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2022 / Nov

Terra Balcanica Announces Private Placement Financing

Vancouver, British Columbia – November 14th 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) announces the intent to complete a non-brokered private placement (the “Private Placement”) for gross proceeds of up to C$500,000 through the issuance of 5,000,000 units (each a “Unit”) at a purchase price of C$0.10 per Unit. Each Unit will be comprised of one common share in the capital of the Company ( “Common Share”) and one Common Share purchase warrant (“Warrant”) to purchase an additional common share of the Company (“Warrant Share”) at an exercise price of C$0.15 per Warrant Share for a period of 36 months from the closing date of the Private Placement (the “Closing Date”).

The Common Shares will be offered by way of prospectus exemptions in Canada and the Common Shares sold in the Private Placement will be subject to a hold period of four months plus one day. The Closing Date is expected to occur on or before December 2nd, 2022, subject to regulatory approvals, including the approval of the CSE and certain other customary conditions including, but not limited to, execution of subscription agreements between the Company and the subscribers. In certain circumstances, the Company may pay finder’s fee in cash on a portion of the Private Placement.

The Private Placement will provide Terra with the necessary capital to continue to advance the Company’s ongoing exploration activities in the Balkans.

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 eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in 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

President and CEO

For further information, please contact Aleksandar Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Download news release (.pdf)

2022 / Oct

Terra Balcanica Intercepts 465.5 g/t Silver Equivalent Over 8.7 Meters Including 1196 g/t AgEq. Over 2 Meters and Extends Cumavici Vein by 80 Meters at Viogor-Zanik in Bosnia-Herzegovina

Vancouver, British Columbia – October 22nd 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce additional high-grade polymetallic results from the first phase of drilling at the Cumavici prospect at its 90% owned Viogor-Zanik project, Bosnia and Herzegovina. Further assays from the drill program are expected over the coming months.

Highlights:

  • High grade polymetallic mineralization at Cumavici continues with a significant step-out: CMVDD003 is an 83-meter step-out from CMVDD001 (Figure 1) and intercepted a thick vein interval of 465.5 g/t AgEq. over 8.7 meters, including 1196.6 g/t AgEq. over 2.0 meters. The vein is open at depth;
  • Continuity of high-grade epithermal mineralization: the CMVDD002 hole is a critical hole drilled between CMVDD001 and CMVDD003 (Figure 1), where it intercepted 816.1 g/t AgEq. over 2.0 meters starting at 45.0 meters depth thus showing high-grade vein continuity at Cumavici Ridge;
  • Cumavici Ridge vein system remains open at depth: all three holes drilled at Cumavici Ridge spanning over 80 meters of down-dip length have returned positive, high-grade results with massive Pb-Zn-Sb sulphides and significant Au-Ag credits (Figure 2). The vein system also appears to continue along strike and further drilling will systematically evaluate the extent of this discovery (Figure 2);
  • District-scale exploration upside: the 7.2 km strike length of the system (Figure 3) at Cumavici remains open with several untested targets. The focus of the current drilling by Terra is to drill the extents of this prospective area focusing on key vein segments identified from previously completed surface mapping, geochemical and geophysical analysis, and structural work. The Viogor-Zanik project spans over 216 km2 and has two other key target areas featuring Cu-Mo porphyry (Olivine) and Au-Cu-Zn skarn (Brezani) styles of mineralization (Figure 4).

Terra Balcanica CEO, Dr. Aleksandar Mišković, comments:

With the 80 meter drill step out we have confirmed a significant down-dip extension of the shallow Cumavici Ridge vein which is open at depth. All three holes drilled to date at this target have intercepted high-grade polymetallic mineralization and we are gaining a better understanding of the geological model with each hole completed. The Cumavici Ridge vein segment itself appears open along strike, thus providing opportunities for further step outs to define its geometry and grade. Furthermore, Cumavici Ridge is only one of the prospective localities within the larger 7.2 km Cumavici corridor, the extent of which we are excited to fully investigate. We are seeing the same geological characteristics across the large footprint akin to the vein-hosted style of mineralization present in the adjacent Mineco Group’s Sase Mine. Terra has been and will continue to drill these target areas as a part of our maiden drill program. A number of additional drill holes are currently at the lab and more assays will be released over the coming months.

Drillhole
From
(m)
To
(m)
Length
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Sb
(Zn)
Zn
(%)
AgEq
(g/t)
CMVDD001*
29.00
33.0
4.0
131.5
0.84
2.12
1.85
4.59
824.2
including*
30
32
2.0
261.0
1.62
4.2
3.70
9.10
1634.4
including*
43
48
5.0
26.1
0.13
0.09
0.18
0.14
78.7
including
46
48
2.0
62.5
0.21
0.19
0.42
0.29
172.6
CMVDD002
45.0
47.0
2.0
144.0
0.23
4.27
0.44
8.26
816.1
CMVDD003
89.0
97.7
8.7
105.0
0.81
0.70
1.20
1.17
465.5
including
91.0
93.0
2.0
289.0
1.16
2.03
3.50
3.16
1196.6

Table 1. Assay results of key mineralised intervals for diamond drillholes CMVCDD001 to CMVDD003. Interval lengths reported are drilled lengths, not true widths. Silver equivalents (“AgEq”) are based on assumed metal prices of US$1,950/oz for gold (Au), US$18.00/oz for silver (Ag), US$1.00/lb for lead (Pb), US$4.50/lb for antimony (Sb) and US$1.50/lb for zinc (Zn). The calculations assume 100% metallurgical recovery, indicative of gross in situ metal value. *The CMVDD001 results were released on September 8th, 2022.

Drillhole CMVDD002: successfully targeted down-dip extension from drillhole CMVDD001 with intersection of colloform sphalerite-galena within a 2-meter mineralised interval.

Drillhole CMVDD003: targeted the down-dip extension of this shallow mineralisation with an 83-meter collar step-out. The positive results confirm the structure extends at depth and demonstrates a thicker mineralised zone down-dip.

