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News

2023 / Feb

Terra Balcanica Intersects 505 g/t AgEq Over 11.0 m Including 3,075 g/t AgEq (108.5 oz/t AgEq) Over 1.7 m at Viogor-Zanik in Bosnia

Vancouver, British Columbia – February 27th 2023 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce further, high-grade drill results including step-out drillholes at Cumavici Ridge and a new discovery at the Josheva target extending mineralization at the Cumavici Corridor over 2.3 km to the southeast within its flagship, 216 km2 Viogor-Zanik project in Bosnia and Herzegovina.

Highlights

  • Highest Grades Intercepted To Date: Drillhole CMVDD004 returned 505.3 g/t AgEq over 11.0 m from 43.0 m depth including 3075.4 g/t AgEq (108.5 oz/t AgEq) over 1.7 m (see Figure 1) 40 m northeast of CMVDD005 and over 50 m northwest from the drill fence that included CMVDD001, CMVDD002, and CMVDD003;
  • New Discovery at Josheva over 2.3 km southeast of Cumavici Ridge: Drillhole JOSDD001 drilled over 2.3 km southeast of Cumavici Ridge discovered a new mineralized structure yielding 119.7 g/t AgEq over 6.0 m from 53.0 m depth (see Figure 2). The discovery drillhole at Josheva validates the district geologic model and confirms the potential for several other segments of polymetallic veins within the expansive 7.2 km strike Cumavici corridor. The entire corridor remains open for further drill testing.
  • Five shallow, high grade intercepts: Cumavici Ridge has displayed consistency by the initial drilling with five holes intercepting shallow, high-grade polymetallic mineralization (see Figure 3), including:
    • CMVDD001: 824.2 g/t AgEq. over 4.0 m including 1634.4 g/t AgEq. over 2.0 m;
    • CMVDD002: 816.1 g/t AgEq. over 2.0 m;
    • CMVDD003: 465.5 g/t AgEq. over 8.7 m including 1196.6 g/t AgEq. over 2.0 m;
    • CMVDD005: 284.0 g/t AgEq over 10.0 m including 895.8 g/t AgEq over 2.0m.
  • Extending High Grade Footprint With Step-Out Drilling: assay results from CMVDD001 to CMVDD005 confirm consistent high-grade mineralization over a footprint approximately 60 by 100 meters at Cumavici Ridge. (see Figure 4). Further drilling will focus on expanding strike length to the northwest along 650 m of strike length and confirm down-dip continuity to southwest. The system remains open in all directions.
YouTube video

Cumavici – 3D Animation

Terra Balcanica CEO, Dr. Aleksandar Mišković, commented:

We are very pleased with the world class intercepts that the Cumavici Ridge system keeps on delivering. The stage is now set for the Phase II drill program of this shallow polymetallic vein that will aim to add onto these exceptional grades. Most exciting is that the highest metal concentrations have come from the northwesterly segment of the system which is the direction where we intend to extend our drill fence in 2023. Also encouraging are the positive Josheva target intercepts located 2.3 km southwest of Cumavici Ridge as a testament to the widespread mineralization along the epithermal corridor. We have numerous, high-grade targets to further test with infill and step out drilling.

Assay results

Drillhole
From (m)
To (m)
Length (m)
Ag (g/t)
Au (g/t)
Pb (%)
Sb (%)
Zn (%)
AgEq* (g/t)
CMVDD004
43.0
54.0
11.0
225
0.3
0.56
1.48
0.83
505.3
including
44.8
46.5
1.7
1420
0.81
3.42
9.40
4.95
3075.4
JOSDD001
53.0
59.0
6.0
11
0.06
0.68
–
1.66
119.7
JOSDD002
3.0
32.0
2.0
–
0.66
0.03
0.01
0.19
–

Table 1. Assay results of key mineralized intervals from Cumavici drillholes. Interval lengths reported are drilled lengths, not true widths. Silver equivalents (“AgEq”) are based on assumed metal prices of US$1950/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). *Assumed metal recoveries of 90% Au, 93% Ag, 94% Pb and Zn, 90% Sb are based on published metallurgical tests for analogous Balkan epithermal deposits. For CMVDD001-003 and CMVD005, see the Company news releases from Sept. 8th, Oct. 22nd, 2022, and Feb. 2nd, 2023.

Figure 1. Section B-B’ from Figure 3 (below) along drillhole fence CMVDD004-005. CMVDD004 intersected 11 m of mineralization at 43 m depth, illustrating grade continuity to near surface from CMVDD005 which intersected 10 m at 284 g/t AgEq at 81 m. The vein system remains open down dip.

Figure 2. Phase I drilling at Cumavici Ridge and the SE extension at the Josheva target. The 7.2 km long Cumavici Corridor extends well beyond Cumavici Ridge to NW.

Figure 3. Phase I drillholes at Cumavici Ridge. Drillholes CMVDD004 and CMVDD005 are NW step-outs from the initial drill fence (CMVDD001-003); the system is open along strike.

Figure 4. Fence diagram of drilling completed at the Cumavici Ridge target including drillholes CMVDD001 to CMVDD005. Polymetallic mineralization intervals are highlighted in red. The mineralization remains untested and open down dip to the southwest and entirely open to the NW. The high-grade mineralization footprint currently sits at approximately 60 (strike length) by 100 meters (down dip direction).

Drill Results Summary

Drillhole CMVDD004 targeted the strike extension of this shallow mineralization with a 39 m NW collar step-out from CMVDD002. Assay results confirm the structure remains mineralized at shallow levels in the north-western direction. Mineralization consists of a main massive sulphide interval with quartz-sulphide veining in the hanging and footwall of the structure. Massive sulphide intervals are characterized by colloform-crustiform sphalerite-galena-stibnite-sulphosalts. A narrow envelope of silicification is observed around the vein intercept with volcaniclastics showing variable chloritization and argillic alteration.

Drillhole JOSDD001 targeted a mineralized structure 2.3 km southeast of the Cumavici Ridge discovery drillholes. It successfully intersected a mineralized structure returning 119.7 g/t AgEq over 6.0 m from 53.0 m depth. Mineralization encountered is characterized by veinlets, disseminations, and aggregates of sphalerite-galena-pyrite within argillic altered andesitic tuffs. Sulphides are associated with calcite and present in intervals of fault gouge.

Drillhole JOSDD002, located 155 m NW of JOSDD001, tested the same structure with a significant step out. Several mineralized structures were intersected, with disseminated sulphides in fault gouge and calcite. At 31 m depth a quartz-arsenopyrite cemented hydrothermal breccia returned 1 m at 1.1 g/t Au and 0.3 % Zn within a 2 m mineralized intercept yielding 0.66 g/t Au.

Hole ID
Easting
Northing
Elevation (m)
Dip
Azimuth
Depth (m)
Recovery (%)
CMVDD004
360174
4888539
611
-85
045
77.7
87.3
CMVDD005
360141
4888516
621
-85
050
99.0
94.4
CMVDD006
360195
4888403
611
-68
052
154.6
93.7
CMVDD007
360389
4888084
485
-45
048
175.4
97.7
CMVDD008
360361
4888323
522
-85
045
78.0
95.0
CMVDD009
360347
4888299
520
-85
035
91.1
99
JOSDD001
361639
4886792
386
-52
034
108.8
96.7
JOSDD002
361516
4886889
383
-52
034
111.8
99.3

Table 2. Drillhole collar survey information for the reported Cumavici Ridge and Josheva drillholes (WGS84/UTM Zone 34N). See the complete list of assays at the end of the news release.

Further exploration drilling: Further drilling will systematically test the high-grade Cumavici vein along strike to the NW/SE and down-dip SW where the mineralization is open and untested. The Cumavici Ridge target lies within a local magnetic low, which is continuous for > 500 m strike length. The Company interprets the well-developed magnetic low lineament to represent the structure hosting the Cumavici Ridge polymetallic mineralization, offering a robust target for expansion of mineralization. Due to the shallow nature of this high-grade system, drilling can quickly define strike length utilizing a 40 m regular step out. Mineralization is interpreted to be dipping shallowly to the SW, which allows for down-dip testing with modest meterage requirements. This will be a priority of the 2023 drilling campaign.

Target generation is ongoing by utilizing the geological knowledge gained in the 2022 drilling campaign to unlock the potential of the 7.2 km strike length Cumavici corridor. Understanding of the geochemical and geophysical signature of this high-grade system, and confirmation of the exploration strategy through definition of yet another mineralized structure at Josheva gives the Company confidence in the underexplored nature of the Cumavici corridor. Surface expressions of mineralized structures have been observed at several localities, namely Cumurnica and Seoce where soil geochemistry shows NW/SE trending anomalous Ag-Pb-Zn. Zones of fault gouge with disseminated sphalerite and galena are observed on surface which can be tied to low magnetic lineaments, offering targets for future drilling. The Cumavici corridor remains largely untested, and the Company firmly believes there is opportunity for discovery of the Cumavici Ridge style mineralization along the entire 7.2 km strike length.

QA/QC

Composite, half a drill core (PQ3 and HQ3) samples were delivered by truck to ALS Bor, Serbia for sample preparation and analysis at the ALS laboratory Loughrea, Ireland an ISO/IEC 17025:2017 certified testing laboratory. Sample preparation PREP-31BY method was used on all core samples. This involves crushing to 70% less than 2 mm, rotary split 1kg and pulverizing the split to greater than 85% passing 75 microns. Gold was assayed by 30g fire assay with ICP-AES finish (Au-ICP21). Analyses of silver and base metals were completed by highly oxidising digestion with HNO3, KClO3 and HBr (ASY-ORE) and the final solution in dilute aqua regia is determined by ICP-AES (ME-ICPORE). Control samples, comprising certified reference materials (CDN-ME-1811), quarter core field duplicates and blanks were inserted at a rate of 5% 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 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.

