Timberline welcomes Dr. Quinton Hennigh to Board of Directors and announces Eureka Drilling and Exploration Update

Timberline welcomes Dr. Quinton Hennigh to Board of Directors and announces Eureka Drilling and Exploration Update

Sep 15, 2020

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Coeur d’Alene, Idaho – September 15, 2020 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) is pleased to announce that Dr. Quinton Hennigh has joined its Board of Directors. The Company is well-capitalized after its recent US$3.7 million financing. Reverse circulation drilling is underway at Lookout Mountain on the Eureka property; a core rig will be added imminently.

Dr. Hennigh began his distinguished career in gold exploration after obtaining his PhD in Geology/Geochemistry from the Colorado School of Mines. He is Chairman and President of Novo Resources Corp, an emerging gold producer in Australia. His notable project involvements include First Mining Gold’s Springpole alkaline gold deposit in Ontario, Kirkland Lake Gold’s acquisition of the Fosterville gold mine in Australia, the Rattlesnake Hills alkaline gold deposit in Wyoming, and Lion One’s Tuvatu alkaline gold project on Fiji, among others.

Dr. Hennigh joins a team of Nevada-focused geologists, including directors David Mathewson, Paul Dircksen, and Bill Matlack, each with multi-million-ounce gold discovery experience.

Chairman Leigh Freeman noted, “We welcome Quinton to our exploration team. His exceptional discovery record, experience and insights will help us to test the substantial exploration upside of our projects.” 

Dr. Hennigh added, “I’m excited to explore Timberline’s exceptional district-scale opportunities at Eureka and Seven Troughs.  Eureka represents a rare opportunity in Nevada for a significant new Carlin-type gold discovery with multi-million oz potential.”

Eureka Exploration

In 2013, Timberline defined a NI 43-101 gold resource of 508,000 oz M&I and 141,000 oz Inferred (refer to Updated Technical Report on the Lookout Mountain Project, MDA, Effective March 1, 2013, filed on SEDAR April 12, 2013) at Lookout Mountain.  The resource remains open in all directions and is elongate greater than 4 km north-south (Figure 1) and occurs on the western side of a largely undrilled greater than 4 km2 target area. Gold mineralization at Lookout Mountain has strong stratigraphic and structural controls and includes multiple multi-gram/tonne (g/t) high-grade gold zones (Table 1) previously drilled by Mr. Mathewson.

Mr. Mathewson commented, “The 2005-2007 core drilling at Lookout identified and documented geological, alteration, and structural features characteristic of and important to the formation of large Carlin-type gold deposits.  Lookout Mountain and the broader Eureka property have all the geological and geophysical characteristics for additional significant discoveries”.  

Figure 1.  Gold Occurrences in the Eureka District

Table 1.  Representative High-Grade Gold Drill Intercepts from the Lookout Mountain(1)

Drill Hole From (feet) Length (feet)(2) Gold (opt) From (meters) Length (meters) Gold (g/t)
BH05-01 270 65 0.344 82.3 19.8 11.8
BH05-03 193 3 2.250 58.8 0.9 77.1
BH06-02 445 27 0.364 135.7 8.2 12.5
BH06-07 406 92 0.217 123.8 28.0 7.4
BH06-10 0 55 0.503 0 16.8 17.2
BH06-13 148 3 1.47 45.1 0.9 50.4
BH06-16 0 33 0.380 0 10.0 13.0
BR-19 220 15 0.323 67.1 4.6 11.1
BR-19 385 75 0.283 117.4 22.9 9.7
BR-26 440 20 0.323 134.1 6.1 11.1
RTR-134 415 55 0.345 126.5 16.8 11.8
RTR-180 365 10 0.345 111.3 3.0 11.8
RTR-181 260 80 0.244 79.2 24.4 8.4
RTR-258 500 10 0.430 152.4 3.0 14.7
BHSE-126C 31 15 0.967 9.5 4.6 33.2
BHSE-151C 506 8.6 1.023 154.3 2.6 35.1
BHSE-152 1,030 10 0.165 314.0 3.1 5.7
(3)BHSE-171 1,020 10 0.230 311.0 3.1 7.9
(1)     Refer to Updated Technical Report on the Lookout Mountain Project, MDA, Effective March 1, 2013, Filed on SEDAR April 12, 2013
(2)     Drill thickness – True widths of drill intercepts have not been determined
(3)     See News Release dated April 20, 2015 @ https://timberlineresources.co/2015 for QA/QC protocols

Lookout Mountain Drilling

Timberline recently began a drilling program at Lookout Mountain that is now in progress (Figure 2). Reverse circulation and core drilling will define and test extensions of the multi-g/t, high-grade gold in the historic pit-area, step out from the Orpiment Discovery Zone east of the pit, and test an induced-polarization/resistivity (IP) anomaly further east beneath post-mineral Tertiary volcanic cover in the Lookout graben.

