Mr. Steven Osterberg reports
TIMBERLINE RESOURCES ANNOUNCES HIGH-GRADE GOLD AND SILVER ASSAY RESULTS FROM THE OSWEGO TREND, EUREKA PROJECT, NEVADA
Timberline Resources Corp. has released results of surface rock chip sampling and geologic mapping, which have defined new, high-grade gold exploration targets along the Oswego trend on its 23-square-mile Eureka property in northern Nevada. The Oswego trend, which extends five kilometres north-south, includes high-grade gold at the Road-Cut target, high-grade silver and gold at the Geddes- Bertrand target, and numerous additional untested targets.
The company recently received assays for 54 rock samples at Oswego, which are summarized in the attached table. Most notably, nine grab samples collected at approximately 20-foot spacing over a 180-foot section of road cut along a moderately east-dipping, strongly mineralized fault zone (the Road-Cut target) averaged 13.623 grams/tonne gold. The results are consistent with historic reports of 12.38 g/t gold (0.361 ounce/ton) over a 281-foot channel sample in this area. At the Geddes-Bertrand target, four samples graded greater than 100 g/t silver, up to a maximum of 1,625 g/t (47.4 oz/ton) silver.
The Oswego trend is central of three parallel, north-south, gold-mineralized structural trends on the Eureka property. The Lookout Mountain trend, which is 1.2 km west of Oswego, hosts a National Instrument 43-101 gold resource of 508,000 ounces indicated and 141,000 ounces inferred, which remains open to expansion, while the Windfall trend to the east hosts the historic Windfall heap-leach gold deposit and multiple exploration targets. With the recent work at Oswego, exploration targets for future drilling are now defined on all three of the trends.
Timberline's president and chief executive officer, Steve Osterberg, commented: "Throughout the Oswego trend, the occurrence of widespread gold and silver mineralization in outcrop, as highlighted by the very high grades at the Road-Cut target, indicate the existence of a robust gold system. Several rock formations on the trend are well known as favourable hosts for large Carlin-type deposits in the region. These are truly exciting exploration targets, both at surface and to depth. Our geologic team will advance exploration of the Oswego, Lookout Mountain and Windfall trends employing Carlin-type gold deposit models which were unavailable to the historic explorers."
Cautionary statement
The potential quantity and grade of the Windfall zone target are conceptual in nature and there has been an insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource.
Assay results
Assays from the 54 rock samples recently collected at Oswego trend include those shown in the attached table.
ASSAY RESULTS FROM OSWEGO TREND ROCK SAMPLING
Sample Au (g/t) Au (oz/ton) Ag (g/t) Ag (oz/ton)
18OS-001 3.730 0.109 2.9 0.1
18OS-002 19.200 0.560 1.6 0.1
18OS-003 22.600 0.659 6.9 0.2
18OS-004 0.068 0.002 0.1 <0.1
18OS-005 3.090 0.090 1.2 <0.1
18OS-006 0.029 0.001 0.1 <0.1
18OS-007 0.016 0.000 0.1 <0.1
18OS-008 0.009 0.000 0.1 <0.1
18OS-009 0.016 0.000 0.1 <0.1
18OS-010 0.008 0.000 0.1 <0.1
18OS-011 0.008 0.000 0.1 <0.1
18OS-012 0.007 0.000 0.1 <0.1
18OS-013 0.006 0.000 0.1 <0.1
18OS-014 18.450 0.538 19.7 0.6
18OS-015 9.880 0.288 3.0 0.1
18OS-016 6.690 0.195 5.5 0.2
18OS-017 38.900 1.135 6.4 0.2
18OS-018 0.143 0.004 3.8 0.1
18OS-019 0.118 0.003 1625 47.4
18OS-020 0.165 0.005 1075 31.4
18OS-021 0.427 0.012 4.8 0.1
18OS-022 0.022 0.001 6.3 0.2
18OS-036 0.013 0.000 13.7 0.4
18OS-037 0.028 0.001 0.5 <0.1
18OS-038 0.014 0.000 12.4 0.4
18OS-039 0.021 0.001 38.0 1.1
18OS-040 0.008 0.000 0.2 <0.1
18OS-041 0.031 0.001 0.2 <0.1
18OS-042 0.216 0.006 1.7 <0.1
18OS-043 0.328 0.010 114.0 3.3
18OS-044 0.144 0.004 281.0 8.2
SDHG-001 0.473 0.014 Not assayed
SDHG-002 0.071 0.002
SDHG-003 0.107 0.003
SDHG-004 0.205 0.006
SDHG-005 3.650 0.106
SDHG-006 0.062 0.002
SDHG-007 0.465
SDHG-008 Below detection
SDHG-009
SDHG-010 0.220 0.006
* Grab samples are selective and do not represent the true mineralization of the prospect.