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Hole ID
Sample ID
From (m)
To (m)
Au (ppm)
Ag (ppm)
Pb (%)
Sb (%)
Zn (%)
CMVDD004
105214
40.0
41.0
0.001
<1
0.006
<0.005
0.021
CMVDD004
105215
41.0
42.0
0.002
<1
<0.005
<0.005
0.014
CMVDD004
105216
42.0
43.0
0.007
<1
0.011
<0.005
0.044
CMVDD004
105217
43.0
44.0
0.007
1
0.017
<0.005
0.053
CMVDD004
105218
44.0
44.8
0.1
1
0.026
0.009
0.161
CMVDD004
105219
44.8
46.5
0.812
1420
3.42
9.35
4.95
CMVDD004
105220
46.5
47.0
1.65
43
0.267
0.447
0.309
CMVDD004
105221
47.0
48.0
0.249
13
0.07
0.064
0.129
CMVDD004
105222
48.0
49.0
0.147
4
0.017
0.016
0.06
CMVDD004
105223
49.0
50.0
0.171
4
<0.005
0.008
0.031
CMVDD004
105224
50.0
51.0
0.277
8
0.025
0.017
0.051
CMVDD004
105225
51.0
52.0
0.012
1
0.005
<0.005
0.056
CMVDD004
105226
52.0
53.3
0.077
2
0.008
0.007
0.02
CMVDD004
105227
53.3
54.0
0.06
4
0.087
0.013
0.091
CMVDD004
105228
54.0
55.0
0.003
<1
0.022
<0.005
0.079
CMVDD004
105229
55.0
56.0
0.003
<1
0.018
0.006
0.05
CMVDD004
105230
56.0
57.0
0.003
1
0.018
0.008
0.073
CMVDD004
105231
57.0
58.0
0.012
4
0.021
0.062
0.082
CMVDD004
105232
57.0
58.0
0.014
2
0.02
0.046
0.08
CMVDD004
105233
58.0
59.0
0.002
<1
0.104
0.009
0.108
CMVDD004
105234
59.0
60.0
0.002
<1
0.058
<0.005
0.083
CMVDD004
105235
60.0
61.0
0.002
<1
0.012
<0.005
0.048
CMVDD004
105236
61.0
62.0
0.005
<1
0.008
<0.005
0.023
CMVDD004
105237
62.0
63.0
0.001
<1
<0.005
<0.005
0.014
CMVDD004
105238
63.0
64.0
0.002
<1
<0.005
<0.005
0.016
CMVDD004
105239
64.0
65.0
0.002
<1
<0.005
<0.005
0.016
CMVDD004
105240
65.0
66.0
0.003
<1
0.01
<0.005
0.036
CMVDD004
105241
66.0
67.5
0.002
<1
0.007
<0.005
0.022
CMVDD004
105242
67.5
69.0
0.01
1
0.007
<0.005
0.021
CMVDD004
105243
69.0
70.5
0.002
<1
0.03
<0.005
0.07
CMVDD004
105244
70.5
71.5
0.017
2
0.069
0.012
0.102
CMVDD004
105245
71.5
72.9
0.03
<1
0.017
<0.005
0.057
CMVDD007
105054
91
92
<0.001
<1
<0.005
<0.005
0.007
CMVDD007
105055
92
93
<0.001
<1
<0.005
<0.005
0.006
CMVDD007
105056
93
94
<0.001
<1
<0.005
<0.005
0.008
CMVDD007
105057
94
95
<0.001
<1
<0.005
<0.005
0.007
CMVDD007
105058
95
96
<0.001
<1
<0.005
<0.005
0.007
CMVDD007
105059
96
97
<0.001
<1
<0.005
<0.005
0.008
CMVDD007
105060
97
98
<0.001
<1
<0.005
<0.005
0.008
CMVDD007
105061
98
99
<0.001
<1
<0.005
<0.005
0.008
CMVDD007
105062
99
100
<0.001
<1
<0.005
<0.005
0.009
CMVDD007
105063
100
101
<0.001
<1
<0.005
<0.005
0.008
CMVDD007
105064
101
102
<0.001
<1
<0.005
<0.005
0.009
CMVDD007
105065
102
103
<0.001
<1
<0.005
<0.005
0.015
CMVDD007
105066
103
104
<0.001
<1
<0.005
<0.005
0.012
CMVDD007
105067
104
105
<0.001
<1
<0.005
<0.005
0.01
CMVDD007
105068
105
106
<0.001
<1
0.006
<0.005
0.022
CMVDD007
105069
106
107
0.002
<1
0.005
<0.005
0.02
CMVDD007
105070
106
107
0.002
<1
0.008
<0.005
0.017
CMVDD007
105071
107
108
0.006
<1
0.007
<0.005
0.041
CMVDD007
105072
108
109
0.001
<1
0.022
<0.005
0.088
CMVDD007
105073
109
110
0.032
9
0.641
0.027
1.79
CMVDD007
105074
110
111
<0.001
<1
0.017
<0.005
0.062
CMVDD007
105075
111
112
<0.001
<1
0.043
<0.005
0.116
CMVDD007
105076
112
113
<0.001
<1
0.01
<0.005
0.028
CMVDD007
105077
113
114
<0.001
<1
<0.005
<0.005
0.011
CMVDD007
105078
114
115
<0.001
1
0.016
<0.005
0.048
CMVDD007
105079
153
154
<0.001
<1
0.012
<0.005
0.072
CMVDD007
105080
154
155
<0.001
1
0.017
<0.005
0.084
CMVDD007
105081
155
156
<0.001
<1
0.006
<0.005
0.019
CMVDD007
105082
156
157
<0.001
<1
<0.005
<0.005
0.014
CMVDD007
105083
157
158
<0.001
<1
<0.005
<0.005
0.011
CMVDD007
105084
158
159
<0.001
<1
<0.005
<0.005
0.01
CMVDD007
105085
159
160
<0.001
<1
<0.005
<0.005
0.015
CMVDD007
105086
160
161
<0.001
<1
<0.005
<0.005
0.022
CMVDD007
105087
161
162
<0.001
<1
0.006
<0.005
0.025
CMVDD007
105088
162
163
<0.001
<1
0.008
<0.005
0.037
CMVDD007
105089
163
164
<0.001
<1
0.005
<0.005
0.029
CMVDD008
105279
18.0
19.0
0.003
<1
<0.005
<0.005
0.005
CMVDD008
105280
19.0
20.0
0.005
<1
0.005
<0.005
0.005
CMVDD008
105281
20.0
21.0
0.005
<1
<0.005
<0.005
0.008
CMVDD008
105282
21.0
22.0
0.001
<1
<0.005
<0.005
0.011
CMVDD008
105283
22.0
23.0
0.002
<1
0.069
<0.005
0.08
CMVDD008
105284
23.0
24.0
0.003
<1
0.011
<0.005
0.028
CMVDD008
105285
24.0
25.0
0.002
<1
0.006
<0.005
0.01
CMVDD008
105286
25.0
26.0
0.004
2
0.005
<0.005
0.007
CMVDD008
105287
26.0
27.0
0.001
<1
<0.005
<0.005
0.006
CMVDD008
105288
27.0
28.0
0.001
1
<0.005
<0.005
0.013
CMVDD008
105289
28.0
29.0
0.002
<1
0.005
0.006
0.02
CMVDD008
105290
28.0
29.0
<0.001
1
<0.005
<0.005
0.018
CMVDD008
105291
29.0
30.0
0.002
1
0.005
<0.005
0.018
CMVDD008
105292
30.0
31.0
0.004
2
0.04
<0.005
0.116
CMVDD008
105293
31.0
32.0
0.004
2
0.108
<0.005
0.21
CMVDD008
105294
32.0
33.0
0.005
1
0.009
0.008
0.101
CMVDD008
105295
33.0
34.0
0.002
<1
<0.005
<0.005
0.013
CMVDD009
105296
56.5
57.5
0.001
<1
0.007
<0.005
0.026
CMVDD009
105297
57.5
58.5
0.002
<1
0.024
<0.005
0.072
CMVDD009
105298
58.5
59.5
0.011
4
0.326
<0.005
1.03
CMVDD009
105299
59.5
60.5
0.005
1
0.084
0.009
0.181
CMVDD009
105300
60.5
61.5
0.008
1
0.121
0.006
0.152
CMVDD009
105301
61.5
62.5
0.002
<1
0.0025
<0.005
0.007
JOSDD001
105302
4.3
5.3
0.028
1
0.066
<0.005
0.413
JOSDD001
105303
5.3
6.3
0.001
<1
<0.005
<0.005
0.009
JOSDD001
105304
6.3
7.3
0.001
<1
0.005
<0.005
0.009
JOSDD001
105305
49
50
<0.001
<1
<0.005
<0.005
0.006
JOSDD001
105306
50
51
0.001
<1
<0.005
0.005
0.007
JOSDD001
105307
51
52
0.003
1
0.005
0.007
0.008
JOSDD001
105308
52
53
0.022
<1
0.018
<0.005
0.022
JOSDD001
105309
53
54
0.076
6
0.458
<0.005
1.34
JOSDD001
105310
54
55
0.014
4
0.131
0.011
0.413
JOSDD001
105311
55
56
0.101
16
0.87
0.005
3.5
JOSDD001
105312
56
57
0.017
3
0.16
0.006
0.755
JOSDD001
105313
57
58
0.015
3
0.066
<0.005
0.93
JOSDD001
105314
58
59
0.119
35
2.38
0.009
3.03
JOSDD001
105315
59
60
<0.001
1
0.019
<0.005
0.052
JOSDD001
105316
60
61
0.006
<1
0.011
<0.005
0.021
JOSDD001
105317
61
62
0.016
<1
0.007
<0.005
0.011
JOSDD001
105318
62
63
0.002
<1
0.005
<0.005
0.005
JOSDD001
105319
62
63
0.003
<1
<0.005
<0.005
0.006
JOSDD001
105320
63
64
0.003
<1
0.024
<0.005
0.038
JOSDD001
105321
64
65
0.013
2
0.25
<0.005
0.597
JOSDD001
105322
65
66
0.005
2
0.056
<0.005
0.162
JOSDD001
105324
66
67
<0.001
<1
0.005
<0.005
0.01
JOSDD001
105325
67
68
0.001
<1
0.007
<0.005
0.01
JOSDD001
105326
68
69
<0.001
<1
0.025
<0.005
0.062
JOSDD001
105327
69
70
<0.001
1
0.062
<0.005
0.83
JOSDD001
105328
70
71
0.001
2
0.117
<0.005
1.885
JOSDD001
105329
71
72
<0.001
<1
0.012
<0.005
0.264
JOSDD001
105330
72
73
<0.001
<1
<0.005
<0.005
0.008
JOSDD002
105331
4
5
0.006
<1
<0.005
<0.005
0.012
JOSDD002
105332
5
6
0.106
1
<0.005
<0.005
0.009
JOSDD002
105333
6
7
<0.001
<1
<0.005
<0.005
0.008
JOSDD002
105334
19
20
0.004
<1
0.012
<0.005
0.009
JOSDD002
105335
20
21
0.065
<1
0.013
<0.005
0.015
JOSDD002
105336
21
22
0.011
<1
<0.005
<0.005
0.008
JOSDD002
105337
22
23
0.006
2
<0.005
<0.005
0.009
JOSDD002
105338
23
24
0.002
<1
<0.005
<0.005
0.008
JOSDD002
105339
24
25
<0.001
<1
<0.005
<0.005
0.008
JOSDD002
105340
25
26
<0.001
<1
<0.005
<0.005
0.009
JOSDD002
105341
26
27
<0.001
<1
<0.005
<0.005
0.008
JOSDD002
105342
27
28
0.001
<1
<0.005
<0.005
0.008
JOSDD002
105343
28
29
0.003
2
0.012
<0.005
0.027
JOSDD002
105344
29
30
0.05
<1
0.007
<0.005
0.013
JOSDD002
105345
30
31
0.202
<1
0.035
0.005
0.08
JOSDD002
105346
31
32
1.115
<1
0.024
0.011
0.292
JOSDD002
105347
32
33
0.001
<1
0.006
<0.005
0.008
JOSDD002
105348
47
48
0.003
<1
<0.005
0.006
0.008
JOSDD002
105349
48
49
0.003
1
0.007
0.006
0.023
JOSDD002
105350
49
50
0.004
<1
<0.005
<0.005
0.013
JOSDD002
105351
50
51
0.004
<1
<0.005
<0.005
0.009
JOSDD002
105352
50
51
0.004
<1
<0.005
<0.005
0.009
JOSDD002
105353
51
52
0.181
<1
0.027
<0.005
0.048
JOSDD002
105354
52
53
0.007
<1
0.028
<0.005
0.025
JOSDD002
105355
53
54
0.006
<1
0.018
<0.005
0.021
JOSDD002
105356
54
55
0.001
<1
<0.005
<0.005
0.005
JOSDD002
105357
55
56
0.001
<1
<0.005
<0.005
0.005
JOSDD002
105358
56
57
0.004
<1
<0.005
<0.005
0.004
JOSDD002
105359
57
58
0.001
<1
<0.005
<0.005
0.003
JOSDD002
105360
58
59
<0.001
<1
<0.005
<0.005
0.004
JOSDD002
105361
59
60
0.003
<1
0.034
<0.005
0.038
JOSDD002
105362
60
61
<0.001
<1
0.006
<0.005
0.01
JOSDD002
105363
61
62
<0.001
1
0.011
<0.005
0.009
JOSDD002
105364
62
63
0.001
1
<0.005
<0.005
0.002
JOSDD002
105365
63
64
<0.001
<1
<0.005
<0.005
0.002
JOSDD002
105366
64
65
<0.001
<1
0.01
<0.005
0.012
JOSDD002
105367
65
66
0.003
1
0.083
<0.005
0.272
JOSDD002
105368
66
67
0.002
1
0.095
<0.005
0.228
JOSDD002
105369
67
68
0.004
2
0.113
<0.005
0.295
JOSDD002
105370
68
69
0.013
2
0.18
<0.005
0.32
JOSDD002
105371
69
70
0.006
1
0.039
<0.005
0.106
JOSDD002
105372
70
71
0.065
0.5
0.006
<0.005
0.01
JOSDD002
105373
71
72
<0.001
<1
<0.005
<0.005
0.006
JOSDD002
105374
72
73
0.002
1
<0.005
<0.005
0.004
JOSDD002
105375
73
74
0.001
<1
0.007
<0.005
0.013
JOSDD002
105376
74
75
<0.001
<1
0.038
<0.005
0.084
JOSDD002
105377
75
76
0.004
<1
0.039
<0.005
0.094
JOSDD002
105378
76
77
0.03
1
0.089
<0.005
0.227
JOSDD002
105379
77
78
0.018
8
0.589
<0.005
0.983
JOSDD002
105380
78
79
0.004
2
0.053
<0.005
0.125
JOSDD002
105381
78
79
0.003
<1
0.05
<0.005
0.119
JOSDD002
105382
79
80
0.007
<1
0.072
0.005
0.112
JOSDD002
105383
80
81
0.064
<1
0.053
0.006
0.081
JOSDD002
105384
81
82
0.023
<1
0.032
0.008
0.051
JOSDD002
105385
82
83
0.019
<1
0.025
0.005
0.02
JOSDD002
105386
83
84
<0.001
<1
<0.005
<0.005
0.015
JOSDD002
105387
84
85
<0.001
<1
<0.005
<0.005
0.011
JOSDD002
105388
85
86
<0.001
<1
<0.005
<0.005
0.01
JOSDD002
105389
86
87
<0.001
<1
<0.005
<0.005
0.013
JOSDD002
105390
87
88
<0.001
<1
<0.005
<0.005
0.01
JOSDD002
105391
88
89
0.001
<1
<0.005
<0.005
0.008
JOSDD002
105392
89
90
<0.001
<1
<0.005
<0.005
0.01
JOSDD002
105393
90
91
<0.001
<1
<0.005
<0.005
0.009
JOSDD002
105394
91
92
<0.001
<1
<0.005
<0.005
0.009
JOSDD002
105395
92
93
0.013
<1
<0.005
<0.005
0.01
JOSDD002
105396
93
94
<0.001
<1
<0.005
<0.005
0.008
JOSDD002
105398
94
95
0.002
<1
<0.005
<0.005
0.01
JOSDD002
105399
95
96
<0.001
<1
<0.005
<0.005
0.009
JOSDD002
105400
96
97
<0.001
<1
<0.005
<0.005
0.008
JOSDD002
105401
97
98
<0.001
<1
<0.005
<0.005
0.009
JOSDD002
105402
98
99
<0.001
<1
<0.005
<0.005
0.008
JOSDD002
105403
99
100
<0.001
<1
<0.005
<0.005
0.009
JOSDD002
105404
100
101
<0.001
<1
<0.005
<0.005
0.009
JOSDD002
105405
101
102
<0.001
<1
<0.005
<0.005
0.007

