News Release Video: Terra Balcanica produced a short 3D animation to explain the drill results.

Vancouver, British Columbia, Feb. 27, 2023 (GLOBE NEWSWIRE) -- 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 Josheva 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:

    • CMVDD001: 824.2 g/t AgEq. over 4.0 m including 1634.4 g/t AgEq. over 2.0 m;
    • CMVDD002: 816.1 g/t AgEq. over 2.0 m;
    • CMVDD003: 465.5 g/t AgEq. over 8.7 m including 1196.6 g/t AgEq. over 2.0 m;
    • CMVDD005: 284.0 g/t AgEq over 10.0 m including 895.8 g/t AgEq over 2.0m.
  • Extending High Grade 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. The stage is now set for the Phase II drill program of this shallow polymetallic vein that will aim to add onto these 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

DrillholeFrom (m)To (m)Length (m)Ag (g/t)Au (g/t)Pb (%)Sb (%)Zn (%)AgEq* (g/t)
CMVDD00443.054.011.02250.30.561.480.83505.3
Incl.44.846.51.714200.813.429.404.953075.4
JOSDD00153.059.06.0110.060.68-1.66119.7
JOSDD00230.032.02.0-0.660.030.010.19-

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 mineralization 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 mineralization with a 39 m NW collar step-out from CMVDD002. Assay results confirm the structure remains mineralized 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 mineralized structure 2.3 km southeast of the Cumavici Ridge discovery drillholes. It successfully intersected a mineralized structure returning 119.7 g/t AgEq over 6.0 m from 53.0 m depth. Mineralization encountered 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 IDEastingNorthingElevation (m)DipAzimuthDepth (m)Recovery (%)
CMVDD0043601744888539611-8504577.787.3
CMVDD0053601414888516621-8505099.094.4
CMVDD0063601954888403611-68052154.693.7
CMVDD0073603894888084485-45048175.497.7
CMVDD0083603614888323522-8504578.095.0
CMVDD0093603474888299520-8503591.199.0
JOSDD0013616394886792386-52034108.896.7
JOSDD0023615164886889383-52034111.899.3

