SPOKANE, Wash.–Timberline Resources Corporation (OTC:TBLC) is pleased to announce that it has signed a letter of intent to acquire four gold prospects in Nye and Mineral counties in Nevada.
The four properties, known as the SUN, PAC, HD, and ACE Claim Groups, lie along the Walker Lane Mineral Belt, 10 to 20 miles southeast of Gabbs, Nevada, and the Paradise Peak Mine. Estimated ore production at Paradise Peak was 12 million tons averaging 0.11 oz/ton gold and 3.5 oz/ton silver, with an additional 10 million lower grade tons mined from satellite deposits. Other gold & silver mines within this portion of the Walker Lane Belt are Tonopah, Santa Fe, and Denton-Rawhide.
The SUN Property is a multi-target exploration project with potential for volcanic-hosted, structurally-controlled and replacement-type precious-metal mineralization. It lies adjacent to and along trend of the mineralization at the Mina Mine (a past gold producer) and immediately east of the Simon Silver-Lead District.
The PAC and HD Properties are exploration-stage projects that appear to contain high-level epithermal precious-metal systems analogous to the Paradise Peak Model. They occur along a NW/SE trend of rhyolitic dome intrusions including Rawhide and Paradise Peak.
The ACE claims lies along the projected strike of the gold-bearing quartz vein system of the Warrior Mine, and cover an area containing exposures of silicified breccia, inferred to be continuation of the Warrior Vein system.
The properties, acquired through a combination of stock and cash, are subject to a 3net smelter royalty, which can be reduced to 2by completing exploration expenditures of $250,000 on the properties as a whole and further reduced to 1by payment of $500,000 at any time prior to production.
Timberline President Stephen Goss stated, “The initial phase of our business plan focuses our efforts on the cost-effective acquisition of promising precious metal properties in the western United States. Our subsequent exploration programs will rely on recognized geologic models and known mineral trends to identify exploitable ore deposits and develop them. We believe that these Nevada gold properties are well-suited to our selection criteria and comprise an excellent first step in the building of our project portfolio.”
Timberline Resources stock trades on the OTC Market under the symbol “TBLC.”
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on beliefs of management as well as assumptions made by and information currently available to management. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
CONTACT: Timberline Resources Corporation
Bill Hoyt, Investor Relations
(785) 383-9246
www.timberline-resources.com