Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE
MKT:TLR)(NYSE Amex:TLR) ("Timberline" or the "Company") today
provided an overview of the 2012 exploration and pre-development
program at its Lookout Mountain Gold Project, along with the first
drill results of the season. Lookout Mountain is the lead project
within Timberline's district-scale South Eureka property, located
in Nevada's prolific Battle Mountain - Eureka Trend.
Current exploration at South Eureka is focused primarily at
Lookout Mountain, where preparations are underway for a Preliminary
Economic Analysis (PEA) planned for later this year. The PEA is
expected to support Timberline's positive assessment of the
near-term production potential of the project. Highlights of the
2012 exploration and pre-development program include:
-- Approximately 25,000 feet (7,620 metres) of drilling, with a primary
objective of upgrading a substantial portion of the existing resource
from the Inferred category into the Measured and Indicated categories.
-- Continued metallurgical studies, including bottle roll testing and crush
size analysis, to optimize gold recovery.
-- Permitting activities, including geochemistry studies for waste rock
analysis, acid base accounting, hydrologic studies, and geotechnical
work, in advance of possible submission of a mine plan in conjunction
with an operating permit application in the event of a favorable PEA.
Paul Dircksen, Timberline's Chief Executive Officer, said, "We
continue to generate data demonstrating that Lookout Mountain has
excellent potential to host a low capital, low operating cost, open
pit, heap-leach gold operation. We expect this year's drilling to
increase our Measured & Indicated gold resource substantially,
providing a larger base of mineralization for use in the
forthcoming PEA. Our objective is to continue moving the existing
resource toward production while defining additional gold ounces at
Lookout Mountain and across the district. Several members of our
Board with extensive operational experience toured this project and
expressed their support of this objective. We believe that there is
excellent potential for additional gold mineralization at Lookout
Mountain and at other project areas at South Eureka."
Recent drill results from Lookout Mountain include the following
intervals:
Lookout Mountain Drill Results
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Drill From Length Gold From Length Gold NaCN
Hole (feet) (feet)(1) (opt)(2) (metres) (metres)(1) (g/t)(2) Recovery
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BHSE-037R 610 90 0.015 185.9 27.4 0.51 39%
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BHSE-129A 130 57 0.014 39.6 17.4 0.48 97%
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BHSE-132 80 115 0.017 24.4 35.1 0.58 81%
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BHSE-138 330 115 0.053 100.6 35.1 1.82 81%
----------------------------------------------------------------------------
BHSE-139 250 95 0.021 76.2 29.0 0.72 79%
----------------------------------------------------------------------------
BHSE-141 50 20 0.015 15.2 6.1 0.51 100%
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BHSE-141 115 90 0.025 35.1 27.4 0.86 100%
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BHSE-143 0 125 0.033 0 38.1 1.13 91%
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Notes:
(1)True widths of the drill intercepts have not been determined
(2)Troy ounces per ton (opt) and grams per tonne (g/t)
Drill results demonstrate strong continuity of mineralization
within the resource while also defining zones of higher grade
mineralization. Holes 132, 138, and 139 assist with model
refinement in a less densely drilled area and expand a 500 foot
long zone of thick mineralization an additional 250 feet to the
north. Intercepts in Hole 138, combined with previously-drilled
Holes 039 and 061, indicate a northeast trending zone of higher
grade mineralization that is open to the northeast. Similarly, Hole
143 expands, and keeps open to the east, mineralization along the
southern flank of the same thick mineralized zone targeted by Holes
138 and 139. Hole 132 expands the resource to the west in this same
zone.
The South Eureka property features three extensive mineralized
trends and also includes a pipeline of earlier-stage projects that
feature past-producing open pits along with several areas
containing historic gold resources. Timberline is continuing its
exploration efforts at other South Eureka locations with mapping
and geochemical and alteration modeling in order to target deeper
high-grade mineralization. The Company also recently completed a
large magnetic survey to aid in the exploration and drill hole
targeting throughout the district.
