On March 17, 2015, Timberline entered into a transaction with Gunpoint Exploration Ltd. pursuant to which the Company acquired the option to purchase 100% of the Talapoosa project, located in Lyon County, Nevada. For more information regarding the acquisition terms, see the press release dated March 17, 2015.
- NI 43-101 resource consisting of:
– 1,012,802 oz gold (M&I)
– 233,532 oz gold (Inferred)
- Near-surface oxide gold ounces totaling:
– 162,581 oz (M&I)
– 47,745 oz (Inferred)
- Historically permitted proposed open-pit, heap-leach project with extensive historical engineering work
- Low-risk, pro-mining jurisdiction
- Well-established infrastructure
- PEA Filed May 21, 2015
The Talapoosa property is a low-sulphidation gold/silver property in the Walker Lane gold trend of western Nevada, approximately 45 kilometres east of Reno (Figure 1). The property consists of 509 owned BLM unpatented lode mining claims, 26 unpatented lode mining claims leased from Sierra Denali Minerals, 4 additional fee land sections leased from Sario Land and Livestock, 2 additional fee land sections leased from Nevada Bighorns Unlimited Foundation, and a portion of 1 additional fee land section owned by American Gold Capital US Inc. The total land package for the project is contiguous and covers approximately 14,870 acres (Figure 2). Timberline has a 100% option interest in the project subject to the terms and conditions of the leased properties.
Timberline’s current gold resource estimate (1) at Talapoosa consists of:
The above resource estimates are included in the Technical Report prepared by WSP Canada Inc. (Sudbury, Ontario) with contributions from McClelland Laboratories, Inc. (Reno, Nevada) and has an effective date of March 24, 2015