04:29 PM EDT, 08/18/2025 (MT Newswires) -- Terra Balcanica Resources ( TEBAF ) closed lower Monday, having touched fresh 52 week highs earlier in the session, before it announced expansion of the surface gold skarn system at Brezani, and the start of a Phase III drilling campaign at its Viogor-Zanik project, Bosnia and Herzegovina.

The company highlighted the results from several drillholes, including Brezani drillhole BRE23001 located 125 m south-west of the maiden Brezani drillhole, which intercepted 0.27 g/t Au over 72.3 metres, including 0.62 g/t Au over 7.5 metres. Additionally, two antimony veined zones, 1.5 and 0.5 metres wide were intersected, respectively.

The drillhole BRE23002 located 145 m northwest of BRE23001 intercepted 1.51 Zn% over 6 meters including 0.54% Sb over 1.65 m as well as 0.6 g/t Au over 2.85 m.

Also, drillhole BRE23003 located 77 m southeast of the maiden Brezani drillhole encountered 0.19% Sb over 2.0 m as well as 0.6 g/t Au over 2.85 m.

Terra Blancanica CEO, Dr. Aleksandar Miskovic, said, "We are pleased to have expanded the gold footprint at Brezani. The Au bearing metasomatized hornfels intercepted from surface at BREDD002 three years ago were not just a one-off as the follow up drilling clearly suggests a skarn with the gold mineralization over 200 m laterally. Being close to the surface, this is a considerable value add at Brezani given the NE-shallowing, 20 m wide, fault hosted silver antimony horizon which is the real focus of the current Phase III drill program."

Terre Balcanica closed down $0.015 at $0.12, having touched $0.165 around midday.