Dr. Aleksandar Miskovic reports

TERRA BALCANICA DISCOVERS SILVER AND ANTIMONY DOMINATED EPITHERMAL MINERALIZATION AT BREZANI IN BOSNIA AND HERZEGOVINA

Terra Balcanica Resources Corp. has discovered an approximately 20-metre-wide zone of polymetallic mineralization intercepted during the phase II drilling at the Brezani target within its principal Viogor-Zanik project in eastern Bosnia and Herzegovina.

Highlights

• Continuation of drill hole BREDD002, which returned 88 metres at 0.61 gram per tonne AuEq (gold equivalent) from surface (see company news release dated Jan. 24, 2023) has intercepted a substantial zone of low/intermediate sulphidation epithermal mineralization;
• An approximate 10 m zone of continuous colloform/ginguro banded quartz-carbonate-sulphide and sulphide cemented breccia sits at the upper contact of a structural zone where observed epithermal veining extends for a least 20 m;
• Epithermal mineralization projects east-northeast toward surface following a conductivity gradient within a magnetic low and is interpreted to daylight in a topographic depression where As-Bi-Sb-Te (arsenic-bismuth-antimony-tellurium) is anomalous in soil sample assays, offering a shallower drill target;
• Mineralization is polymetallic (Sb-Pb-Zn plus/minus Au-Ag) (tin-lead-zinc plus/minus gold-silver) with evidence of several mineralizing and fluid boiling events;
• Terminating at a depth of 674 metres, the hole intercepted 118.4 m of chlorite-sericite altered diorite porphyry;
• Terra has commenced a dense soil sampling program across the multidomain Brezani hydrothermal system to enhance the domains of gold skarn and surface expression of epithermal mineralization;
• Samples from BREDD002 are currently being analyzed and will be reported after the internal QA/QC (quality assurance/quality control) program has been completed and data deemed good quality.

Terra Balcanica chief executive officer Dr. Aleksandar Miskovic comments: "We are very excited with the Brezani discovery which adds further value to this multidomain, polymetallic target. The significant mineralized intercept underlies the previously confirmed auriferous skarn starting from surface and overlies a porphyry system which Terra has been targeting at Viogor-Zanik from the very outset. We believe the potential of our discovery at Brezani, especially the macroscopically identified antimony sulphides, is tremendous considering the shallowing of the epithermal mineralization along a presumed fault to northeast and stratigraphic intercept below the boiling horizon which will be targeted by our future drill programs. Collectively, this is a thrilling development for Terra as we look forward to releasing the Brezani assay results shortly."

The company commenced redrilling BREDD002 from 215 metres where 2022 drilling efforts ended in a chlorite-sericite altered diorite porphyry, returning 0.26 gram per tonne Au and reached a depth of 674 m. The drill hole targeted a coincident magnetic and conductivity anomaly and intersected several zones of calc-silicate alteration associated with phyllic and chlorite-sericite altered diorite porphyries. A zone of epithermal mineralization within a large structure was intersected from 482.1 metres down hole which marked the change into chlorite-sericite altered porphyritic diorites.

Drill core observations

The zone of mineralization from 482.1 m consists of banded veins and sulphide-cemented breccias with characteristics of both low and intermediate sulphidation epithermal deposits. The upper vein contact is sharp with minimal alteration progressing into the hornfels, whereas the vein footwall is brecciated and hosts strong clay alteration. The margins of the vein host repeating bands of chalcedonic quartz-rhodochrosite-calcite and sulphides/sulphosalts stibnite-pyrite-arsenopyrite-sphalerite-galena-jamesonite. The centre of the structure is dominated by hydrothermal breccia with a sulphide-quartz-carbonate cement. Clasts are banded vein fragments.

BREDD002 ended at 674 m depth after 118.4 m of chlorite-sericite altered diorite porphyry intrusive. Sinuous quartz-pyrite-molybdenite veins, quartz-magnetite, anhydrite-carbonate, pyrite-chlorite and pyrrhotite-carbonate veining is present alongside disseminated pyrite-pyrrhotite. Alteration is interpreted as strongly overprinted potassic, by chlorite-sericite. Local phyllic and strong chlorite alteration is observed associated with carbonate-arsenopyrite-bismuthinite veins. The intrusive texture is partially destroyed by the silica ground mass flooding and formation of very fine-grained biotite giving the rock a reddish brown to grey-green colouration with chlorite replacement and coarser grained muscovite mica. Hornblende phenocrysts have been replaced by biotite and magnetite.

Continuing exploration program

Terra is undertaking a soil survey across the Brezani target on a 20 by 100 m grid. Sample frequency is tighter in the east-west direction perpendicular to the gold skarn and epithermal corridor. This will build on the initial 175 by 175 m, aqua regia ICP-MS soil sampling and delineate geochemical domains. The interpreted surface expression of the newly discovered epithermal mineralization will be covered, and results will assist in targeting prospective intervals along the strike length of this structure for shallow, follow-up drilling. Analysis is undertaken by an Olympus Vanta unit and monitored by quality control using blanks and certified reference materials.

Qualified person

Dr. Aleksandar Miskovic, PGeo, the company's designated qualified person for this news release within the meaning of National Instrument 43-101 -- Standards of Disclosure of Mineral Projects, has reviewed and validated that the information contained in this news release is factual and accurate.

About Terrra Balcanica Resources Corp.

Terra Balcanica is a polymetallic and energy metals exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and Northern Saskatchewan, Canada. The company has a 90-per-cent interest in the Viogor-Zanik project in eastern Bosnia and Herzegovina. The Canadian assets comprise a 100-per-cent-optioned portfolio of uranium-prospective licences at the outskirts of the world-renowned Athabasca basin, including the Charlot-Neely Lake, Fontaine Lake, Snowbird and South Pendleton claim clusters. 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.

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