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, offering a robust target for expansion of mineralization. Due to the shallow nature of this high-grade system, drilling can quickly define strike length utilizing a 40 m regular step out. Mineralization is interpreted to be dipping shallowly to the SW, which 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 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 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 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 more information about this news release, please contact amiskovic@terrabresources.com, 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 IDSample IDFrom (m)To (m)Au (ppm)Ag (ppm)Pb (%)Sb (%)Zn (%)
CMVDD00410521440.041.00.001<10.006<0.0050.021
CMVDD00410521541.042.00.002<1<0.005<0.0050.014
CMVDD00410521642.043.00.007<10.011<0.0050.044
CMVDD00410521743.044.00.00710.017<0.0050.053
CMVDD00410521844.044.80.110.0260.0090.161
CMVDD00410521944.846.50.81214203.429.354.95
CMVDD00410522046.547.01.65430.2670.4470.309
CMVDD00410522147.048.00.249130.070.0640.129
CMVDD00410522248.049.00.14740.0170.0160.06
CMVDD00410522349.050.00.1714<0.0050.0080.031
CMVDD00410522450.051.00.27780.0250.0170.051
CMVDD00410522551.052.00.01210.005<0.0050.056
CMVDD00410522652.053.30.07720.0080.0070.02
CMVDD00410522753.354.00.0640.0870.0130.091
CMVDD00410522854.055.00.003<10.022<0.0050.079
CMVDD00410522955.056.00.003<10.0180.0060.05
CMVDD00410523056.057.00.00310.0180.0080.073
CMVDD00410523157.058.00.01240.0210.0620.082
CMVDD00410523257.058.00.01420.020.0460.08
CMVDD00410523358.059.00.002<10.1040.0090.108
CMVDD00410523459.060.00.002<10.058<0.0050.083
CMVDD00410523560.061.00.002<10.012<0.0050.048
CMVDD00410523661.062.00.005<10.008<0.0050.023
CMVDD00410523762.063.00.001<1<0.005<0.0050.014
CMVDD00410523863.064.00.002<1<0.005<0.0050.016
CMVDD00410523964.065.00.002<1<0.005<0.0050.016
CMVDD00410524065.066.00.003<10.01<0.0050.036
CMVDD00410524166.067.50.002<10.007<0.0050.022
CMVDD00410524267.569.00.0110.007<0.0050.021
CMVDD00410524369.070.50.002<10.03<0.0050.07
CMVDD00410524470.571.50.01720.0690.0120.102
CMVDD00410524571.572.90.03<10.017<0.0050.057
CMVDD0071050549192<0.001<1<0.005<0.0050.007
CMVDD0071050559293<0.001<1<0.005<0.0050.006
CMVDD0071050569394<0.001<1<0.005<0.0050.008
CMVDD0071050579495<0.001<1<0.005<0.0050.007
CMVDD0071050589596<0.001<1<0.005<0.0050.007
CMVDD0071050599697<0.001<1<0.005<0.0050.008
CMVDD0071050609798<0.001<1<0.005<0.0050.008
CMVDD0071050619899<0.001<1<0.005<0.0050.008
CMVDD00710506299100<0.001<1<0.005<0.0050.009
CMVDD007105063100101<0.001<1<0.005<0.0050.008
CMVDD007105064101102<0.001<1<0.005<0.0050.009
CMVDD007105065102103<0.001<1<0.005<0.0050.015
CMVDD007105066103104<0.001<1<0.005<0.0050.012
CMVDD007105067104105<0.001<1<0.005<0.0050.01
CMVDD007105068105106<0.001<10.006<0.0050.022
CMVDD0071050691061070.002<10.005<0.0050.02
CMVDD0071050701061070.002<10.008<0.0050.017
CMVDD0071050711071080.006<10.007<0.0050.041
CMVDD0071050721081090.001<10.022<0.0050.088
CMVDD0071050731091100.03290.6410.0271.79
CMVDD007105074110111<0.001<10.017<0.0050.062
CMVDD007105075111112<0.001<10.043<0.0050.116
CMVDD007105076112113<0.001<10.01<0.0050.028
CMVDD007105077113114<0.001<1<0.005<0.0050.011
CMVDD007105078114115<0.00110.016<0.0050.048
CMVDD007105079153154<0.001<10.012<0.0050.072
CMVDD007105080154155<0.00110.017<0.0050.084
CMVDD007105081155156<0.001<10.006<0.0050.019
CMVDD007105082156157<0.001<1<0.005<0.0050.014
CMVDD007105083157158<0.001<1<0.005<0.0050.011
CMVDD007105084158159<0.001<1<0.005<0.0050.01
CMVDD007105085159160<0.001<1<0.005<0.0050.015
CMVDD007105086160161<0.001<1<0.005<0.0050.022
CMVDD007105087161162<0.001<10.006<0.0050.025
CMVDD007105088162163<0.001<10.008<0.0050.037
CMVDD007105089163164<0.001<10.005<0.0050.029
CMVDD00810527918.019.00.003<1<0.005<0.0050.005
CMVDD00810528019.020.00.005<10.005<0.0050.005
CMVDD00810528120.021.00.005<1<0.005<0.0050.008
CMVDD00810528221.022.00.001<1<0.005<0.0050.011
CMVDD00810528322.023.00.002<10.069<0.0050.08
CMVDD00810528423.024.00.003<10.011<0.0050.028
CMVDD00810528524.025.00.002<10.006<0.0050.01
CMVDD00810528625.026.00.00420.005<0.0050.007
CMVDD00810528726.027.00.001<1<0.005<0.0050.006
CMVDD00810528827.028.00.0011<0.005<0.0050.013
CMVDD00810528928.029.00.002<10.0050.0060.02
CMVDD00810529028.029.0<0.0011<0.005<0.0050.018
CMVDD00810529129.030.00.00210.005<0.0050.018
CMVDD00810529230.031.00.00420.04<0.0050.116
CMVDD00810529331.032.00.00420.108<0.0050.21
CMVDD00810529432.033.00.00510.0090.0080.101
CMVDD00810529533.034.00.002<1<0.005<0.0050.013
CMVDD00910529656.557.50.001<10.007<0.0050.026
