Terra Balcanica Signs Definitive Agreement to Acquire Saskatchewan Uranium Assets
CSE: TERA | FRA: UB1 #250 – 200 Burrard Street, Vancouver, BC, Canada V6C 3L6
TERRA BALCANICA SIGNS DEFINITIVE AGREEMENT TO ACQUIRE
SASKATCHEWAN URANIUM ASSETS
Vancouver, British Columbia – July 3rd, 2024 – Terra Balcanica Resources Corp. (“Terra ” or
the “Company”) ( CSE:TERA; FRA:UB1 ), a multi-jurisdictional, polymetallic exploration
company focused on supporting the global transition to clean energy, is pleased to announce the
signing of the definitive option agreement dated July 2, 2024 (“Agreement”) between the
Company, Fulcrum Metals Plc. (“Fulcrum”, AIM:FMET ) and Fulcrum Metals (Canada) Ltd.
(“Fulcrum Canada”), a wholly-owned subsidiary of Fulcrum, pursuant to which the Company
will obtain a four -year option (the “ Option”) to acquire a 100 % interest in Fulcrum’s uranium
portfolio of exploration licences (the “Licences”) located in northern Saskatchewan, Canada and
collectively encompassing 596.71 km2 of highly prospective ground for a uranium discovery.
Pursuant to the Agreement, on closing (the “Option Closing Date”), Fulcrum and Fulcrum Canada
will grant Terra the Option to acquire a 100% interest in the Licences, comprising
Fulcrum’s Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton licence
clusters located along northern and southeastern margins of the renowned Athabasca Basin, the
supplier of ca. 20% of world’s uranium and home to significant uranium deposits.
In consideration for the Option, Terra has paid C$25,000 in cash to Fulcrum to date.
Additionally, Terra may exercise the Option by paying Fulcrum cash according to the schedule
below:
• C$50,000 on the first anniversary of the Option Closing Date;
• C$75,000 on the second anniversary of the Option Closing Date;
• C$75,000 on the third anniversary of the Option Closing Date;
• C$75,000 on the fourth anniversary of the Option Closing Date; and
issue Fulcrum Canada common shares of Terra at the 10 -day volume weighted average trading
price of Terra’s shares ending three trading days prior to the date of issuance, subject to the
minimum pricing requirements of the Canadian Securities Exchange (the “ CSE”), as per the
following schedule:
• C$250,000 of Terra shares on the Option Closing Date;
• C$350,000 of Terra shares on the anniversary of the Option Closing Date;
• C$560,000 of Terra shares on the second anniversary of the Option Closing Date;
• C$650,000 of Terra shares on the third anniversary of the Option Closing Date;
• C$1,250,000 of Terra shares on the fourth anniversary of the Option Closing Date; and
Terra will also complete minimum work expenditures totalling C $3,250,000 prior to the fourth
anniversary of the Option Agreement.
Upon the exercise of the Option, Terra will grant Fulcrum a 1.0% net smelter returns royalty
(“NSR”) on all claims with a buy -down option for half of the NSR, being a 0.5% NSR, for the
cash payment of C$1,000,000.
CSE: TERA | FRA: UB1 #250 – 200 Burrard Street, Vancouver, BC, Canada V6C 3L6
Global Energy Metals Corp. (“ Global Energy ”) acted as a finder for this transaction by
introducing the parties and facilitating the negotiation of the Agreement. As compensation for
Global Energy’s services, the Company, Fulcrum Canada and Global Energy entered into a
finder’s agreement (the “Finder’s Fee Agreement”), in which Global Energy will be compensated
with 1,198,291 shares of Terra on the Option Closing Date subject to the minimum pricing
requirements of the CSE and, upon the exercise of the Option, the Company will grant Global
Energy a 0.5% NSR on all of the Licences, subject to a buy-down option of the entire NSR for the
cash payment C$500,000.
The Agreement replaces the Letter of Intent between the Company and Fulcrum signed on April
2nd, 2024 (see news release of the Company dated April 3rd, 2024).
The transaction contemplated under the Agreement and the Finder’s Fee Agreement are subject to
the approval of the CSE.
The common shares of Terra issued under the terms of the Agreement and the Finder’s Fee
Agreement will be subject to a hold period of four months from the date of issuance in accordance
with applicable securities laws in Canada.
Highlights
• 596.71 km2 of land tenure along northern and southeastern edges of the Athabasca
Basin, a premium mining district and the leading global source of high-grade uranium with
over 70 million lbs of U3O8 produced;
• Surface uranium samples of up to 6.22 % U 3O8 at Charlot-Neely and up to 1.44 %
U3O8 at Fontaine-Lake licences with anomalous surface radiometric readings of >7,000
cps as well as rare earth element assays;
• A historic (non-43-101 compliant) diamond drill hole intercept of 3.91 g/t Au over 45.8
m from surface at the Charlot-Neely licence;
• The recent drill hole intercept of 1,309 cps over 8.7 m by Aero Energy and Fortune Bay
on the Murmac project (see news release dated June 25th, 2024) is located only 20 km SW
of Terra’s Charlot-Neely Lake licence and marks the first Beaverlodge District uranium
discovery in more than half a century
• Historical work has demonstrated multiple occurrences of uranium mineralization along
NE-SW structural corridors such as Black Bay fault, Black Lake shear, and the Snowbird
tectonic zone and the many associated fault splays and graphitic conductors;
Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “The agreement signed with
Fulcrum marks a n exciting new chapter in Terra’s corporate history as a high- quality target
generator and explorer of critically needed commodities. The Company is now exposed to a world-
class uranium district that is experiencing a mining renaissance as evidenced by the recent
discovery made just 20 km from of our flagship Charlot-Neely licence. With close to 600 km 2 of
CSE: TERA | FRA: UB1 #250 – 200 Burrard Street, Vancouver, BC, Canada V6C 3L6
land tenure, we are supremely positioned to take early- mover advantage of opportunities along
the entire northern and eastern margins of Athabasca Basin. The optioned portfolio comprises
geologically promising ground that has not seen modern surveying nor recent drilling. We are
excited to approach it by applying the same level of technical rigor as we did in the Balkans to
define drill targets with a high probability of success. In addition to multiple uranium occurrences,
the licences feature gold, copper, nickel and cobalt showings. We are fortunate to have inherited
a wealth of legacy data from Fulcrum along with the expertise of Mr. Gary Dunn, a veteran of
uranium exploration in Saskatchewan. It will be an eventful autumn of prospecting, sampling, and
structural mapping together with airborne geophysics to rapidly define drill targets.”
Portfolio Overview
The optioned terrain in norther Saskatchewan is divided into 4 licence clusters targeting the NE-
SW structures and associated electromagnetic conductors along strike from historic mines and
projects that have attracted significant investment as zones most likely to host basement - and
intrusive hosted uranium mineralizations (Figure 1).
Figure 1. Saskatchewan’s Athabasca Basin with the optioned licence portfolio (click here to view image).
CSE: TERA | FRA: UB1 #250 – 200 Burrard Street, Vancouver, BC, Canada V6C 3L6
Southeastern margins of the Athabasca Basin are known locations of world-class discoveries such
as the Arrow deposit discovered by NexGen Energy Ltd. (4.3 Mt at 0.83% U3O8), and the Triple
R deposit (2.7 Mt at 1.94% U 3O8) being developed by F ission Uranium Corp. Such sizable
accumulations of uranium ore have proved the concept of exploring along fluid bearing structures
outside the Basin that have been genetically interpreted to form either the basement or the so-called
“Beaverlodge” styles of mineralization (Figure 2).
Figure 2. Three styles of uranium mineralization in northern Saskatchewan on an idealized cross-section
of the Athabasca Basin. Terra Balcanica’s portfolio focuses on the margins of the Basin where the
basement-hosted and so- called “Beaverlodge-style” mineralizations are found as surface expressions of
deep-seated feeder dykes and crustal faults (click here to view image).
Terra will focus on this exploration paradigm however, the Company will aim to target major NE-
SE trending faults and associated secondary structural corridors along northern margins of the
Basin where close to 32,000 tons of U3O8 have been produced in the Beaverlodge District alone.
Charlot – Neely Lake
The flagship Charlot-Nely Lake property (Figure 3) covers 163.72 km2 and is located at the heart
of the historic Beaverlodge District, 13 km NE of Uranium City. It is found within 10 km radius
of the 14 historic mines and uranium ore producers. The licence covers more than 20 km strike
length of the major Black Bay Fault with 16 km of previously identified, fault -parallel graphitic
conductors. It also hosts significant REE potential given the adjacent Alces REE discovery by
Appia with historical samples of over 31% U3O8 and over 16% REE.
CSE: TERA | FRA: UB1 #250 – 200 Burrard Street, Vancouver, BC, Canada V6C 3L6
Figure 3. Tenure map of the Beaverlodge District along northwestern margin of the Athabasca Basin with
Terra’s flagship 168 km2 Charlot -Neely Lake property north of centre and 20 km NE along a major
structural feature (Black Bay fault) from the recent drill intercept by Aero Energy Ltd.-Fortune Bay Corp.
at the Murmac project (click here to view image).
The licence benefits from work completed in 2023 which confirmed uranium minerali zation on
surface of up to 0.55 % U and assays of 0.8% U3O8 confirmed at Peacock showing in 2023, and
extensive zones of up to 7,000 cps (counts per second) radioactivity. Historic occurrences are noted
of up to 6.22 % U3O8. The first order controls for basement hosted mineralisation are present with
large scale structural features, linear conductors that possibly contain graphitic horizons as
important reductants and surface uranium anomalism. There is also note of gold drilling intercept
of 3.91 g/t Au over 45.8 m from surface (DDH17) which adds additional exploration appeal to
the licence (Figure 4).
