Terra Balcanica Resources Corp. has secured a new mineral exploration licence covering the Viogor Polymetallic Project in eastern Bosnia and Herzegovina. The permit brings several exploration targets into a single project area and supports work aimed at silver, zinc, lead, copper, gold, antimony and molybdenum mineralization. The licence was granted to Energetski Minerali d.o.o. Banja Luka, Terra Balcanica’s wholly owned subsidiary.
The licence was issued by the Ministry of Energy and Mining of the Republic of Srpska. It is valid for an initial three-year term and includes provisions for two additional two-year extensions, extending exploration rights to up to seven years. Terra Balcanica said the approval is intended to advance exploration in the historic Srebrenica mining district.
Viogor licence scope and consolidated exploration targets
The new exploration licence covers approximately 49 square kilometres. It incorporates three key targets identified through Terra’s fieldwork conducted between 2020 and 2022. The targets include the Čumavići Polymetallic Corridor, the Kiseli Potok molybdenum porphyry target, and the Brežani mineralized systems.
The Viogor Project extends along a northwest-southeast trending Alpine metallogenic corridor west and south of the town of Srebrenica. Terra Balcanica said consolidating the targets under one permit provides flexibility for district-scale exploration programs. The company also plans to evaluate a broader mineralizing system across the wider area.
Proximity to Vareš complex and Sase (Gross) Mine
The project is located about 80 kilometres east-northeast of the Vareš mining complex. Vareš is described as one of the Balkans’ significant polymetallic projects, hosting resources containing silver, gold, zinc, lead, copper and barite. Terra Balcanica stated that grades at Vareš are comparable to several mineralized zones identified within the Viogor district.
Viogor is also positioned adjacent to the operating Sase (Gross) Mine, owned by Mineco Ltd. The mine produces approximately 330,000 tonnes of lead-zinc-silver-gold concentrate annually. Terra Balcanica noted that nearby processing infrastructure includes crushing and flotation facilities.
Srebrenica Magmatic Complex and regional deposit styles
The Viogor Project lies within the Srebrenica Magmatic Complex, part of the Podrinje Metallogenic District. The district is described as the northwestern extension of the Serbo-Macedonian Metallogenic Province. Terra Balcanica said this province is among southeastern Europe’s most important mineral belts.
The region hosts deposit styles linked to Oligocene and Miocene magmatic activity, including greisen systems, hydrothermal vein deposits, skarns and epithermal mineralization. The Srebrenica district has been recognized for metals including silver, lead, zinc, tin, antimony, copper and gold. Terra Balcanica also cited similarities between the district’s mineralogical characteristics and mining regions including Bolivia’s San José deposit, Germany’s Freiberg district, Greece’s Lavrion area and Romania’s Baia Mare metallogenic province.
Čumavići Corridor drilling results at Čumavići Ridge
A primary advanced target within Viogor is the Čumavići Corridor, described as an epithermal system extending more than 7.2 kilometres along strike. The corridor hosts multiple high-grade silver-gold-lead-zinc-antimony vein systems associated with intermediate-sulfidation epithermal mineralization. Drilling by Terra Balcanica has confirmed three distinct polymetallic systems: Joševa, Čumavići Crest and Čumavići Ridge.
Terra Balcanica reported that more than 28 drill holes at Čumavići Ridge returned an average grade of approximately 485 grams per tonne silver equivalent over four metres. The ore system is characterized by sphalerite, galena, stibnite, silver-rich sulfosalts, quartz and calcite veining. Several additional targets within the corridor remain untested.
Brežani target defined by geophysics and drilling intercepts
The Brežani target was identified through airborne electromagnetic, magnetic and geochemical surveys. Terra Balcanica said it hosts a large magmatic-hydrothermal system that includes gold-bearing skarn mineralization and deeper polymetallic epithermal zones. Previous drilling intersected broad zones of silver-antimony-zinc mineralization hosted within fault-breccia structures at depth.
A notable intercept reported by Terra Balcanica returned approximately 20 metres grading more than 436 grams per tonne silver equivalent. Geophysical surveys outlined a conductor extending about 1.2 kilometres, up to 600 metres wide, with an estimated thickness of roughly 20 metres. Terra Balcanica said exploration data indicates drilling may have intercepted mineralization below the primary boiling zone of the hydrothermal system.
Debt settlement via share issuance alongside licence approval
Alongside announcing the new licence, Terra Balcanica disclosed plans to settle approximately C$100,000 in outstanding debt through common share issuance. The company will issue approximately 1.67 million shares at a price of C$0.06 per share to two arm’s-length creditors. Management stated preserving cash resources for exploration and operational activities remains a priority as projects advance across the Balkans.
The transaction is subject to customary closing conditions and applicable securities regulations.
Terra Balcanica’s portfolio focus on polymetallic systems in southeastern Europe
Terra Balcanica said it continues to focus on discovering and developing large-scale polymetallic systems throughout southeastern Europe. The company holds 100% ownership of the Viogor Project. It also has exposure to uranium exploration assets in Canada through its investment in Terra North Resources Corp.
The company stated that the newly granted exploration licence expands its opportunities within the historic Srebrenica district. It also provides access to a geological environment associated with high-grade silver, zinc, lead, copper, gold and antimony mineralization as exploration progresses in Bosnia and Herzegovina.