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2023 / Feb

Terra Balcanica Intersects 284 g/t AgEq Over 10 m Including 895 g/t AgEq Over 2 m at Viogor-Zanik Project in Bosnia

Vancouver, British Columbia – February 2nd 2023 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce additional, positive step-out drill results at the high-grade polymetallic Cumavici Ridge epithermal target within its flagship, 216 km2 Viogor-Zanik project, Bosnia and Herzegovina.

Highlights

  • High grade +50 m step out: Drillhole CMVDD005 returned 284 g/t AgEq over 10.0 m including 895.8 g/t AgEq over 2.0 m (see Figure 3) approximately 50 m west-northwest of CMVDD002;
  • Previously released intercepts at the Cumavici target returned similar high grades:
    • CMVDD001: 824.2 g/t AgEq. over 4.0 m including 1634.4 g/t AgEq. over 2.0 m;
    • CMVDD002: 816.1 g/t AgEq. over 2.0 m;
    • CMVDD003: 465.5 g/t AgEq. over 8.7 m including 1196.6 g/t AgEq. over 2.0 m (see Company news releases from September 8th and October 22nd, 2022);
  • CMVDD004, located 40 m northeast of CMVDD005, intersected 11 m of visible sulphide mineralization with assays to be released shortly (see Figures 2 and 3);
  • Exploration upside: CMVDD005 confirms consistent high grade, polymetallic mineralization at Cumavici Ridge. The mineralization is entirely open to the NW and down-dip to the SW. High-grade results confirm the Cumavici corridor as a shallow, polymetallic epithermal discovery with significant potential for expansion.

Terra Balcanica CEO, Dr. Aleksandar Mišković, commented:

Another Terra Balcanica drill step out at Cumavici Ridge and another significant, high grade intercept. The epithermal vein system discovered along the Cumavici corridor is now starting to take concrete shape and size in Terra’s geological model with a potential for considerable expansions along both the NW-SE strike and downdip towards SW. The vein hosted mineralization we see in Cumavici Ridge drill core very much corresponds to high grade, massive sulphides that are observed in the neighbouring Sase Mine, operated by Mineco Ltd., which the Viogor-Zanik project surrounds. This suggests that the Cumavici discovery is its westerly epithermal projection along a 7.2 km long, structurally controlled lineament. What particularly excites us is the shallow nature of the system where semi-massive, high grade sulphides are rarely found below 80 m depth and frequently as shallow as 35 m depth. This will facilitate a rapid advancement of our Phase II drill program planned for this year aiming to further define the grade, size and geometry of this tabular, silver dominated system along several target areas identified at and near Cumavici Ridge. We are equally excited to quickly advance the other two Viogor-Zanik project target zones, namely: the new Brezani skarn discovery and the Olovine porphyry prospect, each of which is characterized by extensive alteration, geophysical and surface mineralization footprints. The Company will report further, 2022 Phase I Cumavici Ridge drill core assays over the coming weeks.

Assay results

Drillhole
From (m)
To (m)
Length (m)
Ag (g/t)
Au (g/t)
Pb (%)
Sb (%)
Zn (%)
AgEq* (g/t)
CMVDD005
33.0
36.0
3.0
39
0.21
0.05
1.44
0.27
273.8
including
81.0
91.0
10.0
75
0.78
0.40
0.68
0.61
284.0
including
86.0
88.0
2.0
258
2.85
1.42
1.70
1.89
895.8
CMVDD001
29.0
33.0
4.0
132
0.84
2.12
1.85
4.59
824.2
including
30.0
32.0
2.0
261
1.62
4.20
3.70
9.10
1634.4
CMVDD002
45.0
47.0
2.0
144
0.23
4.27
0.44
8.26
816.1
CMVDD003
89.0
97.7
8.7
105
0.81
0.70
1.20
1.17
465.5
including
91.0
93.0
2.0
289
1.16
2.03
3.50
3.16
1196.6

Table 1. Assay results of key mineralized intervals from Cumavici Ridge drillholes. Interval lengths reported are drilled lengths, not true widths. Silver equivalents (“AgEq”) are based on assumed metal prices of US$1950/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). *Assumed metal recoveries of 90% Au, 93% Ag, 94% Pb and Zn, 90% Sb are based on published metallurgical tests for analogous Oligo-Miocene, epithermal deposits in the Balkans (CMVDD001-003; see the Company news releases from September 8th and October 22nd, 2022). Values are rounded to nearest hundredth except Ag which is rounded to the nearest whole number.

Figure 1. The 216 km2 Viogor-Zanik project in eastern Bosnia and Herzegovina with the key drill target areas and their associated styles of mineralization: (i) the vein hosted epithermal Cumavici corridor, (ii) the Olovine porphyry target and (iii) the Brezani gold skarn/porphyry system.

Figure 2. Geological map of Phase I drillholes at Cumavici Ridge. Drillholes CMVDD004 and CMVDD005 are NW step-outs from the initial drill fence which intersected Ag-Zn-Pb mineralization

Drillhole CMVDD005 targeted the down-dip extension of the lateral step out confirmed by CMVDD004 with a 40 m collar location step out to the west-southwest. CMVDD005 intercepted 2 mineralized intervals, evidencing the branching nature of the main Cumavici vein including 285 g/t AgEq over 10 m from 81 m. Mineralization consists of massive sulphide veins and breccias cemented by quartz, calcite, sphalerite, galena, and stibnite.