** The above assays were determined by ALS USA Inc. from grab samples. The samples were crushed
and pulverized, and a fraction was selected for analysis. Gold was determined by 30-gram fire
assay with an atomic adsorption finish. Samples assaying over 10 parts per million gold were
reassayed and completed with a gravimetric finish. Silver and base metals concentrations were
analyzed using aqua regia inductively coupled plasma-AES.
Most gold and silver mineralization at Oswego occurs either along the stratigraphic contacts between the Eldorado Dolomite formation and the Secret Canyon shale or Geddes limestone formations, or in fractures and as silica replacement (jasperiod) along bedding planes within the formations. The highest grade assays typically coincide with the intersection of northwesterly, northeasterly or north-trending faults. Widespread bleaching and/or sanding (leaching of carbonate matrix) is noted as well, which is commonly associated with gold-silver mineralization within the carbonate rocks.
Historic drilling
Available historic records from the 1980s and early 1990s, and field review, indicate that approximately 70 shallow drill holes targeted gold along fault structures in the Oswego trend. Results varied widely, but included multiple intercepts, which are overall consistent with the recent grab sample assays, including those shown in the attached table.
HISTORIC DRILL HOLE GOLD ASSAY RESULTS FROM THE OSWEGO ROAD-CUT TARGET AREA
Hole No. Hole depth (ft) From (ft) To (ft) Intercept (ft) Gold (oz/t) Gold (g/t)
SS-2 155 15 80 65 0.094 3.223
SS-3 245 10 20 10 0.094 3.223
45 60 15 0.144 4.937
60 90 30 0.019 0.651
SS-11 340 0 10 10 0.026 0.891
SS-13 290 10 15 5 0.075 2.571
SS-28 500 460 465 5 0.03 30
(with 4.7% Pb, 6.5% Zn)
SS-48 500 unknown 55 0.018 0.617
O-1 unknown 30 40 10 0.032 1.097
O-2 70 100 30 0.065 2.229
O-18 0 30 30 0.104 3.566
O-24 0 20 20 0.198 6.789
O-25 0 30 30 0.155 5.314
O-26 0 10 10 0.026 0.891
O-27 0 15 15 0.165 5.657
O-35 0 75 75 0.044 1.509
O-36 0 60 60 0.052 1.783
O-37 0 75 75 0.039 1.337
O-38 0 20 20 0.063 2.160
Cautionary statement
Historic drill data have been compiled and reviewed including drill logs, laboratory assay certificates and location maps. Drill sites have been identified and confirmed through field review. A qualified person has not done sufficient work to classify the historical information as a current mineral resource, and the company is not treating the historical information as a current mineral resource. Additional drilling and analysis will be required to verify the historical information or create a current mineral resource.
Exploration planning
Upon completion of the compilation of new and historic geologic and drill hole data at Oswego, the company anticipates an initial drill program later this year.
Exploration along the Oswego trend and the Oswego Road-Cut target will be integrated with and will capitalize on Timberline's discovery experience at Lookout Mountain. The company is also completing a comprehensive review of the nearby Lookout Mountain gold resource area and assessing opportunities for expansion of mineralization previously discovered, but not delineated with sufficient drill density to meet NI 43-101 modelling requirements.
Further technical details of the company's Eureka project may be viewed on the company website.
Dr. 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. Mr. Osterberg is not considered independent of the company as defined in Section 1.5 of NI 43-101.
About Timberline Resources Corp.
Timberline Resources is focused on advancing district-scale gold exploration and development projects in Nevada, including 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; and as operator of two joint venture projects -- the Paiute project joint venture with a subsidiary of Barrick Gold, and the Elder Creek project joint venture with McEwen Mining.
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