Dr. Aleksandar Miskovic reports

TERRA BALCANICA INTERSECTS 457 G/T AGEQ OVER 4.15 M AT CENTRAL CUMAVICI RIDGE TARGET IN BOSNIA AND HERZEGOVINA

Terra Balcanica Resources Corp. has released further high-grade assay results from the phase 2 drill campaign, confirming a continuation of the Cumavici Ridge epithermal vein zone within its principal Viogor-Zanik project in Bosnia and Herzegovina.

Highlights:

• Drill hole CMV23003 intersected 457 grams per tonne (g/t) silver equivalent (AgEq) over 4.15 metres from 43.85 m downhole (see the table entitled "Assay results of key mineralized interval from 2023 phase 2 Cumavici drill hole CMV23003"). The mineralized footprint at Cumavici Ridge has expanded significantly over the past 18 months (see company news release dated Sept. 8, Sept. 20 and Oct. 22, 2022, and Jan. 11, Feb. 2 and Feb. 27, 2023) where the phase 1 drill results included:
  • CMVDD001 -- 824.2 g/t AgEq over four m;
  • CMVDD002 -- 816.1 g/t AgEq over two m;
  • CMVDD003 -- 465.5 g/t AgEq over 8.7 m;
  • CMVDD004 -- 505.3 g/t AgEq over 11 m;
  • CMVDD005 -- 284 g/t AgEq over 10 m.
• Mineralized vein intercept points to a wider down-dip continuation of the high-grade mineralization from the previously reported 1,168 g/t AgEq over 1.35 m (see company news release dated Nov. 7, 2023) in drill hole CMV23004, which is open and untested at depth to the southwest;
• Results from CMV23004 and CMV23003 have added approximately 45 m strike length southeast to the previously reported CMVDD002, which returned 816.1 g/t AgEq over two m (see company news release dated Oct. 22, 2022);
• The mineralized footprint at Cumavici Ridge now extends over 600 metres, and remains open along strike and at depth;
• Further 2023 assay intervals to follow from Cumavici Ridge, including CMV23001 and 002b, both of which intercepted massive sulphide mineralization as shallow as 7.1 m downhole.

Dr. Aleksandar Miskovic, Terra Balcanica chief executive officer, comments: "The latest drill intercept reaffirms both continuity and silver-dominated polymetallic grades continuously intercepted at the Cumavici Ridge target. Together with the 600 m northwesterly stepout zone, the central Ridge area now forms a potentially continuous half-a-kilometre-long mineralized footprint where hypothesized shallow, vein-hosted massive sulphides await drill confirmation. We have further assay results to release from the Cumavici target zone, as well as pending assay results from the Brezani gold skarn-copper porphyry target, which is the other Viogor-Zanik prospect that was drill tested during 2023. It will be exciting next few months for our company as we position ourselves as the critical metals explorer of choice in the western Balkans."

Future exploration program

The Cumavici Ridge epithermal mineralization can be observed on surface and has been intercepted as shallow as 7.1 metres downhole in CMV23001 (observations released April 18, 2023, with assays pending release). The drill hole CMV23003 intersected the mineralization at 43.85 metres downhole and marks a significant down-dip extension, which remains open and untested further down-dip to the southwest. Future exploration at the target will step northwest toward CMV23007 and 009, which both intersected mineralization over 600 m along strike.

Phase 2 Viogor-Zanik drill campaign results

In addition to the silver-dominated Cumavici vein, the company has drill tested the 650 m wide conductivity high at the centre a 1.2 km wide anomalously magnetic volume of rock at Brezani. Here, potassic-altered porphyritic andesites were overprinted by chlorite and sporadically intrude gold-bearing calc-silicate skarn that returned 88 m of 0.61 g/t AuEq from surface (see company news release dated Jan. 24, 2023). The redrilled phase 1 drill hole has been extended to depth of 674 m along the same dip and azimuth.

From 480 m downhole in BREDD002 and coincident with a tabular conductivity body, drilling intersected an intensely mineralized structure with a substantial increase in the volume of sulphide minerals and density of carbonate base metal veins. This structure, interpreted as a low-angle thrust fault, appears to surface in the northeast, where gossanous material was previously mapped. This provides an apparently continuous structure for further drill-testing as it shallows. Additionally, four more drill holes between depths of 120 m and 160 m tested the surface gold-bearing calc-silicates, with the laboratory assays for the entire Brezani program pending.

Quality assurance/quality control (QA/QC)

Half-core (PQ3 and HQ3) samples were delivered by truck to ALS Bor, Serbia, for sample preparation and analysis at the ALS laboratory Loughrea, Ireland, an ISO/IEC 17025:2017 certified testing laboratory. Sample preparation PREP-31BY method was used on all core samples. This involves crushing to 70 per cent less than two millimetres (mm), rotary split one kilogram (kg) and pulverizing the split to greater than 85 per cent passing 75 microns. Gold was assayed by 30 g fire assay with ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish (Au-ICP21). Analyses of silver and base metals were completed by highly oxidizing digestion with HNO3 (nitric acid), KClO3 (potassium chlorate) and HBr (hydrobromic acid) (ASY-ORE), and the final solution in dilute aqua regia is determined by ICP-AES (ME-ICPORE). Control samples, comprising certified reference materials (CDN-ME-1811), quarter core field duplicates and blanks were inserted at a rate of 9 per cent, and investigated as part of the company's quality assurance and quality control program.

Qualified person

Dr. Miskovic, PGeo, 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, and has reviewed and validated that the information contained in this news release as accurate.

About Terra Balcanica Resources Corp.

Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The company has 90-per-cent interest in the Viogor-Zanik project in eastern Bosnia and Herzegovina, and 100 per cent 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 pro-actively implementing good international industry practice (GIIP) and sustainable health, safety and environmental management.

We seek Safe Harbor.