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 BeltBosnia 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 ProjectTerra 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 PersonDr. 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 CompanyTerra 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 MiškovićPresident and CEO
For the complete information on this news release, please contact Aleksandar Mišković at amiskovic@terrabresources.com, +1 (514) 796-7577 or visit http://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. Forward-looking statements contained in this press release include, but are not limited to, the terms and completion of the Private Placement and the anticipated Closing Date. 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. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the ability to obtain regulatory approval for the Private Placement; the state of the equity financing markets in Canada and other jurisdictions; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; and fluctuations in metal prices. 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.
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