Terra Balcanica Intersects 0.61 G/T GOLD Equivalent over 88.0 M from Surface at Brezani Discovery, Viogor-Zanik IN Bosnia-Herzegovina

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:

o 824.2 g/t AgEq. over 4.0 m including 1634.4 g/t AgEq. over 2.0 m

o 816.1 g/t AgEq. over 2.0 m

o 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.”

Drill Results

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. (Click here to view image)

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. (Click here to view image)

Drillhole BREDD00 2 was d esigned as a subsequent hole to BREDD001 to test the resistive

hanging wall existing below the exposed calc -silicate hornfels. The drillhole c ollar 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. (Click here to view image)

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 t he 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). (Click here to view image)

Figure 5. Intermediate sulphidation veins in silicified hornfels of BREDD002. (Click here to view image)

Hole ID Easting Northing Elevation Dip Azimuth Depth (m) 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), c alculated 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”). Dr. Mišković has reviewed and validated the information contained in this

news release as factual and 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 co mmitted 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 [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 the 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 both 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.

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