Terra Balcanica Resources Corp. Press Release
TERRA BALCANICA INTERSECTS 505 G/T AGEQ OVER 11.0 M INCLUDING 3,075
G/T AGEQ (108.5 OZ/Т AGEQ) OVER 1.7 M AT VIOGOR-ZANIK IN BOSNIA
News Release Video: Terra Balcanica produced a short 3D animation to explain the drill results.
Vancouver, British Columbia – February 27th, 2023 – Terra Balcanica Resources Corp. (“Terra”
or the “ Company”) (CSE:TERA; FRA:UB1) is pleased to announce further, high- grade drill
results including step-out drillholes at Cumavici Ridge and a new discovery at the Josheva target
extending mineralization at the Cumavici Corridor over 2.3 km to the southeast within its flagship,
216 km2 Viogor-Zanik project in Bosnia and Herzegovina.
Highlights
• Highest Grades Intercepted To Date: Drillhole CMVDD004 returned 505.3 g/t AgEq
over 11.0 m from 43.0 m depth including 3075.4 g/t AgEq (108.5 oz/t AgEq) over 1.7 m
(see Figure 1) 40 m northeast of CMVDD005 and over 50 m northwest from the drill fence
that included CMVDD001, CMVDD002, and CMVDD003;
• New Discovery at Jos heva over 2.3 km southeast of Cumavici Ridge : Drillhole
JOSDD001 drilled over 2.3 km southeast of Cumavici Ridge discovered a new
mineralized structure yielding 119.7 g/t AgEq over 6.0 m from 53.0 m depth (see Figure
2). The discovery drillhole at Josheva validates the district geologic model and confirms
the potential for several other segments of polymetallic veins within the expansive 7.2 km
strike Cumavici corridor. The entire corridor remains open for further drill testing.
• Five shallow, high grade intercepts: Cumavici Ridge has displayed consistency by the
initial drilling with five holes intercepting shallow, high-grade polymetallic mineralization
(see Figure 3), including:
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;
o CMVDD005: 284.0 g/t AgEq over 10.0 m including 895.8 g/t AgEq over 2.0m.
• Extending High G rade Footprint With Step -Out Drilling : assay results from
CMVDD001 to CMVDD005 confirm consistent high-grade mineralization over a footprint
approximately 60 by 100 meters at Cumavici Ridge. (see Figure 4). Further drilling will
focus on expanding strike length to the northwest along 650 m of strike length and
confirm down-dip continuity to southwest. The system remains open in all directions.
Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “We are very pleased with the
world class intercepts that the Cumavici Ridge system keeps on delivering. T he stage is now set
for the Phase II drill program of this shallow polymetallic vein that will aim to add onto the se
exceptional grades. Most exciting is that the highest metal concentrations have come from the
northwesterly segment of the system which is the direction where we intend to extend our drill
fence in 2023. Also encouraging are the positive Josheva target intercepts located 2.3 km
southwest of Cumavici Ridge as a testament to the widespread mineralization along the epithermal
corridor. We have numerous, high-grade targets to further test with infill and step out drilling.”
Assay Results
Drillhole From
(m)
To
(m)
Length
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Sb
(%)
Zn
(%)
AgEq*
(g/t)
CMVDD004 43.0 54.0 11.0 225 0.3 0.56 1.48 0.83 505.3
Incl. 44.8 46.5 1.7 1420 0.81 3.42 9.40 4.95 3075.4
JOSDD001 53.0 59.0 6.0 11 0.06 0.68 - 1.66 119.7
JOSDD002 30.0 32.0 2.0 - 0.66 0.03 0.01 0.19 -
Table 1. Assay results of key mineralized intervals from Cumavici 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 Balkan epithermal deposits. For CMVDD001-
003 and CMVD005, see the Company news releases from Sept. 8th, Oct. 22nd, 2022, and Feb. 2nd, 2023.
Figure 1. Section B -B’ from Figure 3 (below) along drillhole fence CMVDD004-005. CMVDD004
intersected 11 m of mineralization at 43 m depth, illustrating grade continuity to near surface from
CMVDD005 which intersected 10 m at 284 g/t AgEq at 81 m. The vein system remains open down dip.
Click here to view the image.
Figure 2. Phase I drilling at Cumavici Ridge and the SE extension at the Josheva target. The 7.2 km long
Cumavici Corridor extends well beyond Cumavici Ridge to NW. Click here to view the image.