Drillhole CMVDD006 successfully intercepted a continuation of the mineralized Cumavici structure 125 m to the SE from CMVDD005. Mineralization was disseminated, in broad zones of fault gouge and breccia indicating a pinching and swelling nature to the massive sulphide zones. An association of sulphides and brecciated calcite within the clay gouge is noted, possibly due to precipitation of the mineralization during active fault movement.

Hole ID
Easting
Northing
Elevation (m)
Dip
Azimuth
Depth (m)
Recovery (%)
CMVDD005
360141
4888516
621
-85
050
99.0
94.4
CMVDD006
360195
4888403
611
-68
052
154.6
93.7

Table 2. Drillhole collar survey information for the reported Cumavici drillholes (WGS84/UTM Zone 34N).

Figure 3. Section of drillholes CMVDD004 and 005. CMVDD005 reporting two mineralized intervals at 33 m and 81 m. Assays are pending for CMVDD004 which intersected 11 m of visible sulphides (see Company news release from January 11th, 2023). Mineralization is open down-dip to the southwest

Further drilling: Assay results from CMVDD004, which intersected 11 m of visible sulphide mineralization from 43 m depth will be released shortly. Other assays to be released include drill testing of the Joseva target, which is 2.3 km to the SE of Cumavici Ridge. The 2023 drill program will systematically test the high-grade Cumavici vein along strike to the NW/SE and down-dip SW where the mineralization is open and untested.

QA/QC

Half core (PQ3 and HQ3) samples were delivered by truck to ALS Bor, Serbia for sample preparation and analysis at the ALS laboratory Loughrea, Ireland an ISO/IEC 17025:2017 certified testing laboratory. Sample preparation PREP-31BY method was used on all core samples. This involves crushing to 70% less than 2 mm, rotary split 1kg and pulverizing the split to greater than 85% passing 75 microns. Gold was assayed by 30g fire assay with ICP-AES finish (Au-ICP21). Analyses of silver and base metals were completed by highly oxidising digestion with HNO3, KClO3 and HBr (ASY-ORE) and the final solution in dilute aqua regia is determined by ICP-AES (ME-ICPORE). Analysis in CMVDD006 was undertaken by ICP MS after a four-acid digest (ME-MS61). Control samples, comprising certified reference materials (CDN-ME-1811), quarter core field duplicates and blanks were inserted at a rate of 5% 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 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.

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Hole_ID
Sample_ID
From (m)
To (m)
Au (ppm)
Ag (ppm)
Pb (%)
Sb (%)
Zn (%)
CMVDD005
105247
30.0
31.0
0.003
<1
<0.005
<0.005
0.014
CMVDD005
105248
31.0
32.0
0.003
<1
<0.005
<0.005
0.024
CMVDD005
105249
32.0
33.0
0.005
<1
<0.005
<0.005
0.025
CMVDD005
105250
33.0
34.0
0.018
2
0.007
<0.005
0.026
CMVDD005
105251
34.0
35.0
0.506
112
0.142
4.32
0.725
CMVDD005
105252
35.0
36.0
0.098
2
0.01
0.01
0.064
CMVDD005
105253
36.0
37.0
0.025
<1
<0.005
<0.005
0.02
CMVDD005
105254
37.0
38.0
0.004
<1
<0.005
<0.005
0.016
CMVDD005
105255
38.0
39.0
0.012
<1
0.005
<0.005
0.024
CMVDD005
105256
39.0
40.0
0.005
<1
0.006
<0.005
0.026
CMVDD005
105257
40.0
41.0
0.009
<1
0.015
<0.005
0.029
CMVDD005
105258
41.0
42.0
0.002
<1
0.008
<0.005
0.02
CMVDD005
105259
78.0
79.0
0.003
<1
<0.005
0.009
0.013
CMVDD005
105260
79.0
80.0
0.003
<1
<0.005
0.05
0.014
CMVDD005
105261
79.0
80.0
0.002
<1
<0.005
0.012
0.012
CMVDD005
105262
80.0
81.0
0.006
<1
<0.005
<0.005
0.01
CMVDD005
105263
81.0
82.0
0.093
3
0.006
0.006
0.027
CMVDD005
105264
82.0
83.0
0.077
5
0.022
0.009
0.057
CMVDD005
105265
83.0
84.0
0.161
23
0.076
0.062
0.128
CMVDD005
105266
84.0
85.0
0.385
81
0.277
2.62
0.931
CMVDD005
105267
85.0
86.0
0.931
83
0.378
0.371
0.537
CMVDD005
105268
86.0
87.0
2.05
389
2.07
2.09
2.19
CMVDD005
105269
87.0
88.0
3.65
127
0.773
1.305
1.595
CMVDD005
105270
88.0
89.0
0.373
31
0.314
0.256
0.406
CMVDD005
105271
89.0
90.0
0.081
3
0.065
0.045
0.2
CMVDD005
105272
90.0
91.0
0.026
1
0.022
0.011
0.051
CMVDD005
105273
91.0
92.0
0.01
<1
0.039
0.007
0.059
CMVDD005
105274
92.0
93.0
0.034
<1
0.026
0.012
0.127
CMVDD005
105275
93.0
94.0
0.006
<1
0.089
0.006
0.145
CMVDD005
105276
94.0
95.0
0.005
<1
0.144
<0.005
0.103
CMVDD005
105277
95.0
96.0
0.005
<1
0.127
<0.005
0.251
CMVDD005
105278
96.0
97.0
0.002
<1
0.024
<0.005
0.068
CMVDD006
104999
87
88
<0.001
0.01
0.003
0.001
0.009
CMVDD006
105000
88
89
0.002
0.01
0.003
0.001
0.006
CMVDD006
105001
89
90
0.004
0.01
0.003
0.001
0.009
CMVDD006
105003
90
91
0.001
0.01
0.004
0.001
0.011
CMVDD006
105004
91
92
0.002
<0.01
0.002
0.002
0.007
CMVDD006
105005
92
93
<0.001
0.01
0.005
0.001
0.024
CMVDD006
105006
93
94.2
0.003
0.02
0.009
0.002
0.025
CMVDD006
105007
94.2
95.4
0.001
0.08
0.011
0.002
0.038
CMVDD006
105008
95.4
96.9
0.001
0.75
0.085
0.004
0.271
CMVDD006
105010
97.9
99.4
0.001
0.01
0.002
0.001
0.007
CMVDD006
105011
99.4
100.6
0.002
0.02
0.004
0.001
0.009
CMVDD006
105012
100.6
102
0.002
0.01
0.002
0.001
0.008
CMVDD006
105013
102
103
<0.001
<0.01
0.001
0.001
0.008
CMVDD006
105014
103
104.2
0.001
0.11
0.004
0.001
0.017
CMVDD006
105015
104.2
105
0.006
0.35
0.036
0.002
0.149
CMVDD006
105016
105
106
0.008
0.44
0.037
0.003
0.325
CMVDD006
105017
106
107
0.002
0.07
0.005
0.002
0.023
CMVDD006
105018
107
108
0.002
0.07
0.012
0.002
0.040
CMVDD006
105019
108
109
<0.001
0.07
0.010
0.001
0.027
CMVDD006
105020
109
109.6
0.001
0.05
0.006
0.001
0.022
CMVDD006
105021
109.6
112.6
0.001
0.07
0.010
0.001
0.029
CMVDD006
105022
112.6
114
0.002
0.04
0.004
0.001
0.013
CMVDD006
105023
114
115
0.002
0.01
0.001
0.001
0.008
CMVDD006
105024
115
116
<0.001
0.11
0.004
0.001
0.025
CMVDD006
105025
116
117
0.001
0.07
0.003
0.001
0.018
CMVDD006
105026
117
118
0.001
0.09
0.003
0.001
0.017
CMVDD006
105027
118
119
0.002
0.04
0.002
0.001
0.008
CMVDD006
105028
119
120
0.001
0.02
0.002
0.000
0.009
CMVDD006
105029
120
121
<0.001
0.03
0.003
0.000
0.011
CMVDD006
105030
121
122
0.001
0.04
0.002
0.001
0.009
CMVDD006
105031
122
123
0.002
0.07
0.005
0.001
0.008
CMVDD006
105033
123
124
0.002
0.05
0.004
0.001
0.010
CMVDD006
105034
124
125
0.002
0.03
0.006
0.001
0.012
CMVDD006
105035
125
126
0.002
0.08
0.004
0.002
0.020
CMVDD006
105036
126
127
0.037
1.63
0.015
0.011
0.069
CMVDD006
105037
127
128
0.001
0.03
0.003
0.002
0.016
CMVDD006
105038
128
129
<0.001
0.03
0.003
0.002
0.015
CMVDD006
105039
129
130
0.002
0.04
0.004
0.001
0.018
CMVDD006
105040
130
131
0.014
0.56
0.062
0.011
0.113
CMVDD006
105041
131
132
0.01
0.09
0.012
0.006
0.030
CMVDD006
105042
132
133
0.001
0.02
0.004
0.006
0.018
CMVDD006
105043
133
134
0.001
0.01
0.005
0.006
0.018
CMVDD006
105009
134
135
0.001
0.02
0.003
0.003
0.010
CMVDD006
105044
135
136
<0.001
0.01
0.002
0.004
0.007
CMVDD006
105045
136
137
0.001
0.01
0.002
0.003
0.009
CMVDD006
105046
137
138
<0.001
0.01
0.003
0.002
0.015
CMVDD006
105047
138
139
0.001
<0.01
0.003
0.002
0.016
CMVDD006
105048
139
140
0.001
0.01
0.002
0.002
0.014
CMVDD006
105049
140
141
<0.001
<0.01
0.002
0.002
0.012
CMVDD006
105050
141
142
<0.001
0.02
0.003
0.001
0.014
CMVDD006
105051
142
143
0.001
0.01
0.002
0.001
0.008

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2023 / Jan

Terra Balcanica Intersects 0.61 g/t Gold Equivalent Over 88.0 m From Surface at Brezani Discovery, Viogor-Zanik in Bosnia-Herzegovina

Vancouver, British Columbia – January 24th 2023 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA, FRA:UB1) is pleased to announce the discovery of a gold bearing system at Brezani within its 90% owned Viogor-Zanik project, Bosnia and Herzegovina.