Terra is continuing to define the mineralization along the NW-SE oriented strike of the Cumavici corridor as part of its 3,500 meters maiden drilling program at the Viogor-Zanik project. (See news release from September 8th, 2022, which reported 824.2 g/t AgEq. over 4.0 m in CMVD001).

Hole ID
Easting
Northing
Elevation
(m)
Dip
Azimuth
Depth
(m)
Recovery
(%)
CMVDD002
360186
4888502
605
-85
045
82.5
96.5
CMVDD003
360137
4888475
627
-72
052
176.9
95.1

Table 2. The drill hole collar locations at the Cumavici Ridge target (WGS84; UTM Zone 34N).

Figure 1. Plan map of diamond drillholes CMVDD001 to CMVDD003 targeting the shallow polymetallic mineralization hosted by andesitic volcanics and tuffs at the Cumavici Ridge locality. CMVDD003 marks an 83-m step out successfully intersecting the down-dip extension of the vein.

Figure 2. A northwest oriented cross section of the Cumavici Ridge location depicting the drillholes CMVDD001 through CMVDD003 with polymetallic intervals labelled as AgEq. Sulphide-bearing, vein-hosted mineralisation is open down-dip to the southwest.

Figure 3. Geological map of Cumavici with the identified targets. Current drilling efforts are focused at Cumavici Ridge. Vein mineralisation is highlighted as yellow ribbons.

Figure 4. The Viogor-Zanik project with the key target areas: Cumavici, Olovine and Brežani and their associated style of mineralisation.

QA/QC

One metre long, composite core samples were delivered to ALS Bor, Serbia for sample preparation and wet chemical analysis at the ALS Loughrea, Ireland, an ISO/IEC 17025:2017 certified laboratory. Sample preparation PREP-31BY method was used on all core samples by crushing to 70% less than 2 mm, rotary split 1 kg and pulverizing the split to greater than 85% passing 75 μm. Gold was assayed by 30g fire assay with ICP-AES finish (Au-ICP21). Analyses of silver and base metals were completed by oxidising digestion with HNO3, KClO3 and HBr (ASY-ORE), with the final solution in dilute aqua regia determined by ICP-AES (ME-ICPORE). Control samples, comprising certified reference materials (CDN-ME-1811), field duplicates and blanks were inserted at 5% rate and investigated as part of the Company’s quality assurance and quality control program.

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 eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in 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

President and CEO

For further information, please contact Aleksandar Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Download news release (.pdf)

Hole ID
From (m)
To (m)
Au (ppm)
Ag (ppm)
Pb (%)
Sb (%)
Zn (%)
CMVDD002
11
12
0.001
<1
<0.005
<0.005
0.009
CMVDD002
12
13
0.001
<1
<0.005
<0.005
0.007
CMVDD002
13
14
<0.001
<1
<0.005
<0.005
0.01
CMVDD002
14
15
<0.001
<1
<0.005
<0.005
0.011
CMVDD002
15
16
<0.001
<1
<0.005
<0.005
0.01
CMVDD002
16
17
<0.001
<1
<0.005
<0.005
0.01
CMVDD002
17
18
<0.001
<1
<0.005
<0.005
0.011
CMVDD002
18
19
<0.001
<1
<0.005
<0.005
0.014
CMVDD002
19
20
<0.001
<1
<0.005
<0.005
0.017
CMVDD002
20
21
<0.001
<1
<0.005
<0.005
0.012
CMVDD002
21
22
<0.001
1
0.013
<0.005
0.046
CMVDD002
22
23
<0.001
<1
0.005
<0.005
0.028
CMVDD002
23
24
0.001
<1
<0.005
<0.005
0.015
CMVDD002
24
25
0.008
<1
0.008
0.006
0.03
CMVDD002
25
26
<0.001
<1
0.005
<0.005
0.007
CMVDD002
25
26
<0.001
<1
<0.005
<0.005
0.008
CMVDD002
26
27
<0.001
<1
0.012
<0.005
0.008
CMVDD002
27
28
<0.001
<1
<0.005
<0.005
0.012
CMVDD002
28
29
<0.001
<1
<0.005
<0.005
0.01
CMVDD002
29
30
<0.001
<1
<0.005
<0.005
0.01
CMVDD002
30
31
<0.001
<1
<0.005
<0.005
0.014
CMVDD002
31
32
<0.001
<1
<0.005
<0.005
0.011
CMVDD002
32
33
<0.001
<1
<0.005
<0.005
0.01
CMVDD002
33
34
<0.001
<1
<0.005
<0.005
0.012
CMVDD002
34
35
<0.001
<1
<0.005
<0.005
0.012
CMVDD002
35
36
<0.001
<1
<0.005
<0.005
0.012
CMVDD002
36
37
<0.001
<1
<0.005
<0.005
0.013
CMVDD002
37
38
0.001
<1
<0.005
<0.005
0.011
CMVDD002
38
39
<0.001
<1
<0.005
<0.005
0.007
CMVDD002
39
40
0.001
<1
<0.005
<0.005
0.027
CMVDD002
40
41
<0.001
<1
0.005
<0.005
0.022
CMVDD002
41
42
<0.001
<1
0.009
<0.005
0.04
CMVDD002
42
43
<0.001
<1
<0.005
0.005
0.016
CMVDD002
43
44
<0.001
1
0.046
<0.005
0.125
CMVDD002
44
45
0.008
1
0.051
<0.005
0.105
CMVDD002
45
46
0.344
272
8.33
0.717
16.15
CMVDD002
46
47
0.123
16
0.217
0.165
0.379
CMVDD002
47
48
<0.001
1
0.018
<0.005
0.051
CMVDD002
48
49
0.014
<1
0.009
<0.005
0.017
CMVDD002
49
50
0.002
<1
<0.005
<0.005
0.01
CMVDD002
50
51
<0.001
<1
0.008
0.008
0.019
CMVDD002
51
52
<0.001
<1
0.005
0.006
0.016
CMVDD002
52
53
0.001
<1
0.009
<0.005
0.017
CMVDD002
53
54
0.001
<1
0.007
<0.005
0.013
CMVDD002
54
55
0.001
<1
<0.005
<0.005
0.009
CMVDD002
54
55
0.001
<1
0.005
<0.005
0.012
CMVDD002
55
56
0.001
<1
<0.005
<0.005
0.016
CMVDD002
56
57
0.007
<1
0.005
0.031
0.016
CMVDD002
57
58
0.001
<1
0.009
0.014
0.018
CMVDD002
58
59
<0.001
<1
0.006
<0.005
0.01
CMVDD002
59
60
<0.001
<1
0.007
<0.005
0.009
CMVDD002
60
61
<0.001
<1
0.009
<0.005
0.011
CMVDD002
61
62
<0.001
<1
0.008
<0.005
0.013
CMVDD002
62
63
<0.001
<1
0.009
<0.005
0.008
CMVDD002
63
64
<0.001
<1
0.005
<0.005
0.006
CMVDD002
64
65
<0.001
<1
<0.005
<0.005
0.006
CMVDD002
65
66
<0.001
<1
<0.005
<0.005
0.006
CMVDD002
66
67
<0.001
<1
0.006
<0.005
0.013
CMVDD002
67
68
0.005
<1
0.006
<0.005
0.022
CMVDD002
68
69
0.002
<1
0.005
<0.005
0.017
CMVDD002
69
70
<0.001
<1
0.006
<0.005
0.014
CMVDD002
70
71
<0.001
<1
<0.005
<0.005
0.013
CMVDD002
71
72
0.001
<1
<0.005
<0.005
0.017
CMVDD002
72
73
<0.001
<1
<0.005
<0.005
0.01
CMVDD002
73
74
<0.001
<1
<0.005
<0.005
0.009
CMVDD002
74
75
<0.001
<1
<0.005
<0.005
0.011
CMVDD002
75
76
0.001
<1
0.014
<0.005
0.022
CMVDD002
76
77
<0.001
<1
0.011
<0.005
0.03
CMVDD003
85
86
0.007
3
0.009
0.005
0.019
CMVDD003
86
87
0.03
4
0.013
0.007
0.024
CMVDD003
87
88
0.04
0.5
0.006
0.0025
0.013
CMVDD003
88
89
0.003
6
0.009
0.007
0.032
CMVDD003
89
90
0.27
9
0.021
0.023
0.075
CMVDD003
90
91
0.55
24
0.023
0.261
0.193
CMVDD003
91
92
1.3
191
2.24
2.11
1.76
CMVDD003
92
93
1.02
380
1.87
4.85
4.72
CMVDD003
93
94.3
0.06
8
0.073
0.285
0.282
CMVDD003
94.3
95.9
2.14
183
1.28
1.6
2
CMVDD003
95.9
97.7
0.223
5
0.012
0.01
0.105
CMVDD003
101.5
103
0.21
62
0.309
0.209
0.513
CMVDD003
103
104
0.09
6
0.059
0.056
0.078

