The silver price has also suffered from the global disruptions triggered by US tariff policies, but has recently managed to recover. In the long term, many experts expect the precious and industrial metal to rise to completely different price spheres. Mining legend and multi-billionaire Eric Sprott, for example, anticipates a massive rally! This would play into the hands of Aleksandar Miskovic, as the CEO of Canadian Terra Balcanica Resources (CSE TERA / WKN A40DA5) is about to launch the next drilling program on the Viogor Zanik project, which is primarily rich in silver – but also contains gold and antimony.

As the name suggests, the company’s projects are located in the Balkans, with the undisputed flagship project Viogor Zanik in Bosnia and Herzegovina. The project area, which spans 168 square kilometers, is located about 80 kilometers east of the producing Vares silver mine of Adriatic Metals (WKN A2PW0G). Adriatic is one of the mining success stories in the region and certainly a blueprint that Terra Balcanica would love to follow!

Overall, the location of Terra Balcanica’s projects is extremely promising, as they are situated at the northwestern end of a corridor that features multiple epithermal lead, zinc, silver and gold as well as gold, copper and molybdenum porphyries, and also skarn gold/CRD lead-zinc deposits. This corridor is so exceptionally rich in metals that, apart from Adriatic, the who’s who of the mining industry is represented, including Rio Tinto, Freeport McMorran, Zijin, Dundee Precious Metals and Eldorado Gold, to name just a few.

Two Primary Target Areas Identified

The project itself is divided into two license areas, where the company has been advancing systematic exploration work since 2020/2021, with the first drilling taking place in early 2022. Since then, three particularly promising targets have been identified, of which two have been examined more closely – Cumavici and Brezani.

Interestingly, both licenses are located near – just about 7 kilometers away – a producing privately owned former Yugoslavian mine, which according to Terra Balcanica CEO Miskovic produces more than 350,000 tons of lead, zinc, silver, antimony and gold concentrate per year.

And, perhaps even more significantly, this private company called Mineco is exploring epithermal intermediate sulfidation veins, similar to those found on Terra Balcanica’s project area, except that in this case they run from northeast to southwest, trending in a different direction. There are no official talks between the companies yet, but CEO Miskovic can certainly envision a strategic partnership in the future.

Source: Terra Balcanica Resources

The Epithermal Cumavici Trend

The Cumavici target area is a shallow, high-grade, intermediate sulfidation polymetallic silver, antimony, lead, zinc and gold vein system located in a semi-continuous, 7.2 km long largely untested structural corridor. And: This is where Terra Balcanica plans to start the next drilling soon!

In 2023, the company had already conducted drilling with a total length of 800 meters, extending the known strike length of the epithermal mineralization (120 meters) by an additional >600 meters to the northwest, while the mineralization continues to maintain its shallow, vein-hosted character (7 – 80 meters) and remains open down-dip!

In the process, the company has repeatedly drilled world-class results, as CEO Miskovic is not shy to say. These included 1,138 g/t silver equivalent (gold, silver, zinc, lead and antimony) over 4 meters from just 29 meters depth, 1,936 g/t silver equivalent over 2 meters and 5,482 g/t silver equivalent over 1.7 meters, to name just a few particularly impressive intersections.

Price Explosion: Antimony Comes to the Forefront

However, Terra Balcanica had presented the majority of these results at a time when hardly any market participants were interested in junior resource companies, and antimony was not attracting any attention. This has now thoroughly changed.

The market for this material, which is particularly used in the defense sector, is dominated by China, like many others. In 2024, the People’s Republic introduced export restrictions, mainly to affect the USA, which caused the price to virtually explode. This, in turn, puts the mineralization on Terra Balcanica’s projects in a completely different light!

Brezani: The fifth-best antimony discovery in the world 2024-25

Particularly noteworthy is the potential of the Brezani target area, which the company describes as a “multi-domain” gold, silver, and antimony target. Earlier this year, Terra Balcanica reported what it claims to be the “fifth-best antimony discovery in the world for 2024-25” from this site!

Brezani is a porphyry, skarn, epithermal target with a geophysical signature similar to the Rogozna gold and copper skarn project in southwestern Serbia, which has resources of 2.1 million ounces of gold equivalent. Terra Balcanica has also identified overlapping 1.2-kilometer-wide magnetic and electromagnetic anomalies at Brezani and demonstrated a 700-meter surface gold, bismuth, and zinc anomaly.

In 2022, Terra Balcanica’s very first drill hole revealed 0.61 g/t gold equivalent over 88 meters from the surface, and this drilling campaign was completed in August 2023. During this, they also encountered a 20-meter wide and 1.2-kilometer long conductor, interpreted as a silver and antimony mineralized fault breccia that outcrops to the northeast.

And in January of this year, the company now reports the results of the extension of drill hole BREDD002 from 2023: 436 g/t silver equivalent over 19.6 meters, including 746 g/t silver equivalent and 1.42% antimony over 98 meters! The aforementioned outstanding drill hole.

Conclusion: Terra Balcanica has already demonstrated excellent drilling results at both Cumavici and Brezani, but has so far received little – in our opinion too little – “love” from the market. Now the company is initiating another drilling program – in a much more positive environment. Silver, but especially antimony, have meanwhile rallied, and one should not forget the gold mineralization discovered at Brezani – now that the gold price has surpassed the $3,300 per ounce mark. We believe that Terra Balcanica is likely to gain significantly more attention than before with the start of the new drilling program and, of course, if the results should come in positive. We’ll keep you posted!