Highlights

  • Another Viogor-Zanik discovery: the Brezani target maiden drillholes intercepted 0.61 g/t AuEq over 88.0 m (BREDD002) and 0.58 g/t AuEq over 28.6 m (BREDD001); both drillholes encountered gold mineralization from surface confirming the extension of the 32 m at 0.54 g/t AuEq interval detected by trenching 65 m southeast of the drillhole collars (see Company news release from August 17th, 2022);
  • Expanding district-scale polymetallic footprint: Viogor-Zanik now features 3 styles of mineralization with 7 metals; the Brezani gold bearing system sits 12 km southeast of the high-grade, polymetallic Cumavici discovery (see Figure 1) which intercepted:
    • 824.2 g/t AgEq. over 4.0 m including 1634.4 g/t AgEq. over 2.0 m;
    • 816.1 g/t AgEq. over 2.0 m;
    • 465.5 g/t AgEq. over 8.7 m including 1196.6 g/t AgEq. over 2.0 m (see Company news releases from September 8th and October 22nd, 2022);
  • Open at depth with favorable lithologies: BREDD002 terminated in elevated gold mineralization at 215 m depth; the Company interprets the elevated gold at the end of the drillhole to be associated with another mineralized zone and silica-chlorite-sericite altered intrusive lithologies downhole highlight the potential for porphyry style mineralization which will require further drill testing (see Figure 3);
  • Exploration upside: gold-bearing target at Brezani coincides with a resistive volume of rock above a large conductivity anomaly (> 600 m wide, > 60 mS/m) interpreted to represent porphyry style mineralization (see Figure 3), which remains untested.

Terra Balcanica President and CEO, Dr. Aleksandar (Alex) Miskovic, commented:

We are extremely excited about the Brezani gold discovery located over 12 km southeast of the high-grade, polymetallic discovery made by Terra Balcanica at the Cumavici target last year. The Viogor-Zanik project is clearly underexplored as we have identified a number of quality exploration targets through our detailed targeting in 2021 and we have now confirmed three different styles of magmatic-hydrothermal mineralization. The intercepted metasomatized hornfels suggests that we are in the upper part of a large retrograde skarn-porphyry system at Brezani with the gold mineralization encountered from surface and a significant potential for either a deeper porphyry or a sulphide rich Cu-Au proximal skarn mineralization. The spatial coincidence of precious metals with a plus 1.2 km wide magnetic anomaly and the presence of a strong electric conductor at 400 m depth detected via airborne geophysics gives us confidence that we have a large potential mineralized system on our hands. We look forward to more assays from the 2022 program which will be released over the coming weeks.

Drillhole
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
Zn (%)
AuEq (g/t)
BREDD001
0.0
28.6
28.6
0.53
0.32
0.03
0.06
0.58
including
20.1
25.8
5.7
1.24
0.33
0.03
0.10
1.27
BREDD002
0.0
88.0
88.0
0.50
0.37
0.03
0.19
0.61
including
10.3
16.5
6.2
1.01
0.22
0.03
0.04
1.01
including
32.0
38.0
6.0
1.50
1.18
0.07
0.72
1.90
including
45.0
53.0
8.0
0.77
1.32
0.11
0.75
1.27

Table 1. Assay results of key mineralized intervals for diamond drillholes BREDD001 and BREDD002. Interval lengths reported are drilled lengths and not true widths. AuEq calculation assumes metal prices of US$1,900/oz for gold (Au), US$24.00/oz for silver (Ag), US$4.00/lb for copper (Cu) and US$1.65/lb for zinc (Zn). Metallurgical recoveries of 95% have been adopted based on metallurgical testwork by Dundee Precious Metals Inc. (TSX:DPM) on their Coka Rakita Au skarn in Serbia (see Note 1 below). BREDD001 was terminated early at 28.6 meters due to increased levels of core loss.

Figure 1. Terra Balcanica’s 216 km2 Viogor-Zanik project in eastern Bosnia and Herzegovina with the key drill target areas and their associated styles of mineralization: (i) the epithermal Cumavici corridor, (ii) the Olovine porphyry target and (iii) the southwesterly Brezani skarn/porphyry system is located approximately 12 km SE of the Cumavici Ridge discovery drillholes.

Brezani is located 8.4 km south of the Mineco Ltd.Sase Mine which produces approximately 330 kt of lead-zinc-silver-gold concentrate per year (Figure 1). Brezani hosts components of a large magmatic-hydrothermal system discovered by geophysical and geochemical surveys (Figure 2).

Drillhole BREDD001 was terminated at 28.6 m depth due increased levels of core loss. The core returned 28.6 m at 0.58 g/t AuEq from surface. The lithologies intercepted were strongly oxidized diorites and hydrothermal breccias, ending in a calc-silicate hornfels. Au contents of up to 1.9 m at 2.46 g/t Au are observed in hydrothermal breccias of dioritic intrusive rocks, apopheses of an underlying pre/inter-mineral intrusion.

Figure 2. Geological map highlighting the 1.2km wide, 95th percentile magnetic anomaly at the Brezani target. The strongest magnetic response remains untested at depth, however correlates to Au in surface trenches, quartz vein bearing sericitized diorites and calc-silicate altered hornfels with elevated concentrations of proximal pathfinder elements (Bi-Te) from soil geochemistry. Distal zonation sees strong argillic alteration and a Zn-Mn geochemical halo.

Drillhole BREDD002 was designed as a subsequent hole to BREDD001 to test the resistive hanging wall existing below the exposed calc-silicate hornfels. The drillhole collar was centered on an 850 m wide Au in soil anomaly and located 65 m NW from the previously completed exploratory trenches that yielded 32 m at 0.54 g/t AuEq (See Company’s news release dated August 17th, 2022). The mineralized interval reporting 88.0 m at 0.61 g/t AuEq from surface includes 7 m of dilution from a late, post-mineralization diorite dyke.

Figure 3. Conductivity profile of the Brezani target with >95th percentile magnetic anomaly. BREDD002 tests the resistive volume above an abrupt change into coincident high magnetic and elevated electrical conductivity response below 300 m depth which culminates at >60 mS/m at 450 m of depth. Dashed line represents distance from the end of BREDD002 to the top of conductor.

The sulphides encountered at Brezani are characterised by both disseminated and intervals of semi-massive sphalerite-chalcopyrite (Figure 4). Pyrrhotite is the dominant iron sulphide, with pyrite uncommon. The gold is controlled by lithology and associated with skarns, calc-silicate hornfels and specific intrusive phases. Quartz veins host pyrrhotite, sphalerite, chalcopyrite and molybdenite. A less reactive hornfels is present between 87.2 and 199 m depth but silicified diorite reappears between 214 and 215 m depth where the drillhole ended in Au mineralization returning 0.26 g/t Au.

Intermediate sulphidation veins were observed at 156 m and 168 m downhole returning 1.0 m at 0.39 g/t Au and 1.0 m at 0.34 g/t Au, 12.1 g/t Ag, respectively. The presence of these veins confirms another mineralization style within the broad porphyry (Cu) model. Mineralogy is varied with pyrrhotite, pyrite, sphalerite, galena, arsenopyrite and bismuthinite present within fault hosted, quartz-carbonate veins (Figure 5).

Figure 4. Retrograde skarn with sphalerite-chalcopyrite at 37.5 m (2.74 g/t Au).

Figure 5. Intermediate sulphidation veins in silicified hornfels of BREDD002

Hole ID
Easting
Northing
Elevation
Dip
Azimuth
Depth (%)
Recovery (%)
BREDD001
368461.4
4880027.0
872.5
-70
336
28.6
73.1
BREDD002
368460.7
4880028.8
872.4
-70
336
215.0
96.0

Table 2. Collar location and core recoveries for diamond drillhole BREDD001 and BREDD002 (UTM; WGS84). BREDD001 drillhole experienced a cumulative core loss of 2.0 m between 14.9-15.4 m, 16.3-16.9 m, 19.6-20.1 m, and 25.8-26.2 m, while BREDD002 experienced core loss of 0.8 m between 24.0-24.8m.

The Brezani target bears lithological similarities with the Rogozna Project operated by Zlatna Reka Resources located 150 km SW within the Oligo-Miocene Tethyan belt in neighbouring Serbia. The Rogozna Au-Cu skarn deposit has a 2021 JORC compliant inferred mineral resource of 64 Mt grading 0.7 g/t Au and 0.2% Cu (2.15 Moz Au total), calculated using multiple indicator kriging on 154 drillholes, totalling 90,278 drill metres (https://ibaera.com/rogozna-2-15moz-au-eq-maiden-resource-estimate/).

Further Drilling: The coincident strong magnetic and conductivity anomalies (> 60 mS/m) below the resistive surface shell at Brezani remains untested and presents a promising target for increased, interconnected sulphide content characteristic of mineralized porphyry shells (Figure 3), which will be the Company’s priority during the 2023 drilling campaign. Follow up will be undertaken from other locations within the Au-in-soil anomaly to assess lithological variability and grade of the Au skarn along strike. Additional drilling will test Au anomalous rock chips within argillically altered volcanics and hydrothermal breccias thus offering a chance for testing multiple styles of mineralization within a broad porphyry model.

Note 1: https://www.dundeeprecious.com/English/Corporate-News/press-release-details/2023/Dundee-Precious-Metals-Announces-Discovery-of-Significant-High-Grade-Deposit-at-oka-Rakita-Results-Include-Drill-Intercept-of-40-metres-at-63.6-gt-Au-and-0.11-Cu/default.aspx

QA/QC

Half core (PQ3 and HQ3) samples were delivered to ALS Bor, Serbia for sample preparation and subsequent wet chemical analysis at the Loughrea laboratory in Ireland, an ISO/IEC 17025:2017 certified test facility. Sample preparation PREP-31BY method involved crushing the core 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 for base metals were re-analysed by the four-acid digest ICP-AES analyses termed ME-OG62. Control samples comprising the certified reference material CDN-ME-1501 (Canadian Resource Labs Ltd.), quarter core field duplicates and blanks were inserted at a rate of 5% 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 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.