Table 3. CMVDD002 and 003 drill hole assay data rounded to the nearest hundredth except for Ag which is rounded to the nearest whole number value.e 34N).

2022 / Oct

Terra Balcanica Adds Prospective Gold Exploration License to Its Serbian Portfolio

Vancouver, British Columbia – October 14th 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce the granting of the Ceovishte exploration licence by the Serbian Ministry of Energy and Mines. The new licence held by the Company’s 100% owned subsidiary Tera Balkanika doo covers 80.36 km2 of highly prospective land for gold and copper exploration in the historic Raska mining district of southern Serbia.

Highlights:

  • A pending application for the mineral exploration license “Ceovishte” totaling 80.36 km2 has been granted by the Ministry of Energy and Mines, Government of Serbia, increasing the Company’s total land package in Serbia to 130.36 km2. The license is located 280 km south of Serbia’s capital city of Belgrade and 20 km north of the town of Raska, which is Terra’s local operating hub facilitating cost-effective exploration;
  • Terra is now the 2nd largest mineral exploration license holder in the highly prospective Raska district of southern Serbia after Adriatic Metals plc. (ASX:ADT, LSE:ADT1; Figure 1). The Raska district covers over 400 km2 and features many Pb and Zn deposits, Cu-Au porphyries, and satellite epithermal deposits hosted by Tertiary andesitic to dacitic volcanics and granodiorites, with a structurally controlled NNE-SSW fabric;
  • Compilation, digitization, and reinterpretation of the historical Yugoslavian geological maps and reports has identified a clear target zone for epithermal gold mineralization in the northwestern part of the licence. Historical, exploratory adit intercepts and rocks chip samples from Medjurečje (Figure 2), a high-grade epithermal vein gold-silver target located in the NW sector of Ceovishte, support the significant exploration potential of this licence area including:
    • 4.0 meters grading 19 g/t gold (Au) and 34 g/t silver (Ag);
    • 5.0 meters grading 15 g/t gold (Au);
    • 9.0 meters grading 0.95 g/t gold (Au) and 36 g/t silver (Ag);
    • 13.8 meters grading 1.1 g/t gold (Au);
    • two subsurface rock chip samples grading 396 g/t gold (Au) plus 468 g/t silver (Ag) and 15 g/t, Au 130 g/t Ag plus 1.2% Cu.

