European Explorer Hits Big Silver Intercept in Bosnia

One silver explorer in Bosnia and Herzegovina hopes its first drill result is a sign of things to come as it continues to drill test its 90%-owned silver-lead-zinc project.

Terra Balcanica Resources Corp.’s (TERA;CSE) first hole on its first-ever drill campaign on the Cumavici prospect, part of the 90%-owned Viogor-Zanik project in Bosnia and Herzegovina, intercepted 824.2 grams per tonne silver-equivalent (842.2 g/t AgEq) over 4 meters at about 29 meters downhole, including 1,634.4 g/t AgEq over 2 meters.

Drill Results


Drillhole CMVDD001 hit 131.5 grams per tonne silver (131.5 g/t Ag), 0.84 g/t gold (Au), 2.12% lead (Pb), 1.85% antimony (Sb), and 4.59% zinc (Zn) with the silver-equivalent calculation was based on metals prices of US$1,950/oz Au, US$18/oz Ag, US$1 lb Pb, US$4.50 lb Sb and US$1.50 lb Zn, and assuming 100% metallurgical recovery.

The shallow, high-grade, polymetallic vein is in the Cumavici corridor, where most of the 7.2 kilometers of prospective strike length have yet to be drill tested.

“This was the first hole drilled at the Viogor-Zanik Project, and hitting high-grade material at shallow depths like this is an extremely positive sign,” Terra Balcanica Director Brandon Bonifacio told Streetwise Reports. “We are in the discovery phase, which is the most exciting part of the business. If we continue to intercept consistent mineralization, we may be onto something special.”

The company says the discovery of high-grade mineralization near the surface confirms its “macroscopic observations” of massive Ag-Pb-Zn-Sb sulfides in an epithermal system and warrants stepout drill holes along strike. The company plans to test the system to the northwest.

Some 1,000 meters of drill core from the target area are currently being assayed, and the company plans to release those over the coming weeks.

“We are in the discovery phase, which is the most exciting part of the business. If we continue to intercept consistent mineralization, we may be onto something special.”

— Terra Balcanica Director Brandon Bonifacio

The intercept is part of a 3,500-meter drill program designed to further evaluate Viogor-Zanik’s three main targets: Cumavici, Olovine, and Brezani.

A shallow historical hole drilled by a Yugoslavian outfit on Olovine reportedly hit 7 meters grading 1.5% Cu, starting 42 meters downhole. Brezani, a skarn-porphyry target discovered by Terra, is also being drilled.

Cumavici was first discovered via surface sampling on the property, with one rock chip sample assaying as much as 0.327 g/t Au, 31.7 g/t Ag, 2.2% Pb, and 20.1% Zn.

The claims that comprise Viogor-Zanik basically surround the producing Sase Ag-Pb-Zn mine, one of many regional mines owned by U.K.-based Mineco Ltd.

Bosnian Success Story


As one of three western public mining companies operating in Bosnia, Terra Balcanica hopes to follow in the footsteps of ASX-listed Adriatic Metals Plc (ADT:ASX; 3FN:FSE), which is developing the feasibility-stage Vares silver project in Bosnia and Herzegovina.

A 2021 feasibility study states that Vares will produce almost 15 million oz AgEq annually for 10 years at all-in-sustaining costs of US$7.30 per oz.

The numbers only take into account the Rupice underground deposit and completely exclude the previously mined Veovaca open pit, which also hosts a resource.

Adriatic is also advancing a zinc project next door in Serbia that is not far from Terra Balcanica’s Serbian land package.

“We look forward to following the success of Adriatic Metals in applying modern exploration in an underexplored country with prospective ground,” said Terra Balcanica CEO Aleksandar Mišković.

Mišković, a Canadian geologist, was Rio Tinto Plc.’s (RIO:NYSE; RIO:ASX; RIO:LSE; RTPPF:OTCPK) global research and development director before leaving to start his own company in 2020.

Prior to that, he was the country manager with Medgold Resources Corp. (MED.V) and led the team that discovered the 680,000-oz. AuEq Tlamino deposit in Serbia.

Share Structure

Mišković founded the company with Director Aleksandar Ilić, owner of the Rockstone Group, a Serbian mineral project generator. They each own about 12.5% of the company.

Ilić is joined by Non-Executive Chairman Giulio Bonifacio and Director Brandon Bonifacio. Brandon Bonifacio might be familiar to Streetwise Reports readers who follow NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE).

Kim Oishi and Steven Latimer, who bring extensive capital markets experience to the table, are the remaining board members.

Terra Balcanica started trading in June and has issued around 73.51 million shares. Roughly 42% of the company is owned by management and insiders, leaving about 43 million shares free floating.

The 10% of the Viogor-Zanik project that Terra doesn’t own is owned by Bosnian stakeholders, and Terra has the option to buy them out. 

Shares of Terra Balcanica Resources Corp. closed at CA$0.10 on September 8, 2022. They are currently trading at around CA$0.11.

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1) Brian Sylvester wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: Nevgold Corp. He and members of his household are paid by the following companies mentioned in this article: None. His company has a financial relationship with the following companies referred to in this article: None.

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