Terra Balcanica Continues Testing Brezani Porphyry Target IN Bosnia and Closes Third Tranche of Financing
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
TERRA BALCANICA CONTINUES TESTING BREZANI PORPHYRY TARGET IN
BOSNIA AND CLOSES THIRD TRANCHE OF FINANCING
Vancouver, British Columbia – July 20th, 2023 – Terra Balcanica Resources Corp. (“Terra” or
the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the 3 rd tranche of
the non- brokered private placement financing (the “Offering ”) of units (the ” Units”) as it
continues drilling the Brezani porphyry target in eastern Bosnia and Herzegovina.
Brezani Phase II Drilling Campaign
The Company is testing a 650 m wide conductivity high at the centre of an anomalously magnetic
volume of rock, 1.2 km in diameter, where potassic altered porphyritic andesites overprinted by
chlorite are found below a gold- bearing skarn (Figure 1). Here, t he electrically resistive unit
returned 88.0 m of 0.61 g/t AuEq from surface (see Company news release dated 24th of January
2023). The redrilled Phase I drill hole has now been extended beyond its 2022 terminal dept h of
215 m along the same dip and azimuth. The HQ diameter diamond drill bit has now reached 468
m as it progresses at a rate of ca. 20 m daily to intercept the >60 mS/m conductor in a week.
Figure 1. A NW-SE geophysical cross section showing the trajectory of the drillhole BREDD002. At 323m,
the conductivity reaches 15mS/m and coinci des with a pyrite rich footwall indicating that the subsurface
resistivity is chiefly controlled by the rock sulfide content. Phyllic altered feldspar phyric andesite (lower
right) contains marcasite rich groundmass with up to 2,000 ppm Sb and 600 ppm Co. Also present are
pyrite veins with crosscutting calcite centrelines that yield up to 1,000 ppm Cu (click here to view image).
BREDD002 Geology
From 240 m to 374.7m below surface , Terra’s BREDD002 drillhole has intersected a large
package of phyllic altered hornfels with intermittent porphyry intrusions, crosscut at high angles
and associated with both calc-silicate alteration and carbonate base metal veining.
At depth of 320 m and spatially coincident with a sub-horizontal conductivity change drilling has
penetrated an intensely silicified structure underneath which there is a substantial increase in the
volume of sulfide minerals and density of carbonate base metal veins (Figure 2). This structure,
interpreted as a low-angle reverse fault, appears to intersect surface toward NW around the same
area where gossanous material was previously mapped. It is suggested that this zone could be a
target for intersection of carbonate-hosted, base metal veining.
The fault zone is characterized by increased pyrite veining and minor Zn, Sb, Sn anomalies and up
to 2,100 ppm arsenic measured by the pXRF technique. If the current observed modal proportions
of pyrite stay above 5 vol.% underneath the fault zone, along with the ubiquitous phyllic alteration
overprint, this could be interpreted as evidence of the outer pyrite shell within a classic porphyry
system and an indicator of potentially fertile ore system below.
Figure 2. Carbonate base metal vein registering 2,100 ppm arsenic by pXRF (click here to view image).
Third Tranche Private Placement Financing Closed
The Company issued an aggregate of 1,194,118 Units at a price of $0.085 per Unit for gross
proceeds of $101,500 pursuant to the Offe ring 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 w arrant, a “Warrant”). Each Warrant entitles the holder to
purchase one Common Share at an exercise price of $0.13 until July 19 th, 2026. Finders’ fees in
the amount of $1,190 were paid.
Inclusive of the third tranche the Company has issued 9,575,268 units at a price of $0.085 for gross
proceeds of $813,898 to date while continuing to raise funds until the end of July. Terra intends to
use the net proceeds of the Offering for working capital and to finance the Phase II drilling across
its portfolio of properties in Bosnia and Serbia.
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 November 20th, 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.
Qualified Person
Dr. Aleksandar Mišković, P.Geo. is the Company’s designated Qualified Person within the
meaning of National Instrument 43- 101 Standards of Disclosure of Mineral Projects (“NI 43-
101”). Dr. Mišković has reviewed and validated that the information contained in this news release
is factual, accurate and precise.
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 Herz egovina, 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 Alex 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.