CMVDD00910529757.558.50.002<10.024<0.0050.072
CMVDD00910529858.559.50.01140.326<0.0051.03
CMVDD00910529959.560.50.00510.0840.0090.181
CMVDD00910530060.561.50.00810.1210.0060.152
CMVDD00910530161.562.50.002<10.0025<0.0050.007
JOSDD0011053024.35.30.02810.066<0.0050.413
JOSDD0011053035.36.30.001<1<0.005<0.0050.009
JOSDD0011053046.37.30.001<10.005<0.0050.009
JOSDD0011053054950<0.001<1<0.005<0.0050.006
JOSDD00110530650510.001<1<0.0050.0050.007
JOSDD00110530751520.00310.0050.0070.008
JOSDD00110530852530.022<10.018<0.0050.022
JOSDD00110530953540.07660.458<0.0051.34
JOSDD00110531054550.01440.1310.0110.413
JOSDD00110531155560.101160.870.0053.5
JOSDD00110531256570.01730.160.0060.755
JOSDD00110531357580.01530.066<0.0050.93
JOSDD00110531458590.119352.380.0093.03
JOSDD0011053155960<0.00110.019<0.0050.052
JOSDD00110531660610.006<10.011<0.0050.021
JOSDD00110531761620.016<10.007<0.0050.011
JOSDD00110531862630.002<10.005<0.0050.005
JOSDD00110531962630.003<1<0.005<0.0050.006
JOSDD00110532063640.003<10.024<0.0050.038
JOSDD00110532164650.01320.25<0.0050.597
JOSDD00110532265660.00520.056<0.0050.162
JOSDD0011053246667<0.001<10.005<0.0050.01
JOSDD00110532567680.001<10.007<0.0050.01
JOSDD0011053266869<0.001<10.025<0.0050.062
JOSDD0011053276970<0.00110.062<0.0050.83
JOSDD00110532870710.00120.117<0.0051.885
JOSDD0011053297172<0.001<10.012<0.0050.264
JOSDD0011053307273<0.001<1<0.005<0.0050.008
JOSDD002105331450.006<1<0.005<0.0050.012
JOSDD002105332560.1061<0.005<0.0050.009
JOSDD00210533367<0.001<1<0.005<0.0050.008
JOSDD00210533419200.004<10.012<0.0050.009
JOSDD00210533520210.065<10.013<0.0050.015
JOSDD00210533621220.011<1<0.005<0.0050.008
JOSDD00210533722230.0062<0.005<0.0050.009
JOSDD00210533823240.002<1<0.005<0.0050.008
JOSDD0021053392425<0.001<1<0.005<0.0050.008
JOSDD0021053402526<0.001<1<0.005<0.0050.009
JOSDD0021053412627<0.001<1<0.005<0.0050.008
JOSDD00210534227280.001<1<0.005<0.0050.008
JOSDD00210534328290.00320.012<0.0050.027
JOSDD00210534429300.05<10.007<0.0050.013
JOSDD00210534530310.202<10.0350.0050.08
JOSDD00210534631321.115<10.0240.0110.292
JOSDD00210534732330.001<10.006<0.0050.008
JOSDD00210534847480.003<1<0.0050.0060.008
JOSDD00210534948490.00310.0070.0060.023
JOSDD00210535049500.004<1<0.005<0.0050.013
JOSDD00210535150510.004<1<0.005<0.0050.009
JOSDD00210535250510.004<1<0.005<0.0050.009
JOSDD00210535351520.181<10.027<0.0050.048
JOSDD00210535452530.007<10.028<0.0050.025
JOSDD00210535553540.006<10.018<0.0050.021
JOSDD00210535654550.001<1<0.005<0.0050.005
JOSDD00210535755560.001<1<0.005<0.0050.005
JOSDD00210535856570.004<1<0.005<0.0050.004
JOSDD00210535957580.001<1<0.005<0.0050.003
JOSDD0021053605859<0.001<1<0.005<0.0050.004
JOSDD00210536159600.003<10.034<0.0050.038
JOSDD0021053626061<0.001<10.006<0.0050.01
JOSDD0021053636162<0.00110.011<0.0050.009
JOSDD00210536462630.0011<0.005<0.0050.002
JOSDD0021053656364<0.001<1<0.005<0.0050.002
JOSDD0021053666465<0.001<10.01<0.0050.012
JOSDD00210536765660.00310.083<0.0050.272
JOSDD00210536866670.00210.095<0.0050.228
JOSDD00210536967680.00420.113<0.0050.295
JOSDD00210537068690.01320.18<0.0050.32
JOSDD00210537169700.00610.039<0.0050.106
JOSDD00210537270710.0650.50.006<0.0050.01
JOSDD0021053737172<0.001<1<0.005<0.0050.006
JOSDD00210537472730.0021<0.005<0.0050.004
JOSDD00210537573740.001<10.007<0.0050.013
JOSDD0021053767475<0.001<10.038<0.0050.084
JOSDD00210537775760.004<10.039<0.0050.094
JOSDD00210537876770.0310.089<0.0050.227
JOSDD00210537977780.01880.589<0.0050.983
JOSDD00210538078790.00420.053<0.0050.125
JOSDD00210538178790.003<10.05<0.0050.119
JOSDD00210538279800.007<10.0720.0050.112
JOSDD00210538380810.064<10.0530.0060.081
JOSDD00210538481820.023<10.0320.0080.051
JOSDD00210538582830.019<10.0250.0050.02
JOSDD0021053868384<0.001<1<0.005<0.0050.015
JOSDD0021053878485<0.001<1<0.005<0.0050.011
JOSDD0021053888586<0.001<1<0.005<0.0050.01
JOSDD0021053898687<0.001<1<0.005<0.0050.013
JOSDD0021053908788<0.001<1<0.005<0.0050.01
JOSDD00210539188890.001<1<0.005<0.0050.008
JOSDD0021053928990<0.001<1<0.005<0.0050.01
JOSDD0021053939091<0.001<1<0.005<0.0050.009
JOSDD0021053949192<0.001<1<0.005<0.0050.009
JOSDD00210539592930.013<1<0.005<0.0050.01
JOSDD0021053969394<0.001<1<0.005<0.0050.008
JOSDD00210539894950.002<1<0.005<0.0050.01
JOSDD0021053999596<0.001<1<0.005<0.0050.009
JOSDD0021054009697<0.001<1<0.005<0.0050.008
JOSDD0021054019798<0.001<1<0.005<0.0050.009
JOSDD0021054029899<0.001<1<0.005<0.0050.008
JOSDD00210540399100<0.001<1<0.005<0.0050.009
JOSDD002105404100101<0.001<1<0.005<0.0050.009
JOSDD002105405101102<0.001<1<0.005<0.0050.007


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