Download news release (.pdf)

Hole ID
Sample
From (m)
To (m)
Au (ppm)
Ag (ppm)
Cu (ppm)
Zn (ppm)
BREDD001
105407
0.0
1.0
0.407
3.64
173
564
BREDD001
105408
1.0
2.0
0.465
0.16
163
263
BREDD001
105409
2.0
3.0
0.29
0.2
170.5
257
BREDD001
105410
3.0
4.0
0.38
0.11
169.5
181
BREDD001
105411
4.0
5.0
0.373
0.12
194
194
BREDD001
105412
5.0
6.0
0.264
0.09
379
327
BREDD001
105413
6.0
7.0
0.247
0.1
433
372
BREDD001
105414
7.0
8.0
0.276
0.1
523
362
BREDD001
105415
8.0
9.0
0.281
0.09
493
366
BREDD001
105416
9.0
10.0
0.273
0.07
385
296
BREDD001
105417
10.0
11.3
0.198
0.09
390
248
BREDD001
105418
11.3
14.9
0.126
0.12
233
77
BREDD001
105419
15.4
16.3
0.198
0.14
289
191
BREDD001
105420
16.9
17.9
0.446
0.21
138.5
826
BREDD001
105421
17.9
19.6
0.312
0.28
48.4
1390
BREDD001
105422
20.1
21.1
2.32
0.45
224
1225
BREDD001
105423
21.1
22.0
2.62
0.23
156
1685
BREDD001
105424
22.0
23.0
0.611
0.21
215
823
BREDD001
105425
23.0
24.0
0.378
0.26
305
656
BREDD001
105426
24.0
25.0
0.735
0.41
341
1140
BREDD001
105427
25.0
25.8
0.801
0.45
417
484
BREDD001
105428
26.2
27.0
0.68
0.27
179
1020
BREDD001
105429
27.0
28.6
0.947
0.15
33.2
1175
BREDD002
105430
0
1
0.287
0.1
221
184
BREDD002
105431
1
2
0.345
0.07
355
175
BREDD002
105432
2
3
0.266
0.12
502
245
BREDD002
105433
3
4
0.149
0.11
414
189
BREDD002
105434
4
5
0.203
0.11
434
173
BREDD002
105435
4
5
0.206
0.11
412
179
BREDD002
105436
5
6
0.218
0.09
336
139
BREDD002
105437
6
7
0.128
0.09
343
126
BREDD002
105438
7
8
0.122
0.12
237
81
BREDD002
105439
8
9
0.167
0.11
290
123
BREDD002
105440
9
10.3
0.11
0.09
383
144
BREDD002
105441
10.3
12
0.214
0.16
680
230
BREDD002
105442
12
13
1.955
0.2
174.5
224
BREDD002
105443
13
14
1.995
0.43
178.5
410
BREDD002
105444
14
15
0.947
0.15
48.4
508
BREDD002
105445
15
16.5
0.658
0.19
24.1
372
BREDD002
105446
16.5
18
0.196
0.19
21.4
2640
BREDD002
105447
18
19
0.559
0.32
347
1625
BREDD002
105448
19
20
1.03
0.32
371
810
BREDD002
105449
20
21
0.876
0.36
330
831
BREDD002
105450
21
22
0.58
0.33
439
1045
BREDD002
105451
22
23
0.559
0.46
554
724
BREDD002
105452
23
24
0.834
0.53
552
1095
BREDD002
105453
24.8
26
0.953
0.24
125
1250
BREDD002
105454
26
27
0.542
0.22
64.1
1145
BREDD002
105455
27
28
0.533
0.17
110.5
1285
BREDD002
105456
28
29.2
1.365
0.36
71.4
1730
BREDD002
105457
29.2
30
1.29
0.38
29.2
2170
BREDD002
105458
30
31
0.546
0.24
46.3
1140
BREDD002
105459
31
32
0.478
0.31
122
5500
BREDD002
105460
32
33
1.04
0.48
125
2080
BREDD002
105461
33
34
0.545
0.26
58.5
1500
BREDD002
105462
34
35
0.293
0.3
83.3
4370
BREDD002
105463
35
36
1.525
1.91
1475
12400
BREDD002
105464
35
36
1.78
2.52
1705
10850
BREDD002
105465
36
37
2.62
2.06
1150
14550
BREDD002
105466
37
38
2.74
1.45
1140
10150
BREDD002
105467
38
39.6
0.718
0.38
294
1875
BREDD002
105468
39.6
41
0.265
0.21
156
1035
BREDD002
105469
41
42
0.17
0.2
100.5
977
BREDD002
105470
42
43
0.496
0.16
43.9
2240
BREDD002
105471
43
44
0.614
0.21
47.6
1690
BREDD002
105472
44
45
0.913
0.43
325
415
BREDD002
105473
45
46
0.658
1.27
1380
9210
BREDD002
105474
46
47
0.478
1.23
754
5650
BREDD002
105475
47
48
1.56
2.75
2610
13950
BREDD002
105476
48
49
0.583
0.9
1160
1970
BREDD002
105477
49
50
0.82
1.46
1985
21200
BREDD002
105478
50
51
0.429
0.5
524
2840
BREDD002
105479
51
52
0.547
2.19
377
4890
BREDD002
105481
52
53
1.08
0.24
195.5
524
BREDD002
105482
53
54
1.045
0.08
13.5
796
BREDD002
105483
54
55
0.411
0.06
82.4
142
BREDD002
105484
55
56
0.417
0.18
37.1
611
BREDD002
105485
56
57
0.463
0.13
3.6
514
BREDD002
105486
57
58
0.276
0.15
104
668
BREDD002
105487
58
59
0.184
0.07
60.6
337
BREDD002
105488
59
60
0.134
0.09
112.5
228
BREDD002
105489
60
61
0.222
0.1
126
312
BREDD002
105490
61
62
0.13
0.09
120
214
BREDD002
105491
62
63
0.083
0.08
86.1
228
BREDD002
105492
63
64
0.084
0.05
95.5
188
BREDD002
105493
63
64
0.086
0.24
83.3
224
BREDD002
105494
64
65
0.09
0.69
65
150
BREDD002
105495
65
66
0.027
0.09
58
94
BREDD002
105496
66
67
0.051
0.31
50.9
105
BREDD002
105497
67
68
0.07
0.14
63.7
98
BREDD002
105498
68
69
0.009
0.05
36.5
68
BREDD002
105499
69
70
0.041
0.07
55.5
108
BREDD002
105500
70
71
0.071
0.06
52.2
189
BREDD002
105501
71
72
0.025
0.06
57.3
193
BREDD002
105502
72
73
0.046
0.05
62.1
377
BREDD002
105503
73
74
0.038
0.1
5.8
610
BREDD002
105504
74
75
0.026
0.1
3.3
1295
BREDD002
105505
75
76
0.104
0.29
57.9
3050
BREDD002
105506
76
77
0.088
0.15
4.1
2050
BREDD002
105507
77
78
0.03
0.2
7.6
1965
BREDD002
105508
78
79
0.101
0.7
18.3
3690
BREDD002
105509
79
80
0.16
0.18
5.7
938
BREDD002
105510
80
81
0.185
0.12
26.9
274
BREDD002
105511
81
82
0.263
0.08
6.9
504
BREDD002
105512
82
83
0.23
0.13
34.7
268
BREDD002
105513
83
83.9
0.366
0.24
193
280
BREDD002
105514
83.9
85
0.103
0.13
118
165
BREDD002
105515
85
86
0.117
0.15
81.3
161
BREDD002
105516
86
87
0.082
0.31
206
120
BREDD002
105517
87
88
0.095
0.16
208
75
BREDD002
105518
88
89
0.067
0.16
206
73
BREDD002
105519
89
90
0.047
0.12
122.5
83
BREDD002
105520
90
91
0.021
0.05
65.2
79
BREDD002
105521
91
92
0.016
0.65
79.9
125
BREDD002
105522
91
92
0.013
0.11
74.6
123
BREDD002
105523
92
93
0.055
0.13
140.5
111
BREDD002
105524
93
94
0.072
0.17
178
98
BREDD002
105525
94
95
0.023
0.15
99.8
96
BREDD002
105526
95
96
0.043
0.38
110.5
112
BREDD002
105527
96
97
0.032
0.22
155
73
BREDD002
105528
97
98
0.024
0.38
145
358
BREDD002
105529
98
99
0.039
0.21
135.5
186
BREDD002
105530
99
100
0.037
0.17
76
109
BREDD002
105531
100
101
0.074
0.26
97.2
178
BREDD002
105532
101
102
0.065
0.19
163
127
BREDD002
105533
102
103
0.017
0.21
121.5
94
BREDD002
105534
103
104
0.009
0.11
69.7
136
BREDD002
105535
104
105
0.01
0.07
63.5
104
BREDD002
105536
105
106
0.022
0.34
73.2
164
BREDD002
105537
106
107
0.019
0.73
86
93
BREDD002
105538
107
108
0.009
0.39
114.5
67
BREDD002
105539
108
109
0.01
0.43
116
106
BREDD002
105540
109
110
0.015
0.28
103
167
BREDD002
105541
110
111
0.114
0.22
112.5
130
BREDD002
105542
111
112
0.082
0.11
100.5
72
BREDD002
105543
112
113
0.037
0.24
73.1
97
BREDD002
105544
113
114
0.019
0.6
137.5
343
BREDD002
105545
114
115
0.025
0.29
79.9
81
BREDD002
105546
115
116
0.024
0.25
64.8
42
BREDD002
105547
116
117
0.099
0.21
103
115
BREDD002
105548
117
118
0.076
0.42
82.3
192
BREDD002
105549
118
119
0.086
0.25
83.2
101
BREDD002
105550
119
120
0.08
0.23
54.3
130
BREDD002
105551
119
120
0.093
0.21
53.8
108
BREDD002
105552
120
121
0.069
0.23
52
120
BREDD002
105553
121
122
0.069
0.31
76.9
94
BREDD002
105554
122
123
0.066
0.32
78.1
114
BREDD002
105555
123
124
0.048
0.34
61.8
140
BREDD002
105557
124
125
0.058
0.42
60.9
229
BREDD002
105558
125
126
0.071
0.23
54.5
129
BREDD002
105559
126
127
0.06
0.27
56.2
168
BREDD002
105560
127
128
0.044
0.1
33.6
216
BREDD002
105561
128
129
0.012
0.03
31.8
321
BREDD002
105562
129
130
0.011
0.04
42.5
108
BREDD002
105563
130
131
0.009
0.14
58.7
87
BREDD002
105564
131
132
0.003
0.07
45
91
BREDD002
105565
132
133
0.021
0.14
71.2
162
BREDD002
105566
133
134
0.018
0.08
53.3
99
BREDD002
105567
134
135
0.008
0.06
33.6
93
BREDD002
105568
135
136
0.006
0.08
32.8
65
BREDD002
105569
136
137
0.005
0.04
35
90
BREDD002
105570
137
138
0.019
0.06
51.2
118
BREDD002
105571
138
139
0.018
0.16
79.6
76
BREDD002
105572
139
140
0.016
0.09
43.9
106
BREDD002
105573
140
141
0.047
0.11
56.8
67
BREDD002
105574
141
142
0.006
0.06
38.5
88
BREDD002
105575
142
143
0.018
0.53
20.4
284
BREDD002
105576
143
144
<0.001
0.35
31.7
157
BREDD002
105577
144
145
0.002
0.05
32.4
48
BREDD002
105578
145
146
0.001
0.06
31.7
65
BREDD002
105579
146
147
0.002
0.31
30.8
58
BREDD002
105580
147
148
<0.001
0.13
25.5
164
BREDD002
105581
148
149
0.016
0.99
29.2
386
BREDD002
105582
149
150
0.013
0.14
55
57
BREDD002
105583
150
151
0.02
0.09
45.3
69
BREDD002
105584
151
152
0.051
0.14
48.1
92
BREDD002
105585
151
152
0.014
0.11
54.5
63
BREDD002
105586
152
153
0.015
0.1
35.5
91
BREDD002
105587
153
154
0.026
0.29
50.3
132
BREDD002
105588
154
155
0.011
0.11
45.6
78
BREDD002
105589
155
156
0.019
0.26
55.3
142
BREDD002
105590
156
157
0.392
1.9
53.3
89
BREDD002
105591
157
158
0.03
0.27
36.6
130
BREDD002
105592
158
159
0.007
0.18
40.2
143
BREDD002
105593
159
160
0.038
0.81
59.4
236
BREDD002
105594
160
161
0.007
0.13
45.1
109
BREDD002
105595
161
162
0.013
0.26
52.2
92
BREDD002
105596
162
163
0.073
0.21
49.5
73
BREDD002
105597
163
164
0.013
0.27
50.6
116
BREDD002
105598
164
165
0.024
0.17
51.4
141
BREDD002
105599
165
166
0.058
0.17
72.8
200
BREDD002
105600
166
167
0.025
0.24
54.3
227
BREDD002
105601
167
168
0.062
0.34
64.4
287
BREDD002
105602
168
169
0.341
12.1
60.4
759
BREDD002
105603
169
170
0.01
0.2
38.6
212
BREDD002
105604
170
171
0.03
0.07
27.7
82
BREDD002
105605
171
172
0.016
0.11
32.8
87
BREDD002
105606
172
173
0.016
0.1
34.5
83
BREDD002
105607
173
174
0.131
0.24
42.7
129
BREDD002
105608
174
175
0.025
0.15
37.7
91
BREDD002
105609
175
176
0.024
0.22
46.1
135
BREDD002
105610
176
177
0.023
0.28
60.1
149
BREDD002
105611
177
178
0.106
0.22
67.6
210
BREDD002
105612
178
179
0.049
0.41
54.4
270
BREDD002
105613
179
180
0.034
0.14
35.8
170
BREDD002
105614
179
180
0.042
0.14
43.6
216
BREDD002
105615
180
181
0.022
0.79
75.9
156
BREDD002
105616
181
182
0.054
0.18
74.9
262
BREDD002
105617
182
183
0.031
0.18
74.4
605
BREDD002
105618
183
184
0.109
0.14
68
533
BREDD002
105619
184
185
0.023
0.12
63.5
81
BREDD002
105620
185
186
0.03
0.24
77.1
170
BREDD002
105621
186
187
0.006
0.3
48.2
140
BREDD002
105622
187
188
0.066
0.1
51.2
95
BREDD002
105623
188
189
0.165
0.31
120
151
BREDD002
105624
189
190
0.033
0.12
86.3
118
BREDD002
105625
190
191
0.007
0.1
52.8
134
BREDD002
105626
191
192
0.043
0.08
61
107
BREDD002
105627
192
193
0.014
0.26
62.4
155
BREDD002
105628
193
194
0.117
0.17
79.5
167
BREDD002
105629
194
195
0.033
0.1
117
78
BREDD002
105631
195
196
0.044
0.12
60.8
64
BREDD002
105632
196
197
0.098
0.02
52.2
59
BREDD002
105633
197
198
0.019
0.04
35.1
278
BREDD002
105634
198
199
0.019
0.02
4.5
547
BREDD002
105635
199
200
0.084
0.08
2.5
833
BREDD002
105636
200
201
0.015
0.05
2.5
601
BREDD002
105637
201
202
0.042
0.06
4.2
687
BREDD002
105638
202
203
0.042
0.08
18.6
521
BREDD002
105639
203
204
0.225
0.11
10.8
403
BREDD002
105640
204
205
0.032
0.07
7.7
337
BREDD002
105641
205
206
0.017
0.05
31.5
323
BREDD002
105642
206
207
0.02
0.14
60.9
284
BREDD002
105643
206
207
0.02
0.12
55.3
285
BREDD002
105644
207
208
0.021
0.07
19.2
292
BREDD002
105645
208
209
0.023
0.02
1.7
195
BREDD002
105646
209
210
0.013
0.05
1
314
BREDD002
105647
210
211
0.022
0.06
4.1
370
BREDD002
105648
211
212
0.054
0.06
4.8
177
BREDD002
105649
212
213
0.086
0.07
14
146
BREDD002
105650
213
214
0.052
0.07
30.1
89
BREDD002
105651
214
215
0.256
0.11
24
84

