Terra Balcanica (CSE: TERA) has expanded its land holdings within Serbia, becoming the second largest landholder within the highly prospective Raska district. The expansion follows an exploration license finally being granted by the Ministry of Energy and Mines.
The new land package, referred to as Ceovishte, covers 80.36 square kilometres just 20 kilometres north of Raska, where the company currently has a local operating hub. The district itself is known to contain several lead and zinc deposits, along with satellite epithermal deposits and copper-gold porphyries. The company now holds a total of 130.36 square kilometres of exploration claims within Serbia.
“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,” commented CEO Dr Aleksandar Miskovic.
Historical data for the property indicates that a target zone for epithermal gold exists on the northwestern portion of the license, while adit intercepts from the Medjurecje vein within this region of the property have returned rock chip samples that include:
- 13.8 metres of 1.1 g/t gold
- 9.0 metres of 0.95 g/t gold and 36 g/t silver
- 5.0 metres of 15 g/t gold
- 4.0 metres of 19 g/t gold and 34 g/t silver
“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,” continued Miskovic.
WATCH: Has The Market Overlooked These Drill Results?
The Raska district itself is home to several large deposits, including the Kizevak mine, operated by Adriatic Metals, which has a non-compliant resource estimate of 3.9 Mt of 3.92% zinc, 2.15% lead and 31 g/t silver, while their Sastavci mine has a non-compliant estimate of 1.6 Mt of 4.55% zinc, 2.8% lead, 30 g/t silver and 0.5 g/t gold. The district also has the Rudnica copper-gold porphyry, which features a non-compliant estimate of 60.5 Mt of 8% lead and zinc, as well as greater than 159 million ounces of silver. All estimates are based on Yugoslav resource estimates.
Terra Balcanica last traded at $0.10 on the CSE.
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