Business Europe

Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce positive assay results from surface rock chip and soil sampling at its 80.4 km2 Ceovishte license in southern Serbia and closing of the 1st tranche of the previously announced non-brokered private placement financing of units (the ”Units”) for gross proceeds of $404,650 (the “Offering”).




  • Surface rock sample include concentrations as high as 5 g/t Au, 78.6 g/t Ag and 2.47 % Cu with up to 0.39% Co and 0.45% Bi (Table 1);
  • > 900 m strike length of Au-Ag-As-Bi-Cu-Te anomalism in soil geochemistry defines new target, with soil assays returning up to 2.42 g/t Au (Figure 2);
  • Mineralization is controlled by potassic altered diorites hosting quartz-chalcopyrite veins with secondary copper mineralogy at surface (Figure 3) and a gold-bismuth-cobalt rich epithermal assemblage;
  • Drill-ready with both porphyry and epithermal mineralization visible at collar locations.


Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “Detailed prospecting, rock chip and soil sampling at our Serbian Ceovishte licence not only confirmed the existence of a sizable hydrothermal system responsible for multi-ounce gold assays at surface near the Medjurečje locality but also defined a new, 900-m-wide, topographically depressed, semi-circular gold-silver-copper soil anomaly northeast of the high-grade Au zone that is characterized by potassic altered andesites interpreting by Terra’s technical team to represent a previously neglected porphyry target. This confirms the potential of our Serbian assets and represents a significant diversification of the Company’s polymetallic portfolio already defined by our Viogor Zanik project. It sets the stage for drilling of the shallow high grade gold target later this year.”


The Ceovishte license totals over 80 km2 of highly prospective land for gold and copper exploration in the historic Raska mining district of southern Serbia (Figure1). The license area drapes southern slopes of the Golija Mountain, a part of the well-known Kopaonik metallogenic zone. This area features the Kiževak and Sastavci Pb-Zn-Ag mines including the Karadak deposit, all owned by Adriatic Metals plc. The historical Yugoslav GKZ, non-NI 43-101 compliant resource estimates for Kiževak is 3.9 Mt of ore grading 3.92 % Zn, 2.15 % Pb and 31 g/t Ag categorized according to the Yugoslav A+B+C1 resource nomenclature (www.adriaticmetals-serbia.com/our-projects/adriatic-metals-serbia-sastavci). The Raska mining district also holds the Rudnica Cu-Au porphyry target and is a northerly extension of the partially exploited, world class Trepča Pb-Zn-Ag skarn deposit of the norther Serbian province of Kosovo. Trepča features a non-NI 43-101 compliant resource of 60.5 Mt of ore grading over 8.0 % Pb+Zn and >159 Moz of Ag.


Figure 1. Geological map of the Ceovishte license area in southern Serbia. The black rectangle labelled Figure 2 is Terra’s primary area of interest within the license. It encapsulates Au-Cu mineralized Neogene volcanic rocks which intruded an ultramafic country rock of the West Vardar Ophiolite. Previous operators conducted work in the south of the Ceovishte license and overlooked the Au-Cu potential of the north where Terra has conducted a successful soil and rock chip sampling campaign and is planning a maiden drilling program in early Q3 of 2023 (click here to view image).


Figure 2. Map displaying Au in soil (ppb), and anomalous Au-Ag-As-Bi-Cu-Te signature. Sampling verifies the location of known mineralization and reveals > 900 m strike length of new prospective ground open to the NE. Rock sample IDs can be correlated with results in Table 1. The drill target is labelled where rock chips return up to 53.5 g/t Au and 1.45 % Cu. Note the location of anomalous Au in soil forming an arcuate pattern around the depressed centre, interpreted as possible concentric fractures around a porphyry intrusive which crops out in the south and northwest. (WGS84/UTM Zone 34N) (click here to view image).


Geology and Mineralization


The Company is focussed on exploring the overlooked Au-Ag-Cu (Bi-Co) occurrences in the northern extents of the license where Neogene intrusive rocks of intermediate composition are emplaced within ultramafic rocks of the west Vardar Ophiolite Belt. Field observations and microscopy confirms biotite-magnetite-k-feldspar potassic alteration within the diorites, which are observed controlling the distribution of mineralization and are thus inferred as the causative intrusion and target for further exploration. Intrusive contacts and vein-hosted sulphides in the south dip shallowly to the NNE below ultramafic cover into an annular topography low.


Both hypogene sulphide mineralization and supergene oxide zones are present at Ceovishte and returned very encouraging assay results of a well-endowed Au-Ag-Cu system. Quartz-chalcopyrite veins are partially oxidised at surface producing a mixture of malachite, azurite and tenorite (Figure 3) and occur within the same outcrops as quartz-arsenopyrite-bismuthinite veins. Chalcopyrite is also observed finely disseminated within the potassic altered intrusives. Gossans and vuggy silica host the highest Au values up to 53.5 g/t.


Figure 3. Macroscopically observed copper mineralization in samples 103281 and 103276 which returned 1.45 % and 2.47 % Cu, respectively. Mineralization is vein-hosted within potassic altered diorites and comprises quartz, chalcopyrite, malachite, azurite and tenorite (click here to view image).