District-scale exploration will utilize geological mapping and geophysical surveys to develop drill targets. Timberline is reviewing proposals to expand previous gravity, IP and CSAMT surveys to further advance understanding of the subsurface stratigraphy and structure of the Lookout, Windfall, and Oswego trends on the Eureka property.

Figure 2.  Lookout Mountain Drilling Program Plan

About Timberline Resources:

Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada. These include the Lookout Mountain and the Windfall projects, both in the Eureka district. The Company is also operator of the Paiute joint venture project with Nevada Gold Mines in the Battle Mountain district.  These properties all lie on the prolific Battle Mountain-Eureka gold trend.  Timberline also controls the Seven Troughs property in Northern Nevada, which is one of the state’s highest-grade former gold producers. Timberline controls over 43 square miles (27,500 acres) of mineral rights in Nevada.  Detailed maps and NI 43-101 estimated resource information for the Lookout Mountain project at Eureka and NI 43-101 technical reports for the Paiute project may be viewed at http://timberlineresources.co/.

Timberline is listed on the OTCQB where it trades under the symbol “TLRS” and on the TSX Venture Exchange where it trades under the symbol “TBR”.

Forward-looking Statements: Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties.  These include, but are not limited to, statements regarding the advancement of projects, and exploration potential.  When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target”, “intend” and “expect” and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to risks involving forward-looking statements include, but are not limited to, changes in the Company’s business and other factors, including risk factors discussed in the Company’s Form 10-Q for the quarter ended June 30, 2020.  Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For Further Information Please Contact:   

Steven A. Osterberg
President and CEO
Tel:   208-664-4859
E-mail:  info@timberline-resources.com

Timberline Resources Closes US$3.7 Million Private Placement

Aug 31, 2020

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Coeur d’Alene, Idaho – August 31, 2020 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) is pleased to announce it has closed its previously announced non-brokered private placement financing (the “Offering”). Under the Offering, the Company issued 33,636,364 units (“Units”) at a price of US$0.11 for total consideration of US$3,700,000. Each Unit consists of one common share of the Company and one common share purchase warrant, with each warrant exercisable to acquire an additional common share of the Company at a price of US$0.20 per share until August 15, 2023.  Proceeds of the Offering will be used for exploration on the Company’s Nevada gold projects, primarily drilling Lookout Mountain on the prolific Battle Mountain-Eureka Trend, and for general corporate purposes.

The Offering was completed under Rule 506(b) of Regulation D promulgated by the SEC under the Securities Act of 1933, as amended (the “Securities Act”) solely to persons who qualify as accredited investors and in accordance with applicable securities laws.  

Entities managed by Crescat Capital (“Crescat”) subscribed US$1,800,000 of the Offering to acquire 16,363,636 Units. Crescat is a global macro asset management firm headquartered in Denver, CO. The firm recently launched a friendly activist precious metals mining fund. “We are excited about the exploration and development potential of Timberline’s impressive collection of Nevada properties”, said Crescat’s founder and CIO, Kevin Smith.

A finder’s fee of 6% was paid to a licensed broker in relation to a portion of the Offering.

Two insiders of the Company subscribed for 909,091 Units of the Offering. Participation by these insiders constitutes a related-party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. Because the Company’s shares trade only on the TSX Venture Exchange and OTCQB, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority shareholder approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(b) of MI 61-101. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of the insiders had not been confirmed at that time.

The warrants received by certain subscribers contain a voluntary restriction on any exercise of warrants that would cause beneficial ownership or control to exceed 19.99% of the issued and outstanding common shares of Timberline.

The securities offered in the Offering have not been registered under the Securities Act or the securities laws of any state of the United States and may not be offered or sold absent such registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or a solicitation of an offer to buy securities nor shall there be any sale of the securities referenced herein in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. The securities referenced herein have not been approved or disapproved by any regulatory authority.  

