Timberline drills 38 m of 0.36 g/t Au at Paiute

Jan 17, 2020

2020-01-16 11:12 ET – News Release

Mr. Steven A. Osterberg reports

TIMBERLINE RESOURCES DRILLING CONFIRMS PORPHYRY HOSTED GOLD DISCOVERY ON THE PAIUTE PROJECT, BATTLE MOUNTAIN DISTRICT, NEVADA

Timberline Resources Corp.’s 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. Both reverse circulation (RC) holes were terminated in mineralized, hard, silicified rock because of limitations of the drill rig. Timberline owns approximately 78 per cent of the Paiute project in a joint venture (JV) with Nevada Gold Mines LLC.

Highlights:

PCRC 19-01 intercepted 125 feet (ft) (38 metres (m)), grading 0.36 gram per tonne (g/t) gold (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 (eight m) of 1.12 g/t and 25 ft (eight m) of 0.48 g/t over its 710 feet (216 m) length and bottomed in mineralization.

Timberline’s president and chief executive officer, 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 intercepted significant gold at shallow (less than 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 two-kilometre-long gold Lone Tree-type structural zone remains largely untested. The structural zone includes surface rock chip samples which previously returned multiple values greater than one gram per tonne of gold, including two samples over 10 g/t gold and one sample with 42.9 g/t gold and 527 g/t silver.

Gold porphyry target: PCRC 19-02 twinned and deepened historical hole ICBM-95-06, which intercepted porphyry-style gold mineralization in highly silica-altered, sulphide-poor (trace — 1 per cent pyrite) granodiorite porphyry and remains opened to depth. The mineralization in PCRC 19-02 expands on multiple intercepts in nearby historic holes.

Exploration plans

The Paiute project has the potential for bulk-minable, 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.

Sampling methodology, chain of custody, quality control and quality assurance: Samples of reverse circulation cuttings were collected at the drill rig at five-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 (one assay tonne) charge with an AA finish (ALS code Au-AA23). Samples were also assayed for a 48 multielement using four-acid ICP-MS (code ME-MS61).

Steven Osterberg, doctor of philosophy, 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. 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 Corp.

Timberline Resources is focused on advancing district-scale gold exploration and development projects in Nevada.

We seek Safe Harbor.

http://timberlineresources.co/