Timberline Resources Corporation (TSX VENTURE: TBR)(NYSE Amex: TLR)
("Timberline" or the "Company") is pleased to report on the
progress and results of its drilling and metallurgical testing at
its South Eureka Property, a sediment-hosted gold project located
in the prolific Battle Mountain Eureka Trend in Nevada. Upon the
Bureau of Land Management's final approval of Timberline's Plan of
Operation in September 2010, the Company proceeded with its planned
$2.2 million exploration program.
Over 12,000 feet (3,658 metres) of Reverse Circulation (RC)
drilling has been completed and assay results have been received
for four holes, with seven additional holes currently in the
lab.
Significant drill intercepts include:
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From To Length
Feet (ft) Feet (ft) Feet (ft) Gold NaCN
Hole ID Metres (m) Metres (m) Metres (m) Grade(i) Recovery
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265 ft 595 ft 330 ft 0.031 opt
BHSE-035 80.8 m 181.4 m 100.6 m 1.06 g/t 85%
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130 ft 165 ft 35 ft 0.092 opt
BHSE-034 39.6 m 50.3 m 10.7 m 3.15 g/t Sulfide
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135 ft 140 ft 5 ft 0.463 opt
Including 41.1 m 42.6 m 1.5 m 15.86 g/t Sulfide
----------------------------------------------------------------------------
220 ft 290 ft 70 ft 0.016 opt
BHSE-034 67.1 m 88.4 m 21.3 m 0.55 g/t 78%
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140 ft 165 ft 25 ft 0.196 opt
BHSE-032 42.7 m 50.3 m 7.6 m 6.71 g/t Sulfide
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140 ft 150 ft 10 ft 0.430 opt
Including 42.7 m 45.7 m 3.0 m 14.73 g/t Sulfide
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270 ft 530 ft 260 ft 0.020 opt
BHSE-032 82.3 m 161.5 m 79.2 m 0.69 g/t 75%
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530 ft 695 ft 165 ft 0.027 opt
BHSE-032 161.5 m 211.8 m 50.3 m 0.93 g/t Sulfide
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0 ft 65 ft 65 ft 0.013 opt
BHSE-030 0 m 19.8 m 19.8 m 0.45 g/t 95%
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(i)Troy ounces per ton (opt) and Grams per tonne (g/t)
Additionally, seven core holes have been completed, and the core
from four of those holes has been submitted to Kappes, Cassiday
& Associates (KCA) in Reno, Nevada for metallurgical testing.
The core samples from the remaining three holes will be submitted
to KCA this week, and assay results from all of these holes will be
reported when the testing and assays have been completed.
Paul Dircksen, Timberline's Executive Chairman and
Vice-President of Exploration stated, "We are very pleased with the
progress and results at our Lookout Mountain Project on the South
Eureka Property - particularly considering our very late start due
to permitting requirements. Our on-site staff and contractors are
to be commended for the rapid advancement of this project. All four
holes for which assays have been received are infill drill holes
targeting open zones of mineralization or aiming to better define
high grade mineralization. The assay results are consistent with
our projections, and we are especially pleased with the results
from hole BHSE-035 which indicates a broader zone of better grade
gold with exceptional metallurgy. Furthermore, all drilling and
assay results to date support the geologic model for our resource
estimate, including the sulfide intervals that establish continuity
of the higher-grade sulfide mineralization."
Mr. Dircksen added, "Our NaCN shake test results confirm the
positive metallurgical characteristics of the oxide mineralization
which support our view that the operation may be able to process
run-of-mine material without the added cost of crushing or grinding
the ore. With a grade that is on par with many other
sediment-hosted gold deposits in Nevada, metallurgical
characteristics amenable to a low-cost heap leach operation, and
gold prices at historical levels, we see significant value coming
from this project."
Timberline is aggressively pursuing the objectives of its
exploration program at South Eureka which include:
-- 7,500 foot (2,286 metre) core drill program focused primarily on
obtaining core for process metallurgical scoping studies;
-- 30,000 foot (9,144 metre) Reverse Circulation (RC) drill program
directed primarily at in-fill and resource definition drilling necessary
to complete a NI 43-101 technical report, including a compliant
resource, for the Lookout Mountain Project by early March 2011;
-- Drill testing of high grade sulfide/refractory lenses within the oxide
resource area to better understand the controls and geometry of sulfide
mineralization;
-- Metallurgical testing by KCA on core samples to define the heap leach
characteristics and process parameters;
-- Channel sampling and bulk sampling within the historic Lookout Mountain
pit for bench-scale metallurgical testing;
-- Detailed geologic mapping and sampling to identify and target additional
exploration targets on the South Eureka Property but outside of the main
Lookout Mountain resource area;
-- Incorporating all collected data into a Preliminary Economic Assessment
(PEA) to be completed by early summer 2011.
