TERRA BALCANICA INTERCEPTS 465.5 G/T SILVER EQUIVALENT OVER 8.7 METRES INCLUDING 1196 G/T AGEQ. OVER 2 METERS AND EXTENDS CUMAVICI VEIN BY 80 METERS AT VIOGOR-ZANIK IN BOSNIA-HERZEGOVINA

1

 

Highlights

 

  • High grade polymetallic mineralization at Cumavici continues with a significant step-out: CMVDD003 is an 83-meter step-out from CMVDD001 (Figure 1) and intercepted a thick vein interval of 465.5 g/t AgEq. over 8.7 meters, including 1196.6 g/t AgEq. over 2.0 meters. The vein is open at depth;

 

  • Continuity of high-grade epithermal mineralization: the CMVDD002 hole is a critical hole drilled between CMVDD001 and CMVDD003 (Figure 1), where it intercepted 816.1 g/t AgEq. over 2.0 meters starting at 45.0 meters depth thus showing high-grade vein continuity at Cumavici Ridge;

 

  • Cumavici Ridge vein system remains open at depth: all three holes drilled at Cumavici Ridge spanning over 80 meters of down-dip length have returned positive, high-grade results with massive Pb-Zn-Sb sulphides and significant Au-Ag credits (Figure 2). The vein system also appears to continue along strike and further drilling will systematically evaluate the extent of this discovery (Figure 2);

 

  • District-scale exploration upside: the 7.2 km strike length of the system (Figure 3) at Cumavici remains open with several untested targets. The focus of the current drilling by Terra is to drill the extents of this prospective area focusing on key vein segments identified from previously completed surface mapping, geochemical and geophysical analysis, and structural work. The Viogor-Zanik project spans over 216 km2 and has two other key target areas featuring Cu-Mo porphyry (Olivine) and Au-Cu-Zn skarn (Brezani) styles of mineralization (Figure 4).

 

Terra Balcanica CEO, Dr. Aleksandar Mišković, comments: “With the 80 meter drill step out we have confirmed a significant down-dip extension of the shallow Cumavici Ridge vein which is open at depth. All three holes drilled to date at this target have intercepted high-grade polymetallic mineralisation and we are gaining a better understanding of the geological model with each hole completed. The Cumavici Ridge vein segment itself appears open along strike, thus providing opportunities for further step outs to define its geometry and grade. Furthermore, Cumavici Ridge is only one of the prospective localities within the larger 7.2 km Cumavici corridor, the extent of which we are excited to fully investigate. We are seeing the same geological characteristics across the large footprint akin to the vein-hosted style of mineralization present in the adjacent Mineco Group’s Sase Mine. Terra has been and will continue to drill these target areas as a part of our maiden drill program. A number of additional drillholes are currently at the lab and more assays will be released over the coming months.”

 

Drill Results

Drillhole

From (m)

To (m)

Length (m)

Ag (g/t)

Au (g/t)

Pb (%)

Sb (%)

Zn (%)

AgEq (g/t)

CMVDD001*

29.0

33.0

4.0

131.5

0.84

2.12

1.85

4.59

824.2

Including*

30.0

32.0

2.0

261.0

1.62

4.2

3.70

9.10

1634.4

 

43.0

48.0

5.0

26.1

0.13

0.09

0.18

0.14

78.7

Including*

46.0

48.0

2.0

62.5

0.21

0.19

0.42

0.29

172.6

CMVDD002

45.0

47.0

2.0

144.0

0.23

4.27

0.44

8.26

816.1

CMVDD003

89.0

97.7

8.7

105.0

0.81

0.70

1.20

1.17

465.5

Including

91.0

93.0

2.0

289.0

1.16

2.03

3.50

3.16

1196.6

 

Table 1. Assay results of key mineralised intervals for diamond drillholes CMVCDD001 to CMVDD003. Interval lengths reported are drilled lengths, not true widths. Silver equivalents (“AgEq”) are based on assumed metal prices of US$1,950/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). The calculations assume 100% metallurgical recovery, indicative of gross in situ metal value. *The CMVDD001 results were released on September 8th, 2022.

 

Drillhole CMVDD002: successfully targeted down-dip extension from drillhole CMVDD001 with intersection of colloform sphalerite-galena within a 2-meter mineralised interval.

 

Drillhole CMVDD003: targeted the down-dip extension of this shallow mineralisation with an 83-meter collar step-out. The positive results confirm the structure extends at depth and demonstrates a thicker mineralised zone down-dip.

