Vancouver-based mining exploration company said it had extended yet again its polymetallic footprint after a positive step out drill exploration within its flagship project in Bosnia. this morning
The company announced today that it intersected 284 g/t silver equivalent (Ageq) over 10 meters from surface, including 895 g/t Ageq over 2 meters at Viogor-zanik Project in Bosnia.
This is the company's fifth successful exploration drill hole within the Cumavici Ridge target, following their discovery of silver and sulfide mineralization between September and October 2022.
Terra Balcanica confirmed that the Cumavici Ridge is a high-grade polymetallic target, with a significant potential for expansion given the shallow nature of the epithermal system detected so far (30-85 m depth).
Terra Balcanica is a polymetallic resources exploration company based in Vancouver, BC, Canada, targeting large-scale mineral systems in the Balkans of southeastern Europe. They have a 90% stake in their main Viogor-Zanik project in eastern Bosnia and fully-owned mineral exploration licenses in Kaludra and Ceovishte in Serbia. The license sites in Serbia are drill-ready and present bonanza-grade Pb-Zn surface geochemistry and multi-ounce gold assays from grab samples.
From its current price being in the lower 20s per ounce, expert analyst David Morgan sees the silver potentially shooting up to US$50 per oz and even pushing up to US$100 if the US$50 wall is pierced. He said 2023 is a good year for silver and that if prices go up to US$32 or US$33, the trajectory will easily reach the US$50 level.
Technical analyst Clive Maund said that Terra is one of his top 3 metal stocks.
He attributed the demand growth prospect to the overall tight supply of silver, having a 200 million oz deficit. Morgan clarified that there is no shortage, but it is "difficult to source" silver at present.
"If [silver prices] gets to US$50, I don't know if it will happen this year, but when it happens, there will be a sell-off for a while . . . and silver will base around US$35, US$40, or US$45 then regather its strength and shoot up through US$50," Morgan said.
Consecutive Silver Explorations Amid Tight Supply
Terra has been expanding its exploration of the shallow Cumavici corridor at an accelerated pace, having reported multiple drill step out over the last few months.
Technical analyst Clive Maund flagged Terra as one of his top 3 metal stocks, as the company continues showing positive drilling results when it comes to silver. With the company confirming consistent high-grade polymetallic drill intercepts at its flagship project in Bosnia, and the future drilling program in Serbia, Terra Balcanica is set to benefit from increased silver price and demand.
As said earlier this month, Terra Balcanica Resources plans to enter the regional SE European battery metal exploration space. Further details surrounding this development will be released around mid-March.
Other than that, Terra will continue its Phase 2 7,000-meter diamond core drilling program at its flagship Viogor Zanik. This will be divided by target as:
- 4,000m at the Cumavici Ag-Zn-Pb-Au-Sb target – mineral resource definition
- 2,000m at the Brezani Au skarn/porphyry target – preliminary target definition
- 1,000m at the Olovine Mo-Cu porphyry target – preliminary target definition
Ownership and Share Structure
Streetwise Ownership Overview*
51.6 % of the company's stock is held by management, insiders, and directors. Among the top investors in management, CEO Dr. Aleksandar Mišković owns 11.7% of Terra's stock, with 9.21 million shares, according to Reuters. Co-founder and Director Aleksandar Ilić has 12.46%, with 9.0 million shares.
Non-Executive Chairman Giulio Bonifacio has 3.99%, with 2.93 million shares, and Director Brandon Bonifacio M.Eng., MBA is at 2.29%, with 2.15 million shares. An estimated 48.4% is in retail, according to the company.
Terra Balcanica has CA$300,000 in the bank with a CA$40,000 monthly burn rate and CA$260/meter in drilling costs. The company has a market cap of CA$6.67 million and 84.757 million outstanding shares. It trades in the 52-week range between CA$0.05 and CA$0.20.
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