Terra Balcanica Intersects 457 G/T Ageq over 4.15 M at Central Cumavici Ridge Target IN Bosnia and Herzegovina
TERRA BALCANICA INTERSECTS 457 G/T AGEQ OVER 4.15 M AT CENTRAL
CUMAVICI RIDGE TARGET IN BOSNIA AND HERZEGOVINA
Vancouver, British Columbia – November 13 th, 2023 – Terra Balcanica Resources Corp.
(“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce further high-grade
assay results from the Phase II drill campaign confirming a continuation of the Cumavici Ridge
epithermal vein zone within its principal Viogor-Zanik project in Bosnia and Herzegovina.
Highlights
• Drillhole CMV23003 intersected 457 g/t AgEq over 4.15 m from 43.85 m downhole (Table
1). The mineralized footprint at Cumavici Ridge has expanded significantly over the past 18
months (see Company news release dated 8th and 20th September as well as 22 nd October
2022, 11th January, 2nd February, and 27 th February 2023) where the Phase I drill results
included:
o CMVDD001 – 824.2 g/t AgEq over 4 m
o CMVDD002 – 816.1 g/t AgEq over 2 m
o CMVDD003 – 465.5 g/t AgEq over 8.7 m
o CMVDD004 – 505.3 g/t AgEq over 11 m
o CMVDD005 – 284 g/t AgEq over 10 m
• Mineralized vein intercept points to a wider down-dip continuation of the high-grade
mineralization from the previously reported 1,168 g/t AgEq over 1.35 m (see company
news release dated 7th November 2023) in drillhole CMV23004, which is open and untested
at depth to the SW (Figure 1);
• Results from CMV23004 and CMV23003 have added ca. 45 m strike length SE to the
previously reported CMVDD002 which returned 816.1 g/t AgEq over 2 m (see company
news release dated 22nd October 2022); The mineralized footprint at Cumavici Ridge now
extends over 600 meters and remains open along strike and at depth (Figure 2);
• Further 2023 assay intervals to follow from Cumavici Ridge including CMV23001 and
002b, both of which intercepted massive sulphide mineralization as shallow as 7.1 m
downhole.
Terra Balcanica CEO, Dr. Aleksandar Mišković, comments: “The latest drill intercep t
reaffirms both continuity and silver-dominated polymetallic grades continuously intercepted at the
Cumavici Ridge target. Together with the 600 m northwesterly step out zone, the central Ridge
area now forms a potentially continuous half a kilometer long mineralized footprint where
hypothesized shallow, vein-hosted massive sulphides await drill confirmation. We have further
assay results to release from the Cumavici target zone as well as pending assay results from the
Brezani gold skarn-copper porphyry target which is the other Viogor-Zanik prospect that was drill
tested during 2023. It will be exciting next few months for our Company as we position ourselves
as the critical metals explorer of choice in the western Balkans.”
Hole ID From
(m)
To
(m)
Length
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Sb
(%)
Zn
(%)
AgEq*
(g/t)
CMV23003 43.85 48.00 4.15 53 0.64 2.99 0.73 4.12 457
Table 1. Assay results of key mineralized interval from 2023 Phase II Cumavici drillhole CMV23003.
Interval lengths reported are drilled lengths, not true widths. Silver equivalent ( “AgEq”) is 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). *Assume d metal recoveries of 90% Au, 93%
Ag, 95% Sb, 94% Pb and Zn are based on published metallurgical tests from analogous IS epithermal vein
deposits.
Figure 1. Drillhole section through step out drill fence located 42 m SE of the 2022 discovery holes at
Cumavici Ridge. Assay interval reported for CMV23003 in bold with previously reported CMV23004 also
highlighted. Results from CMV23001 and 002b are pending release (click here to view image).
Hole ID Easting Northing Elevation
(m) Dip Azimuth Depth
(m)
Recovery
(%)
CMV23003 360205.1 4888464.4 593.77 -85 050 56.8 100
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).
Figure 2. Geological map illustrating the 2022 discovery drillholes (CMVDD001-005), previously released
2023 drillholes and CMV23003 which is the topic of this release. CMV23003 and 004 were drilled from
the same platform with angles of -85 and -50 respectively (click here to view image).
Future Exploration Program
The Cumavici Ridge epithermal mineralisation can be observed on surface and has been
intercepted as shallow as 7.1 m downhole in CMV23001 (observations released 18th April 2023
with assays pending release). The drill hole CMV23003 (Table 2) intersected the mineralisation at
43.85 m downhole and marks a significant down-dip extension, which remains open and untested
further down-dip to the southwest (Figure 1). Future exploration at the target will step NW towards
CMV23007 and 009 which both intersected mineralization over 600 m along strike.
Phase II Viogor-Zanik Drill Campaign Results
In addition to the silver dominated Cumavici vein, the Company has drill tested the 650 m wide
conductivity high at the centre a 1.2 km wide anomalously magnetic volume of rock at Brezani
(Figure 3). Here , potassic altered porphyritic andesites were overprinted by chlorite and
sporadically intrude gold-bearing calc-silicate skarn that returned 88.0 m of 0.61 g/t AuEq from
surface (see Company news release dated 24 th of January 2023). The redrilled Phase I drill hole
has been extended to depth of 674 m along the same dip and azimuth.
Figure 3. Geological map of the Viogor -Zanik project illustrating the drilled targets during the Phase II
campaign. Cumavici is observed in the NW of the license package with the Brezani discovery 12 km to the
SE, attesting to the underexplored and prospectivity of the Viogor-Zanik project (click here to view image).
From 480 m downhole in BREDD002 and coincident with a tabular conductivity body, drilling
intersected an intensely mineralized structure with a substantial increase in the volume of sulfide
minerals and density of carbonate base metal veins. This structure, interpreted as a low angle thrust
fault, appears to surface in the NE where gossanous material was previously mapped. This
provides an appa rently continuous structure for further drill -testing as it shallows. Additionally,
four more drill holes between depths of 120 and 160 m tested the surface gold bearing calc-silicates
with the laboratory assays for the entire Brezani program pending.
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 mater ials (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.
Qualified Person
Dr. Aleksandar Mišković, P.Geo, is the Company’s designate d 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 Ce ovishte 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.