Business
Terra Balcanica Resources Completes Phase II Drilling at Viogor-Zanik Project In Bosnia And Closes Private Placement Financing
Vancouver, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to ann
About this update from Terra Balcanica Resources Corp.
[{"type":"text","content":" Vancouver, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the final tranche of its non-brokered private placement financing (the “Offering”) of units (the ”Units”) for total gross proceeds of $1,212,778. The Company further announces that it has completed the 2,000 m, Phase II drill program at the flagship, 216 km2 Viogor-Zanik project (the “Project”) in eastern Bosnia and Herzegovina. Highlights In total, 17 diamond drill holes were completed during the 2023 Phase II campaign totalling approximately 2,000 m with a significant number of them macroscopically exhibiting sulphide mineralization. Twelve drill holes were completed at the polymetallic silver-lead-zinc Cumavici target while 5 holes were drilled at the Au-Cu, skarn-porphyry Brezani target (see Figures 1 and 2). All drill holes are at the ALS laboratory in Serbia with assays expected by the beginning of October; Terra has raised $1,212,778 pursuant to the Offering announced on April 4th, 2023. Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “The conclusion of exploration drilling perfectly coincided with the closing of the private placement financing. I am proud of the field efforts made by the entire team Terra Balcanica but equally thankful to all those who helped raise the funds needed to advance our key assets in Bosnia and Serbia. Having finalized an oversubscribed financing of over $1.2M in such a challenging macroeconomic environment is a positive signal and has allowed us to complete a robust, 17-hole 2,000-meter Phase II drill program and materially advance the flagship Viogor-Zanik project. The composite drill core samples are now awaiting laboratory completion and an internal QA/QC check before being released as a part of Terra’s steady news flow for months to come.” Drilling Brezani Target Completed The 2023 diamond drilling at the Brezani target focussed on testing the coincident magnetic-conductivity anomaly at depth below the Au-skarn mineralisation observed on surface. Further shallow drillholes BRE23001-004 aimed to add scale to the initial 88 m at 0.61 g/t AuEq intercepted in drillhole BREDD002 (See Company’s news release dated 24th January 2023), all within a > 800 m NW/SE trending Au in soil anomaly. Drillhole BREDD002: C...