Terra Balcanica Spin Off Terra North Resources Corp. to Start Airborne Geophysics over Charlot-Neely Lake Claims in Saskatchewan
Vancouver, British Columbia, Aug. 19, 2026 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1; OTCQB:TEBAF) is pleased to announce that Terra North Resources Corp. (“Terra North”), a private company incorporated under the laws of British Columbia in which Terra owns 39.5% equity, has engaged Calgary, AB based Special Projects Inc. ("SPI") to conduct a combined, radiometric and magnetic survey at its flagship Charlot-Neely Lake claim cluster ("Charlot-Neely Lake" or the "Project"), located 20 km north of Uranium City along the northwestern margin of Saskatchewan’s Athabasca Basin (Figure 1).
Figure 1. The location of the Project in bright green within the Uranium City-Beaverlodge District (upper left) and in the context of Athabasca Basin claims. Also shown in green is the remainder of the Terra North portfolio occupying segments of regional structural domains such as: Black Lake Fault of Snowbird Tectonic Zone, Grease River Fault and Needle Falls Shear Zone.
Terra North holds an option to acquire 100% interest in the Project from Fulcrum Metals Canada Ltd. subject to satisfying certain earn-in requirements (see the Company's news release dated July 3rd, 2024).
SPI Survey
The SPI survey will provide a high-resolution coverage of multiple radiometric anomalies interpreted as potentially related to uranium-bearing sources, including several that are positioned along prominent NE-SW trending conductors (Figure 2). The airborne survey will be completed under Terra North’s direction and will be fully funded by Terra North as a qualifying exploration expenditure and a part of its listing requirements via Reverse Takeover.
Figure 2. The Project claims cumulatively feature a dozen historic radiometric anomalies up to >6 % U3O8 in rock chips and more than 13,000 cps measured in outcrops together with a 1936 drill hole DDH-17 that intercepted a significant gold tenor from surface. Previously mapped electromagnetic conductors and lineaments are structural domains of the Black Bay Fault of which 20 strike-length km are located within the Project claims.
To be flown at 75-metre line spacing along E-W direction and with 1000-m spaced N-S oriented tie lines, SPI will execute a three-week long, geophysical program to produce high-resolution radiometric and magnetic datasets along 2,441-line km across the entire 163.7 km2 of the Project to support a comprehensive interpretation of basement geology (Figure 3).
SPI’s 16-detector focused gamma ray spectrometer system generates some of the highest spatial resolutions in the industry with a 20m sensor footprint on surface. It is specifically designed to locate individual boulders and is readily used for radioelement (K, Th, U) hotspot identification and mapping. The SPI platform includes the CS-III magnetometer, sampling at 1,000Hz and designed for low-altitude flights to systematically map district-scale subsurface geological structures, detect faults and lineaments as well as estimate depth of the Athabasca sedimentary package. A Riegl NADIR narrow beam LiDAR (Light Detection and Ranging) will be used for terrain mapping. The SPI’s GNSS/INS/AHRS FOG inertial sensors provides precise attitude and real time and corrected position accuracy to cm level. Infill flightpaths will be made across the newly discovered or particularly anomalous measurements.
When eventually integrated with heliborne VTEM and drone LiDAR surveys, the SPI data set will help Terra North identify or upgrade selected target zones for ground truthing (mapping and sampling) in early 2027 and will assist with drill target prioritization.
Figure 3. Proposed SPI flight lines at 75 m spacings will intersect the regional tectonic grain at an oblique angle of ca. 45 degrees to optimize the gamma ray readings along NE-SW trending ridge topography.
Terra Balcanica and Terra North CEO, Dr. Aleksandar (Alex) Mišković, commented: “SPI is known for delivering robust, high-resolution magnetic and radiometric data that have previously advanced understanding of prospectivity and basement geology across the Beaverlodge District. We will be able to assess the new magnetic anomalies and gamma ray counts against known geophysical features to thoroughly assess the uranium-bearing potential of Charlot-Neely Lake on a regional scale. Terra North’s immediate focus will be to refine and rank targets for follow-up drill programs. We are also looking forward to commencing a fully funded airborne geophysical coverage of all remaining parts of Terra North’s 594 km2 portfolio including Snowbird Tectonic Zone, South Pendleton and the Fontaine Lake claims.”
Going Public Transaction
Since the incorporation and spin-out of Terra North (see the Company's news release dated December 15th, 2025), Terra North has been advancing preparations for a going public transaction. Proceeds from two rounds of private placement financings have been used to maintain in good standing its sizeable Athabasca Basin land holdings. Terra North is incurring exploration expenditures on the Project sufficient to qualify for a listing on a Canadian stock exchange and is in the process of completing an audit of its financial statements and commissioning a technical report on the Project. Terra North’s management is in the process of evaluating potential counterparties for completing a reverse-take over transaction to achieve a listing on a Canadian stock exchange and anticipates such going public transaction to be completed in Q4 2026.
Qualified Person
Dr. Aleksandar Mišković, P.Geo, is the Company’s CEO and designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”). Dr. Mišković has prepared this news release and validated that the information contained within is factual and accurate.
About the Company
Terra Balcanica is a silver and antimony-focused polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 100% interest in the Viogor Project in eastern Bosnia and Herzegovina. Terra owns a 39.5% ownership in Terra North Resources Corp. and its Canadian assets that comprise a 100% optioned portfolio of uranium-prospective claims surrounding the world-renowned Athabasca basin. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp.
“Aleksandar Mišković”
Aleksandar Mišković
President and CEO
For the complete information on this news release, please contact Aleksandar Mišković at amiskovic@terrabresources.com, +1 (514) 796-7577, or visit www.terrabresources.com/en/news.
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the terms and completion of the Private Placement, the anticipated Closing Date, the payment of finder’s fees and the use of proceeds for the Private Placement and the completion of a going-public transaction by Terra North. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the ability to obtain regulatory approval for the Private Placement; the state of the equity financing markets in Canada and other jurisdictions; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; and fluctuations in metal prices. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
