Terra Balcanica Welcomes Acquisition of Neighboring Producer in Bosnia and Herzegovina
Dr. Aleksandar Mišković, the President and CEO of Terra Balcanica Resources Corp. commented: ' From the beginning, Terra's operational focus was aimed at the highly prolific Western Tethyan Metallogenic Belt as it extends over the western Balkans. The Company strategically targeted critical metals (Sb-Zn-Ag-Au) needed by the resource-hungry European economy which is what brought us to eastern Bosnia in 2020. Today's major announcement of a mine located only 80 km west of our flagship polymetallic targets at Chumavichi and Brezani is a testament to both amazing rate of advancement of Adriatic's Vareš mine but also the mineral resource riches of the jurisdiction in which we proudly operate. Although comparatively early in our corporate development, Terra's next steps aim to drill-confirm the size potential of the Brezani Sb-Ag fault-hosted mineralization that could indicate the same order of magnitude of ore resources as seen at Vareš.'
Bosnia and Herzegovina and Western Tethyan Metallogenic Belt
Bosnia and Herzegovina is situated in is a largely overlooked but ancient European mining belt with multiple jurisdictional advantages that make it a country of choice to explore for metals needed by the energy transition markets.
Bosnia is a stable democracy that obtained a 'candidate status' for EU membership in 2022 and is well on the way of synchronizing its legislative and legal frameworks with European standards. It is extensively linked by road and rail networks to European smelters and the seaborne markets via Adriatic Sea.
The population of Bosnia and Herzegovina, in both entities and both local and federal government levels, is largely supportive of mining industry which is not surprising considering its rich history of coal, base and precious metal mining. The country possesses a highly skilled and business-minded workforce with a youthful engineering base keen to learn about mining and best practices in the mineral resource sector. Both Bosnian entities have enacted clear and concise mining codes with the country-wide corporate tax rate of 10% and favourable royalty regimes without free carry requirements.
The Western Tethyan Belt is the world's preeminent metallogenic corridor akin to the Andes and Cordilleras of the Americas. In the Balkans, it is divided into the Cretaceous and Neogene components (Figure 1), both of which are known for multiple Tier-1 deposits of precious, base (Cu-Sb-Zn-Pb), and energy transition (Li-B) metals appearing in a variety of genetic styles (skarn, veined epithermal, porphyry and sediment-hosted associations)
Figure 1.Tethyan metallogenic belts of the Balkan Peninsula. Key regional projects include: the 21.1 Mt at 577 g/t AgEq. Vares silver project in Bosnia owned by Adriatic Metals, the 1.8 Bt at 0.86% Cu Čukaru Peki deposit in Timok, Serbia (Zijin Mining), and the JORC inferred resource of 7.4 Moz Au at the Rogozna project in south Serbia owned by Strickland Metals (STK.AX). The red arrows indicate locations of Terra's Viogor-Zanik project and the Adriatic's Vares mine, respectively (Click here to view image ).
Viogor-Zanik Project
Terra Balcanica is currently defining grade and ore approximate volumes of two polymetallic targets situated within our 168 km2 Viogor-Zanik project (Figure 2). The shallow, high grade character of structurally controlled mineralization yields to potentially easy-to-operate, open-pit or shallow underground mining operations. An additional benefit is presented by the adjacent Pb-Zn-Ag-Sb mine owned by Mineco Ltd. that generates 350 ktpa of ore concentrate with onsite crushing and flotation circuits.
After 2,200 m of diamond drilling completed at Chumavichi, high grade Ag-Sb-Pb-Zn-Au mineralizations have been confirmed at three targets spanning 2 km of strike along a shallow, fault-hosted, intermediate sulfidation, polymetallic vein system.
At the Company's other Viogor-Zanik target of Brezani, where the Company drilled over 1,500 m of diamond core, Terra has discovered a retrograde, chlorite-overprinted gold skarn system starting from surface, superimposed on a >1.2 km long, NE-shallowing Ag-Sb-Pb-Zn mineralized, fault-hosted permeability corridor. Here, with the maiden diamond drill hole BREDD002, Terra intercepted a 20-m wide, antimony-silver mineralization grading 436 g/t Ag Eq.