The Company will focus on high- grade sources of the surficial uranium showings along most
radioactive segments of the graphitic conductors as previously untested drill targets.
CSE: TERA | FRA: UB1 #250 – 200 Burrard Street, Vancouver, BC, Canada V6C 3L6
Figure 4. Charlot-Neely Lake licence cluster encompasses 168 km2 and captures 20 km of the along-strike
extent of the Blac k Bay Fault system with its splays and associated electromagnetic conductors. These
graphitic seams serve as favourable redox traps for oxidizing uranium-bearing fluids channelled by deeps
seated faults and shears. Multiple anomalously radioactive locations are scattered throughout the tenure
(click here to view image).
Fontaine Lake and Snowbird
These licences stretch over 388 km 2 and straddle the Grease River Shear Zone, its sub-faults as
well as the Snowbird Tectonic Zone (Figure 5). The Black Lake Shear Zone which also transects
the Snowbird licence cluster can be traced for 200 km across the Athabasca Basin and is associated
with Cameco’s Centennial project. Additionally, the Cora and Legs Lake Shear Zones contain
multiple airborne radioactivity anomalies that were not followed up on trend. Haymac Mines has
recently restarted mining at Nisto Mine which is known for having shipped 500 tons of high-grade
ore to Uranium City in the 1950s with one shipment being 106 tons grading 1.6% U3O8. A minimal
field program was completed at Fontaine Lake in 2008 with surficial showings of 1% uranium
while further work was recommended by CanAlaska Uranium that leaves plenty of discovery
potential.
South Pendleton
The South Pendleton property sits upon the Needle Falls Shear Zone and covers 44.76 km 2 of
terrain along southeastern edge of the Athabasca Basin. It is proximal to Skyharbour Resources’
South Falcon project. It features the same basement lithologies as those hosting the prolific Key
Lake and Rabbit Lake mines however, several surficial radioactive anomalies and occurrences of
uranium mineralization have not been explored yet.
CSE: TERA | FRA: UB1 #250 – 200 Burrard Street, Vancouver, BC, Canada V6C 3L6
Figure 5. Fontaine Lake and Snowbird licence clusters jointly encompass 388 km2 of terrain along northern
and northeastern margins of the Athabasca Basin strategically covering both the Black Lake shear zone
and the coupled Grease River and Snowbird Tectonic Zones with their NNE-SSW faults and splays (click
here to view image).
Exploration Plan
The Company intends to review cumulative legacy data set by including company assessment
reports, historic governmental maps and surveys, extracting findings from research papers,
compiling locations of key showings and combining it all into an internally consistent GIS
database. Subsequently, Terra will commission a combined, >3,000 line -kilometer, airborne
geophysical survey comprising V-TEM Plus electromagnetic and radiometric measurements along
a tight, 150- spaced flight grid over all four licence clusters. Data obtained from the geophysics
will be combined with the existing GIS database to identify high-priority target zones to follow up
by a month and a half of detailed field work including ground radiometrics and lithological
sampling in autumn of 2024. Our goal is to immediately generate and rank a dozen drill targets
CSE: TERA | FRA: UB1 #250 – 200 Burrard Street, Vancouver, BC, Canada V6C 3L6
along key structural corridors to be tested in early spring of 2025. Work with the local First Nations
to obtain social license to operate and work collaboratively will begin in earnest this summer.
Qualified Person
Dr. Aleksandar Mišković, P.Geo, is the Company’s designated Qualified Person (“QP”) 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. The QP has not directly verified the data disclosed, including sampling,
analytical, and test data underlying the information contained in the press release except to perform
a desktop overview of the legacy date provide by Fulcrum.
About the Company
Terra Balcanica is a polymetallic and energy metals exploration company targeting large- scale
mineral systems in the Balkans of southeastern Europe and norther n Saskatchewan, Canada. The
Company has 90% interest in the Viogor -Zanik Project in eastern Bosnia and Herzegovina and
owns 100% of the Ceovishte mineral exploration licence in southern Serbia. The Canadian assets
comprise a 100% optioned portfolio of uranium-prospective licences at the outskirts of the world-
renowned Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton.
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 the complete information on this news release, please contact Aleksandar Mišković at
[email protected], +1 (514) 796-7577, or visit www.terrabresources.com/en/news.
Cautionary Statement
This news release contains certain forward- looking information and forward- looking statements
within the meaning of applicable securities legislation (collectively “ forward-looking
statements”). The use of any of the words “will”, “intends” and similar expressions are intended
to identify forward -looking statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. Such forward-looking statements should not
be unduly relied upon. Actual results achieved may vary from the information provided herein as
a result of numerous known and unknown risks and uncertainties and other factors. The Company
believes the expectations reflected in those forward -looking statements are reasonable, but no
assurance can be given that these expectations will prove to be correct. The Company does not
undertake to update these forward-looking statements, except as required by law.