Figure 3. Phase I drillholes at Cumavici Ridge. Drillholes CMVDD004 and CMVDD005 are NW step-outs
from the initial drill fence (CMVDD001-003); the system is open along strike. Click here to view the image.
Figure 4. Fence diagram of drilling completed at the Cumavici Ridge target including drillholes
CMVDD001 to CMVDD005. Polymetallic mineraliz ation intervals are highlighted in red. The
mineralization remains untested and open down dip to the southwest and entirely open to the NW. The high-
grade mineralization footprint currently sits at approximately 60 (strike length) by 100 meters (down dip
direction). Click here to view the image.
Drill Results Summary
Drillhole CMVDD004 targeted the strike extension of this shallow minerali zation with a 39 m
NW collar step-out from CMVDD002. Assay results confirm the structure remains minerali zed
at shallow levels in the north-western direction. Mineralization consists of a main massive sulphide
interval with quartz- sulphide veining in the hanging and footwall of the structure. Massive
sulphide intervals are characterized by colloform -crustiform sphalerite -galena-stibnite-
sulphosalts. A narrow envelope of silicification is observed around the vein intercept with
volcaniclastics showing variable chloritization and argillic alteration.
Drillhole JOSDD001 targeted a mineraliz ed structure 2.3 km southeast of the Cumavici Ridge
discovery drillholes. It successfully intersected a minerali zed structure returning 119.7 g/t AgEq
over 6.0 m from 53.0 m depth. Mineralization enc ountered is characterized by veinlets,
disseminations, and aggregates of sphalerite -galena-pyrite within argillic altered andesitic tuffs.
Sulphides are associated with calcite and present in intervals of fault gouge.
Drillhole JOSDD002, located 155 m NW of JOSDD001, tested the same structure with a
significant step out. Several mineralized structures were intersected, with disseminated sulphides
in fault gouge and calcite. At 31 m depth a quartz-arsenopyrite cemented hydrothermal breccia
returned 1 m at 1.1 g/t Au and 0.3 % Zn within a 2 m mineralized intercept yielding 0.66 g/t Au.
Hole ID Easting Northing Elevation
(m) Dip Azimuth Depth
(m)
Recovery
(%)
CMVDD004 360174 4888539 611 -85 045 77.7 87.3
CMVDD005 360141 4888516 621 -85 050 99.0 94.4
CMVDD006 360195 4888403 611 -68 052 154.6 93.7
CMVDD007 360389 4888084 485 -45 048 175.4 97.7
CMVDD008 360361 4888323 522 -85 045 78.0 95.0
CMVDD009 360347 4888299 520 -85 035 91.1 99.0
JOSDD001 361639 4886792 386 -52 034 108.8 96.7
JOSDD002 361516 4886889 383 -52 034 111.8 99.3
Table 2. Drillhole collar survey information for the reported Cumavici Ridge and Josheva drillholes
(WGS84/UTM Zone 34N). See the complete list of assays at the end of the news release.
Further Exploration Drilling: Further drilling 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.
The Cumavici Ridge target lies within a local magnetic low, which is continuous for > 500 m
strike length. The Company interprets the well- developed magnetic low lineament to represent
the structure hosting the Cumavici Ridge polymetallic mineralization, o ffering a robust target for
expansion of mineralization. Due to the shallow nature of this high- grade system , drilling can
quickly define strike length utili zing a 40 m regular step out. Mineralization is interpreted to be
dipping shallowly to the SW, whic h allows for down -dip testing with modest meterage
requirements. This will be a priority of the 2023 drilling campaign.
Target generation is ongoing by utilizing the geological knowledge gained in the 2022 drilling
campaign to unlock the potential of the 7.2 km strike length Cumavici corridor. Understanding
of the geochemical and geophysical signature of this high- grade system, and confirmation of the
exploration strategy through definition of yet another mineralized structure at Josheva gives the
Company confidence in the underexplored nature of the Cumavici corridor. Surface expressions
of mineralized structures have been observed at several localities, namely Cumurnica and Seoce
where soil geochemistry shows NW/SE trending anomalous Ag-Pb-Zn. Zones of fault gouge with
disseminated sphalerite and galena are observed on surface which can be tied to low magnetic
lineaments, offering targets for future drilling. The Cumavici corridor remains largely untested,
and the Company firmly believes there is opportunity for discovery of the Cumavici Ridge style
mineralization along the entire 7.2 km strike length.