About Timberline Resources:

Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada. These include the Lookout Mountain and the Windfall projects, both in the Eureka district. The Company is also operator of the Paiute joint venture project with Nevada Gold Mines in the Battle Mountain district.  These properties all lie on the prolific Battle Mountain-Eureka gold trend.  Timberline also controls the Seven Troughs property in Northern Nevada, which is one of the state’s highest-grade former gold producers. Timberline controls over 43 square miles (27,500 acres) of mineral rights in Nevada.  Detailed maps and NI 43-101 estimated resource information for the Eureka property and NI 43-101 technical reports for the Paiute project may be viewed at http://timberlineresources.co/. 

Timberline is listed on the OTCQB where it trades under the symbol “TLRS” and on the TSX Venture Exchange where it trades under the symbol “TBR”.

Forward-looking Statements: Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties.  These include, but are not limited to, statements regarding the advancement of projects, and exploration potential.  When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target”, “intend” and “expect” and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to risks involving forward-looking statements include, but are not limited to, changes in the Company’s business and other factors, including risk factors discussed in the Company’s Form 10-Q for the quarter ended June 30, 2020.  Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For Further Information Please Contact:   

Steven A. Osterberg
President and CEO
Tel:   208-664-4859
E-mail:  info@timberline-resources.com

Timberline Announces $3.7 Million Private Placement

Aug 13, 2020

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Coeur d’Alene, Idaho – August 13, 2020 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) has arranged a non-brokered private placement offering of up to US$3,700,000 of Units of the Company at a price of US$0.11 per Unit solely to persons or institutions who qualify as accredited investors (the “Offering”) under Rule 506(b) of Regulation D promulgated by the SEC under the Securities Act of 1933, as amended (the “Securities Act”). The Offering is subject to approval by the TSX Venture Exchange.

Each Unit consists of one share of common stock of the Company and one common share purchase warrant (each a “Warrant”), with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of US$0.20 per share until the warrant expiration date of August 15, 2023.

Crescat Capital has agreed to subscribe to US$1,800,000 of the offering.  Crescat is a global macro asset management firm headquartered in Denver, CO. The firm recently launched a friendly activist precious metals mining fund. “We are excited about the exploration and development potential of Timberline’s impressive collection of Nevada properties”, said Crescat’s founder and CIO, Kevin Smith.

Finders’ fees may be payable with respect to subscriptions accepted by the Company, and consulting fees may be payable by the Company in relation to the Offering.  Certain insiders may participate in the Offering.

The Company plans to use the net proceeds of the Offering for exploration on its Nevada gold projects, primarily drilling Lookout Mountain on the prolific Battle Mountain-Eureka Trend, and for general corporate purposes.

The securities offered in the Offering have not been registered under the Securities Act or the securities laws of any state of the United States and may not be offered or sold absent such registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or a solicitation of an offer to buy securities nor shall there be any sale of the securities referenced herein in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. The securities referenced herein have not been approved or disapproved by any regulatory authority.  

About Timberline Resources:

Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada. These include the Lookout Mountain and the Windfall projects, both in the Eureka district. The Company is also operator of the Paiute joint venture project with Nevada Gold Mines in the Battle Mountain district.  These properties all lie on the prolific Battle Mountain-Eureka gold trend.  Timberline also controls the Seven Troughs property in Northern Nevada, which is one of the state’s highest-grade former gold producers. Timberline controls over 43 square miles (27,500 acres) of mineral rights in Nevada.  Detailed maps and NI 43-101 estimated resource information for the Eureka property and NI 43-101 technical reports for the Paiute project may be viewed at https://timberlineresources.co/. 

Timberline is listed on the OTCQB where it trades under the symbol “TLRS” and on the TSX Venture Exchange where it trades under the symbol “TBR”.

Forward-looking Statements: Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties.  These include, but are not limited to, statements regarding the advancement of projects, and exploration potential.  When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target”, “intend” and “expect” and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to risks involving forward-looking statements include, but are not limited to, changes in the Company’s business and other factors, including risk factors discussed in the Company’s Form 10-Q for the quarter ended March 31, 2020.  Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For Further Information Please Contact:   

Steven A. Osterberg
President and CEO
Tel:   208-664-4859
E-mail:  info@timberline-resources.com

Timberline Drops Elder Creek Option to Focus on Gold Exploration

Jul 14, 2020

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Coeur d’Alene, Idaho – July 14, 2020 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) has dropped its option to earn an interest in the Elder Creek copper project in order to focus its Nevada exploration on the Eureka and Paiute district-scale gold properties on the prolific Battle Mountain–Eureka gold trend.