Mineralized rock samples also return high bismuth and cobalt, which may have been stripped from the ultramafic country rocks by hydrothermal fluids and re-precipitated within the epithermal veins. Ceovishte therefore has characteristics of the 5-element vein (Ag-Bi-Co-Ni-As) style of mineralization.


Sample Easting Northing Au (g/t) Ag (g/t) Bi (ppm) Cu (%) Co (ppm)
100851 476500 4815182 53.5 8.7 4490 0.03 12
100838 475554 4816186 0.19 78.6 2 0.01 71
100839 476417 4815188 11.0 10.1 3570 0.14 805
103273 476383 4815204 6.56 1.2 299 0.01 1300
103271 476335 4815157 0.48 1.8 20 0.12 21
103282 476479 4815173 10.95 0.82 299 0.02 3940
103264 476602 4815182 0.09 18.9 6 0.01 5.7
103267 475606 4816196 0.02 0.69 42 0.04 9
103262 475628 4816084 3.09 11.8 480 0.03 336
103269 475605 4816158 0.10 1.7 0.4 9
103276 476179 4815987 0.05 10.8 20 2.47 13
103279 476376 4815128 0.39 2.16 5 0.01 27
103280 476383 4815133 3.28 1.42 224 0.01 145
103277 476189 4815997 2.2 0.5 69 0.01 88
103281 476514 4815189 0.16 21.5 144 1.45 50



Table 1. Rock chip locations and assay results for key commodity elements. Samples can be seen with anomalous Au in soil Figure 1. (WGS84/UTM Zone 34N).


Soil Geochemistry


Results from 386 B/C horizon soil samples successfully captured the signature of Au-Cu mineralization at Ceovishte. Two known occurrences were highlighted by the sampling, verifying the Au-Ag-As-Bi-Cu-Te grouping as representing mineralization, with a further 900 m strike length anomaly being generated for follow up in the north of the survey. The newly defined target area returned assays up to 2.42 g/t Au and 424 ppm Cu in soil. This area has not seen rock chip sampling and offers significant exploration upside for extending the footprint of known Au-Cu mineralization.


Elevated commodity and pathfinder elements in soil correlate to a K-Ba-Na element grouping, indicating sub cropping intermediate composition intrusives rather than the ultramafic country rock which has a strong Ni-Co-Cr-Mg signature. Soil anomalism generates an annular pattern which surrounds a central topographic depression with enclosing ridges of ultramafic rock. This correlation could indicate concentric and ring radial fractures, which have formed around a central porphyry intrusive and focussed hydrothermal fluid flow. Potassic altered, Au-Cu mineralized diorite intrusives have been observed and sampled at both the southern and northern extents of this annular feature, with over 900 m of untested strike length in the northeast.


Future Exploration Program


The norther Ceovishte licence is drill-ready with pad locations designed to test the depth extensions of the Au-Cu mineralization sampled on surface. Following positive results in maiden drilling geophysics will be considered to guide a larger phase II drilling program.


Follow up of the anomalous soil geochemistry will be undertaken in the northeast through geological/alteration mapping and rock chip assay. This will generate a pipeline of targets for drill testing. Further soil sampling will be completed in the northeast where the anomaly remains open to define its full spatial extent.


1st Tranche Private Placement Financing Closed


The Company issued an aggregate of 4,760,586 Units at a price of $0.085 per Unit for gross proceeds of $404,650 pursuant to the Offering announced on April 4th, 2023. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.13 until May 5th, 2026.


The Company intends to use the net proceeds of the Offering for working capital and to fund the Phase II drilling across its portfolio of properties. Finders’ fees in the amount of $8,057 were paid.


Giulio Bonifacio, Chair of the board of directors, Steven Latimer, a director, and Kim Oishi, a director (the “Insiders”) purchased 1,194,117 Units as part of the Offering. The issuance of the Units to the Insiders constitutes a “related party transaction” as this term is defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, as the securities do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The participation by Insiders in the Offering was approved by directors of the Company who are independent in connection with such transactions.


Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the Private Placement will be subject to a four (4) month hold period ending September 6th, 2023.


This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.




Representative rock samples were taken from surface outcrops and sent to ALS Bor, Serbia for sample preparation and subsequent wet chemical analysis at the Loughrea laboratory in Ireland, and ISO/IEC 17025:2017 certified test facility. Sample preparation PREP-31BY method involved crushing the core to a 70% fraction less than 2 mm in size, rotary split 1.0 kg and pulverizing the split to greater than 85% passing 75 microns. Silver and base metals were analysed by ICP MS after a four-acid digest (ME-MS61). Gold was assayed by 30g fire assay with ICP AES finish (Au-ICP21). Over limit samples for base metals were re-analysed by the four-acid digest ICP-AES analyses termed ME-OG62. Over-limit gold analysis was conducted by fire assay and gravimetric finish (Au-GRA21). Soil samples were taken in the B/C horizon and sent to ALS Bor, Serbia. Analysis was undertaken after dry screening to 180 microns by method AuME-TL44 an aqua regia digest followed by ICP analysis on a 50g sample. Over-assays were conducted by the OG-46 (base metals) and Au-AROR44 (gold) techniques.


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 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 southern 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.