Coeur d’Alene, Idaho – March 27 2019 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) today announced Phase 2 drilling plans at the Elder Creek Project in Nevada’s Battle Mountain mining district. Approximately 2,000 m of drilling are planned in up to four holes to test a strong IP/resistivity (IP) anomaly identified in December, 2018. Two holes drilled by the Company earlier in 2018, located on the periphery of the anomaly, contain significant copper mineralization (see Table 1 and Figures 1, 2, 3, 5 and 6), while shallow historical holes drilled for gold (Figure 3) intercepted material amounts of copper:
Table 1. Summary of Elder Creek 2018 Drilling Results
The proposed holes (Figures 1 through 6) will test a strong IP anomaly (see press release dated January 8, 2019 at https://timberlineresources.co/press-releases/) identified by the survey which was completed by Zonge Geophysics. Multiple additional targets have been defined through integrated interpretation of surface and drill-hole geology, re-processed magnetic and gravity data, and the IP survey results. These targets represent follow-up discovery opportunities which are fully permitted and drill-ready.
The IP anomaly delineates a concentration of sulfide minerals in a body of rock extending ≥ 1,600 m long and approximately 500 – 800 m wide (Figures 1 and 2). The anomaly follows two parallel faults along a N/NE trend, and further north, also follows a NW’ly trend. It occurs within a very large (2 x 4 km) oval-shaped copper-molybdenum-gold-silver system defined by hydrothermal alteration and metal zoning characteristic of porphyry copper deposits.
Steven Osterberg, Timberline’s President and CEO commented, “We consider Elder Creek to be a rare opportunity to discover a very large polymetallic porphyry system in Nevada, one of the world’s premier mining jurisdictions. The target is particularly compelling being located within the metallogenically well-endowed copper and gold-producing Battle Mountain mining district where immediately infrastructure is excellent. Phase 2 drilling will begin in Q2 and will test the heart of the IP anomaly.”
Figure 1. Elder Creek Project Area Geology, Alteration Zoning, IP Anomaly, and Drilling (2018 and Proposed)
Figure 2. Plan View of Elder Creek IP (Chargeability) 2-D data inversion at 1,300 m Elevation
Proposed Drilling
The initial two proposed holes will test the strong IP anomaly, with locations of the remaining holes contingent upon results.
Proposed drill hole 1 (PDH-1) (Figures 1-3) will offset core hole CCEC18-02 and target coincident IP, magnetic (Figure 5), and gravity (Figure 6) anomalies in the area where chargeability is strongest, which likely represents the greatest sulfide mineral concentration.
Proposed Drill Hole 2 (PDH-2) will test the core of the IP anomaly N/NE of PDH-1 where coincident anomalies also indicate relatively dense, magnetic rocks (Figures 4 – 6).
The Company expects to resume drilling in Q2/2019. Drill sites are fully permitted with the US Bureau of Land Management (BLM).
Figure 3. Cross Section Line 3600N showing IP Chargeability Anomaly with Drill Hole CCEC18-02, Historic Drill Holes, and Proposed Drill Hole 1 (PDH – 1).
Figure 4. Cross Section Line 4000N IP Chargeability Anomaly with Historic Drill Holes, and Proposed Drill Hole 2 (PDH-2).
Figure 5. Elder Creek IP (chargeability) and Magnetics (vertical derivative and magnetic limit), with Alteration Zoning, and 2018 and Proposed 2019 Drill Holes
Figure 6. Elder Creek IP (chargeability) and Gravity (horizontal derivative) with Alteration Zoning, Magnetic limit, and 2018 and Proposed 2019 Drill Holes
Elder Creek Property
Timberline’s Elder Creek and adjacent Paiute copper-gold properties lie within the prolific Battle Mountain District of Nevada, approximately 11 miles (18 km) north of Newmont’s Phoenix mining complex. Data compiled from over 40-plus years of exploration on the property documents only shallow, historic drilling within a pronounced magnetic low considered to be the core of a large porphyry copper-gold hydrothermal system. Furthermore, only shallow drilling occurred along the north and northeastern magnetic high and primarily targeted gold. Geologic and geophysical characteristics, and rock geochemical sampling results evident at Elder Creek (see press release dated June 18, 2018 at https://timberlineresources.co/press-releases/) are common to major porphyry copper deposits.
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 its 23 square-mile Eureka property, comprising the Lookout Mountain, Windfall, and Oswego projects which lie along three separate structural stratigraphic trends defined by distinct geochemical gold anomalies, as well as being operator of both the Paiute joint venture project with a subsidiary of Barrick Gold, and the Elder Creek joint venture with McEwen Mining. 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 gold 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, 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”.
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.
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 June 30, 2018. 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: [email protected]
Website: www.timberline-resources.com