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.
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 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.
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.
