Timberline begins exploration at Lookout Mountain JV
2019-09-04 09:23 ET – News Release
Mr. Steven Osterberg reports
TIMBERLINE RESOURCES TARGETS CONFIRMATION, DELINEATION AND EXPANSION OF HIGH GRADE GOLD ZONE AT LOOKOUT MOUNTAIN, NEVADA
Exploration has commenced on Timberline Resources Corp.’s Lookout Mountain, Nevada, joint venture (JV) project with PM & Gold Mines Inc. (PM&G). As previously announced (see press release dated July 11, 2019), PM&G can earn an initial 51-per-cent interest in the project by financing $6-million (U.S.) over a two-year period.
Past core and rotary drilling has partially delineated a northwest-southeast trend of high-grade (defined as drill hole intercepts of 0.10 ounce/ton (opt) (3.43 grams/tonne (g/t)), Carlin-style gold mineralization in the Lookout Mountain historical open-pit mine area, where 17,700 ounces of gold averaging 0.12 opt (4.11 g/t) were produced in 1987. These include 48 intercepts (see attached table) of 0.25 oz/ton (8.6 gram/tonne (g/t)) and 64 intercepts of 0.10 to 0.25 opt (3.4 to 8.6 g/t) (see also press release dated July 11, 2019, and updated technical report on the Lookout Mountain project, MDA, effective March 1, 2013, filed on SEDAR April 12, 2013).
The trend extends approximately 1,000 feet (305 m) within the pit area and is open to the southeast and is 100 to 300 feet (30 to 91 m) wide. It includes relatively flat-lying, high-grade zones at multiple elevations including some exposed in the historic pit. The gold mineralization is constrained at least in part by stratigraphy and zones of collapse breccias. The breccias locally contain orpiment and realgar (arsenic sulphides), which are commonly found in many major Carlin-style gold deposits.
Steven Osterberg, Timberline’s president and chief executive officer, stated: “Our work with the JV has further characterized the high-grade Carlin-style gold mineralization at Lookout Mountain. Detailed pit mapping, core logging and modelling have provided a much clearer understanding of the distribution and controls of the gold mineralization. We plan to aggressively delineate the high-grade zones with core drilling anticipated to begin in September.”
Timberline director and Nevada Carlin-style gold expert David Mathewson added: “I am excited to see the JV efforts focused on the high-grade gold trend. From my experience on the central Carlin trend at Rain, the Bullion district, Gold Quarry and Mike deposits, and in the North area, the mineralization at Lookout is classic Carlin-style gold as found in many of Nevada’s very large gold deposits. There is a clear association of the gold with breccias, secondary dolomite, iron enrichment, and anomalous arsenic and mercury. I look forward to the fall drilling program.”
Program planning
A six-month, $2.6-million program and budget include 12,000 ft (3,600 m) of core drilling and 12,500 ft (3,800 m) of reverse circulation (RC) drilling. Drill contractors have been identified and are estimated to begin drilling in September on currently approved sites.
Core drilling will infill to test continuity of the high-grade zones, strategically twin selected historical RC holes for evaluation of relative gold recovery, and test for extensions of the high-grade gold mineralization to the southeast of the pit. RC drilling will test for shallow, oxide gold mineralization to the immediate north and northwest of the pit. Drilling will also test to expand the orpiment-gold zone discovered in drilling by Timberline in 2015 (see press release dated April 20, 2015).
Geophysical surveys (IP/resistivity and gravity) are planned to advance exploration for new zones of Carlin-style gold mineralization east of the Lookout Mountain open pit, including opportunities in the historical Oswego mine area where nine grab samples collected in 2018 over a 281-foot road cut ranged from 0.090 opt (3.086 g/t) to 1.135 opt (38.914 g/t) (see press release dated June 12, 2018).