Commenting on the acquisition of the new licence area, Aleksandar Mišković, the President and CEO of Terra Balcanica Resources Corp. stated:

We are delighted to have been granted a sizable new licence area in Serbia. Acquisition of such prospective ground is core to our strategy of building a regional, multi-jurisdictional portfolio in the Western Balkans. By bringing Ceovishte into our portfolio we expanded our Serbian footprint by 160% to 130 km2 in addition to 216 km2 held in Bosnia-Herzegovina at our high-grade, polymetallic Viogor-Zanik project. We are excited by the geological potential of Raska where we have now gained exposure to both gold and copper with Ceovishte. The new licence is found in the vicinity of Adriatic’s Kiževak and Sastavci Pb-Zn mines together with its Cu-focused exploration property at Suva Ruda-Rudnica and north of numerous historic lead-zinc-silver mines in the north of the Serbian province of Kosovo. Significantly, the most prospective area for high grade gold located in the northwesterly quadrant of Ceovishte is concealed by a thin overburden and has not seen any historical drill testing. This provides us with a unique exploration upside to search beneath a shallow cover resulting in quick drill target definitions. Our field crew has been dispatched to the locality to conduct sampling for soil geochemistry and we will provide updates on the field work very shortly.

Figure 1. Terra’s Ceovishte licence is situated on the northern flank of the Kopaonik metallogenic zone of southern Serbia featuring numerous mines, exploitation and exploration licences. The prospective geology is dominated by rocks of andesitic to dacitic composition.

Geological Setting of the New License

Ceovishte sits on the southern slopes of the Golija Mountain, a part of the Kopaonik metallogenic zone. This area features the Kiževak and Sastavci Pb-Zn-Ag mines including the Karadak deposit, all owned by Adriatic Metals plc. The historical Yugoslav GKZ, non-NI 43-101 compliant resource estimates for Kiževak is 3.9 Mt of ore grading 3.92% Zn, 2.15% Pb and 31 g/t Ag in the A+B+C1 categories (www.adriaticmetals-serbia.com/our-projects/adriatic-metals-serbia-sastavci). The Raska mining district also holds the Rudnica Cu-Au porphyry district and is a northerly extension of the partially exploited world class Trepča Pb-Zn-Ag skarn deposit of Kosovo, the northern Serbian autonomous province as seen in Figure 1. Trepča features a non-NI 43-101 compliant, Yugoslav resource estimated at 60.5 Mt of ore grading 8% Pb+Zn and >159 Moz of Ag.

Figure 2. The NW sector of the Ceovishte licence known as Medjurečje is characterized by a high-grade gold target that saw historical (pre-WWII) exploration conducted by underground adits and galleries which yielded high grade intercepts highlighted above. No systematic geochemical, geophysical or drill testing follow up has ever been done.

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 eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in 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

President and CEO

For further information, please contact Aleksandar Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Download news release (.pdf)

2022 / Oct

Terra Balcanica Announces a Grant of Stock Options

Vancouver, British Columbia – October 12th, 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) announces a grant of stock options.

The Company has engaged Crowthorn Capital Corp. (“Crowthorn”), a capital markets consultancy company for a period of twelve months starting on October 11th, 2022. There will be no cash compensation paid for the services and the contract may be terminated at any time without charge by either party by giving three months’ notice in writing. In connection with the engagement of Crowthorn, the Company announces that 250,000 incentive stock options (the “Options”) were granted with an exercise price of $0.10 per Common Share and with an exercisable period of two years from the date of issuance.

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 eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in 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.

Download news release (.pdf)

2022 / Sep

Terra Balcanica Extends Massive Sulfide Mineralization With Two Step Out Holes at Its Viogor-Zanik Project in Bosnia

Vancouver, British Columbia – September 20th 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce an extension of polymetallic sulphide veins with two step-out holes at the Čumavići Target at its 90% owned Viogor-Zanik project, Bosnia and Herzegovina.

Highlights:

  • Extension of shallow epithermal vein system: drillhole CMVDD001 intercepted 824.2 g/t AgEq. over 4.0 meters while CMVDD002 and CMVD003 aimed to test the down-dip extensions of the high-grade polymetallic vein;
    • An 83 m step out CMVDD003 also intercepted massive sulfides (Figure 1);
  • Larger vein thickness: intervals contain up to 11 meters of visible sphalerite-galena-stibnite mineralization with the system remaining open;
  • Assay results from CMVDD002 and CMVDD003 will be released shortly.

Terra Balcanica CEO, Dr. Aleksandar Mišković, comments:

The intersection of more vein hosted mineralization over 80 meters away from the initial high-grade drill hole at Cumavici is very encouraging and confirms the potential size of this shallow epithermal system. The visible signatures seen are analogous to polymetallic epithermal vein systems elsewhere in the Balkans featuring sphalerite, galena, and stibnite. We are encouraged by the first three holes and plan to aggressively delineate the full extent of the Cumavici target along the 7.2 km long structural corridor and will release the assay results in the next few weeks.

Drill Core Observations

Terra Balcanica commenced the maiden drilling program by confirming the presence of a high-grade polymetallic vein system at the Cumavici Target (see Company’s news release dated September 8th, 2022). Observations of two further drillholes detailed below extends the high-grade polymetallic mineralization down dip by over 70 meters (measured distance in section) and reports thicker visible vein structures.

Hole CMVDD002 intercepted a shallow semi-massive sulphide vein dominated by colloform-crustiform banded sphalerite-galena at 45 meters depth. The vein footwall hosts an interval of quartz-stibnite-sphalerite veinlet stockwork. Similar textures are observed in previously reported drillhole CMVDD001.

Hole CMVDD003 intercepted 9 meters of visible massive sulphides in a vein within a hydrothermally altered andesitic tuff. 2 meters of semi-massive sulphides are observed from 91 meters depth with stringers extending up into the hanging wall for 2 meters. The veins are composed of stibnite, sphalerite, and galena with rare chalcopyrite. Intervals of hydrothermal breccia are present with colloform banded sphalerite-galena dominating the cement phase.

Ongoing Exploration Program

Following positive visual observations in the core from CMVDD001 (see Company’s news release dated August 23rd, Following positive visual observations in the core from CMVDD001 (see Company’s news release dated August 23rd, 2022) two further drillholes, CMVDD002 and CMVDD003, were drilled from different pad locations over 80 meters away with the goal of testing the down-dip extension and continuity of the high-grade polymetallic vein.

