Herzegovina.
Highlights
- Shallow, polymetallic mineralization has been intersected over 600 m NW of the 2022 high grade, silver discovery at the Cumavici Ridge through drill testing of a new parallel structure (Figure 1);
- All 5 drill holes hit the target structure, with drill holes CMV23007, CMV23009 and CMV23010 macroscopically displaying significant mineralization (Figure 2 and 3);
- Step out structure is continuous for 193 m NW-SE and open along strike and down-dip;
- Geochemical assay results from the Phase II Stage 1 drilling at the Cumavici polymetallic prospect are pending laboratory release and will be imminently reported.
Terra Balcanica CEO, Dr. Aleksandar Mišković, commented:
The 2023 drill campaign started off on the right foot with a significant step out from the centre of the mineralized zone discovered at the Cumavici Ridge in 2022. The footprint of silver-dominated, polymetallic mineralization now extends over 700 m along the NW-SE corridor at this locality, only one of five separate targets along the 7.2 km long Cumavici corridor. The laboratory assays for this sector of the mineralized vein structure as well as the central part of the Ridge zone are expected back shortly while Terra plans to carry on with further drilling at the locality as a part of the Phase II Stage 2 campaign.
The Company commenced its Phase II, Stage 1 drilling program at Cumavici Ridge, the 2022 high-grade polymetallic discovery which returned up to 505 g/t Ag Eq. over 11 m, by extending the mineralized footprint 39 m SE with the interception of massive sulphide mineralization in all 4 holes (see Company news release dated 18th April 2023). Over 600 m to the NW Drillholes CMV23006-010 successfully discovered yet another mineralized structure, attesting to the prospectivity of the Cumavici Ridge target. Much of the > 7 km strike length structural corridor remains untested, with several mineralized structures cropping out at surface, offering Terra significant opportunity to discover more polymetallic epithermal veining.
Drill Core Observations
Drill hole CMV23007 is situated 520 m NW of CMV23001 and targets another shallow structure prospective for polymetallic mineralization. Between 39.1 and 41.8 m a series of fault hosted veins, dominated by radiating aggregates of stibnite are observed within a silicified lapilli tuff.
Figure 1. Geological map illustrating the newly discovered structure > 600 m NW of Cumavici Ridge. 2022 discovery holes are also illustrated alongside the 4 previously released 2023 drillholes to the SE, which all intercepted massive sulphide mineralization. See company news release 18th April 2023
Figure 2. HQ3 diameter drill core from drillhole CMV23007 illustrating a silicified lapilli tuff with sulphide veinlets and interval of semi-massive sulphide comprising stibnite, sphalerite, and quartz
Drill hole CMV23009 collared 74.0 m NW of CMV23007 intercepted a zone of sulphide mineralization within a tuffaceous breccia between 39.4 and 45.7 m downhole. Within the mineralized structure there are intervals of complete replacement of the breccia matrix by sulphide and a 10 cm sulphide vein comprising stibnite-sphalerite-galena.
Drill hole CMV23010 stepped 59.0 m WNW and intersected a mineralised zone between 83.8 and 90.3 m downhole with aggregates of sphalerite within the structure. A 10 cm sulphide vein is present at 86.85 m depth consisting of stibnite, banded sphalerite, and galena. Confirmation of sulphide mineralization in CMV23010 extends the system at Cumavici Ridge to 642 m leaving it open to the NW.
Ongoing Exploration Program
Further drilling at the Cumavici Ridge target will be focused on extending strike length towards the NW from the 2022 drillholes (CMVDD001-004). It is interpreted that where the NW/SE structure is intersected by a 2nd order NE/SW structure a dilation zone is present, resulting in thicker mineralized intervals. The down-dip section of the high-grade intercepts released in 2022 will also be tested for the first time.
| Hole ID | Easting | Northing | Elevation (m) | Dip | Azimuth | Depth (m) | Recovery (%) |
|---|---|---|---|---|---|---|---|
| CMV23006 | 359918 | 4888823 | 621.3 | -64 | 047 | 82.2 | 99.15 |
| CMV23007 | 359868 | 4888877 | 637.3 | -63 | 046 | 59.7 | 99.35 |
| CMV23008 | 359866 | 4888914 | 640.6 | -66 | 053 | 65.8 | 98.71 |
| CMV23009 | 359828 | 4888939 | 640.1 | -58 | 041 | 73.8 | 100.00 |
| CMV23010 | 359770 | 4888949 | 650.2 | -50 | 045 | 91.5 | 97.49 |
Table 1. Collar locations for reported Phase II drillholes. Coordinates and elevation were taken by local consultant surveyors using a differential GPS unit. (WGS84/UTM Zone 34N).
Qualified Person
Dr. Aleksandar Mišković, P.Geo, is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained in this news release as accurate.
About the Company
Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
On Behalf of the Board of Directors
Terra Balcanica Resources Corp.
“Aleksandar Mišković”
Aleksandar Mišković
President and CEO
For further information, please contact Aleksandar Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.
Cautionary Statement
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.