Terra Balcanica Resources Corp. announced further, high-grade drill results including step-out drillholes at Cumavici Ridge and a new discovery at the Josheva target extending mineralization at the Cumavici Corridor over 2.3 km to the southeast within its flagship, 216 km2 Viogor-Zanik project in Bosnia and Herzegovina. Drillhole CMVDD004 targeted the strike extension of this shallow mineralization with a 39 m NW collar step-out from CMVDD002.

Assay results confirm the structure remains mineralized at shallow levels in the north-western direction. Mineralization consists of a main massive sulphide interval with quartz-sulphide veining in the hanging and footwall of the structure. Massive sulphide intervals are characterized by colloform-crustiform sphalerite-galena-stibnite-sulphosalts.

A narrow envelope of silicification is observed around the vein intercept with volcaniclastics showing variable chloritization and argillic alteration. Drillhole JOSDD001 targeted a mineralized structure 2.3 km southeast of the Cumavici Ridge discovery drillholes. It successfully intersected a mineralized structure returning 119.7 g/t AgEq over 6.0 m from 53.0 m depth.

Mineralization encountered is characterized by veinlets, disseminations, and aggregates of sphalerite-galena-pyrite within argillic altered andesitic tuffs. Sulphides are associated with calcite and present in intervals of fault gouge. Drillhole JOSDD002, located 155 m NW of JOSDD001, tested the same structure with a significant step out.

Several mineralized structures were intersected, with disseminated sulphides in fault gouge and calcite. At 31 m depth a quartz-arsenopyrite cemented hydrothermal breccia returned 1 m at 1.1 g/t Au and 0.3 % Zn within a 2 m mineralized intercept yielding 0.66 g/t Au. Further Exploration Drilling: Further drilling will systematically test the high-grade Cumavici vein along strike to the NW/SE and down-dip SW where the mineralization is open and untested.

The Cumavici Ridge target lies within a local magnetic low, which is continuous for > 500 m strike length. The Company interprets the well-developed magnetic low lineament to represent the structure hosting the Cumavici Ridge polymetallic mineralization, offering a robust target for expansion of mineralization. Due to the shallow nature of this high-grade system, drilling can quickly define strike length utilizing a 40 m regular step out.

Mineralization is interpreted to be dipping shallowly to the SW, which allows for down-dip testing with modest meterage requirements. This will be a priority of the 2023 drilling campaign. Target generation is ongoing by utilizing the geological knowledge gained in the 2022 drilling campaign to unlock the potential of the 7.2 km strike length Cumavici corridor.

Understanding of the geochemical and geophysical signature of this high-grade system, and confirmation of the exploration strategy through definition of yet another mineralized structure at Josheva gives the Company confidence in the underexplored nature of the Cumavici corridor. Surface expressions of mineralized structures have been observed at several localities, namely Cumurnica and Seoce where soil geochemistry shows NW/SE trending anomalous Ag-Pb-Zn. Zones of fault gouge with disseminated sphalerite and galena are observed on surface which can be tied to low magnetic lineaments, offering targets for future drilling.

The Cumavici corridor remains largely untested, and the Company firmly believes there is opportunity for discovery of the Cumavici Ridge style mineralization along the entire 7.2 km strike length. Composite, half a drill core (PQ3 and HQ3) samples were delivered by truck to ALS Bor, Serbia for sample preparation and analysis at the ALS laboratory Loughrea, Ireland an ISO/IEC 17025:2017 certified testing laboratory. Sample preparation PREP-31BY method was used on all core samples.

This involves crushing to 70% less than 2 mm, rotary split 1kg and pulverizing the split to greater than 85% passing 75 microns. Gold was assayed by 30g fire assay with ICP-AES finish (Au-ICP21). Analyses of silver and base metals were completed by highly oxidising digestion with HNO3, KClO3 and HBr (ASY-ORE) and the final solution in dilute aqua regia is determined by ICP-AES (ME-ICPORE).

Control samples, comprising certified reference materials (CDN-ME-1811), quarter core field duplicates and blanks were inserted at a rate of 5% and investigated as part of the company's quality assurance and quality control program. Dr. Aleksandar Miškovic, P.Geo, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”). Dr. Miškovic has reviewed and validated the information contained in this news release as factual and accurate.