Future drilling efforts at the project will aim to test the continuity of the 7.2 km long Cumavici polymetallic vein system along strike and down dip (Figures 1 and 2).

Figure 1. Geological map of the Čumavići volcanics hosting the epithermal vein system with drillholes CMVDD002, CMVDD003 highlighted

Figure 2. A conceptual cross section view of drillholes CMVDD001 – CMVD003 looking NW. Descriptions of the intervals are present. Mineralisation is open down-dip to the SW and along strike NW-SE. Interval thicknesses are drilled lengths and not true thicknesses

Figure 3. Photograph of 44.3 – 48.0 m in drillhole CMVDD002. Orange, brown colloform banded sphalerite can be observed with galena in polymetallic vein. Photo 2 is outlined by white rectangle.

Figure 4. Photograph of 45.35 – 45.50 m in drillhole CMVDD002. Orange, brown colloform-crustiform banded sphalerite and galena can be observed with weakly brecciated lower vein contact with andesitic tuff.

Figure 5. The CMVDD003 drill core from 90.1 to 92.9 m. Hanging wall stringers and semi-massive sulfide veins are observed. Details of the dashed rectangle are outlined in Figure 4.

Figure 6. The CMVDD003 drill core segment from 92.4 to 92.6 m with semi-massive sphalerite-stibnite-galena-pyrite-pyrrhotite assemblage along the vein-tuff contact

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 eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in 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

President and CEO

For further information, please contact Aleksandar Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Download news release (.pdf)

2022 / Sep

Terra Balcanica Confirms Cumavici Vein Discovery and Reports 824.2 g/t Silver Equivalent Over 4.0 Metres Within Its Viogor-Zanik Project in Bosnia

Vancouver, British Columbia – September 8th 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce the results of its maiden drilling at the Cumavici prospect at its 90% owned Viogor-Zanik project, Bosnia and Herzegovina. The Company intercepted a shallow, high-grade polymetallic vein with the first drillhole completed on the project.

Highlights:

  • Discovery of shallow, high-grade, polymetallic, vein-hosted mineralization;
  • Drillhole CMVDD001 intercepted 824.2 g/t AgEq. over 4.0 m from 29 m of depth, including 1,634.4 g/t AgEq. over 2.0 meters;
  • Results confirm the shallow nature of the Cumavici corridor where much of the 7.2 km NW-SE strike length remains untested;
  • Over 1,000 meters of assays are pending from the Cumavici target area; further assays will be released over the coming month and a half.

Terra Balcanica CEO, Dr. Aleksandar Mišković, comments:

The intercept of the Cumavici vein is an important milestone for Terra Balcanica after over 18 months of systematic surface geology and drill target generation. High grade polymetallic assays close to surface confirm the macroscopic observations of massive Pb-Zn-Sb sulfides and warrant down-dip as well as along-strike step outs to delineate the size of this epithermal system. As an early mover in Bosnia and Herzegovina, we are looking forward to following the success of Adriatic Metals in applying modern exploration in an underexplored country with prospective ground. We eagerly await assay results from additional drill holes which will be reported once received.

Drill Results

Drillhole
From
(m)
To
(m)
Length
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Sb
(Zn)
Zn
(%)
AgEq
(g/t)
CMVDD001
29
33
4.0
131.5
0.84
2.12
1.85
4.59
824.2
including
30
32
2.0
261.0
1.62
4.2
3.70
9.10
1634.4
43
48
5.0
26.1
0.13
0.09
0.18
0.14
78.7
46
48
2.0
62.5
0.21
0.19
0.42
0.29
172.6

Table 1. Assay results of key mineralised intervals for diamond drillhole CMVDD001. Interval lengths reported are drilled lengths, not true widths. Silver equivalents (“AgEq”) are based on assumed metal prices of US$1,950/oz for gold (Au), US$18.00/oz for silver (Ag), US$1.00/lb for lead (Pb), US$4.50/lb for antimony (Sb) and US$1.50/lb for zinc (Zn). The calculations assume 100% metallurgical recovery, indicative of gross in situ metal value.

CMVDD001: Results corroborate observations of colloform banded sphalerite-galena-stibnite with high grade Ag-Au-Pb-Zn-Sb mineralization. Detailed observations and photographs of the mineralized interval were reported in the Company’s news release dated August 23rd, 2022.

The Company is continuing to test the mineralization down dip and along strike thus building the geological model around the high-grade Ag-Au-Pb-Zn-Sb target.

Figure 1. Plan view of the diamond drillhole CMVDD001 targeting shallow polymetallic mineralization hosted by felsic volcanics and tuffs at the Cumavici Ridge locality.

Figure 2. A northwest oriented, conceptual cross section map of the Cumavici Ridge location depicting the drillhole CMVDD001 with assay results reported in AgEq as per Table 1.

Figure 3. Geological map of the 3-licence, 216 km2 Viogor Zanik project cluster in eastern Bosnia with the Cumavici prospect in its NW sector. The Sase mine (Mineco Ltd.) producing 330,000 tpa of Pb-Zn-Ag concentrate is located at the centre of Terra Balcanica’s exploration portfolio.

Figure 4. CMVDD001 interval from 30.8 to 31.0 m. Colloform banded sphalerite with galena aggregates cut by a sphalerite-stibnite-galena vein (2 cm scratcher tip for scale).

Figure 5. CMVDD001 PQ-sized interval from 31.45 to 31.68 m features sulphide cemented breccia, semi-massive grey sphalerite with galena-stibnite-pyrite (2 cm scratcher tip for scale).

Hole ID
UTM
(E)
UTM
(N)
Elevation
(m)
Dip
(deg.)
Azimuth
(deg.)
Depth
(m)
Recovery
(%)
CMVDD001
360200
4888527
606
-85
045
73.5
94.5

Table 2. The drill hole collar location at the Cumavici Ridge target (WGS84; UTM Zone 34N).