Timberline’s President and CEO, Steve Osterberg commented, “Our resources are best used to advance the Lookout Mountain gold resource and the prospective Windfall target, both at Eureka, as well as the substantial gold-bearing mineralized system at Paiute on Battle Mountain.”

About Timberline Resources:

Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada. These include the Lookout Mountain project where the Company’s joint-venture partner, PM & Gold Mines, is in default and the Windfall project, both in the Eureka district. The Company is operator of the Paiute joint venture project with Nevada Gold Mines in the Battle Mountain district.  These properties all lie on the prolific Battle Mountain-Eureka gold trend.  Timberline also owns the Seven Troughs property in Northern Nevada, which is one of the state’s highest-grade former gold producers. Timberline controls approximately 32 square miles (20,443 acres) of mineral rights in Nevada.  Detailed maps and NI 43-101 estimated resource information for the Eureka property and a NI 43-101 technical report for the Paiute project may be viewed at https://timberlineresources.co/.

Timberline is listed on the OTCQB where it trades under the symbol “TLRS” and on the TSX Venture Exchange where it trades under the symbol “TBR”. 

Forward-looking Statements: Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties.  These include, but are not limited to, statements regarding the advancement of projects, and exploration potential.  When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target”, “intend” and “expect” and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to risks involving forward-looking statements include, but are not limited to, changes in the Company’s business and other factors, including risk factors discussed in the Company’s Form 10-Q for the quarter ended March 31, 2020.  Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For Further Information Please Contact:   

Steven A. Osterberg
President and CEO
Tel:   208-664-4859
E-mail:  info@timberline-resources.com

Timberline Update on Lookout Mountain JV, Nevada

Timberline Update on Lookout Mountain JV, Nevada

Jun 30, 2020

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Coeur d’Alene, Idaho – June 30, 2020 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) has issued a notice of default to PM & Gold Mines, Inc. (“PM&G”) pursuant to terms of the Lookout Mountain Joint Venture Agreement. The Agreement allows PM&G to earn an initial 51% interest in the project by funding $6 million in work expenditures over a 2-year period (see press release dated July 11, 2019 at https://timberlineresources.co/press-releases), of which $3 million was to have been expended during the first year.  PM&G has 30 days from June 28, 2020 to cure the default by making an in-lieu cash payment to Timberline of approximately $2.24 million.

Steven Osterberg, Timberline’s President and CEO, stated, “Lookout is a large Carlin-type gold system associated with a surface footprint of at 4-5 km along trend and ≥1 km width. The current NI 43-101 compliant gold resource of 508,000 oz Measured & Indicated and 141,000 oz Inferred remains open in all directions. We plan to expand the resource mineralization and to delineate and extend zones high-grade gold mineralization within it. With the improved capital markets, we look forward to advancing the project at the conclusion of the cure period.” 

Lookout Mountain Project

Past core and rotary drilling at Lookout Mountain partially delineated a trend of high-grade (intercepts of ≥0.10 ounces/ton (opt) (3.43 grams/tonne (g/t)) gold mineralization in the historical open-pit mine area (Figure 1), which produced 17,700 ounces of gold averaging 0.12 opt (4.11 g/t) in 1987 (see also press releases dated July 11, 2019 and September 4, 2019 at https://timberlineresources.co/press-releases and Updated Technical Report on the Lookout Mountain Project, MDA, Effective March 1, 2013, filed on SEDAR April 12, 2013). The drilling includes 46 intercepts in 38 drill holes (Table 1) of ≥ 0.25 opt (8.6 g/t) gold.  The high-grade gold mineralization occurs in relatively flat-lying to steep-dipping zones where structures intersect favorable stratigraphy. Associated alteration includes decalcification, collapse breccias, jasperoid, and chalcedonic silicification, which are characteristic of major Carlin-type gold deposits.

Plans include reverse circulation (RC) and core drilling. The core drilling will test continuity of the high-grade mineralization and provide important technical information. Some core holes will twin selected historical RC and conventional rotary holes to compare gold grades and recoveries. In addition, RC drilling will test for shallow, oxide gold mineralization north of the historic pit including a largely untested gap of approximately 1,500 ft (~450 m) between the current NI 43-101 resource and the Rocky Canyon mineralized area. It will also step out around the “orpiment-gold” high-grade mineralization discovered by drilling east of the pit area in 2015  (see press release dated April 20, 2015 at https://timberlineresources.co/press-releases).

