A phase two drill program has begun at the Viogor-Zanik project, the flagship property of Terra Balcanica Resources (CSE: TERA). The program follows exploration conducted last year on the property, and has been designed to target high-grade epithermal vein hosted silver mineralization, as well as gold skarn/porphyry mineralization.
The drill program is to focus on two major targets at the project, the Cumavici target, and the Brezani target. At Cumavici, drilling will look to test for strike and down-dip continuity of the polymetallic vein at Cumavici Ridge. The vein is set to be tested over 650 metres of strike, while Cumavici itself is part of a 7.2 kilometre long magnetic low that runs northwest to southeast.
READ: Terra Balcanica Hits 505 g/t Silver Equivalent Over 11 Metres, Makes New Discovery
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The Brezani target meanwhile will continue to be tested across its 1.2 kilometre wide gold skarn/conductivity footprint. The target is currently believed to represent a porphyry system at a depth of 450 metres. Phase one drilling at the target identified a significant gold system, with resistivity testing showing the target overlying a 600 metre wide conductor.
The company this morning also indicated it intends to raise $1.0 million via a non-brokered private placement, which will see units sold at $0.085 per each. Each unit is to contain one common share and common share purchase warrant, with warrants having an exercise price of $0.13 and are valid for three years.
The financing is currently expected to close by May 16.
Terra Balcanica last traded at $0.085 on the CSE.
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