Terra Balcanica Resources Corp. announced the discovery of a gold bearing system at Brezani within its 90% owned Viogor-Zanik project, Bosnia and Herzegovina. Brezani is located 8.4 km south of the Mineco Ltd.Sase Mine which produces approximately 330 kt of lead-zinc-silver-gold concentrate per year (Figure 1).

Brezani hosts components of a large magmatic-hydrothermal system discovered by geophysical and geochemical surveys. Drillhole BREDD001 was terminated at 28.6 m depth due increased levels of core loss. The core returned 28.6 m at 0.58 g/t AuEq from surface.

The lithologies intercepted were strongly oxidized diorites and hydrothermal breccias, ending in a calc-silicate hornfels. Au contents of up to 1.9 m at 2.46 g/t Au are observed in hydrothermal breccias of dioritic intrusive rocks, apopheses of an underlying pre/inter-mineral intrusion. Drillhole BREDD002 was designed as a subsequent hole to BREDD001 to test the resistive hanging wall existing below the exposed calc-silicate hornfels.

The drillhole collar was centered on an 850 m wide Au in soil anomaly and located 65 m NW from the previously completed exploratory trenches that yielded 32 m at 0.54 g/t AuEq. The mineralized interval reporting 88.0 m at 0.61 g/t AuEq from surface includes 7 m of dilution from a late, post-mineralization diorite dyke. The sulphides encountered at Brezani are characterised by both disseminated and intervals of semi-massive sphalerite-chalcopyrite.

Pyrrhotite is the dominant iron sulphide, with pyrite uncommon. The gold is controlled by lithology and associated with skarns, calc-silicate hornfels and specific intrusive phases. Quartz veins host pyrrhotite, sphalerite, chalcopyrite and molybdenite.

A less reactive hornfels is present between 87.2 and 199 m depth but silicified diorite reappears between 214 and 215 m depth where the drillhole ended in Au mineralization returning 0.26 g/t Au. Intermediate sulphidation veins were observed at 156 m and 168 m downhole returning 1.0 m at 0.39 g/t Au and 1.0 m at 0.34 g/t Au, 12.1 g/t Ag, respectively. The presence of these veins confirms another mineralization style within the broad porphyry (Cu) model.

Mineralogy is varied with pyrrhotite, pyrite, sphalerite, galena, arsenopyrite and bismuthinite present within fault hosted, quartz-carbonate veins. The Brezani target bears lithological similarities with the Rogozna Project operated by Zlatna Reka Resources located 150 km SW within the Oligo-Miocene Tethyan belt in neighbouring Serbia. The Rogozna Au-Cu skarn deposit has a 2021 JORC compliant inferred mineral resource of 64 Mt grading 0.7 g/t Au and 0.2% Cu (2.15 Moz Au total), calculated using multiple indicator kriging on 154 drillholes, totalling 90,278 drill metres.

Further Drilling: The coincident strong magnetic and conductivity anomalies (> 60 mS/m) below the resistive surface shell at Brezani remains untested and presents a promising target for increased, interconnected sulphide content characteristic of mineralized porphyry shells, which will be the Company's priority during the 2023 drilling campaign. Follow up will be undertaken from other locations within the Au-in-soil anomaly to assess lithological variability and grade of the Au skarn along strike. Additional drilling will test Au anomalous rock chips within argillically altered volcanics and hydrothermal breccias thus offering a chance for testing multiple styles of mineralization within a broad porphyry model.

Half core (PQ3 and HQ3) samples were delivered to ALS Bor, Serbia for sample preparation and subsequent wet chemical analysis at the Loughrea laboratory in Ireland, an ISO/IEC 17025:2017 certified test facility. Sample preparation PREP-31BY method involved crushing the core to 70% less than 2 mm, rotary split 1.0 kg and pulverizing the split to greater than 85% passing 75 microns. Silver and base metals were analysed by ICP MS after a four-acid digest (ME-MS61).

Gold was assayed by 30g fire assay with ICP AES finish (Au-ICP21). Over limit samples for base metals were re-analysed by the four-acid digest ICP-AES analyses termed ME-OG62. Control samples comprising the certified reference material CDN-ME-1501 (Canadian Resource Labs Ltd.), 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.