Figure 1.  Lookout Mountain Open Pit-area Drill Holes, High-grade Gold Intercepts and Proposed Drilling Areas

Table 1.   Lookout Mountain High-grade Gold (≥ 0.25 opt (8.6 g/t)) Drill Intercepts1 

Drill
Hole

  Gold
(opt)		 From (feet)

To
(feet)

 Interval (feet)   Gold
(g/t)		 From (meters)  To (meters) Interval (meters)
BH05-01 0.370 270 330 60 12.7 82.3 100.6 18.3
BH05-03 2.24 193 196 3 76.8 58.8 59.8 0.9
BH06-02 0.360 445 472 27 12.4 135.7 143.9 8.2
BH06-10 0.537 0 50 50 18.4 0.0 15.2 15.2
BH06-13 1.47 148 151 3 50.3 45.1 46.0 0.9
BH06-13 0.277 385 409.5 24.5 9.51 117.4 124.9 7.5
BH06-16 0.376 0 32.7 32.7 12.9 0.0 10.0 10.0
BHSE-029C 0.349 391 449 58 12.0 119.2 136.9 17.7
BHSE-032 0.425 140 150 10 14.6 42.7 45.7 3.1
BHSE-034 0.460 135 140 5 15.8 41.2 42.7 1.5
BHSE-037C 0.810 222 223 1 27.8 67.7 68.0 0.3
BHSE-126C 0.967 31 46.2 15.2 33.1 9.5 14.1 4.6
BR-1 0.424 35 75 40 14.5 10.7 22.9 12.2
BR-1 1.32 65 75 10 45.1 19.8 22.9 3.1
BR-19 0.323 220 235 15 11.1 67.1 71.7 4.6
BR-19 0.319 385 450 65 10.9 117.4 137.2 19.8
BR-26 0.323 440 460 20 11.1 134.2 140.2 6.1
EFL-4 0.270 95 100 5 9.3 29.0 30.5 1.5
EFL-5 0.250 0 5 5 8.6 0.0 1.5 1.5
LM-05 0.259 0 65 65 8.9 0.0 19.8 19.8
LM-13 0.360 10 15 5 12.3 3.1 4.6 1.5
RTC-201 0.317 0 46 46 10.9 0.0 14.0 14.0
RTC-201 0.504 57 65 8 17.3 17.4 19.8 2.4
RTR-020 0.520 20 25 5 17.8 6.1 7.6 1.5
RTR-044 0.338 0 65 65 11.6 0.0 19.8 19.8
RTR-044a 0.290 0 10 10 9.94 0.0 3.1 3.1
RTR-044a 0.310 85 90 5 10.6 25.9 27.4 1.5
RTR-048 0.400 180 185 5 13.7 54.9 56.4 1.5
RTR-049 4.76 110 115 5 163 33.5 35.1 1.5
RTR-049 0.820 240 250 10 28.1 73.2 76.2 3.1
RTR-059 0.600 95 105 10 20.6 29.0 32.0 3.1
RTR-071 0.283 0 45 45 9.71 0.0 13.7 13.7
RTR-095 0.368 25 65 40 12.6 7.6 19.8 12.2
RTR-098 0.370 0 45 45 12.7 0.0 13.7 13.7
RTR-133 0.507 235 250 15 17.4 71.7 76.2 4.6
RTR-134 0.350 415 470 55 12.0 126.5 143.3 16.8
RTR-153 0.325 30 60 30 11.1 9.2 18.3 9.2
RTR-153 0.360 240 245 5 12.3 73.2 74.7 1.5
RTR-156 0.300 55 60 5 10.3 16.8 18.3 1.5
RTR-159 0.250 15 25 10 8.57 4.6 7.6 3.1
RTR-163 0.920 60 65 5 31.5 18.3 19.8 1.5
RTR-180 0.340 365 375 10 11.7 111.3 114.3 3.1
RTR-181 0.265 265 335 70 9.09 80.8 102.1 21.3
RTR-190 0.329 475 525 50 11.3 144.8 160.1 15.2
RTR-191 0.557 440 485 45 19.1 134.2 147.9 13.7
RTR-258 0.410 500 510 10 14.1 152.4 155.5 3.1

1 See Updated Technical Report on the Lookout Mountain Project, MDA, Effective March 1, 2013, Filed on SEDAR April 12, 2013 for sample preparation, analyses, and security, and data verification 

Lookout Mountain Gold Resource

Plans are to incorporate the results of the drilling to update the resource model prepared by Mine Development Associates (“MDA”) of Reno, Nevada in 2013 (Table 2).