QA/QC

One metre long, composite core samples were delivered to ALS Bor, Serbia for sample preparation and wet chemical analysis at the ALS Loughrea, Ireland, an ISO/IEC 17025:2017 certified laboratory. Sample preparation PREP-31BY method was used on all core samples by crushing to 70% less than 2 mm, rotary split 1 kg and pulverizing the split to greater than 85% passing 75 μm. Gold was assayed by 30g fire assay with ICP-AES finish (Au-ICP21). Over limit samples returning > 10 ppm gold are re-analysed using a 30g fire assay with gravimetric finish (Au-GRA21). Analyses of silver and base metals were completed by oxidising digestion with HNO3, KClO3 and HBr (ASY-ORE), with the final solution in dilute aqua regia determined by ICP-AES (ME-ICPORE). Control samples, comprising certified reference materials (CDN-ME-1811), field duplicates and blanks were inserted at 5% rate and investigated as part of the Company’s quality assurance and quality control program.

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 eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in 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

President and CEO

For further information, please contact Aleksandar Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Download news release (.pdf)

2022 / Aug

Terra Balcanica Intercepts Shallow Polymetallic Vein at Cumavici Within Its Viogor-Zanik Project In Bosnia-Herzegovina

Vancouver, British Columbia – August 23rd 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce an intersection of massive polymetallic sulphide vein at the Cumavici target located within its 90% owned Viogor-Zanik project, Bosnia and Herzegovina.

Highlights:

  • The first diamond drillhole (Drillhole CMVDD001) completed by the Company at the Viogor-Zanik project discovered a shallow polymetallic, epithermal vein at the Cumavici target located in the NW sector of the project (Figure 1)
  • Massive sulfide veins were intercepted as shallow as 29 meters depth; two intervals of massive sulfide veining dominated by colloform banded sphalerite, galena, and stibnite;
  • Cumavici vein system is over 7.2 km in length and open along strike and down-dip;
  • Assays from current drilling will be released shortly

Terra Balcanica CEO, Dr. Aleksandar Mišković, comments:

The presence of a shallow, polymetallic, massive sulphide, vein-hosted system at Cumavici confirms our detailed targeting over the past 20 months. The Viogor-Zanik projects hosts epithermal and porphyry targets that are being tested by our inaugural drill program. Cumavici is a 7.2 kilometers zone of mapped intermediate sulfidation veins and our focus is to define the extents of the mineralized footprint. We are eagerly awaiting the laboratory assays which should be released shortly.

Target Introduction: Cumavici

Cumavici is an intermediate sulfidation, epithermal vein system situated 6.2 km northwest of the Company’s Olovine target, and 6.7 km west-northwest of the operating Sase Mine (owned and operated by Mineco plc.) which produces approximately 330,000 tonnes of lead-zinc-silver-gold concentrate per year. Cumavici has been defined as a 7.2 km northwest-southeast corridor outlined by structural mapping, soil geochemistry, and geophysics.

Surface sampling at Cumavici conducted by the company over the past 18 months illustrated the potential for high-grade, laterally extensive system. A rock chip sample 100668 collected ca. 3 km SE of CMVDD001 yielded 0.327 g/t Au, 31.7 g/t Ag, 2.2% Pb and 20.1% Zn.

Drill Core Observations – CMVDD001

Drill hole CMVDD001 confirmed the presence of a polymetallic vein system and intercepted two distinct zones of sulphide veining within Miocene volcanic breccias. Intervals of sulphide-cemented hydrothermal breccia commences at only 29-meter depth.

Vein-hosted, microcrystalline colloform banded sphalerite and coarse galena is present at 31 meters followed by massive stibnite, sphalerite, and breccia to 32 meters. Sulphide veinlets extend into the footwall to 33 meters depth and a further zone of disseminated sulphide is present from 43 meters to depth of 48 meters. Banded veins indicate sustained fluid flow through structures, with additional fluid pervasively altering and precipitating disseminated massive sulfides within the andesitic tuffs and volcanic breccias.

Textural information points to sustained, polyphase fluid flow through the targeted structure which remains open along strike and depth.

Figure 1. Geological map of the 3-licence, 216 km2 Viogor Zanik project cluster in eastern Bosnia with the Cumavici prospect/licence in its NW sector. The Sase mine (Mineco Ltd.) producing 330,000 tpa of Pb-Zn-Ag concentrate is located at the centre of Terra Balcanica’s exploration portfolio.

Figure 2. Geological map of the Cumavici volcanics hosting the epithermal vein system with the drillhole CMVDD001 collared at 045°/-85°.

Figure 3. CMVDD001 drill core from 30.1 to 32.6 m showing sulphide cemented breccia and semi-massive sulphides. Details of dashed rectangles are outlined in Photo 2 and 3 below.

Figure 4. CMVDD001 interval from 30.8 to 31.0 m. Colloform banded sphalerite with galena aggregates cut by a sphalerite-stibnite-galena vein (2 cm scratcher tip for scale).

Figure 5. CMVDD001 PQ-sized interval from 31.45 to 31.68 m features sulphide cemented breccia, semi-massive grey sphalerite with galena-stibnite-pyrite (2 cm scratcher tip for scale).

Current Drill Program

Hole CMVDD001 was designed to test the presence of a NW-SE striking vein system and dipping to the SW with the regional structural trend. There are numerous planned step-out pad locations to the NW to test the system along strike.

Future drilling efforts will test the continuity of the polymetallic vein system along strike and down dip (Figure 3). Additionally, Terra Balcanica continues to generate drill targets within various sectors of the prospective Cumavici corridor for further shallow polymetallic vein intercepts to the NW and SE.

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 eastern Bosnia and Herzegovina, 100% of the Kaludra mineral exploration licence in Serbia and has a pending exploration license at the Ceovishte property in 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

President and CEO

For further information, please contact Aleksandar Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Download news release (.pdf)

2022 / Aug

Terra Balcanica Discovers Gold On Surface at Brezani Target Within Viogor-Zanik Project in Bosnia

Vancouver, British Columbia – August 17th 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce the results of exploration trenching at the Brezani target at its 90% owned Viogor-Zanik project in Bosnia and Herzegovina.

