Terra Balcanica Resources Corp. has announced that Terra North Resources Corp., in which it holds a 39.5% equity interest, has received preliminary airborne survey data identifying seven prominent radiometric anomalies at the Charlot-Neely Lake project in northern Saskatchewan.

The 2,441-line kilometre survey covers 163.7 square kilometres at 75-metre line spacing and uses a 16-detector focused gamma ray spectrometer system alongside a cesium magnetometer. The preliminary N-S oriented tie lines detected seven prominent anomalies, with one of the strongest readings located north of Neely Lake in an area known to host uranium mineralization outcrops grading up to 0.8% U3O8.

The magnetometer data has outlined two major magnetic domains separated by the Black Bay Fault. Terra Balcanica originally secured a four-year option to acquire a 100% interest in the Charlot-Neely Lake and surrounding Saskatchewan uranium licences from Fulcrum Metals in July 2024. In December 2025, the company approved a corporate reorganization to transfer its Saskatchewan uranium portfolio into Terra North ahead of a planned public listing.

“It is encouraging to see that the very first day of flying has yielded several promising radiometric signatures to follow up on. We are excited to receive the full data set to process and invert as a precursor for ground truthing and drill target definition. I am certain we will have plenty to choose from looking at the remaining size of Terra North’s portfolio in the Beaverlodge District where recent maiden drilling on Xcite’s Don Lake claim 9 km to southwest has been successful.”

— Dr. Aleksandar (Alex) Mišković, CEO

Terra North is targeting a going-public reverse takeover and listing on a Canadian stock exchange in the fourth quarter of 2026. Following completion of the airborne survey data set, the company plans to conduct ground truthing and sampling at Charlot-Neely Lake in early 2027 to prioritize drill targets.

In parallel with the exploration update, Terra Balcanica announced leadership changes. Giulio Bonifacio has stepped down as non-executive chairman, and Brandon Bonifacio has stepped down as a director, both effective immediately, to focus on other business interests and roles. The departures follow five years of contributions and support from both directors.

Read the full announcement: Terra Balcanica Spin Off Terra North Resources Identifies Radiometric Anomalies over Charlot-Neely Lake in Saskatchewan