Table 2.  Lookout Mountain Gold Resource(1)(2)(3)
Resource Category Tons Tonnes Gold (opt) Gold
(g/t)		 Gold Ounces
Measured 3,043,000 2,761,000 0.035 1.200 106,000
Indicated 25,897,000 23,493,000 0.016 0.549 402,000
Measured & Indicated 28,940,000 26,254,000 0.018 0.617 508,000
Inferred 11,709,000 10,622,000 0.012 0.411 141,000

Notes:

(1) 006 opt (0.21 g/t) cut-off applied to oxidized material to capture mineralization potentially available to open pit extraction and heap leach processing. 0.030 opt (1.03 g/t) cut-off applied to unoxidized material to capture mineralization potentially available to open pit extraction and lower heap leach recoveries or sulfide processing.
(2) Rounding may cause apparent discrepancies.
(3) Refer to Updated Technical Report on the Lookout Mountain Project, MDA, effective March 1, 2013, Filed on SEDAR April 12, 2013.

The full MDA resource study can be seen at https://secureservercdn.net/45.40.144.200/a7f.d1e.myftpupload.com/wp-content/uploads/2015/07/LookoutMt_-43-101_2013.pdf

About Timberline Resources:

Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada. These include the Lookout Mountain joint venture project with PM & Gold Mines operated by Timberline and the Windfall project, both in the Eureka district. The Company is operator of both the Paiute joint venture project with Nevada Gold Mines, and the Elder Creek joint venture with McEwen Mining, both in the Battle Mountain district.  These properties all lie on the prolific Battle Mountain-Eureka gold trend.  Timberline also owns the Seven Troughs property in Northern Nevada, which is one of the state’s highest-grade former gold producers. Timberline controls over 43 square miles (27,500 acres) of mineral rights in Nevada.  Detailed maps and NI 43-101 estimated resource information for the Eureka property and NI 43-101 technical reports for the Elder Creek and Paiute projects may be viewed at https://timberlineresources.co/.

Timberline is listed on the OTCQB where it trades under the symbol “TLRS” and on the TSX Venture Exchange where it trades under the symbol “TBR”.

Forward-looking Statements: Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties.  These include, but are not limited to, statements regarding the advancement of projects, and exploration potential.  When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target”, “intend” and “expect” and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. There are no assurances that the Company will complete the earn-in on the Elder Creek project as contemplated or at all. Factors that could cause or contribute to risks involving forward-looking statements include, but are not limited to, changes in the Company’s business and other factors, including risk factors discussed in the Company’s Form 10-Q for the quarter ended March 31, 2020.  Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For Further Information Please Contact:   

Steven A. Osterberg
President and CEO
Tel:   208-664-4859
E-mail:  info@timberline-resources.com

Timberline Resources Drilling Confirms Porphyry Hosted Gold Discovery on the Paiute Project, Battle Mountain District, Nevada

Timberline Resources Drilling Confirms Porphyry Hosted Gold Discovery on the Paiute Project, Battle Mountain District, Nevada

Jan 16, 2020

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Coeur d’Alene, Idaho – January 16, 2020 – Timberline Resources Corporation (OTCQB: TLR; TSX-V: TBR) (“Timberline” or the “Company”) announced that its first two drill holes at the Paiute project in the Battle Mountain district of Nevada intercepted long intervals of disseminated gold mineralization in granodiorite porphyry and contact metamorphosed sandstone (Figure 1, Table 1).  Both reverse circulation (RC) holes were terminated in mineralized, hard, silicified rock because of limitations of the drill rig.  Timberline owns approximately 78% of the Paiute project in a Joint Venture (“JV”) with Nevada Gold Mines, LLC. 

Highlights:

PCRC 19-01 intercepted 125 feet (ft) (38 meters (m)) grading 0.36 g/t Au with associated pyrrhotite-pyrite-arsenopyrite in silicified, metamorphosed arkosic sandstone .