 

Terra Balcanica is continuing to define the mineralization along the NW-SE oriented strike of the Cumavici corridor as part of its 3,500 meters drilling program at the Viogor-Zanik project. (See news release from September 8th, 2022, which reported 824.2 g/t AgEq. over 4.0 m in CMVD001).

 

Hole ID

Easting

Northing

Elevation (m)

Dip

Azimuth

Depth (m)

Recovery (%)

CMVDD002

360186

4888502

605

-85

045

82.5

96.5

CMVDD003

360137

4888475

627

-72

052

176.9

95.1

 

Table 2. The drill hole collar locations at the Cumavici Ridge target (WGS84; UTM Zone 34N).

 

Figure 1. Plan map of diamond drillholes CMVDD001 to CMVDD003 targeting the shallow polymetallic mineralization hosted by andesitic volcanics and tuffs at the Cumavici Ridge locality. CMVDD003 marks an 83-m step out successfully intersecting the down-dip extension of the vein (click here to view image).

 

Figure 2. A northwest oriented cross section of the Cumavici Ridge location depicting the drillholes CMVDD001 through CMVDD003 with polymetallic intervals labelled as AgEq. Sulphide-bearing, vein-hosted mineralisation is open down-dip to the southwest (click here to view image).

 

Figure 3. Geological map of Cumavici with the identified targets. Current drilling efforts are focused at Cumavici Ridge. Vein mineralisation is highlighted as yellow ribbons (click here to view image).

 

Figure 4. The Viogor-Zanik project with the key target areas: Cumavici, Olovine and Brežani and their associated style of mineralisation (click here to view image).

 

QA/QC

One metre long, composite core samples were delivered to ALS Bor, Serbia for sample preparation and wet chemical analysis at the ALS Loughrea, Ireland, an ISO/IEC 17025:2017 certified laboratory. Sample preparation PREP-31BY method was used on all core samples by crushing to 70% less than 2 mm, rotary split 1 kg and pulverizing the split to greater than 85% passing 75 μm. Gold was assayed by 30g fire assay with ICP-AES finish (Au-ICP21). Analyses of silver and base metals were completed by oxidising digestion with HNO3, KClO3 and HBr (ASY-ORE), with the final solution in dilute aqua regia determined by ICP-AES (ME-ICPORE). Control samples, comprising certified reference materials (CDN-ME-1811), field duplicates and blanks were inserted at 5% rate 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”) 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 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

President and CEO

 

For further information, please contact amiskovic@terrabresources.com, 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.

Hole ID

From (m)

To (m)

Au (ppm)

Ag (ppm)

Pb (%)

Sb (%)

Zn (%)

