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

16.01.2020  |  Accesswire
COEUR D'ALENE, Jan. 16, 2020 - Timberline Resources Corporation (OTCQB:TLR)(TSXV: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 @ http://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 Corp. 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 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 Corp., 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

SOURCE: Timberline Resources Corp.

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