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Business

Terra Balcanica Confirms Cumavici Vein Discovery and Reports 824.2 G/T Silver Equivalent Over 4.0 Metres Within Its Viogor-Zanik Project in Bosnia

Richard Powell  7 min read

Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) is pleased to announce the results of its maiden drilling at the Cumavici prospect at its 90% owned Viogor-Zanik project, Bosnia and Herzegovina. The Company intercepted a shallow, high-grade polymetallic vein with the first drillhole completed on the project.

  Highlights
  • Discovery of shallow, high-grade, polymetallic, vein-hosted mineralization;
  • Drillhole CMVDD001 intercepted 824.2 g/t AgEq. over 4.0 m from 29 m of depth, including 1,634.4 g/t AgEq. over 2.0 meters;
  • Results confirm the shallow nature of the Cumavici corridor where much of the 7.2 km NW-SE strike length remains untested;
  • Over 1,000 meters of assays are pending from the Cumavici target area; further assays will be released over the coming month and a half.
 

Terra Balcanica CEO, Dr. Aleksandar Mišković, comments: “The intercept of the Cumavici vein is an important milestone for Terra Balcanica after over 18 months of systematic surface geology and drill target generation. High grade polymetallic assays close to surface confirm the macroscopic observations of massive Pb-Zn-Sb sulfides and warrant down-dip as well as along-strike step outs to delineate the size of this epithermal system. As an early mover in Bosnia and Herzegovina, we are looking forward to following the success of Adriatic Metals in applying modern exploration in an underexplored country with prospective ground. We eagerly await assay results from additional drill holes which will be reported once received.”

