Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE
MKT:TLR)(NYSE Amex:TLR) ("Timberline" or the "Company") today
reported the final drill results from its 2012 infill drill program
at its Lookout Mountain Project near Eureka, Nevada. Consistent,
strong results continue to demonstrate excellent continuity of
mineralization and very good metallurgical characteristics for
low-cost, heap-leach processing. Highlights from the latest gold
assay results include:
-- 31 feet (9.5 metres) at 0.061 ounces per ton (opt) (2.09 grams per tonne
(g/t)) gold in Hole BHSE-157C
-- 10 feet (3.1 metres) at 0.149 opt (5.10 g/t) gold, within 75 feet (22.9
metres) of 0.033 opt (1.13 g/t) gold in Hole BHSE-163
-- 20 feet (6.1 metres) of 0.060 opt (2.06 g/t) gold in Hole BHSE-163
-- 100 feet (30.5 metres) of 0.023 opt (0.79 g/t) gold, including 45 feet
(13.7 metres) of 0.045 opt (1.54 g/t) gold in Hole BHSE-165
Timberline's Chief Executive Officer, Paul Dircksen, said, "We
have accomplished our objectives with this drill program, which
included infill drilling to upgrade and enhance our gold resource,
providing material from various zones for continued metallurgical
testing, and drilling to provide data for hydrological and
engineering studies. The infill drilling demonstrates excellent
continuity of mineralization with excellent recoveries at Lookout
Mountain. Engineering studies, including pit design, heap leach pad
location, definition and planning; environmental studies including
waste rock characterization; and an intensive metallurgical testing
program are all ongoing. Results of these studies will be
incorporated into a preliminary economic assessment to include an
updated resource estimate early next year as we advance this
project to a near-term production decision for what is expected to
be a low capital, low cost, heap-leach gold mine."
The following table summarizes significant drill results from
Lookout Mountain:
----------------------------------------------------------------------------
Length NaCN
From Length Gold From (metres) Gold Recovery
Drill Hole (feet) (feet)(1) (opt)(2) (metres) (1) (g/t)(2) (3)
----------------------------------------------------------------------------
BHSE0153C 305 112 0.024 93.0 34.1 0.82 80%
----------------------------------------------------------------------------
Including 404 7 0.143 123.1 2.1 4.90 Sulfide
----------------------------------------------------------------------------
550 23 0.020 167.6 7.0 0.69 Sulfide
----------------------------------------------------------------------------
BHSE-157C 316 86 0.027 96.3 26.2 0.94 100%
----------------------------------------------------------------------------
Including 376 31 0.061 114.6 9.5 2.09 100%
----------------------------------------------------------------------------
BHSE-160C 140 100 0.010 42.7 30.5 0.34 75%
----------------------------------------------------------------------------
Including 140 28 0.013 42.7 8.5 0.45 75%
----------------------------------------------------------------------------
Including 191 40 0.014 58.2 12.2 0.48 88%
----------------------------------------------------------------------------
400 100 0.021 121.9 30.5 0.72 47%
----------------------------------------------------------------------------
BHSE-161 5 65 0.012 1.5 19.8 0.41 78%
----------------------------------------------------------------------------
520 145 0.010 158.5 44.2 0.34 86%
----------------------------------------------------------------------------
BHSE-163 160 20 0.018 48.8 6.1 0.62 77%
----------------------------------------------------------------------------
285 335 0.018 86.9 102.1 0.62 78%
----------------------------------------------------------------------------
Including 285 215 0.017 86.9 65.5 0.58 76%
----------------------------------------------------------------------------
Including 405 20 0.060 123.4 6.1 2.06 74%
----------------------------------------------------------------------------
Including 545 75 0.033 166.1 22.9 1.13 84%
----------------------------------------------------------------------------
Including 565 10 0.149 172.2 3.1 5.10 86%
----------------------------------------------------------------------------
BHSE-164 400 40 0.014 121.9 12.2 0.48 81%
----------------------------------------------------------------------------
BHSE-165 85 110 0.014 25.9 33.5 0.48 92%
----------------------------------------------------------------------------
Including 90 60 0.019 27.4 18.3 0.65 96%
----------------------------------------------------------------------------
215 100 0.023 65.5 30.5 0.79 91%
----------------------------------------------------------------------------
Including 230 45 0.045 70.1 13.7 1.54 83%
----------------------------------------------------------------------------
BHSE-166C 223 49 0.012 68.0 14.9 0.41 89%
----------------------------------------------------------------------------
BHSE-167C 37 68 0.012 11.3 20.7 0.41 99%
----------------------------------------------------------------------------
BHSE-168C 603 31 0.033 183.8 9.5 1.13 8%
----------------------------------------------------------------------------
BHSE-170 300 20 0.017 91.4 6.1 0.58 82%
----------------------------------------------------------------------------
Notes:
(1) True widths of the drill intercepts have not been determined
(2) Troy ounces per ton (opt) and grams per tonne (g/t)
(3) NaCN represents a Sodium Cyanide leach recovery of the gold content
of the sample
Drill hole locations at Lookout Mountain may be viewed by
referring to the maps at
http://timberline-resources.com/main.php?page=194.
Expanding on the significance of these results, Mr. Dircksen
continued, "Core hole 157C was significant in that it provided
definition for the west side of the proposed pit, but, more
importantly, had a high-grade intercept (31 feet grading 0.061 opt
gold (9.5 metres grading 2.09 g/t gold)) with 100% recovery. This
intercept is 500 feet (152 metres) from previously reported hole
151C containing 20 feet of 0.47 opt (6.0 metres of 16.12 g/t) gold
with 89% recovery, including 9 feet of 1.03 opt (2.6 metres of
32.26 g/t) gold with 100% recovery and 3 feet of 2.46 opt (0.9
metres of 84.41 g/t) gold with 94% recovery. These widely-spaced
high-grade intercepts with impressive recovery rates may represent
a higher grade mineralized cross structure perpendicular to the
main geologic zone at South Lookout Mountain. Holes 163 and 165
also provide definition to the west side of the proposed pit, south
of Hole 157C, and returned lengthy intervals of higher grade gold
with good recovery characteristics."
About South Eureka
The South Eureka property features three extensive mineralized
trends and a pipeline of earlier-stage projects that feature
past-producing open pits and historic gold resources. Lookout
Mountain is the most advanced project within the South Eureka
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
opt of gold (0.21 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.
Gary Edmondo, Timberline's Great Basin District Geologist, 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 holds a 50-percent carried interest ownership stake in
the 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 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 and results 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 and upgrade the South
Eureka resource, 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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