Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE Amex:TLR)
("Timberline" or the "Company") today announced the purchase of a
large block of patented and unpatented mining claims comprising
essentially the entire Seven Troughs gold mining district near
Lovelock in Pershing County, Nevada.
The purchased property package covers 3,900 acres, consisting of
sixty-four (64) patented and seventy-six (76) unpatented lode
mining claims, all of which are under a long-term lease agreement,
along with one hundred sixty-two (162) additional unpatented lode
mining claims. The leased portion of the property package requires
no lease payments or work commitments from Timberline.
The Seven Troughs district is recognized as yielding some of the
highest gold production grades in Nevada history. Small-scale
operations from the district in the early 20th century reportedly
produced about 150,000 tons of ore grading approximately 1.20
ounces of gold per ton (opt) (41.1 grams per tonne) (g/t) and 4.0
opt (137 g/t) silver.
Exploration data generated since 1977 by several operators
including Newmont and Teck includes 111,565 feet (34,005 metres) of
rotary drilling from 159 holes, 11,501 feet (3,505 metres) of core
from five holes, extensive geochemical and geophysical data, and
surface geologic mapping. A considerable database of district
activity is included in the purchase and is expected to contribute
to the rapid development of several drill targets.
Paul Dircksen, Timberline's Chief Executive Officer, said, "This
acquisition provides us with an excellent exploration opportunity
for nominal cost. We believe the Seven Troughs district has the
potential to host a large precious metals system similar to the
high-grade gold and silver veins of Japan's world-renowned
Hishikari epithermal gold mine."
Significant high-grade drill intercepts from the modern era
(since 1977) of Seven Troughs exploration include:
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Drill Hole Length Gold Length Gold
Number (Feet) (opt) (metres) (g/t)
------------------------------------------------------------
ST-7 25 2.00 7.6 68.5
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NST-5 5 0.56 1.5 19.2
------------------------------------------------------------
This high-grade material is enhanced by lower-grade drill
intercepts and surface trenching samples from other areas of the
district that demonstrate the potential of the system. A few of
those results, also from the modern era of Seven Troughs
exploration, include:
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Drill Hole Length Gold Length Gold
Number (Feet) (opt) (metres) (g/t)
------------------------------------------------------------------
S-8 135 0.03 41.2 1.03
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SR-4 60 0.06 18.3 2.05
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SR-18 35 0.04 10.7 1.37
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SR-11 25 0.04 7.6 1.37
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Length Gold Length Gold
Trench Sample (Feet) (opt) (metres) (g/t)
------------------------------------------------------------------
B-6 225 0.02 68.6 0.68
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YD-2 280 0.01 85.3 0.34
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The purchased property includes all of the Seven Troughs
District holdings of CIT Microprobe Holdings LLS (California
Institute of Technology) (CIT). The property package had been part
of an estate that was donated to CIT. Terms of the purchase
agreement include a cash payment of $50,000 from Timberline and a
2-percent NSR production royalty reserved to CIT with a standard
royalty buy down clause.
Mr. Dircksen continued, "It is uncommon for mineral exploration
companies to acquire a substantial Nevada gold district with
meaningful past production and promising drill intercepts on such
favorable terms. Timberline is under no obligation to make
expenditures on the property in the near-term. The Seven Troughs
acquisition is an excellent fit with our business plan to explore
and develop a pipeline of high-potential gold projects in the
western United States."
Steven Osterberg, Ph.D., P.G., Timberline's Vice-President of
Exploration, is a Qualified Person as defined by National
Instrument 43-101 and has reviewed and approved the technical
contents of this release.
About Timberline Resources
Timberline Resources Corporation is exploring and developing
advanced-stage gold properties in the western United States.
Timberline is working on a transaction to increase its ownership
stake in its Butte Highlands Joint Venture in Montana where gold
production is targeted to commence in mid-2013. Timberline's
exploration is primarily focused on the goldfields of Nevada, where
it is advancing its flagship Lookout Mountain Project toward a
production decision while exploring a pipeline of quality
earlier-stage projects at its South Eureka Property and elsewhere.
Timberline management has a proven track record of discovering
economic mineral deposits and developing them into profitable
mines.
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".
Forward-Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. 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 purchase of the Butte Highlands JV, LLC membership
interests (including the expected timing of such purchase), the
timing of obtaining necessary permits and the development and
production of the Company's Butte Highlands project, the targeted
production date for the Butte Highlands project, and the potential
timing, results of exploration, or any potential mineral discovery
in the Seven Troughs district. When used herein, the words
"anticipate," "believe," "estimate," "upcoming," "plan," "target",
"intend" and "expect" and similar expressions, as they relate to
Timberline Resources Corporation, its subsidiaries, 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, whether or not the Company completes the purchase of
the Butte Highlands JV, LLC membership interests, risks related to
the timing and completion of the drilling programs at Butte
Highlands and South Eureka, risks and uncertainties related to
mineral estimates, risks related to the inherently dangerous
activity of mining, and other such factors, including risk factors
discussed in the Company's Annual Report on Form 10-K for the year
ended September 30, 2011. 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 CEO
208.664.4859
Timberline Resources (QB) (USOTC:TLRS)
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Timberline Resources (QB) (USOTC:TLRS)
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