CMVDD002

11

12

0.001

<1

<0.005

<0.005

0.009

CMVDD002

12

13

0.001

<1

<0.005

<0.005

0.007

CMVDD002

13

14

<0.001

<1

<0.005

<0.005

0.01

CMVDD002

14

15

<0.001

<1

<0.005

<0.005

0.011

CMVDD002

15

16

<0.001

<1

<0.005

<0.005

0.01

CMVDD002

16

17

<0.001

<1

<0.005

<0.005

0.01

CMVDD002

17

18

<0.001

<1

<0.005

<0.005

0.011

CMVDD002

18

19

<0.001

<1

<0.005

<0.005

0.014

CMVDD002

19

20

<0.001

<1

<0.005

<0.005

0.017

CMVDD002

20

21

<0.001

<1

<0.005

<0.005

0.012

CMVDD002

21

22

<0.001

1

0.013

<0.005

0.046

CMVDD002

22

23

<0.001

<1

0.005

<0.005

0.028

CMVDD002

23

24

0.001

<1

<0.005

<0.005

0.015

CMVDD002

24

25

0.008

<1

0.008

0.006

0.03

CMVDD002

25

26

<0.001

<1

0.005

<0.005

0.007

CMVDD002

25

26

<0.001

<1

<0.005

<0.005

0.008

CMVDD002

26

27

<0.001

<1

0.012

<0.005

0.008

CMVDD002

27

28

<0.001

<1

<0.005

<0.005

0.012

CMVDD002

28

29

<0.001

<1

<0.005

<0.005

0.01

CMVDD002

29

30

<0.001

<1

<0.005

<0.005

0.01

CMVDD002

30

31

<0.001

<1

<0.005

<0.005

0.014

CMVDD002

31

32

<0.001

<1

<0.005

<0.005

0.011

CMVDD002

32

33

<0.001

<1

<0.005

<0.005

0.01

CMVDD002

33

34

<0.001

<1

<0.005

<0.005

0.012

CMVDD002

34

35

<0.001

<1

<0.005

<0.005

0.012

CMVDD002

35

36

<0.001

<1

<0.005

<0.005

0.012

CMVDD002

36

37

<0.001

<1

<0.005

<0.005

0.013

CMVDD002

37

38

0.001

<1

<0.005

<0.005

0.011

CMVDD002

38

39

<0.001

<1

<0.005

<0.005

0.007

CMVDD002

39

40

0.001

<1

<0.005

<0.005

0.027

CMVDD002

40

41

<0.001

<1

0.005

<0.005

0.022

CMVDD002

41

42

<0.001

<1

0.009

<0.005

0.04

CMVDD002

42

43

<0.001

<1

<0.005

0.005

0.016

CMVDD002

43

44

<0.001

1

0.046

<0.005

0.125

CMVDD002

44

45

0.008

1

0.051

<0.005

0.105

CMVDD002

45

46

0.344

272

8.33

0.717

16.15

CMVDD002

46

47

0.123

16

0.217

0.165

0.379

CMVDD002

47

48

<0.001

1

0.018

<0.005

0.051

CMVDD002

48

49

0.014

<1

0.009

<0.005

0.017

CMVDD002

49

50

0.002

<1

<0.005

<0.005

0.01

CMVDD002

50

51

<0.001

<1

0.008

0.008

0.019

CMVDD002

51

52

<0.001

<1

0.005

0.006

0.016

CMVDD002

52

53

0.001

<1

0.009

<0.005

0.017

CMVDD002

53

54

0.001

<1

0.007

<0.005

0.013

CMVDD002

54

55

0.001

<1

<0.005

<0.005

0.009

CMVDD002

54

55

0.001

<1

0.005

<0.005

0.012

CMVDD002

55

56

0.001

<1

<0.005

<0.005

0.016

CMVDD002

56

57

0.007

<1

0.005

0.031

0.016

CMVDD002

57

58

0.001

<1

0.009

0.014

0.018

CMVDD002

58

59

<0.001

<1

0.006

<0.005

0.01

CMVDD002

59

60

<0.001

<1

0.007

<0.005

0.009

CMVDD002

60

61

<0.001

<1

0.009

<0.005

0.011

CMVDD002

61

62

<0.001

<1

0.008

<0.005

0.013

CMVDD002

62

63

<0.001

<1

0.009

<0.005

0.008

CMVDD002

63

64

<0.001

<1

0.005

<0.005

0.006

CMVDD002

64

65

<0.001

<1

<0.005

<0.005

0.006

CMVDD002

65

66

<0.001

<1

<0.005

<0.005

0.006

CMVDD002

66

67

<0.001

<1

0.006

<0.005

0.013

CMVDD002

67

68

0.005

<1

0.006

<0.005

0.022

CMVDD002

68

69

0.002

<1

0.005

<0.005

0.017

CMVDD002

69

70

<0.001

<1

0.006

<0.005

0.014

CMVDD002

70

71

<0.001

<1

<0.005

<0.005

0.013

CMVDD002

71

72

0.001

<1

<0.005

<0.005

0.017

CMVDD002

72

73

<0.001

<1

<0.005

<0.005

0.01

CMVDD002

73

74

<0.001

<1

<0.005

<0.005

0.009

CMVDD002

74

75

<0.001

<1

<0.005

<0.005

0.011

CMVDD002

75

76

0.001

<1

0.014

<0.005

0.022

CMVDD002

76

77

<0.001

<1

0.011

<0.005

0.03

CMVDD003

85

86

0.007

3

0.009

0.005

0.019

CMVDD003

86

87

0.03

4

0.013

0.007

0.024

CMVDD003

87

88

0.04

0.5

0.006

0.0025

0.013

CMVDD003

88

89

0.003

6

0.009

0.007

0.032

CMVDD003

89

90

0.27

9

0.021

0.023

0.075

CMVDD003

90

91

0.55

24

0.023

0.261

0.193

CMVDD003

91

92

1.3

191

2.24

2.11

1.76

CMVDD003

92

93

1.02

380

1.87

4.85

4.72

CMVDD003

93

94.3

0.06

8

0.073

0.285

0.282

CMVDD003

94.3

95.9

2.14

183

1.28

1.6

2

CMVDD003

95.9

97.7

0.223

5

0.012

0.01

0.105

CMVDD003

101.5

103

0.21

62

0.309

0.209

0.513

CMVDD003

103

104

0.09

6

0.059

0.056

0.078

 

Table 3. CMVDD002 and 003 drill hole assay data rounded to the nearest hundredth except for Ag which is rounded to the nearest whole number value.