Terra Balcanica Drills 499 G/T Ageq over 3.8 M at Cumavici Ridge IN Bosnia and Herzegovina and Closes Private Placement Financing
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
TERRA BALCANICA DRILLS 499 G/T AGEQ OVER 3.8 M AT CUMAVICI RIDGE IN
BOSNIA AND HERZEGOVINA AND CLOSES PRIVATE PLACEMENT FINANCING
Vancouver, British Columbia – 17th January, 2024 – Terra Balcanica Resources Corp. (“Terra”
or the “ Company”) ( CSE:TERA; F RA:UB1) is pleased to announce additional assay results
from the 2023 Phase II drill campaign confirming continuation of the high-grade Cumavici Ridge
polymetallic mineralization within its flagship Viogor-Zanik project in Bosnia and Herzegovina.
The Company further announces closing of the final tranche of its non-brokered private placement
financing (the “Offering”) of shares (the ”Shares”) for total gross proceeds of $212,200.
Highlights
• Drillhole CMV23002b intersected 499 g/t AgEq over 3.8 m from 22 m downhole with a
further mineralized interval of 227 g/t AgEq over 2.0 m from 31 m (Table 1);
• Drillhole collar for CMV23002b is located 39 m northeast of previously reported CMV23003
and 004 and 38 m SE of 2022 drillhole CMVDD001 which returned:
o CMVDD001 – 824 g/t AgEq over 4 m (see company news release dated 8 th
September, 2022);
o CMV23003 – 457 g/t AgEq over 4.15 m;
o CMV23004 – 1168 g/t AgEq over 1.35 m;
• The mineralization remains open immediately northwest and down-dip to the southwest;
Terra Balcanica CEO, Dr. Aleksandar Mišković, comments: “We are delighted to continue
reporting impressive silver grades from the central Cumavici Ridge system. This polymetallic,
near-surface target keeps on delivering and is open along strike and down-dip. Cumavici Ridge is
only one of five target zones along the 7.2 km NW-SE trending fault-hosted system that remains to
be drilled, thus offering upside to advance a deposit immediately adjacent to the existing Sase Pb-
Zn-Ag mine with infrastructure including mining and processing facilities. We are excited to
continue advancing Viogor-Zanik’s full potential as a unique critical raw minerals land package
right at Europe’s doorsteps. Additional assay results will continue to be released very shortly.”
Hole ID From
(m)
To
(m)
Length
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Sb
(%)
Zn
(%)
AgEq
(g/t)
CMV23002b 22.00 25.80 3.80 125 0.70 2.72 0.48 5.53 499
CMV23002b 31.00 33.00 2.00 166 0.57 0.11 0.12 0.21 227
Table 1. Assay results from drillhole CMV23002b of the Phase II drilling campaign . Interval lengths
reported are drilled lengths, not true widths. Silver equivalent s (“AgEq”) are based on assumed metal
prices of US$1,9 80/oz for gold (Au), US$23/oz for silver (Ag), US$1. 15/lb for zinc (Zn), US$ 5.42/lb for
antimony (Sb) and US$1.00/lb for lead (Pb). Assumed metal recoveries of 90% Au, 93% Ag, 95% Sb, 94%
Pb and Zn are based on published metallurgical tests on analogous intermediate sulphidation epithermal
vein deposits.
Figure 1. Geological map illustrating the drillholes at the Cumavici Ridge locality. AgEq values are
labelled for selected 2022 and 2023 drill intercepts (See Company’s new releases dated 13 November 2023,
27 February 2023). Current drilling efforts confirm mineralization over 82 m NW/SE strike length.
(WGS84/UTM Zone 34N (click here to view image).
Hole ID Easting Northing Elevation
(m) Dip Azimuth Depth
(m)
Recovery
(%)
CMV23002b 360224.6 4888498.1 594.58 -50 050 56.2 99
Table 2. Collar locations for reported P hase II drillhole. Coordinates and elevation were taken by local
consultant surveyors using a differential GPS unit. (WGS84/UTM Zone 34N).
Future Exploration Program
Further drilling efforts at Cumavici Ridge will aim to connect the shallow high -grade interval
reported in this release to the 531 g/t AgEq over 0.75 m and 355 g/t AgEq over 1.10 m reported
over 600 m to the northwest (see Company news release dated 5th November 2023). The system
remains untested and open to the southwest down-dip which will also be targeted in 2024 drilling.
Figure 2. Drillhole section through step out drill fence located 42 m SE of the 2022 discovery holes at
Cumavici Ridge. Assay interval reported for CMV23002b (click here to view image).
QAQC
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 HNO 3,
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 9 % and investigated as part of
the company’s quality assurance and quality control program.
Final Tranche of Private Placement Financing Closed
The Company issued an additional aggregate of 1,200,000 Shares at a price of $0.04 per Share for
gross proceeds of $48,000 pursuant to the Offering announced on December 1st, 2023.
In total, the Company has issued 5,305,000 Shares at a price of $0.0 4 for gross proceeds of
$212,200. Terra will use the net proceeds of the Offering for working capital and to finance the
acquisition of a strategic mineral exploration licence in Bosnia and Herzegovina . Pursuant to
applicable Canadian securities laws, all securities issued and issuable in connection with the
closing of the final tranche of the Private Placement will be subject to a four (4) month hold period
ending May 17th, 2024. There were no finders’ fees paid in any of the tranches of the Offering.
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 fro m 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 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 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 i n 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.