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2023 / Jan

Terra Balcanica Extends Footprint of Shallow Polymetallic Cumavici Vein at Viogor-Zanik Project in Bosnia-Herzegovina

Vancouver, British Columbia – January 11th 2023 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA, FSE:UB1) is pleased to confirm that step-out drilling has extended the massive, polymetallic sulphide vein system at the Cumavici Ridge target located within its 90% owned Viogor-Zanik project, Bosnia and Herzegovina.

Highlights

  • Two shallow intervals from drillholes CMVDD004 and CMVDD005 reveal visible massive sulphides of 10 m and 11 m in thickness respectively (Figure 2); the system remains open down dip and along strike (Figures 2 and 3);
  • System strike length has been extended by approximately 50 meters west-northwest from the initial drillholes released from the Cumavici target where previously reported drillhole intervals include:
    • CMVDD001: 824.2 g/t AgEq. over 4.0 m including 1634.4 g/t AgEq. over 2.0 m;
    • CMVDD002: 816.1 g/t AgEq. over 2.0 m;
    • CMVDD003: 465.5 g/t AgEq. over 8.7 m including 1196.6 g/t AgEq. over 2 m.
  • Assay results from CMVDD004, CMVDD005 and CMVDD006 will be released shortly.

Terra Balcanica CEO, Dr. Aleksandar Mišković comments:

The 2022 maiden drill program at Cumavici Ridge has been encouraging in confirming the hypothesis of identifying a shallow, high-grade polymetallic, epithermal vein-hosted mineralized system, while also confirming its down-dip and along-strike continuity. It is very exciting to see the Cumavici Ridge target entirely open along strike allowing for continued step out and infill drilling. Our team has gained a strong understanding of the local geology and there are a series of targets that will be tested to expand the mineralized system. We see the same macroscopic features in these holes as we did in the previously released drillholes and eagerly await the assay results which are expected shortly.

The Company commenced its maiden drill program by discovering a high-grade, polymetallic vein system intercepting 824.2 g/t AgEq over 4.0 m at the Cumavici Ridge target (see news release dated September 8, 2022). Subsequently, the footprint of this intermediate sulfidation epithermal system was extended 83 m down-dip including drill intervals of 465.5 g/t AgEq over 8.7 m, including 1196 g/t AgEq over 2.0 m (see Company news release dated October 22, 2022). The subsequent step-out holes of CMVDD004 and CMVDD005 have intercepted thicker intervals of up to 11 m of massive sulphides approximately 50 meters west-northwest from the initial cluster of drillholes including CMVDD001, CMVDD002 and CMVDD003.

Drill Core Observations

CMVDD004 – Drillhole CMVDD004 intercepted approximately 11 m of altered andesitic tuff and visible sulphide-rich veining starting from 43 m depth. Over 1.7 m of semi-massive sulphides are observed from 44.8 m dominated by stibnite with sphalerite and galena. In the footwall, stockwork veinlets grade into disseminated sulphides in a pervasively argillic-altered volcanic.

CMVDD005 – Drillhole CMVDD005 intercepted two distinct zones of continuous sulphide veining within andesitic crystalline tuffs. At 34.4 m depth a 0.3 m massive sulphide vein is observed dominated by stibnite with lesser sphalerite and galena within a 3 m-wide zone of Ag-Zn-Pb mineralization. A second zone of massive sulphide veining approximately 10 m wide is encountered from 81.0 m depth comprised of sulphide cemented breccias, quartz-sulphide veins and intervals of massive sulphide, which grades downhole into sporadic aggregates of stibnite and sphalerite.

Figure 1. Geological map of Terra’s 216 km2 Viogor-Zanik project in eastern Bosnia and Herzegovina with the key drill target areas and their associated styles of mineralization: (i) the epithermal Cumavici corridor, (ii) the Olovine porphyry target and (iii) the Brezani skarn/porphyry system.

Ongoing Exploration Program

Drillhole CMVDD004 represents an approximately 30 m northwest lateral step out from CMVDD001. The down-dip extension of this is confirmed with CMVDD005 with a collar separation of approximately 50 m between end holes on the two drill fences. Future drilling efforts will test the continuity of the 7.2 km long Cumavici polymetallic vein system along strike towards the northwest and southeast. Additionally, the Company completed drilling at the Brezani skarn/porphyry target which is located over 12 km to the southeast from Cumavici (see Figure 1).

Hole ID
UTM Easting
UTM Northing
Elevation (masl)
Dip (°)
Azimuth (°)
Depth (m)
Recovery (%)
CMVDD004
360174
4888539
611
-85
045
77.7
87.3
CMVDD005
360141
4888516
621
-85
050
99.0
94.4

Table 1. Selected collar locations at the Cumavici Ridge target area (WGS84; UTM Zone 34N).

Figure 2. Cross-section of drillholes CMVDD004 and CMVDD005 illustrating intervals of stockwork and massive sulphides; drill hole assays are pending. Azimuth of view is 315°.

Figure 3. Plan view geological map with the Cumavici Ridge diamond drillholes targeting the shallow polymetallic mineralization hosted by andesitic volcanics and tuffs. CMVDD004 and CMVDD005 are approximately 50 m along strike away from the initial drill holes released from the target.

Figure 4. Drill hole CMVDD004 between 44.1 m and 48.0 m. Footwall veins and semi-massive sulphide intervals can be observed. Figure 5 (below) is outlined by white rectangles.

Figure 5. Drill core from CMVDD004 illustrating both semi-massive sulphides and a footwall vein of quartz-carbonate-sulphide. Sulphide assemblage dominated by sphalerite with marcasite, jamesonite and silver-bearing sulfosalt freibergite with trace miargyrite (2 cm scratcher tip).

Figure 6. Photographs of 83.2-88.5 m from drillhole CMVDD005. Quartz-sulphide veins grade into massive sulphide and sulphide cemented breccias. Mineralization is over 10 m thickness.

Figure 7. Drill core segment 87.15 – 87.45 m from CMVDD005. Sulphide-quartz cemented hydrothermal breccia with sub-angular clasts of silicified andesitic tuff host rock. Sulphide assemblage comprises stibnite-sphalerite-berthierite with trace inclusions of miargyrite. (2 cm scratcher tip for scale).

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.

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2022 / Dec

Terra Balcanica Dually Lists on Frankfurt Stock Exchange

Vancouver, British Columbia – December 28th 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce that it became dually listed issuer on the Frankfurt Stock Exchange as of the 23rd of December 2022.

Frankfurt Stock Exchange Listing

Terra has become a dual-listed company by commencing trading on the Frankfurt Stock Exchange (“FSE”) under the code “UB1”. The FSE listing enlarges the Company’s investor reach and increases its exposure to European markets at a crucial time in its development.