Highlights:

  • All composite assays obtained from 4 surface trenches totaling 205 m at the greenfield Brezani target intercepted gold mineralization;
    • Trench BRE_004 returned 32 m at 0.54 g/t AuEq. including 10 m at 1.01 g/t AuEq.;
  • Gold-silver-zinc-copper mineralization is confirmed over a 255 m by 220 m area and open along strike within an 850 m gold-in-soil anomaly;
  • Trenching is centred on a 1.2 km wide magnetic high coincident with a strong conductivity anomaly open at depth; this key geochemical and geophysical target will be drill-tested in the current program;
  • Diamond drilling at Brezani has commenced and assays will be released shortly.

Terra Balcanica CEO, Dr. Aleksandar Mišković, comments:

Brezani is an exciting greenfield target discovered by our team in 2021 based on systematic soil sampling and geophysics. The follow up trenching has confirmed significant gold intercepts at surface that may be part of a much larger sulfide mineralized system at depth, which is implied by a 1.2 kilometer wide magnetic and conductivity anomaly. We have now advanced the Brezani target to the drill-testing stage, and assays from our first hole will be released shortly.

Results

Trench ID
From
(m)
To
(m)
Lenth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
AuEq. (g/t)
BRE_TR_001
0
48
48.0
0.11
0.11
0.015
0.04
0.15
including
30
34
4.0
0.38
0.13
0.007
0.06
0.42
BRE_TR_002
0
4
4.0
0.35
3.51
0.018
0.05
0.43
BRE_TR_003
0
34
34.0
0.14
0.58
0.007
0.04
0.17
including
28
34
6.0
0.27
0.19
0.003
0.08
0.31
BRE_TR_004
20
52
32.0
0.49
0.51
0.009
0.08
0.54
including
28
38
10.0
0.96
0.20
0.008
0.07
1.01

Table 1. Principal composite assay intervals for the Brezani surface trench samples. Gold equivalents (“AuEq.”) are based on assumed metal prices of US$1,950/oz for gold (Au), US$18.00/oz for silver (Ag), US$4.00/lb for copper (Cu) and US$1.50/lb for zinc (Zn). The calculations assume 100% metallurgical recovery and are indicative of gross in situ metal value. All values are rounded to nearest hundredth except for Cu which is rounded to a thousandth %.

Figure 1. Tethyan metallogenic belts of the Balkans with the Terra Balcanica project locations. Key projects to note include the 7.3 Mt @ 485 g/t AgEq. Vares silver project in Bosnia owned by Adriatic Metals (ASX:ADT), 1.8 Bt @ 0.86% Cu Cukaru Peki deposit in Timok, Serbia (Zijin Mining), and the 16.8Moz Au Kişladag project in Turkey and 568 Mt @ 0.35% Cu and 0.47 g/t Au Skouries project in Greece owned by Eldorado Gold (TSX:ELD).

Brezani Target – Introduction

  • The Viogor-Zanik project is located within the Oligo-Miocene Srebrenica Magmatic Complex (“SMC”). SMC is situated at the far northwestern extent of the Serbo-Macedonian Metallogenic Province (“SMMP”). This prolific metallogenic province is host to several world class Au-Ag-Cu-Pb-Zn deposits (Figure 1).
  • The Brezani target is located 8.4 km south of the operating Sase Mine (Figure 2), which is owned and operated by Mineco Ltd., a private mining company. The Sase Mine produces approximately 330,000 tonnes of lead-zinc-silver-gold concentrate per year.
  • Brezani hosts several components of a large magmatic-hydrothermal system. It was a greenfield discovery made by the Company after applying modern exploration techniques over the 2020-2022 period including geochemical, geophysical, and structural analysis.
    • Soil sampling was completed on a 125m x 125m grid and defined a geochemical anomaly for detailed geological mapping. An extensive package of hornfels was subsequently identified in contact with diorite and granodiorite intrusive rocks.Soil sampling was completed on a 125m x 125m grid and defined a geochemical anomaly for detailed geological mapping. An extensive package of hornfels was subsequently identified in contact with diorite and granodiorite intrusive rocks.
    • Geophysical analysis including 1331-line km airborne magnetic and electromagnetic surveys completed in 2021 identified a 1.2 km magnetic high anomaly that may be a proxy for a much larger mineralized system at depth (Figure 3).
    • Trenches were completed to expose bedrock at the inferred hornfels-intrusive contact. Sphalerite and chalcopyrite bearing calc-silicate hornfels and banded exoskarns are observed coincident with Au-Bi-Te-Zn soil geochemical anomalies, marking a contact metasomatic halo. Sulfides are disseminated and lamination parallel. Pervasively argillic altered volcanics and vuggy silica are noted in the trenches indicating a shallow level of erosion (Figure 4 and 5).

Figure 2. Geological map of the 216 km2 Viogor Zanik project with the Brezani target in the southeastern part of the project. The other key identified targets within the project are Olovine and Čumavići. The Sase mine (Mineco Ltd.) produces 330,000 tpa of Pb-Zn-Ag concentrate and is located at the centre of Terra Balcanica’s project.

Figure 3. Geological map of Brezani outlines the trenching centred upon the geochemical and 1.2 km wide, subsurface magnetic anomaly. BRE_DD_001 is the collar location of the initial drillhole planned to test the Brezani target where drilling has commenced.

Figure 4. Plan view of Brezani AuEq. intercepts as strip logs on surface geology (scale 1:800).

Figure 5. Systematic logging and composite sampling along 2-m deep and 80 cm wide exploration trenches at Brezani revealed argillically altered (grano)diorites as vuggy residual quartz (A) and calc-silicate hornfels (B) with disseminated and lamination parallel sulfides.