Timberline's CEO, Randy Hardy, said, "We are also on track to
obtain our Hard Rock Operating Permit at the Butte Highlands JV
gold project in Montana by the end of the 3rd quarter of 2011.
Underground development is advancing steadily at the project, and
underground definition drilling is expected to begin by the end of
November. Timberline Drilling, our wholly-owned contract drilling
subsidiary, is doing an excellent job core drilling at Butte
Highlands and South Eureka, and their surface and underground
diamond drilling services are increasingly in demand due to their
solid reputation of delivering superior customer service and the
increased call for drilling at exploration projects and operating
mines that are feverishly drilling to replace depleted reserves. We
are looking forward to successfully meeting several significant
milestones in 2011, including advancing the exploration programs at
our South Eureka Property, gold production at Butte Highlands, and
continued operational and financial improvements at Timberline
Drilling."
The Company also announced that with increasing demand for
drills and improved drilling margins at Timberline Drilling in the
United States, along with an increasingly-difficult operating
environment and growing country-related risk in Mexico, they have
discontinued their drilling services operation in Mexico which was
operated by their wholly-owned Mexican subsidiary, World Wide
Exploration, S.A. de C.V. ("WWE"). All of the drills and related
assets of WWE have been repositioned in the United States for
deployment by Timberline Drilling, including one drill that has
already been mobilized for a potentially long-term contract.
Timberline management recently gave a corporate presentation to
a large group of investors at the New Orleans Investment Conference
and will also be presenting at the San Francisco Hard Assets
Conference which will be held at the Marriott Marquis on November
21-22, 2010. Investors are invited to attend and to visit company
management at booth # 416 in the exhibit hall.
Paul Dircksen is a Qualified Person as defined by National
Instrument 43-101 and has reviewed and approved the technical
contents of this release. He has verified the drill results and
other data disclosed in this news release, including sampling,
analytical and test data. Field work has been conducted under his
supervision. The Timberline sampling and analysis program included
an industry standard QA/QC program. After logging and cutting or
dividing the sample intervals in half, the samples were picked up
by Inspectorate America Corporation and taken to their lab in
Sparks, Nevada for analysis. The samples were analyzed for gold
using a standard 30g fire assay with an AA finish. Samples
returning a gold value in excess of 3 ppm were re-analyzed using a
30g fire assay with a gravimetric finish.
About Timberline Resources
Timberline is a U.S.-based exploration/development company with
a focus on advanced-stage precious metals properties. The Company's
management team has a solid track record of achievement in building
successful companies and discovering, exploring, and developing
economic mineral deposits. Currently, Timberline is executing an
aggressive exploration program at its South Eureka Property, a
large drill-tested and highly prospective property in Nevada's
Battle Mountain - Eureka gold trend. In addition, Timberline has
two other business units. The Company has a 50%
carried-to-production interest at the Butte Highlands Joint Venture
which is currently in development and targeted to begin gold
production in 2011, where the Company has also undertaken
additional surface drilling to test the extent of the mineralized
zone. Timberline also has a wholly-owned subsidiary, Timberline
Drilling, which provides cash flow to the Company from its
underground and surface drilling operations at operating mines and
advanced development and exploration projects.
Timberline is listed on the NYSE Amex where it trades under the
symbol "TLR" and on the TSX Venture Exchange where it trades under
the symbol "TBR".
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature. Such forward-looking
statements reflect the Company's expectations about its future
operating results, performance and opportunities that involve
substantial risks and uncertainties. These statements include but
are not limited to statements regarding the timing of the Company's
continued drill program at Butte Highlands, the timing of assay
results from such drilling program being released, the Company's
50/50 joint venture with Highland Mining LLC, the development and
production of the Company's Butte Highlands project and South
Eureka project, the targeted production date for the Butte
Highlands project, targeted dates for the South Eureka technical
report and PEA, results of the Company's drilling subsidiaries,
possible growth of the Company and the Company's expected
operations. When used herein, the words "anticipate," "believe,"
"estimate," "upcoming," "plan," "intend" and "expect" and similar
expressions, as they relate to Timberline Resources Corporation, 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. Factors that could
cause or contribute to such differences include, but are not
limited to, such factors, including risk factors, discussed in the
Company's Annual Report on Form 10-K for the year ended September
30, 2009. Except as required by Federal Securities 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) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Timberline Resources Corporation Paul Dircksen
Executive Chairman 208.664.4859 Timberline Resources Corporation
Randal Hardy CEO 208.664.4859
Timberline Resources (QB) (USOTC:TLRS)
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