Terra’s CEO, Dr. Aleksandar Mišković commented:

In line with our growth strategy, we are pleased to have listed on the FSE to broaden our stakeholder engagement on the continent where explore for critically needed metals. We look forward to expanding our network of stakeholders and welcome new retail as well as institutional investors to our Company while we advance polymetallic exploration across 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 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.

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2022 / Dec

Terra Balcanica Announces Closing of $500,000 Financing

Vancouver, British Columbia – December 15th 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce that it has closed its previously announced non-brokered private placement financing of units (the ”Units”) for gross proceed of $500,000 (the “Offering”).

The Company issued an aggregate of 5,000,000 Units at a price of $0.10 per Unit pursuant to the Offering. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.15 until December 15th, 2025.

Terra’s CEO, Alex Miskovic, commented:

We are pleased to complete this financing prior to year’s end which will allow the Company to enter 2023 in a much stronger financial position. Although the global financing markets have been very challenging, the successful financing is a testament to our internal supporters and growing Terra Balcanica brand. We appreciate the continued support of our existing shareholders and are very pleased to have added new names to our registry.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes. Finders fees in the amount of $17,689 were paid.

Dr. Aleksandar Miskovic, the CEO and a director, Guilio Bonifacio, Chair of the board of directors, Steven Latimer, a director, and Brandon Bonifacio, a director (the “Insiders”) purchased 1,023,000 Units as part of the Offering. The issuance of the Units to the Insiders constitutes a “related party transaction” as this term is defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, as the securities do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The participation by Insiders in the Offering was approved by directors of the Company who are independent in connection with such transaction.

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the Private Placement will be subject to a four (4) month hold period ending April 16th, 2023.

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.

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.

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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.

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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).

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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.

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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.

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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.

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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.

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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.

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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.

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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.”

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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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2022 / Jun

Terra Balcanica Announces Further Voluntary Escrow, Engagement Of IR Consultant, and Grants Stock Options

Vancouver, British Columbia – June 22nd, 2022 – Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) announces the execution of further voluntary escrow agreements with key strategic shareholders, engagement of an IR consultant, and grants stock options.

Voluntary Escrow

In addition to the Canadian Securities Exchange (“CSE”) and British Columbia Securities Exchange (“BCSC”) escrow provisions, the Company has executed further voluntary escrow agreements for an additional 5,430,625 shares with 12-month or 36-month release schedules from key strategic shareholders and close associates. The Company currently has 73,512,223 issued and outstanding common shares, with 34,800,001 shares, or 47.3%, escrowed or voluntary escrowed with 12-month or 36-month release schedules.

Option Grant

The Company announces the grant of 1,995,000 incentive stock options (the “Options”) to certain advisors, employees, and consultants in accordance with the Company’s stock option plan (the “Option Plan”). The Options are exercisable for C$0.20 per common share for periods ranging from 2 years to 5 years from date of issuance.

Engagement of IR Consultant and Grant of Stock Options

The Company has engaged Paradox Public Relations Inc. (“Paradox”) for a 36 month period that began on June 22, 2022 and ends on June 22, 2025 and may be terminated at any time without charge by either party by giving 30 days’ notice in writing. Paradox will provide marketing and investor relation services to the company to increase public awareness. Paradox has been granted 500,000 options, with 125,000 options vesting quarterly for the next year, eligible to be exercised at a price of C$0.20 per common share for a period of 36 months from the date of issuance. Paradox is being paid a monthly fee of C$10,000.

Carl Desjardins is the Managing Partner of Paradox and has been a promoter of Terra Balcanica within the past two years, and as a result is a Related Party (as such term is defined in Policy 2 of the CSE) to the Company.

All securities issued to Paradox are subject to a four month hold period from the date of issuance, in accordance with the policies of the CSE.

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2022 / Jun

Terra Balcanica to Commence Trading On Canadian Securities Exchange

Terra Balcanica Resources Corp. (the “Company”) is pleased to announce that it has received final approval to list its common shares (the “Common Shares“) on the Canadian Securities Exchange (the “CSE”). The Common Shares will commence trading under the trading symbol “TERA’ on June 20th, 2022.

The Company is a mineral exploration company principally engaged in the exploration and development of its advanced exploration property located in eastern Bosnia and Herzegovina. The Company also seeks to identify, investigate, evaluate and acquire other mineral property opportunities located in the Balkan region of Eastern Europe, and currently has one mineral property under option in Serbia, as well as an additional application for a mineral exploration license in Serbia. It is the intention of the Company to build a portfolio of properties in the Balkan region.

For further information concerning the Company and its business, please see the long form prospectus dated June 1, 2022 (the “Prospectus”) supporting its application for listing on the CSE. A copy of the Prospectus was filed under the Company’s profile at www.sedar.com.

In connection with the CSE listing, the Company also announces that 3,900,000 incentive stock options (the “Options”) were granted to directors, officers and consultants of the Company in accordance with the Company’s stock option plan (the “Option Plan”), as described in the Prospectus. The Options have an exercise price of $0.20 per Common Share and are exercisable for a period of five years from the date of listing.

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2022 / Apr

Planet Earth Day

Тogether with the Srebrenica municipal partners (mayor’s office, fire brigade, local tourist office and mountaineering conservationalists from the “Sušica” association), Drina’s staff lead the way on Friday by cleaning up the town center, the wider Potočari area, elementary and high school yards as well as the protected Guber Spa zone. We had fun removing debris from creek beds, planting trees and collecting litter anywhere we found it all while engaging and educating the town’s future generations (ages 4 to 15) about the importance of environmental protection and… mining, of course!
The turnout was impressive with over 250 citizens taking part in a call to action which we hope will become a monthly event.

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2021 / Dec

Second Townhall Meeting Held in Srebrenica

Terra Balcanica Resources Corp. will hold a townhall meeting in Srebrenica, RS, Bosnia and Herzegovina on Monday, the 6th of December at 17:00 hrs CET. This will be an opportunity to host the local partners and regional stakeholders in our new core shed facility and present our 2022 field plans for the Viogor-Zanik project.

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2021 / Dec

Drina Resources Team Expands

Drina Resources d.o.o. Srebrenica is delighted to announce the appointment of Mike Kelly, MSc as an exploration geologist deployed on our principal exploration property in eastern Bosnia. Mike joins forces with Sam Vaughan, MSc who became a member of Drina’s technical team in July and together with the hire of Nicola Kern, MSc in May completes our international roster for 2021. Combining forces with David Odalović, a junior exploration geologist and Aleksandar Cvejović a geospatial analyst from Serbia, the three geologists who come with international experience acquired in the UK, Turkey, Switzerland and Greenland where they worked on various types of hydrothermal mineralized systems will form the key technical team in charge of the upcoming drilling programs across our Bosnian and Serbian portfolio of licences.

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2021 / Sep

Tera Balkanika joins the Geological and Mining Association of Serbia

We are pleased to announce that our Serbian subsidiary Tera Balkanika doo Beograd has joined the Geological and Mining Association of Serbia (GRAS). It is an exciting time ahead for Terra in both Bosnia and Serbia thus becoming a member of a local professional society focused on promoting best mineral exploration practices, community relations, environmental protection and a sustainable economic development is perfectly timed. We are excited to contribute to the promotion of the 21st century mining in Serbia and Western Balkans.

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2021 / Aug

EBS at Viogor-Zanik Completed

Being a part of Terra Balcanica Resources group means being committed to protecting the environment where we operate and maintain good stewardship for the long-term benefit of all our stakeholders. Our goal is to prevent, or otherwise minimize, mitigate, and remediate the effects that our operations have on communities and the biosphere. As such, Drina Resource doo Srebrenica commissioned and executed a baseline environmental study over the spatial extent of the Viogor-Zanik project as the first and crucial step in the continuum of natural stewardship. The Institute for Ecology and Public Health of the Republic of Sprska, Bosnia and Herzegovina collected over 30 soil, ground and running water as well as air quality samples at 6 locations to serve as an official environmental reference.

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2021 / Jul

Kaludra Project Update

A steady progress is being made at Tera Balkanika doo Beograd Kaludra polymetallic exploration licence of the SW Serbia’s Raška mining district (the Kopaonik metallogenic zone). In conjunction with soil geochemistry data, the first phase of our 66 km ground, high resolution, poly‐dipole IP/Resistivity study (12 dipole/50 m spacing) by Turkish Enerson Engineering will provide chargeability targets for a preliminary 1,500 m drilling campaign expected to commence in Q1 of 2022. We are proud of our field team which blazed the lines and has been safely executing this important study over a challenging topography and frequently unforgiving bush.

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2021 / May

Airborne Survey Completed

Drina Resources is happy to announce a safe and successful completion of a 1,350-line km, combined airborne magnetic and electro-magnetic survey over the flagship Viogor-Zanik project. Conducted by the Danish SkyTEM operators and piloted by the capable Walter Koopmann of Koopmann Helicopter GmbH, the 80 m above ground study will penetrate to an average depth of 400 m and serve as another layer of evidence in our targeting endeavor. Data processing and 3D inversion of EM data will be performed by Todd Ballantyne, a geophysicist with over 3 decades of experience in data processing and interpretation.

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2021 / Mar

Another Exploration Licence Granted

We are delighted to announce that Drina Resources d.o.o Banja Luka was granted another exploration licence in the Srebrenica mining district of eastern Bosnia. The Republic of Srpska Ministry of Mines granted an area of 49 km2, internally named Čauš, to the Company for the purpose of exploring polymetallic resources. This competes our land tenure package and a hold over the prospective magmatic complex hosting the operating Sase mine and featuring the target, Oligo-Miocene host lithologies.

Additionally, our field teams have been deployed anew to execute on a 1,750-sample soil sampling program covering the majority of the Čumavići and Olivine licences. The survey was conducted on a 250×250 m grid combined with a ridge-and-spur sampling at the eastern Olovine target near the locality of Brezovice. The soil samples processed by the regional ALS Global office in Bor, Serbia where they are subject to aqua regia digest followed by an ICP MS analysis coupled with a fire assay Au finish.

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2020 / Oct

Field Work Commenced

Drina Resources d.o.o. Banja Luka, a wholly owned subsidiary of Terra Balcanica Resources Corp., commenced field work on its two exploration licenses in eastern Republic of Srpska, Bosnia and Herzegovina. A team of five exploration geologists coupled with five geotechnicians well versed in the procedures of systematic stream sediment sampling will traverse the area of 150 km2 collecting 3-4 kg samples of -8 mesh size fraction while getting acquainted with the basement and intrusive lithologies of the Srebrenica Magmatic Complex. This first-pass geochemical targeting will narrow down the primary zones of interest to be followed up by soil and rock chip sampling and detailed mapping.

 
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