LOOKOUT MOUNTAIN HIGH-GRADE GOLD (0.25 OPT (8.6 G/T))
Drill intercepts (1)
Drill hole Gold (opt) From (ft) To (ft) Int. (ft) Gold (g/t) From (m) To (m) Int. (m)
BH05-01 0.370 270 330 60 12.669 82.32 100.61 18.29
BH05-03 2.240 193 196 3 76.800 58.84 59.76 0.91
BH06-02 0.360 445 472 27 12.356 135.67 143.90 8.23
BH06-10 0.537 0 50 50 18.422 0.00 15.24 15.24
BH06-13 1.467 148 151 3 50.286 45.12 46.04 0.91
BH06-13 0.277 385 409.5 24.5 9.509 117.38 124.85 7.47
BH06-16 0.376 0 32.7 32.7 12.881 0.00 9.97 9.97
BHSE-029C 0.349 391 449 58 11.953 119.21 136.89 17.68
BHSE-032 0.425 140 150 10 14.571 42.68 45.73 3.05
BHSE-034 0.460 135 140 5 15.771 41.16 42.68 1.52
BHSE-037C 0.810 222 223 1 27.771 67.68 67.99 0.30
BHSE-126C 0.967 31 46.2 15.2 33.138 9.45 14.09 4.63
BR-1 0.424 35 75 40 14.537 10.67 22.87 12.20
BR-1 1.315 65 75 10 45.086 19.82 22.87 3.05
BR-19 0.370 35 45 10 12.686 10.67 13.72 3.05
BR-19 1.315 65 75 10 45.086 19.82 22.87 3.05
BR-19 0.323 220 235 15 11.086 67.07 71.65 4.57
BR-19 0.319 385 450 65 10.945 117.38 137.20 19.82
BR-26 0.323 440 460 20 11.057 134.15 140.24 6.10
EFL-4 0.270 95 100 5 9.257 28.96 30.49 1.52
EFL-5 0.250 0 5 5 8.571 0.00 1.52 1.52
LM-05 0.259 0 65 65 8.888 0.00 19.82 19.82
LM-13 0.360 10 15 5 12.343 3.05 4.57 1.52
RTC-201 0.317 0 46 46 10.885 0.00 14.02 14.02
RTC-201 0.504 57 65 8 17.263 17.38 19.82 2.44
RTR-020 0.520 20 25 5 17.829 6.10 7.62 1.52
RTR-044 0.338 0 65 65 11.578 0.00 19.82 19.82
RTR-044a 0.290 0 10 10 9.943 0.00 3.05 3.05
RTR-044a 0.310 85 90 5 10.629 25.91 27.44 1.52
RTR-048 0.400 180 185 5 13.714 54.88 56.40 1.52
RTR-049 4.760 110 115 5 163.200 33.54 35.06 1.52
RTR-049 0.820 240 250 10 28.114 73.17 76.22 3.05
RTR-059 0.600 95 105 10 20.571 28.96 32.01 3.05
RTR-071 0.283 0 45 45 9.714 0.00 13.72 13.72
RTR-095 0.368 25 65 40 12.600 7.62 19.82 12.20
RTR-098 0.370 0 45 45 12.686 0.00 13.72 13.72
RTR-133 0.507 235 250 15 17.371 71.65 76.22 4.57
RTR-134 0.350 415 470 55 12.000 126.52 143.29 16.77
RTR-153 0.325 30 60 30 11.143 9.15 18.29 9.15
RTR-153 0.360 240 245 5 12.343 73.17 74.70 1.52
RTR-156 0.300 55 60 5 10.286 16.77 18.29 1.52
RTR-159 0.250 15 25 10 8.571 4.57 7.62 3.05
RTR-163 0.920 60 65 5 31.543 18.29 19.82 1.52
RTR-180 0.340 365 375 10 11.657 111.28 114.33 3.05
RTR-181 0.265 265 335 70 9.086 80.79 102.13 21.34
RTR-190 0.329 475 525 50 11.280 144.82 160.06 15.24
RTR-191 0.557 440 485 45 19.086 134.15 147.87 13.72
RTR-258 0.410 500 510 10 14.057 152.44 155.49 3.05
(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, security and data verification.
Lookout Mountain gold resource
Plans are to incorporate the results of the delineation of the northwest-southeast-trending high-grade gold mineralization into an updated resource model. This high-grade trend is distinct from an existing north-south trending resource which was prepared by Mine Development Associates (MDA) of Reno, Nev., in 2013 (see “Lookout Mountain gold resource” table).
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 and 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) 0.006 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 sulphide 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 the company’s website.
About Timberline Resources Corp.
Timberline Resources 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 controls the Seven Troughs property in northern Nevada, which is one of the state’s highest-grade former producers.
Steven Osterberg, PhD, PG, 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.
We seek Safe Harbor.
http://timberlineresources.co/
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