Terra Balcanica Drills 636 g/t Ag Eq. Over 4.3 m At Cumavici Ridge in Bosnia and Herzegovina

Highlights

• Drillhole CMV25004 intersected 636 g/t Ag Eq. over 4.3 m including:

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  • 1,757 g/t Ag Eq over 0.8 m

  • 1,319 g/t Ag Eq over 0.4 m 

• CMV25004 has tested new ground with the collar located 54 m southeast of CMVDD003 which reported 465.5 g/t Ag Eq. over 8.7 m and 27 m SW of CMV23004 which reported 1,168 g/t Ag Eq. over 1.35 m; 

• Results confirm the high-grade nature and continuity of mineralisation at Cumavici Ridge, which marks just one vein system within the wider Cumavici license area; 

• Mineralization at Cumavici remains open along strike and down dip to southwest; 

• Additional Phase III drill testing of the Cumavici Ridge system continues.

Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “Terra continues proving up our flagship shallow, fault hosted, epithermal system. The drill intercepts with individual samples up to 7.23% Sb, 23.4% Zn 3.69 g/t Au and 420 g/t Ag alongside 12.5% Pb attest to the exceptional base and precious metal endowment at Cumavici Ridge. The drilling will continue by focusing on the system extension westward and down dip. We are committed to advancing our portfolio of critical metals and remain an exceptional investment opportunity considering the proximity of our assets to the existing Sase mine infrastructure and our position adjacent to the European markets.”

Table 1. Assay results from drillholes CMV25003 and CMV25004 with the interval lengths reported as drilled lengths, not true widths given that true morphology of the mineralized zone is undetermined. Silver equivalents (“AgEq”) are based on assumed metal prices of US$4,950/oz for gold (Au), US$77/oz for silver (Ag), US$1.49/lb for zinc (Zn), US$21/lb for antimony (Sb) and US$0.86/lb for lead (Pb). Assumed metal recoveries of 90% Au, 93% Ag, 95% Sb, 94% Pb and 94% Zn were applied to all the laboratory assays and are based on recent published metallurgical tests from analogous polymetallic deposits in Bosnia.

 Figure 1. Photograph of PQ3 diameter core between 61.0 and 66.70 downhole in CMV25004. Massive, dark sulphide intervals can be observed in the lower box, correlating to the Ag-Sb mineralization while banded honey brown segment in the central part of the upper core box indicates Zn-Pb rich zone (click here to view image).

Drillcore Observations

The mineralisation encountered in drillholes CMV25003 and CMV25004 are examples of the typical high grade, massive sulphides of polymetallic nature present within the Cumavici target. The Cumavici Ridge mineralization, which includes the reported drillholes is just one example of a series of underexplored polymetallic veins that form part of a regional NW/SE trending epithermal system. Mineralization is typified by massive sulphides which can be broadly grouped into a silver-antimony rich, sulphosalts-dominant interval and a colloform banded orange-purple zinc-lead interval of massive sphalerite-galena.

Table 2. Collar location and DDH data for the CMV25003/CMV25004 drillholes (WGS84/UTM 34N).

 Figure 2. Geological map illustrating the drillholes at the Cumavici Ridge locality. AgEq values are labelled for selected 2022 and 2023 drill intercepts (See Company’s new releases dated 13 November 2023, 27 February 2023. The coordinate reference system is WGS84/UTM Zone 34N (click here to view image).

Geology of Cumavici Ridge

The Cumavici license is dominated by volcanic rocks (tuffs and pyroclastic breccias) which have been crosscut by generally NW-SE trending structures and are part of a large epithermal mineral system. Mineralization is silver and antimony dominant with further gold-lead-zinc (Figure 2).

Terra’s drilling has confirmed three polymetallic systems so far: Joseva, Cumavici Crest, and the flagship vein system at Cumavici Ridge. The Cumurnica and Kazani targets remain to be drilled. Mineralisation is characterised by sphalerite-stibnite-galena and further sulphosalts minerals which are associated with quartz and calcite veining and breccia cement. The mineralisation occupies faults which crop out at surface as distinctive topographic lows, coinciding with magnetic lows and often with mineralisation visible within fault gouge.

QA/QC

Half PQ3 core samples were delivered 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), duplicates, and blanks were inserted at a rate of 17% and investigated as part of the company’s quality assurance and quality control program.

Qualified Person

Dr. Mišković is the President and CEO of the company and the Company’s designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”). Dr. Mišković supervised the preparation of the information contained in this news release and validated that the information is factual and accurate.

About Terra Balcanica

Terra Balcanica is a polymetallic and energy metals exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and northern Saskatchewan, Canada. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina. The Canadian assets owned by its subsidiary Terra North Resources Corp. comprise a 100% optioned portfolio of uranium-prospective licences at the outskirts of the world-renowned Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton. 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.