Timberline (TBR.V): Drills More Oxide and High-Grade Gold at Eureka Project, Nevada; Appoints New Director

COEUR D’ALENE, ID / ACCESSWIRE / January 7, 2021 / Timberline Resources Corporation (OTCQB:TLRS)(TSXV:TBR) (“Timberline” or the “Company”) is pleased to announce results for the final five holes of the 2020 reverse circulation (RC) drill program at its 100%-controlled Eureka Project in Nevada. The results include considerable near-surface oxide gold mineralization and two high-grade intercepts above 4.0 grams of gold per tonne (g/t). The primary objectives of the 12-hole, 2,438m (8,000 ft) RC drill program were to infill and expand the current mineral resource and test for deeper sulfide mineralization to the east in the graben structure (see Figure 1).

Drilling Highlights

• Hole BHSE-187, a step-out hole drilled approximately 75m northeast of the existing resource, encountered 7.62m of 4.49 g/t, within an interval of 25.91m @ 2.18 g/t gold.
• Hole BHSE-184 intercepted 18.29m @ 0.93 g/t gold from 3.0m below surface.
• Hole BHSE-186 intercepted 6.10m of near-surface, high-grade gold (5.21 g/t) and 25.91m @ 0.77 g/t gold from 47.24m downhole, both intervals being oxidized material.

Three of these holes are within the resource and collared inside the historic Lookout Mountain Pit, while two of the holes are step-outs to the east and northeast. One of the step-outs, hole BHSE-183, was lost in bad ground before reaching target depth and has been twinned with core hole BHSE-188C (results pending).

Timberline previously announced positive results from infill RC drilling within the resource in a Company news release dated Dec. 1, 2020 found at https://timberlineresources.co/press-releases/. These newly reported mineralized intervals are consistent with results announced in that release and are consistent with or superior to expectations.

Timberline’s President and CEO, Patrick Highsmith, commented, “The 2020 RC drilling continues to confirm and enhance the grade and thickness of the historical resource while also revealing extensions to the system. Once again, we are encountering significant thicknesses of near-surface oxide gold mineralization, quite rare in Nevada today. Drill hole BHSE-187 is particularly exciting because it represents a step-out from the resource and it expands upon the high-grade Water Well Discovery Zone we discovered down dip from the resource in 2015. Taken together, these near-surface oxide gold and deeper high-grade gold intercepts highlight the continued growth opportunity for Timberline at our flagship Eureka Project.”

CLICK HERE to read the full news release.