Terra Balcanica Completes Phase Ii Drilling at Viogor-Zanik Project in Bosnia and Closes Private Placement Financing
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
TERRA BALCANICA COMPLETES PHASE II DRILLING AT VIOGOR-ZANIK PROJECT
IN BOSNIA AND CLOSES PRIVATE PLACEMENT FINANCING
Vancouver, British Colu mbia – September 25th, 2023 – Terra Balcanica Resources Corp.
(“Terra” or the “ Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the
final tranche of its non-brokered private placement financing (the “ Offering”) of units (the
”Units”) for total gross proceeds of $1 ,212,778. The Company further announces that it has
completed the 2,000 m, Phase II drill program at the flagship, 216 km2 Viogor-Zanik project (the
“Project”) in eastern Bosnia and Herzegovina.
Highlights
• In total , 17 diamond drill holes were completed during the 2023 Phase II campaign
totalling approximately 2,000 m with a significant number of them macroscopically
exhibiting sulphide mineralization. Twelve drill holes were completed at the polymetallic
silver-lead-zinc Cumavici target while 5 holes were drilled at the Au -Cu, skarn-porphyry
Brezani target (see Figures 1 and 2). All drill holes are at the ALS laboratory in Serbia with
assays expected by the beginning of October;
• Terra has raised $1,212,778 pursuant to the Offering announced on April 4th, 2023.
Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “The conclusion of exploration
drilling perfectly coincided with the closing of the private placement financing. I am proud of the
field efforts made by the entire team Terra Balcanica but equally thankful to all those who helped
raise the funds needed to advance our key assets in Bosnia and Serbia. Having finalized an
oversubscribed financing of over $1.2M in such a challenging macroeconomic environment is a
positive signal and has allowed us to complete a robust, 17- hole 2,000-meter Phase II drill
program and materially advance the flagship Viogor -Zanik project. The composite drill core
samples are now awaiting laboratory completion and an internal QA/QC check before being
released as a part of Terra’s steady news flow for months to come.”
Drilling Brezani Target Completed
The 2023 diamond d rilling at the Brezani target focussed on testing the coincident magnetic -
conductivity anomaly at depth below the Au- skarn mineralisation observed on surface. Further
shallow drillholes BRE23001- 004 aimed to add scale to the initial 88 m at 0.61 g/t AuEq
intercepted in drillhole BREDD002 (See Company’s news release dated 24 th January 2023), all
within a > 800 m NW/SE trending Au in soil anomaly.
Drillhole BREDD002: Continued from a depth of 215 m to 674 m in 2023 commencing in the
same chlorite-sericite altered diorite which returned 0.26 g/t Au (214 - 215 m) in 2022 drilling. At
a depth of 482.1 m a 9.8 m continuous zone of banded vein and sulphide cemented brecci as with
characteristics of both low and intermediate sulphidation epithermal deposits was intersected. The
margins of the vein host repeating bands of chalcedonic quartz -rhodochrosite-calcite and
sulphides/sulphosalts stibnite-pyrite-arsenopyrite-sphalerite-galena-jamesonite. The centre of the
structure is dominated by hydrothermal breccia with a sulphide -quartz-carbonate cement. Clasts
are banded vein fragments and wall rock hornfels . In the vein footwall the lithology changed to
118.4 m of chlorite-sericite altered diorite porphyry intrusive. Sinuous quartz-pyrite-molybdenite
veins, quartz-magnetite, anhydrite-carbonate, pyrite-chlorite, and pyrrhotite-carbonate veining is
present alongside disseminated pyrite-pyrrhotite.
Drillhole BRE23001: Located 102 m SW of the initial discovery hole at Brezani, which returned
0.61 g/t AuEq over 88 m from surface BRE23001 intercepted a similar package of calc -silicate
mineralisation with a strong chlorite retrograde overprint. Intervals of coarse garnet -pyroxene
skarn were also intercepted in contact with dioritic intrusives.
Figure 1. Geological map illustrating the 2022 and 2023 drillholes at the silver -dominated, polymetallic
Cumavici Ridge target 12 km northwest from the Brezani target (click here to view image).
Drillhole BRE23002: Located 91 m west of BREDD002 intersected a new style of mineralization
for the Brezani target. Commencing at 98 m depth a sulphide -calcite cemented contact breccia
between altered diorite and silicic hornfels was encountered. The sulphide matrix was composed
of pyrite-sphalerite-galena-pyrrhotite-chalcopyrite with individual sphalerite crystals up to 3 cm.
The breccia was semi -continuous until 105.2m where it graded into patchy brecciation and
intermediate sulphidation veining to 117.6 m. Detailed observations of BRE23001- 004 will be
completed and updates released in due course.
Figure 2. Geological map illustrating the 2022 and 2023 drillholes into the Brezani skarn-porphyry target.
Note that the 2022 drillhole, BREDD002 was redrilled from 215 – 674 m during the 2023 drilling
campaign. (click here to view image).
Final Tranche of Private Placement Financing Closed
The Company issued an aggregate of 1,826,47 0 Units at a price of $0.085 per Unit for gross
proceeds of $155,250 pursuant to the Offering announced on April 4 th, 2023. 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 $0.13 until September 22nd, 2026. Finders’
fees in the amount of $3,570 were paid in the final tranche of the Offering.
In total, the Company has issued 14,267,967 units at a price of $0.085 for gross proceeds of
$1,212,778. Terra used the net proceeds of the Offering for working capital and to finance the
Phase II drilling of the two target zones in Bosnia and Herzegovina.
Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection
with the closing of the fifth tranche of the Private Placement will be subject to a four (4) month
hold period ending January 23rd, 2024.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the
securities in the Unit ed 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 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 [email protected],
or visit our website at www.terrabresources.com.
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.