PCRC 19-02 intercepted multiple zones of gold mineralization in granodiorite porphyry and metamorphosed arkosic sandstone, including 40 ft (12 m) of 0.61 g/t , 80 ft (24 m) of 0.51, 25 ft (8 m) of 1.12 g/t, and 25 ft (8 m) of 0.48 g/t over its 710 feet (216 m) length and bottomed in mineralization.

Timberline’s President and CEO, Steve Osterberg commented, “Our initial drilling at Paiute confirms the presence of a large, near-surface gold system. The target zones remain largely untested by drilling, and historical drilling (Table 2) intercepted significant gold at shallow (<500 ft; 150 m) depths, with several holes ending in gold mineralization.”

EXPLORATION TARGETS

Gold-Silver Structural Zone Target:  PCRC 19-01 bottomed in 160 ft (49 m) of silicified granodiorite porphyry with geochemical characteristics similar to that of PCRC19-02.  The previously identified 2 km-long gold “Lone Tree-type” structural zone remains largely untested.  The structural zone includes surface rock chip samples (see Figure 1 and Table 3) which previously returned multiple values greater than 1.0 gram per tonne (“g/t”) of gold including  two samples over 10 g/t gold and one sample with 42.9 g/t gold and 527 g/t silver (Table 3) (see press release dated May 24, 2018 @ https://timberlineresources.co/press-releases). 

Gold Porphyry Target:  PCRC 19-02 twinned and deepened historical hole ICBM-95-06, which intercepted porphyry-style gold mineralization in highly silica-altered, sulfide-poor (trace – 1% pyrite) granodiorite porphyry, and remains opened to depth  The mineralization in PCRC 19-02 expands on multiple intercepts in nearby historic holes (Figure 2 and Table 2).

EXPLORATION PLANS:

The Paiute project has the potential for bulk-mineable, open-pit  gold mineralization based on the thicknesses and grades drilled to date.  The Company is acquiring historical IP/Resistivity, and magnetic survey data to guide future drilling of the largely untested structural zone and porphyry targets. 

Figure 1.  Paiute Project Geology and Primary Target Areas

Table 1.  2019 Drill Hole Assay Results

Drill Hole From (feet) To (feet) Total (feet) From (meters) To (meters) Total (meters) Au
(g/t)		 Ag (g/t) As (ppm) Ba (ppm) S (%)
PCRC19-01 295 420 125 89.9 128.0 38.1 0.356 0.4 673 266 1.5
including: 340 420 80 103.6 128.0 24.4 0.442 0.5 968 185 1.9
   
PCRC19-02 0 710 (TD) 710 0.0 216.4 216.4 0.271 0.5 72 849 0.3
including: 0 40 40 0.0 12.2 12.2 0.606 0.9 292 648 0.0
  110 140 30 33.5 42.7 9.1 0.488 0.5 43 872 0.1
  150 230 80 45.7 70.1 24.4 0.514 0.4 27 1123 0.2
  190 215 25 57.9 65.5 7.6 1.123 0.6 12 1280 0.2
  280 390 110 85.3 118.9 33.5 0.359 0.3 39 720 0.2
  490 500 10 149.4 152.4 3.0 0.511 0.1 30 1070 0.2
  525 545 20 160.0 166.1 6.1 0.340 0.2 20 598 0.3
  555 600 45 169.2 182.9 13.7 0.198 0.4 20 828 0.4
  610 640 30 185.9 195.1 9.1 0.400 1.0 33 1023 0.8
  685 710 25 208.8 216.4 7.6 0.478 0.8 38 680 0.6
*True thickness of drill intercepts is unknown. **TD:  drill hole total depth
**see below section “Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance”.

