Terra Balcanica Resources Corp. (TERA:CSE) just announced additional drill results from its 90%-owned Viogor-Zanik project in Bosnia and Herzegovina. Drilling at the Cumavici prospect extended the deposit by 83 meters (83m) and resulted in assays as high as 1196.6 grams per tonne (g/t) silver equivalent (AgEq) over 2.0m.
The vein is still open at depth and along strike for over 3km. More assays are expected over the next few months as the company evaluates the extent of the discovery.
Two Drill Holes
Hole CMVDD003, a significant, 83-meter step-out from hole CMVDD001, intercepted 465.5 g/t over 8.7 meters, including 1196.6 g/t AgEq over 2.0m.
Hole CMVDD002 returned an assay of 816.1 g/t AgEq over 2.0 meters starting at 45.0 meters depth. The hole, located between holes 1 and 3, demonstrated the continuity of the mineralization.
Dr. Aleksandar Mišković, Terra Balcanica’s CEO, noted, “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 mineralization, and we are gaining a better understanding of the geological model with each hole completed.”
"Terra Balcanica Resources . . . is rated an immediate strong Buy here." - Clive Maund
The company is concentrating on Cumavici right now, but the entire project encompasses more than 216 sq. km. and two other areas are in the sights of management.
“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,” explained Mišković.
Technical analyst Clive Maund has been following the stock and, on October 16, 2022, wrote on CliveMaund.com, “Terra Balcanica doesn’t have a great deal of chart history, but what there is positive. After coming to market in June, it dropped sharply after an initial spike as often happens, and after a more orderly downtrend into a low, turned up into an uptrend which is continuing and now looks more established.”
“The interesting thing is that this uptrend has been accompanied by strongly positive volume indicators with the On-balance Volume line continuing to march higher over the past several weeks even as the price has reacted back to support at and near to its rising 50-day moving average.
This means that it is very probable that a new uptrend will develop from here, especially as oversold gold and silver themselves look set to turn up. Terra Balcanica is therefore rated an immediate speculative Buy here,” Maund concluded.
Maund updated his comments on October 24, 2022, noting, "Terra Balcanica Resources . . . is rated an immediate strong Buy here. The latest 6-month chart below shows that it continues to be at a good entry point technically, and the company came out with positive drilling results early today that are thought likely to get it moving."
Ownership and Share Structure
Mišković and co-founder Aleksandar Ilić, owner of the Rockstone Group, a Serbian mineral project generator, each own about 12.5% of the company.
The stock began trading on the Canadian Securities Exchange in June 2022. Approximately 73.5 million shares are issued and outstanding, with insiders owning 42%. The market cap is approximately CA$6.98 million.
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1) Patrice Fusillo wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She and members of her household are paid by the following companies mentioned in this article: None.
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