Terra Balcanica adds prospective gold exploration license to its Serbian portfolio

Highlights

• A pending application for the mineral exploration license “Ceovishte” totaling 80.36 km2 has been granted by the Ministry of Energy and Mines, Government of Serbia, increasing the company’s total land package in Serbia to 130.36 km2 The license is located 280 km south of Serbia’s capital city of Belgrade and 20 km north of the town of Raska, which is Terra’s local operating hub facilitating cost-effective exploration.
• Terra is now the 2nd largest mineral exploration license holder in the highly prospective Raska district of southern Serbia after Adriatic Metals plc. The Raska district covers over 400 km2 and features many Pb and Zn deposits, Cu-Au porphyries, and satellite epithermal deposits hosted by tertiary andesitic to dacitic volcanics and granodiorites, with a structurally controlled NNE-SSW fabric.
• Compilation, digitisation, and reinterpretation of the historical Yugoslavian geological maps and reports has identified a clear target zone for epithermal gold mineralisation in the northwestern part of the licence. Historical, exploratory adit intercepts and rocks chip samples from Medjurecje, a high-grade epithermal vein gold-silver target located in the northwest sector of Ceovishte, support the significant exploration potential of this licence area including:
  • 4.0 m grading 19 g/t gold (Au) and 34 g/t silver (Ag).
  • 5.0 m grading 15 g/t gold (Au).
  • 9.0 m grading 0.95 g/t gold (Au) and 36 g/t silver (Ag).
  • 13.8 m grading 1.1 g/t gold (Au).
  • Two subsurface rock chip samples grading 396 g/t gold (Au) plus 468 g/t silver (Ag) and 15 g/t, Au 130 g/t Ag plus 1.2% Cu.

Commenting on the acquisition of the new licence area, Dr. Aleksandar Miškovic, the President and CEO of Terra Balcanica Resources Corp. stated:

“We are delighted to have been granted a sizeable new licence area in Serbia. Acquisition of such prospective ground is core to our strategy of building a regional, multi-jurisdictional portfolio in the Western Balkans. By bringing Ceovishte into our portfolio we expanded our Serbian footprint by 160% to 130 km² in addition to 216 km² held in Bosnia-Herzegovina at our high-grade, polymetallic Viogor-Zanik project. We are excited by the geological potential of Raska where we have now gained exposure to both gold and copper with Ceovishte. The new licence is found in the vicinity of Adriatic’s Kiževak and Sastavci Pb-Zn mines together with its Cu-focused exploration property at Suva Ruda-Rudnica and north of numerous historic lead-zinc-silver mines in the north of the Serbian province of Kosovo. Significantly, the most prospective area for high grade gold located in the northwesterly quadrant of Ceovishte is concealed by a thin overburden and has not seen any historical drill testing. This provides us with a unique exploration upside to search beneath a shallow cover resulting in quick drill target definitions. Our field crew has been dispatched to the locality to conduct sampling for soil geochemistry and we will provide updates on the field work very shortly.”

Read the article online at: https://www.globalminingreview.com/mining/18102022/terra-balcanica-adds-prospective-gold-exploration-license-to-its-serbian-portfolio/