Figure 2.  Paiute Project Granodiorite-Porphyry Hosted Gold Target Cross-Section

Table 2.  Summary of Historic Porphyry Hosted Drilling Gold Assay Results

Drill Hole From (feet) To (feet) Total (feet) From (meters) To (meters) Total (meters) Au
(g/t)
ICBM 95-1 260 295 35 79.2 89.9 10.7 0.831
320 350 30 97.5 106.7 9.1 0.552
385 460 75 117.3 140.2 22.9 0.462
ICBM 96-3     45 65 13.7 19.8 6.1 0.431
345 370 25 105.2 112.8 7.6 0.497
405 415 10 123.4 126.5 3.0 1.000
  480 580 100 146.3 176.8 30.5 0.962
ICBM 96-3C 221 246 25 67.4 75.0 7.6 0.626
  455 465 10 138.7 141.7 3.0 1.276
  475 505 30 144.8 153.9 9.1 0.609
  996 1001 5 303.6 305.1 1.5 3.655
ICBM 96-4 340 370 30 103.6 112.8 9.1 0.683
ICBM 96-5 90 100 10 27.4 30.5 3.0 0.741
  320 350 30 97.5 106.7 9.1 0.377
  575 590 15 175.3 179.8 4.6 1.501
3899 10 180 170 3.0 54.9 51.8 0.695
3632 0 100 100 0.0 30.5 30.5 0.945
  350 400 50 106.7 121.9 15.2 0.55
4062 30 60 30 9.1 18.3 9.1 0.460
  220 260 40 67.1 79.2 12.2 0.644
4006 95 145 50 29.0 44.2 15.2 0.483
  280 300 20 85.3 91.4 6.1 0.948
3206 210 280 70 64.0 85.3 21.3 0.493
*True thickness of drill intercepts is unknown. **TD:  drill hole total depth
***Apart from recent sampling disclosed in Table 2, all other geochemical data are considered “historical” and may not meet NI43-101 standards.  These data include historical drill information for which drill logs and assay certificates from industry standard laboratories are available. 

Table 3. Select Assay Results from Paiute Gold-Silver Structural Zone Target Surface Samples

SAMPLE Au (g/t) Ag (g/t) As (ppm) Bi (ppm)
18PC-002 17.200 723.0 >10,000 8,200
18PC-003 0.609 20.5 >10,000 20
18PC-004 1.425 1.7 2,860 9
18PC-007 1.220 8.8 7,000 19
18PC-010 4.120 58.4 5,180 283
18PC-011 0.120 5.0 789 5
18PC-012 3.250 59.5 >10,000 242
18PC-017 42.900 527 >10,000 4,880
18PC-018 2.940 36.7 >10,000 500
18PC-019 10.400 80.0 6,920 583
18PC-020 1.820 6.4 >10,000 63
18PC-021 2.180 13.5 6,000 72
Note:  Grab samples are selective and may not be representative of mineralization on the project.  Analyses were performed by ALS USA Inc. using standard methods including 30 g Fire Assay/AA finish for gold with samples over 10 g/t completed with gravimetric finish. Other elements were measured by ICP-AES. 

 

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: Samples of reverse circulation cuttings were collected at the drill rig at 5 feet intervals under the supervision of a Company representative and transported to ALS in Nevada for analyses.  Samples were assayed for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish (ALS code Au-AA23).  Samples were also assayed for a 48 multi-element using four acid ICP-MS (code ME-MS61). 

Steven Osterberg, Ph.D., P.G., Timberline’s President and Chief Executive Officer, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release.  Mr. Osterberg is not considered independent of the Company as defined in Section 1.5 of NI 43-101.  Drill intercepts are reported as drill thicknesses; true widths of intercepts are unknown. 

About Timberline Resources: Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada. These include the Lookout Mountain joint venture project with PM & Gold Mines operated by Timberline and the Windfall project, both in the Eureka district, as well as being operator of both the Paiute joint venture project with Nevada Gold Mines, and the Elder Creek joint venture with McEwen Mining, both in the Battle Mountain district.  All of these properties lie on the prolific Battle Mountain-Eureka gold trend.  Timberline also owns the Seven Troughs property in Northern Nevada, which is one of the state’s highest-grade former producers.   Timberline has increased its owned and controlled mineral rights in Nevada to over 43 square miles (27,500 acres).  Detailed maps and NI 43-101 estimated resource information for the Eureka property may be viewed at https://timberlineresources.co/. 

Timberline is listed on the OTCQB where it trades under the symbol “TLRS” and on the TSX Venture Exchange where it trades under the symbol “TBR”.

Forward-looking Statements: Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties.  These include, but are not limited to, statements regarding the advancement of projects, and exploration potential.  When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target”, “intend” and “expect” and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. There are no assurances that the Company will complete the earn-in on the Elder Creek project as contemplated or at all. Factors that could cause or contribute to risks involving forward-looking statements include, but are not limited to, changes in the Company’s business and other factors, including risk factors discussed in the Company’s Form 10-K for the year ended September 30, 2019.  Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For Further Information Please Contact:   

Steven A. Osterberg
President and CEO
Tel:   208-664-4859
E-mail:  info@timberline-resources.com
Website:  www.timberline-resources.com