  Drill Results
Drillhole From (m) To (m) Length (m) Ag (g/t) Au (g/t) Pb (%) Sb (%) Zn (%) AgEq (g/t)
CMVDD001   Including     Including 29 33 4.0 131.5 0.84 2.12 1.85 4.59 824.2
30 32 2.0 261.0 1.62 4.2 3.70 9.10 1634.4
43 48 5.0 26.1 0.13 0.09 0.18 0.14 78.7
46 48 2.0 62.5 0.21 0.19 0.42 0.29 172.6
  Table 1. Assay results of key mineralised intervals for diamond drillhole CMVDD001. 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.   CMVDD001: Results corroborate observations of colloform banded sphalerite-galena-stibnite with high grade Ag-Au-Pb-Zn-Sb mineralization. Detailed observations and photographs of the mineralized interval were reported in the Company’s news release dated August 23rd, 2022.   The Company is continuing to test the mineralization down dip and along strike thus building the geological model around the high-grade Ag-Au-Pb-Zn-Sb target.     Figure 1. Plan view of the diamond drillhole CMVDD001 targeting shallow polymetallic mineralization hosted by felsic volcanics and tuffs at the Cumavici Ridge locality. Click to view image.     Figure 2. A northwest oriented, conceptual cross section map of the Cumavici Ridge location depicting the drillhole CMVDD001 with assay results reported in AgEq as per Table 1. Click to view image.     Figure 3. Geological map of the 3-licence, 216 km2 Viogor Zanik project cluster in eastern Bosnia with the Cumavici prospect in its NW sector. The Sase mine (Mineco Ltd.) producing 330,000 tpa of Pb-Zn-Ag concentrate is located at the centre of Terra Balcanica’s exploration portfolio. Click here to view image.     Figure 4. CMVDD001 interval from 30.8 to 31.0 m. Colloform banded sphalerite with galena aggregates cut by a sphalerite-stibnite-galena vein (2 cm scratcher tip for scale). Click here to view image.     Figure 5. CMVDD001 PQ-sized interval from 31.45 to 31.68 m features sulphide cemented breccia, semi-massive grey sphalerite with galena-stibnite-pyrite (2 cm scratcher tip for scale). Click here to view image.  
Hole ID UTM (E) UTM (N) Elevation (m) Dip (deg.) Azimuth (deg.) Depth (m) Recovery (%)
CMVDD001 360200 4888527 606 -85 045 73.5 94.5
  Table 2. The drill hole collar location at the Cumavici Ridge target (WGS84; UTM Zone 34N).   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). Over limit samples returning > 10 ppm gold are re-analysed using a 30g fire assay with gravimetric finish (Au-GRA21). 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.  
Hole_ID Sample_ID From (m) To (m) Au (ppm) Ag (ppm) Pb (%) Sb (%) Zn (%)
CMVDD001 105091 9 10 <0.001 <1 <0.005 <0.005 0.011
CMVDD001 105092 10 11 <0.001 <1 0.005 <0.005 0.014
CMVDD001 105093 11 12 <0.001 <1 <0.005 <0.005 0.014
CMVDD001 105094 12 13 <0.001 <1 <0.005 <0.005 0.016
CMVDD001 105095 13 14 0.001 <1 <0.005 <0.005 0.014
CMVDD001 105096 14 15 <0.001 <1 0.007 <0.005 0.011
CMVDD001 105097 15 16 <0.001 <1 0.007 <0.005 0.015
CMVDD001 105098 16 17 <0.001 <1 0.011 <0.005 0.015
CMVDD001 105099 17 18 0.001 <1 0.005 <0.005 0.017
CMVDD001 105100 17 18 0.002 <1 0.009 <0.005 0.012
CMVDD001 105101 18 19 0.002 <1 <0.005 <0.005 0.015
CMVDD001 105102 19 20 0.001 <1 <0.005 <0.005 0.009
CMVDD001 105103 20 21 0.002 <1 <0.005 <0.005 0.009
CMVDD001 105104 21 22 0.002 <1 0.005 <0.005 0.027
CMVDD001 105105 22 23 0.003 <1 0.016 <0.005 0.053
CMVDD001 105106 23 24 0.004 <1 0.038 <0.005 0.172
CMVDD001 105107 24 25 0.003 <1 0.025 <0.005 0.089
CMVDD001 105108 25 26 0.008 <1 0.017 <0.005 0.053
CMVDD001 105109 26 27 0.008 1 0.012 <0.005 0.078
CMVDD001 105110 27 28 0.005 <1 0.006 <0.005 0.037
CMVDD001 105111 28 29 0.006 <1 <0.005 <0.005 0.011
CMVDD001 105112 29 30 0.01 1 0.014 0.01 0.064
CMVDD001 105113 30 31 0.342 186 6.85 0.492 14.75
CMVDD001 105114 31 32 2.9 336 1.56 6.89 3.42
CMVDD001 105115 32 33 0.111 3 0.049 0.022 0.143
CMVDD001 105116 33 34 0.04 <1 0.007 0.007 0.032
CMVDD001 105117 34 35 0.02 <1 <0.005 0.011 0.01
CMVDD001 105118 35 36 0.007 <1 <0.005 0.019 0.013
CMVDD001 105119 36 37 0.013 <1 <0.005 0.006 0.013
CMVDD001 105120 37 38 0.001 <1 <0.005 <0.005 0.012
CMVDD001 105121 38 39 0.001 <1 <0.005 <0.005 0.011
CMVDD001 105122 39 40 0.001 <1 <0.005 <0.005 0.013
CMVDD001 105123 40 41 0.021 1 <0.005 0.006 0.014
CMVDD001 105124 41 42 0.014 <1 <0.005 0.005 0.013
CMVDD001 105125 42 43 0.01 <1 <0.005 <0.005 0.019
CMVDD001 105126 43 44 0.19 3 0.007 0.012 0.046
CMVDD001 105127 44 45 0.044 <1 0.008 0.006 0.031
CMVDD001 105128 45 46 0.006 2 0.056 0.035 0.063
CMVDD001 105129 46 47 0.183 84 0.231 0.687 0.383
CMVDD001 105130 46 47 0.173 31 0.124 0.354 0.222
CMVDD001 105131 47 48 0.227 41 0.148 0.153 0.188
CMVDD001 105132 48 49 0.036 2 0.054 0.021 0.127
CMVDD001 105133 49 50 0.003 1 0.137 0.015 0.231
CMVDD001 105134 50 51 0.002 <1 0.064 0.005 0.122
CMVDD001 105135 51 52 0.254 9 0.094 0.13 0.447
CMVDD001 105136 52 53 0.044 1 0.047 0.026 0.118
CMVDD001 105137 53 54 0.009 <1 0.028 <0.005 0.104
CMVDD001 105138 54 55 0.057 3 0.028 0.023 0.111
CMVDD001 105139 55 56 0.176 6 0.019 0.01 0.078
CMVDD001 105140 56 57 0.004 1 0.011 <0.005 0.032
CMVDD001 105141 57 58 0.001 <1 0.006 <0.005 0.027
CMVDD001 105142 58 59 <0.001 <1 0.005 <0.005 0.019
CMVDD001 105143 59 60 <0.001 <1 0.005 <0.005 0.016
CMVDD001 105144 60 61 0.007 <1 <0.005 <0.005 0.015
 

Table 3. CMVDD001 drill hole assay data rounded to the nearest hundredth except for Ag which is rounded to the nearest whole number value.

  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.

 

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 mineral exploration licence in Serbia and has a pending exploration license at the Ceovishte property 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.  

www.terrabresources.com

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