Timberline's current gold resource estimate at Lookout Mountain,
which was prepared by Mine Development Associates ("MDA") of Reno,
Nevada, consists of:
-- 390,000 ounces Measured & Indicated Gold Resource(1)
(20,765,000 tons at 0.019 opt gold (18,838,000 tonnes at 0.65 g/t))
-- 221,000 ounces Inferred Gold Resource(2)
(18,385,000 tons at 0.012 opt gold (16,679,000 tonnes at 0.41 g/t))
The resources were calculated utilizing a cut-off grade of 0.006
ounces of gold per ton (opt) (0.21 grams per metric tonne (g/t))
for oxide material and 0.030 opt (1.03 g/t) for sulfide material.
Approximately 83 percent of the resource ounces are from oxide
material and 17 percent are from sulfide material. The effective
date of the resource is April 17, 2012, and the complete technical
report is filed on SEDAR.
The full MDA Resource Estimate with various cut-off grades may
be viewed at http://timberline-resources.com/main.php?page=208.
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. 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 ISO-9001
certified assay 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.
The Lookout Mountain mineral resources were modeled and
estimated by MDA by evaluating the drill data statistically,
utilizing geologic interpretations provided by Timberline to
interpret gold mineral domains on cross sections spaced at 50- to
100-foot intervals across the extents of the Lookout Mountain
mineralization, rectifying the mineral-domain interpretations on
level plans spaced at 10-foot intervals, analyzing the modeled
mineralization geostatistically to aid in the establishment of
estimation parameters, and interpolating grades into a
three-dimensional block model. Mike Gustin is a Qualified Person as
defined by National Instrument 43-101 and is responsible for the
resource estimate.
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 from 50% to 100% in its Butte Highlands Joint Venture in
Montana where gold production is targeted to commence later this
year. 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 MKT where it trades under the
symbol "TLR" and on the TSX Venture Exchange where it trades under
the symbol "TBR".
(1)Cautionary note to U.S. investors concerning estimates of
measured and indicated resources: This press release uses the terms
"measured resources", "indicated resources" and "measured &
indicated resources." We advise U.S. investors that while these
terms are defined in and required by Canadian regulations, these
terms are not defined terms under United States Securities and
Exchange Commission ("SEC") Industry Guide 7 and are normally not
permitted to be used in reports and registration statements filed
with the SEC. The SEC normally only permits issuers to report
mineralization that does not constitute SEC Industry Guide 7
compliant "reserves" as in-place tonnage and grade without
reference to unit measures. U.S. investors are cautioned not to
assume that any part or all of mineral deposits in these categories
will ever be converted into SEC Industry Guide 7 reserves.
(2 )Cautionary note to U.S. investors concerning estimates of
inferred resources: This press uses the term "inferred resources".
We advise U.S. investors that while this term is defined in and
required by Canadian regulations, this term is not a defined term
under SEC Industry Guide 7 and is normally not permitted to be used
in reports and registration statements filed with the SEC.
"Inferred resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred resource will ever be upgraded to a higher category. The
SEC normally only permits issuers to report mineralization that
does not constitute SEC Industry Guide 7 compliant "reserves" as
in-place tonnage and grade without reference to unit measures. U.S.
investors are cautioned not to assume that any part or all of an
inferred resource exists or is economically or legally minable.
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 timing of the Company's continued exploration and
drill program at South Eureka and Lookout Mountain, the timing of
assay results from such drilling program being released, the
Company's ability to expand the South Eureka resource, purchase of
the Butte Highlands JV, LLC membership interests (including the
expected timing of such purchase), the timing or results of the
Company's drill programs at Butte Highlands, including the timing
of obtaining necessary permits, the development and production of
the Company's Butte Highlands project and projects on its South
Eureka property, the potential life of the mine at the Butte
Highlands project, the targeted production date for the Butte
Highlands project, targeted date for production at South Eureka,
the potential for a heap-leach mine at South Eureka, targeted dates
for the South Eureka technical report and economic scoping study,
and possible growth of the Company and the Company's expected
operations, including potential development of an open pit
extraction and run-of-mine heap leach processing and operation at
South Eureka. 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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