QAQC
Composite, half a drill core (PQ3 and HQ3) samples were delivered by truck to ALS Bor, Serbia
for sample preparation and analysis at the AL S 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 HNO3, 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 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 la rge-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 more information about this news release, please contact [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 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.
Hole ID Sample ID From (m) To (m) Au (ppm) Ag (ppm) Pb (%) Sb (%) Zn (%)
CMVDD004 105214 40.0 41.0 0.001 <1 0.006 <0.005 0.021
CMVDD004 105215 41.0 42.0 0.002 <1 <0.005 <0.005 0.014
CMVDD004 105216 42.0 43.0 0.007 <1 0.011 <0.005 0.044
CMVDD004 105217 43.0 44.0 0.007 1 0.017 <0.005 0.053
CMVDD004 105218 44.0 44.8 0.1 1 0.026 0.009 0.161
CMVDD004 105219 44.8 46.5 0.812 1420 3.42 9.35 4.95
CMVDD004 105220 46.5 47.0 1.65 43 0.267 0.447 0.309
CMVDD004 105221 47.0 48.0 0.249 13 0.07 0.064 0.129
CMVDD004 105222 48.0 49.0 0.147 4 0.017 0.016 0.06
CMVDD004 105223 49.0 50.0 0.171 4 <0.005 0.008 0.031
CMVDD004 105224 50.0 51.0 0.277 8 0.025 0.017 0.051
CMVDD004 105225 51.0 52.0 0.012 1 0.005 <0.005 0.056
CMVDD004 105226 52.0 53.3 0.077 2 0.008 0.007 0.02
CMVDD004 105227 53.3 54.0 0.06 4 0.087 0.013 0.091
CMVDD004 105228 54.0 55.0 0.003 <1 0.022 <0.005 0.079
CMVDD004 105229 55.0 56.0 0.003 <1 0.018 0.006 0.05
CMVDD004 105230 56.0 57.0 0.003 1 0.018 0.008 0.073
CMVDD004 105231 57.0 58.0 0.012 4 0.021 0.062 0.082
CMVDD004 105232 57.0 58.0 0.014 2 0.02 0.046 0.08
CMVDD004 105233 58.0 59.0 0.002 <1 0.104 0.009 0.108
CMVDD004 105234 59.0 60.0 0.002 <1 0.058 <0.005 0.083
CMVDD004 105235 60.0 61.0 0.002 <1 0.012 <0.005 0.048
CMVDD004 105236 61.0 62.0 0.005 <1 0.008 <0.005 0.023
CMVDD004 105237 62.0 63.0 0.001 <1 <0.005 <0.005 0.014
CMVDD004 105238 63.0 64.0 0.002 <1 <0.005 <0.005 0.016
CMVDD004 105239 64.0 65.0 0.002 <1 <0.005 <0.005 0.016
CMVDD004 105240 65.0 66.0 0.003 <1 0.01 <0.005 0.036
CMVDD004 105241 66.0 67.5 0.002 <1 0.007 <0.005 0.022
CMVDD004 105242 67.5 69.0 0.01 1 0.007 <0.005 0.021
CMVDD004 105243 69.0 70.5 0.002 <1 0.03 <0.005 0.07
CMVDD004 105244 70.5 71.5 0.017 2 0.069 0.012 0.102
CMVDD004 105245 71.5 72.9 0.03 <1 0.017 <0.005 0.057
CMVDD007 105054 91 92 <0.001 <1 <0.005 <0.005 0.007
CMVDD007 105055 92 93 <0.001 <1 <0.005 <0.005 0.006
CMVDD007 105056 93 94 <0.001 <1 <0.005 <0.005 0.008
CMVDD007 105057 94 95 <0.001 <1 <0.005 <0.005 0.007
CMVDD007 105058 95 96 <0.001 <1 <0.005 <0.005 0.007
CMVDD007 105059 96 97 <0.001 <1 <0.005 <0.005 0.008
CMVDD007 105060 97 98 <0.001 <1 <0.005 <0.005 0.008
CMVDD007 105061 98 99 <0.001 <1 <0.005 <0.005 0.008