Terra Balcanica Resources Corp. (TERA;CSE) first hole on its first-ever drill campaign on the Cumavici prospect, part of the 90%-owned Viogor-Zanik project in Bosnia and Herzegovina, intercepted 824.2 grams per tonne silver-equivalent (842.2 g/t AgEq) over 4 meters at about 29 meters down-hole, including 1,634.4 g/t AgEq over 2 meters.
Drillhole CMVDD001 hit 131.5 grams per tonne silver (131.5 g/t Ag), 0.84 g/t gold (Au), 2.12% lead (Pb), 1.85% antimony (Sb) and 4.59% zinc (Zn) with the silver-equivalent calculation was based on metals prices of US$1,950/oz Au, US$18/oz Ag, US$1 lb Pb, US$4.50 lb Sb and US$1.50 lb Zn, and assuming 100% metallurgical recovery.
The shallow, high-grade, polymetallic vein is in the Cumavici corridor where most of the 7.2 kilometers of prospective strike length have yet to be drill tested.
“This was the first hole drilled at the Viogor-Zanik Project and hitting high-grade material at shallow depths like this is an extremely positive sign,” Terra Balcanica Director Brandon Bonifacio told Streetwise Reports. “We are in the discovery phase, which is the most exciting part of the businesss. If we continue to intercept consistent mineralization, we may be onto something special.”
The company says the discovery of high-grade mineralization near the surface confirms its “macroscopic observations” of massive Ag-Pb-Zn-Sb sulphides in an epithermal system and warrants step-out drillholes along strike. The company plans to test the system to the northwest.
Some 1,000 meters of drill core from the target area are currently being assayed and the company plans to release those over the coming weeks.
The intercept is part of a 3,500-meter drill program designed to further evaluate Viogor-Zanik’s three main targets: Cumavici, Olovine, and Brezani.
A shallow historical hole drilled by a Yugoslavian outfit on Olovine reportedly hit 7 meters grading 1.5% Cu, starting 42 meters downhole. The Brezani, a skarn-porphyry target discovered by Terra, is also being drilled.
Cumavici was first discovered via surface sampling on the property, with one rock chip sample assaying as much as 0.327 g/t Au, 31.7 g/t Ag, 2.2% Pb and 20.1% Zn.
The claims that comprise Viogor-Zanik basically surround the producing Sase Ag-Pb-Zn mine, one of many regional mines owned by U.K. based Mineco Ltd.
Bosnian Success Story
As one of three Western public mining companies operating in Bosnia, Terra Balcanica hopes to follow in the footsteps of ASX-listed Adriatic Metals Plc (ADT:ASX; 3FN:FSE), which is developing the feasibility-stage Vares silver project in Bosnia and Herzegovina.
A 2021 feasibility study states that Vares will produce almost 15 million oz AgEq annually for 10 years at all-in sustaining of costs of US$7.30 per oz. The numbers only take into account the Rupice underground deposit and completely exclude the previously mined Veovaca open pit, which also hosts a resource.
Adriatic is also advancing a zinc project next door in Serbia that is not far from Terra Balcanica's Serbian land package.
“We look forward to following the success of Adriatic Metals in applying modern exploration in an underexplored country with prospective ground,” said Terra Balcanica CEO Aleksandar .
Mišković, a Canadian geologist, was Rio Tinto Plc's (RIO:NYSE; RIO:ASX; RIO:LSE; RTPPF:OTCPK) global research and development director before leaving to start his own company in 2020. Prior to that he was the country manager with Medgold Resources Corp., and led the team that discovered the 680,000-oz. Au-eq Tlamino deposit in Serbia.
He founded the company with Director Aleksandar Ilić, owner of the Rockstone Group, a Serbian mineral project generator. They each own about 12.5% of the company.
Ilić is joined by Non-Executive Chairman Giulio Bonifacio and Director Brandon Bonifacio, who might be familiar to Streetwise Reports readers who follow NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE). Kim Oishi and Steven Latimer who bring extensive capital markets experience to the table, are the remaining board members.
Terra Balcanica started trading in June and has issued around 73.51 million shares. Roughly 42% of the company is owned by management and insiders, leaving about 40 million shares free floating.
Shares in TERA closed at CA$0.075 on Sept. 7.
