Canada’s Terra Balcanica Resources will provide shareholders with a steady stream of drill results from its flagship Viogor-Zanik project this fall. CEO Dr. Aleksandar Mišković’s company has drilled a total of 17 wells this year on the property, which covers an area of 216 square kilometers in eastern Bosnia and Herzegovina.
This second phase of Viogor-Zanik drilling thus had a scope of approximately 2,000 meters and a significant number of the drill cores showed macroscopic sulphide mineralization. Terra Balcanica drilled twelve holes on the Cumavici polymetallic silver, lead and zinc target and five holes on the Brezani skarn porphyry target.
Steady newsflow expected as early as October
At Brezani, Terra Balcanica focused on testing the coincident magnetic conductivity anomaly at depth below the gold skarn mineralization observed at surface. Additional near-surface holes such as BRE23001-004 were aimed at extending the initial 88 meters of 0.61 g/t gold equivalent drilled earlier this year, within a gold-in-soil anomaly extending more than 800 meters from northwest to southeast.
Meanwhile, according to the company, all samples have been received at ALS laboratories in Serbia and Terra expects to receive the first analytical results in early October. According to CEO Mišković, this means that investors can expect numerous publications on the drilling in the coming weeks and months.
Oversubscribed financing completed
Despite the difficult environment for junior explorers, Terra Balcanica has also succeeded in completing a private placement totaling approximately CAD 1.213 million in parallel with the exploration of its projects. The company had announced the financing in early April and has now reported the closing of the final tranche.
Terra Balcanica’s Dr. Aleksandar Mišković, stated, “The completion of the exploration drilling coincided exactly with the closing of the private placement. I am proud of the efforts made by the entire Terra Balcanica team in the field, but I am also grateful to all those who helped raise the funds we need to advance our important projects in Bosnia and Serbia. The completion of over $1.2 million in oversubscribed financing in such a challenging macroeconomic environment is a positive sign and has enabled us to complete a robust Phase II drilling program of 17 wells over 2,000 meters and significantly advance the flagship Viogor-Zanik project. The composite drill core samples now await laboratory completion and internal QA/QC review before release as part of Terra’s steady newsflow in the coming months.”
Terra issued a total of 1,826,470 units at CAD 0.085 per unit in the final tranche of the placement, raising an additional CAD 155,250. Each unit consists of one common share and one warrant representing the right to purchase one additional share at $0.13 CAD until September 22, 2026. A total of 14,267,967 units were issued in the placement.
Source: Gold Invest