Trench ID
Easting
Northing
Elevation (m)
Azimuth
Length (m)
BRE_TR_001
368490
4880021
893
175
48
BRE_TR_002
368495
4879973
885
184
30
BRE_TR_003
368494
4879954
848
297
34
BRE_TR_004
368516
4879975
890
285
60

Table 2. The Brežani trench collar survey information (WGS84; UTM Zone 34N).

QAQC

Two-meter composite lithic samples were delivered to ALS Bor, Serbia for sample preparation and subsequent wet chemical analysis at the ALS laboratory Loughrea, Ireland, an ISO/IEC 17025:2017 certified testing laboratory. Sample preparation PREP-31BY method was used on all rock samples. This involved crushing to 70% less than 2 mm, rotary split 1.0 kg and pulverizing the split to greater than 85% passing 75 microns. Silver and base metals were analysed by ICP MS after a four-acid digest (ME-MS61). Gold was assayed by 30g fire assay with ICP AES finish (Au-ICP21). Over limit samples returning greater than 10 ppm gold are re-analysed using a 30g fire assay with gravimetric finish (Au-GRA21) and base metals by the four-acid digest ICP-AES analyses termed ME-OG62. Control samples comprising the certified reference material CDN-ME-1501 (Canadian Resource Laboratories Ltd.), field duplicates and blanks were inserted at 3% rate and investigated as part of the company’s quality assurance and quality control program.

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 eastern Bosnia and Herzegovina, 100% of the Kaludra mineral exploration licence in Serbia and has a pending exploration license at the Ceovishte property in 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

President and CEO

For further information, please contact Aleksandar Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Download news release (.pdf)

2022 / Aug

Terra Balcanica Announces Results Of 2022 Annual General Meeting and Appoints New Director

Vancouver, British Columbia, Aug. 16, 2022 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) announces that shareholders voted in favor of all resolutions presented in its management information circular at the Annual General Meeting of Shareholders (the “Meeting”) held on August 15th, 2022. A total of 20,252,760 common shares were voted at the Meeting, representing 27.55% of the votes attached to all outstanding common shares with all resolutions passing with 100% approval.

Terra is pleased to welcome Mr. Steven Latimer, ICD.D, CFA, MBA to the Board of Directors. Mr. Latimer is a global investment banking and capital markets professional with over 30 years of experience. A leader with an expansive history of leading financing transactions for mining companies via IPOs, equity, debt and royalty financings, private placements, and joint ventures for both junior and large multi-national mining companies.
In addition, Steven has extensive experience in leading complex cross-border advisory transactions. He is currently Managing Director and Head of London-based Bacchus Capital’s North American Investment Banking and Merchant Capital Business. From 2012-2020, Steve was Head of Jefferies’ Canadian Investment Banking Business and President of Jefferies Securities Inc. and prior to that, he was Head of Credit Suisse’s Canadian Investment Banking Metals and Mining Group and in senior leadership roles at UBS (Bunting Warburg). Steven is a CFA Charterholder and hold the Institute of Corporate Directors (ICD.D) director designation. Mr. Latimer received his MBA from the Kellogg Graduate School of Management at Northwestern University and an HBA from the University of Western Ontario.

Terra Balcanica CEO, Dr. Aleksandar Mišković, comments:

“Terra is truly fortunate to add Mr. Latimer to the echelons of its senior management team. Steve has been a supporter of the Company and shares the common vision of Terra as both an agile regional explorer and an early mover into Bosnia and Herzegovina. His capital markets expertise and knowledge of the resources sector from both sides of the Atlantic will serve us well during the next phase of the corporate development. I wholeheartedly welcome Mr. Latimer to Terra’s Board of Directors in anticipation of an exciting quarter and the year ahead.”

Download full news release (.pdf)

2022 / Jul

Terra Balcanica Provides Project Update and Announces Positive Change to Bosnian Exploration Act

Vancouver, British Columbia – July 18th, 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) announces the enactment of a new legislative framework in Bosnia and Herzegovina positively impacting its mineral exploration concessions and provides an update on its flagship Viogor-Zanik polymetallic project.

Project Update

The Company has completed 205 m of exploration trenching at the newly discovered Brežani target while commencing an inaugural 3,500 m diamond drill program to test a series of high-grade silver-gold-lead-zinc prospects hosted in both epithermal veins and disseminated gold-copper mineralization. The results from trenching and drilling will be released shortly.

New Mineral Exploration Act in Bosnia and Herzegovina

In the last parliamentary session before the upcoming elections in October 2022, lawmakers of the Republic of Srpska (“RS”) in Bosnia and Herzegovina passed a legislation on mineral exploration that updated the Act that has been in existence since 2015. The government proposed an extension to mineral concession rights which was overwhelmingly approved by the RS parliamentarians on June 23rd , approved by the Parliamentary Assembly of Bosnian and Herzegovina on June 29th , and became law on July 14th , 2022.

The most significant improvement within the new regulatory framework is the extended length of time allowed for exploration of mineral resources by exploration licence holders on the territory of the Republic of Srpska. Exploration companies can now extend concessions twice for a maximum term of 8 years according to a 3 year + 3 year + 2 year scheme. The new concession period replaces the previously mandated maximum of 4.5 years of exploration activities during which a measured and indicated resource was mandated before converting mineral exploration licences to mining concessions. The new law extends the period of time to conduct exploration work prior to delivering a potential resource estimate.

Dr. Aleksandar Mišković, the President and CEO of Terra Balcanica Resources Corp. comments: “The newly enacted regime on exploration of mineral resources in the Republic of Srpska is a positive development for the legislative mining framework in Bosnia and Herzegovina benefitting Terra Balcanica. The total extended mineral concession term of 8 years ensures that companies are afforded sufficient time to drill prospective targets prior to advancing into the mineral resource stage. The Republic of Srpska in Bosnia has many areas of highly fertile exploration ground where Terra Balcanica covers 216 km 2 at its flagship Viogor-Zanik project.”

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