Terra Balcanica Intersects 284 G/T Ageq over 10 M Including 895 G/T Ageq over 2 M at Viogor-Zanik Project IN Bosnia
TERRA BALCANICA INTERSECTS 284 G/T AGEQ OVER 10 M INCLUDING 895 G/T
AGEQ OVER 2 M AT VIOGOR-ZANIK PROJECT IN BOSNIA
Vancouver, British Columbia – February 2nd, 2023 – Terra Balcanica Resources Corp. (“Terra”
or the “ Company”) (CSE:TERA; FRA:UB1) is pleased to announce additional, positive step-
out drill results at the high-grade polymetallic Cumavici Ridge epithermal target within its
flagship, 216 km2 Viogor-Zanik project, Bosnia and Herzegovina.
Highlights
• High grade +50 m step out: Drillhole CMVDD005 returned 284 g/t AgEq over 10.0 m
including 895.8 g/t AgEq over 2.0 m (see Figure 3) approximately 50 m west-northwest
of CMVDD002;
• Previously released intercepts at the Cumavici target returned similar high grades:
o CMVDD001: 824.2 g/t AgEq. over 4.0 m including 1634.4 g/t AgEq. over 2.0 m
o CMVDD002: 816.1 g/t AgEq. over 2.0 m
o CMVDD003: 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);
• CMVDD004, located 40 m northeast of CMVDD005, intersected 11 m of visible
sulphide mineralization with assays to be released shortly (see Figures 2 and 3);
• Exploration upside: CMVDD005 confirms consistent high grade , polymetallic
mineralization at Cumavici Ridge . The mineralization is entirely open to the NW and
down-dip to the SW . High-grade results confirm the Cumavici corridor as a shallow,
polymetallic epithermal discovery with significant potential for expansion.
Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “Another Terra Balcanica drill
step out at Cumavici Ridge and another significant, high grade intercept. The epithermal vein
system discovered along the Cumavici corridor is now starting to take concrete shape and size in
Terra’s geological model with a potential for considerable expansions along both the NW -SE
strike and downdip towards SW. The vein hosted mineralization we see in Cumavici Ridge drill
core very much corresponds to high grade , massive sul phides that are observed in the
neighbouring Sase Mine, operated by Mineco Ltd., which the Viogor -Zanik project surrounds .
This suggests that the Cumavici discovery is its westerly epithermal projection along a 7.2 km
long, structurally controlled lineament. What particularly excites us is the shallow nature of the
system w here semi-massive, high grade sulphides are rarely found below 80 m depth and
frequently as shallow as 35 m depth. This will facilitate a rapid advancement of our Phase II drill
program planned for this year aiming to further define the grade, size and geometry of this tabular,
silver dominated system along several target areas identified at and near Cumavici Ridge. We are
equally excited to quickly advance the other two Viogor -Zanik project target zones, namely: the
new Brezani skarn discovery and the Olovine porphyry prospect, each of which is characterized
by extensive alteration, geophysical and surface mineralization footprints. The Company will
report further, 2022 Phase I Cumavici Ridge drill core assays over the coming weeks.”
Assay Results
Drillhole From
(m)
To
(m)
Length
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Sb
(%)
Zn
(%)
AgEq*
(g/t)
CMVDD005 33.0 36.0 3.0 39 0.21 0.05 1.44 0.27 273.8
81.0 91.0 10.0 75 0.78 0.40 0.68 0.61 284.0
Incl. 86.0 88.0 2.0 258 2.85 1.42 1.70 1.89 895.8
CMVDD001 29.0 33.0 4.0 132 0.84 2.12 1.85 4.59 824.2
Incl. 30.0 32.0 2.0 261 1.62 4.20 3.70 9.10 1634.4
CMVDD002 45.0 47.0 2.0 144 0.23 4.27 0.44 8.26 816.1
CMVDD003 89.0 97.7 8.7 105 0.81 0.70 1.20 1.17 465.5
Incl. 91.0 93.0 2.0 289 1.16 2.03 3.50 3.16 1196.6
Table 1. Assay results of key mineralized intervals from Cumavici Ridge drillholes. Interval lengths
reported are drilled lengths, not true widths. Silver equivalents (“AgEq”) are based on assumed metal
prices of US$1950/oz for gold (Au), US$18.00/oz for silver (Ag), US$1.00/lb for lead (Pb), US$4.50/lb for
antimony (Sb) and US$1.50/lb for zinc (Zn). *Assumed metal recoveries of 90% Au, 93% Ag, 94% Pb and
Zn, 90% Sb are based on published metallurgical tests for analogous Oligo-Miocene, epithermal deposits
in the Balkans (CMVDD001-003; see the Company news releases from September 8th and October 22nd,
2022). Values are rounded to nearest hundredth except Ag which is rounded to the nearest whole number.
Figure 1. The 216 km2 Viogor-Zanik project in eastern Bosnia and Herzegovina with the key drill target
areas and their associated styles of mineralization: (i) the vein hosted epithermal Cumavici corridor, (ii)
the Olovine porphyry target and (iii) the Brezani gold skarn/porphyry system. (Click to view image).
Figure 2. Geological map of Phase I drillholes at Cumavici Ridge. Drillholes CMVDD004 and
CMVDD005 are NW step-outs from the initial drill fence which intersected Ag-Zn-Pb mineralization (Click
to view image).
Drillhole CMVDD005 targeted the down- dip extension of the lateral step out confirmed by
CMVDD004 with a 40 m collar location step out to the west-southwest. CMVDD005 intercepted
2 mineralized intervals, evidencing the branching nature of the main Cumavici vein including
285 g/t AgEq over 10 m from 81 m. Mineralization consists of massive sulphide veins and
breccias cemented by quartz, calcite, sphalerite, galena, and stibnite.
Drillhole CMVDD006 successfully intercepted a continuation of the mineralized Cumavici
structure 125 m to the SE from CMVDD005. Mineralization was disseminated, in broad zones of
fault gouge and breccia indicating a pinching and swelling nature to the massive sulphide zones.
An association of sulphides and brecciated calcite within the clay gouge is noted, possibly due to
precipitation of the mineralization during active fault movement.
Hole ID Easting Northing Elevation
(m) Dip Azimuth Depth
(m)
Recovery
(%)
CMVDD005 360141 4888516 621 -85 050 99.0 94.4
CMVDD006 360195 4888403 611 -68 052 154.6 93.7
Table 2. Drillhole collar survey information for the reported Cumavici drillholes (WGS84/UTM Zone 34N).
Figure 3. Section of drillholes CMVDD004 and 005. CMVDD005 reporting two mineralized intervals at
33 m and 81 m . Assays are pending for CMVDD004 which intersected 11 m of visible sulphides (see
Company news release from January 11th, 2023). Mineralization is open down-dip to the southwest (Click
to view image).
Further Drilling: Assay results from CMVDD004, which intersected 11 m of visible sulphide
mineralization from 43 m depth will be released shortly . Other assays to be released include drill
testing of the Joseva target, which is 2.3 km to the SE of Cumavici Ridge. The 2023 drill program
will systematically test the high -grade Cumavici vein along strike to the NW/SE and down- dip
SW where the mineralization is open and untested.
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). Analysis in CMVDD006 was undertaken by ICP MS after a four-acid digest (ME-
MS61). Control samples, comprising certified reference materials (CDN -ME-1811), 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 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], or visit our website at 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 ide ntify 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 thos e 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.