TERRA BALCANICA CONFIRMS EPITHERMAL GOLD AND PORPHYRY COPPER TARGETS AT CEOVISHTE IN SERBIA AND CLOSES FIRST TRANCHE OF FINANCING

Highlights Surface rock sample consist of concentrations as high as 5 g/t Au, 78.6 g/t Ag and 2.47 % Cu with as much as 0.39% Co and 0.45% Bi (Table 1); > 900 m strike length of Au-Ag-As-Bi-Cu-Te anomalism in soil geochemistry specifies brand-new target, with soil assays returning as much as 2.42 g/t Au (Figure 2); Mineralization is managed by potassic transformed diorites hosting quartz-chalcopyrite veins with secondary copper mineralogy at surface area (Figure 3) and a gold-bismuth-cobalt abundant epithermal assemblage; Drill-ready with both porphyry and epithermal mineralization noticeable at collar areas. Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “Detailed prospecting, rock chip and soil tasting at our Serbian Ceovishte licence not just validated the presence of a substantial hydrothermal system accountable for multi-ounce gold assays at surface area near the Medjurečje region however likewise specified a brand-new, 900-m-wide, topographically depressed, semi-circular gold-silver-copper soil anomaly northeast of the state-of-the-art Au zone that is identified by potassic modified andesites translating by Terra’s technical group to represent a formerly ignored porphyry target. This verifies the capacity of our Serbian properties and represents a substantial diversity of the Company’s polymetallic portfolio currently specified by our Viogor Zanik job. It sets the phase for drilling of the shallow high grade gold target later on this year.” The Ceovishte license amounts to over 80 km2 of extremely potential land for gold and copper expedition in the historical Raska mining district of southern Serbia (Figure1). The license location drapes southern slopes of the Golija Mountain, a part of the popular Kopaonik metallogenic zone. This location includes the Kiževak and Sastavci Pb-Zn-Ag mines consisting of the Karadak deposit, all owned by Adriatic Metals plc. The historic Yugoslav GKZ, non-NI 43-101 certified resource price quotes for Kiževak is 3.9 Mt of ore grading 3.92 % Zn, 2.15 % Pb and 31 g/t Ag classified according to the Yugoslav A+B+C 1 resource classification (www.adriaticmetals-serbia.com/our-projects/adriatic-metals-serbia-sastavci). The Raska mining district likewise holds the Rudnica Cu-Au porphyry target and is a northern extension of the partly made use of, world class Trepča Pb-Zn-Ag skarn deposit of the norther Serbian province of Kosovo. Trepčan includes a non-NI 43-101 certified resource of 60.5 Mt of ore grading over 8.0 % Pb+Zn and > 159 Moz of Ag. Figure 1. Geological map of the Ceovishte license location in southern Serbia. The black rectangular shape identified Figure 2 is Terra’s main location of interest within the license. It encapsulates Au-Cu mineralized Neogene volcanic rocks which intruded an ultramafic nation rock of the West Vardar Ophiolite. Previous operators carried out operate in the south of the Ceovishte license and ignored the Au-Cu capacity of the north where Terra has actually performed an effective soil and rock chip tasting project and is preparing a first drilling program in early Q3 of 2023 (click on this link to see image). Figure 2. Map showing Au in soil (ppb), and anomalous Au-Ag-As-Bi-Cu-Te signature. Testing confirms the place of recognized mineralization and exposes > 900 m strike length of brand-new potential ground available to the NE. Rock sample IDs can be associated with lead to Table 1. The drill target is identified where rock chips return as much as 53.5 g/t Au and 1.45 % Cu. Keep in mind the place of anomalous Au in soil forming an arcuate pattern around the depressed centre, analyzed as possible concentric fractures around a porphyry invasive which crops out in the south and northwest. (WGS84/UTM Zone 34N) (click on this link to see image). Geology and Mineralization The Company is concentrated on checking out the neglected Au-Ag-Cu (Bi-Co) events in the northern levels of the license where Neogene invasive rocks of intermediate structure are emplaced within ultramafic rocks of the west Vardar Ophiolite Belt. Field observations and microscopy validates biotite-magnetite-k-feldspar potassic change within the diorites, which are observed managing the circulation of mineralization and are hence presumed as the causative invasion and target for more expedition. Invasive contacts and vein-hosted sulphides in the south dip shallowly to the NNE listed below ultramafic cover into an annular topography low. Both hypogene sulphide mineralization and supergene oxide zones exist at Ceovishte and returned extremely motivating assay outcomes of a well-endowed Au-Ag-Cu system. Quartz-chalcopyrite veins are partly oxidised at surface area producing a mix of malachite, azurite and tenorite (Figure 3) and happen within the very same outcrops as quartz-arsenopyrite-bismuthinite veins. Chalcopyrite is likewise observed carefully shared within the potassic transformed intrusives. Gossans and vuggy silica host the greatest Au worths approximately 53.5 g/t. Figure 3. Macroscopically observed copper mineralization in samples 103281 and 103276 which returned 1.45 % and 2.47 % Cu, respectively. Mineralization is vein-hosted within potassic transformed diorites and makes up quartz, chalcopyrite, malachite, azurite and tenorite (click on this link to see image). Mineralized rock samples likewise return high bismuth and cobalt, which might have been removed from the ultramafic nation rocks by hydrothermal fluids and re-precipitated within the epithermal veins. Ceovishte for that reason has qualities of the 5-element vein (Ag-Bi-Co-Ni-As) design of mineralization. Test Easting Northing Au (g/t) Ag (g/t) Bi (ppm) Cu (%) Co (ppm) 100851 476500 4815182 53.5 8.7 4490 0.03 12 100838 475554 4816186 0.19 78.6 2 0.01 71 100839 476417 4815188 11.0 10.1 3570 0.14 805 103273 476383 4815204 6.56 1.2 299 0.01 1300 103271 476335 4815157 0.48 1.8 20 0.12 21 103282 476479 4815173 10.95 0.82 299 0.02 3940 103264 476602 4815182 0.09 18.9 6 0.01 5.7 103267 475606 4816196 0.02 0.69 42 0.04 9 103262 475628 4816084 3.09 11.8 480 0.03 336 103269 475605 4816158 0.10 1.7 0.4 – 9 103276 476179 4815987 0.05 10.8 20 2.47 13 103279 476376 4815128 0.39 2.16 5 0.01 27 103280 476383 4815133 3.28 1.42 224 0.01 145 103277 476189 4815997 2.2 0.5 69 0.01 88 103281 476514 4815189 0.16 21.5 144 1.45 50 Table 1. Rock chip areas and assay outcomes for crucial product aspects. Samples can be seen with anomalous Au in soil Figure 1. (WGS84/UTM Zone 34N). Soil Geochemistry Results from 386 B/C horizon soil samples effectively recorded the signature of Au-Cu mineralization at Ceovishte. 2 recognized events were highlighted by the s
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