Figure 2.Geological map of the Viogor Zanik project with the Brezani target in the southeastern part of the project. Cumavici, the other high-grade, shallow polymetallic target is located 13 km to NW.The centrally located Sase mine (Mineco Ltd.) produces 350,000 tpa of Pb-Zn-Ag concentrate (Click here to view image).
Akin to Adriatic's deposits at Rupice and Veovača deposits, the Viogor Zanik project features high grades of a similar mix of strategically needed metals dominated by silver, antimony and zinc that on average exceed 520 g/t Ag Eq. at Brezani and 1,200 g/t Ag Eq. at the Cumavici corridor.
Qualified Person
Dr. Aleksandar Mišković, P.Geo, is the Company's designated Qualified Person ('QP') for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects ('NI 43-101'). The QP has reviewed and validated that the information contained in this news release is factual and accurate.
About the Company
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 a 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina. The Canadian assets comprise a 100% optioned portfolio of uranium-prospective licences at the outskirts of the 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp.
'Aleksandar Mišković'
Aleksandar Mišković
President and CEO
For the complete information on this news release, please contact Aleksandar Mišković at [email protected], +1 (514) 796-7577 or visit http://www.terrabresources.com/en/news
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The Company believes that these measures and ratios provide investors with an improved ability to evaluate the prospects of the Company as they provide additional information related to operating performance and are widely used in the mining industry. The Company has adopted the practice of calculating a performance measure consisting of the net cost of producing an ounce of gold after deducting revenues gained from silver by-product production. Cash Cost and AISC are calculated per ounce of gold sold net of credits for realized silver revenues. The Company adds the governmental royalty of 1% for special mining law (0.5% in 2024), third-party net smelter royalties and adjustments for finished goods related to the increase or decrease in remaining inventory to the cost of production. Other adjustments may be made as required. For further information regarding these Non-GAAP financial measures including reconciliations of these measures to the applicable costs items as reported in the consolidated financial statements for the respective periods, please see the information under the heading "Cash Cost and All-in-Sustaining Cost ("AISC") for Mercedes" in the Company's MD&A for the three and six months ended June 30, 2025 (available on the Company's website and on SEDAR+). On behalf of the Board of Directors, Eric CabaPresident and CEO For further information contact:Barbara Henderson - VP Corporate CommunicationsDirect: 604-628-1111E-mail: barb@ to Bear Creek Mining news NI 43-101 Disclosure Unless otherwise indicated, scientific and technical information in this news release is based on work programs and initiatives conducted under the supervision of, and has been reviewed and approved by, Donald Mc Iver, Fellow SEG and Fellow Aus-IMM. Mr. Mc Iver is Vice President, Exploration and Geology of Bear Creek Mining Corporation and is a qualified person ("Qualified Person" or "QP") as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Additional information related to the Mercedes Mine and the Corani Project, including the Quality Assurance and Quality Control measures applied to the Company's sampling and assaying practices, is available in its Annual Information Form for the year ended December 31, 2024, available on its website and on SEDAR+. Cautionary Statement Regarding Forward-Looking Information This news release contains forward-looking statements regarding: the delivery of mining services at the Marianas deposit and the anticipated outcomes thereof; anticipated 2025 Mercedes mining plans and sources of production; completion of Marianas ventilation drop raises; the anticipated benefit of delineation and infill drilling at the Mercedes Mine; the potential Oxides opportunity and the requirement for additional analysis to fully understand the potential benefits of the Oxides on the Corani project; the deferral of interest payments under the 2025 Debt Arrangements until December 31, 2025; the payment of the Deferred Interest on December 31, 2025; the Credit Extension and the 2025 Sandstorm Note; the Strategic Review process; and the Company's ability to remain a going concern. These forward-looking statements are provided as of the date of this news release and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the statements were made, as well as various assumptions made by and information currently available to them. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to, assumptions related to the Company's operating results, business objectives, goals and capabilities. Although management considers the assumptions underlying its forward-looking statement to be reasonable based on information available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and the risk exists that estimates, forecasts, projections, and other forward-looking statements will not be achieved or that assumptions on which they are based do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the expectations expressed in them. These risk factors may be generally stated as the risk that the assumptions expressed above do not occur, but may include additional risks as described in the Company's latest Annual Information Form, and other disclosure documents filed by the Company on SEDAR+. The foregoing list of factors that may affect future results is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on behalf of the Company, except as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit
