Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE
Amex:TLR)(NYSE MKT:TLR) ("Timberline" or the "Company") today
announced that it has filed an updated NI 43-101 technical report
on SEDAR demonstrating an increase to the gold resource estimate at
its Lookout Mountain Gold Project in central Nevada. Lookout
Mountain is the most advanced project within Timberline's
district-scale South Eureka property, which lies within the
prolific Battle Mountain - Eureka Trend. The Company's 2012
drilling program was designed foremost to upgrade the resource
categorization of the Lookout Mountain mineralization, to collect
material for metallurgical test work, and to site hydrology
monitoring wells.
As previously reported in the Company's February 28, 2013 news
release, Timberline's updated gold resource estimate at Lookout
Mountain, which was prepared by Mine Development Associates ("MDA")
of Reno, Nevada, consists of:
-- 508,000 ounces Measured & Indicated Gold Resource (28,940,000 tons at
0.018 opt gold)
-- 106,000 ounces of Measured Gold Resource (3,043,000 tons at 0.035
opt gold)
-- 402,000 ounces of Indicated Gold Resource (25,897,000 tons at 0.016
opt gold)
-- 141,000 ounces Inferred Gold Resource
-- (11,709,000 tons at 0.012 opt gold)
Since June 2010, Timberline has drilled 150 core and
reverse-circulation holes. However, the resource estimate is based
on current and historical data from 684 drill holes totaling
357,007 feet (108,816 metres). The report, which recommends further
infill and resource expansion drilling, further metallurgical
testing, geological modeling, and the completion of a Preliminary
Economic Assessment ("PEA") based on current resources, may be
viewed on SEDAR and on our web site at
http://www.timberline-resources.com/main.php?page=165.
The Lookout Mountain resource area is split into the North
Lookout Mountain and South Lookout Mountain blocks. There is an
additional resource in the South Adit resource area located
approximately 3,500 feet south of the southern limit of the modeled
mineralization at Lookout Mountain. The reported resources are open
along strike in both directions as well as down dip. The possible
extension of the Lookout Mountain deposit south through to the
South Adit resource provides the Company's best opportunity for
near-term enhancement of project resources. In addition, there is
excellent potential to add to the existing resources that lie west
of the Ratto Canyon fault at the Lookout Mountain deposit.
The report states that the mineralization modeled by MDA at the
Lookout Mountain deposit forms a continuous body with a northerly
strike length of about 6,900 feet, a maximum width of 1,650 feet
(based on the surface projection of down-dip extents), and a
vertical extent of 1,400 feet. It also states that the
mineralization at the South Adit deposit has a north-south extent
of almost 2,000 feet, a maximum width of about 700 feet (based on
the surface projection of down-dip extents), and a vertical extent
of 800 feet.
Gold ounces in the Measured & Indicated Resource(1)
categories increased by 30-percent from the 2012 resource estimate,
and are now 78-percent greater than Timberline's initial 2011
resource estimate. 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 84-percent of the resource ounces
are from oxide material and 16-percent are from sulfide material.
Many of these ounces were upgraded from the Inferred Resource(2)
category as the 2012 exploration program concentrated primarily on
infill drilling of the existing mineralization.
Paul Dircksen, Timberline's Chief Executive Officer, said, "This
technical report demonstrates the solid foundation upon which we
are moving forward with this project. With a substantial Measured
& Indicated gold resource, and considerable potential to
upgrade and increase the resources with additional exploration and
development work, Lookout Mountain results continue to validate our
belief that this deposit is a valuable asset that is the
cornerstone to further potential in the greater South Eureka
district."
In 2012, Timberline's technical consultants conducted initial
investigations to support potential mine permitting and planning at
Lookout Mountain, including:
-- Golder Associates, Inc. completed a scoping-level pit slope evaluation
at Lookout Mountain concluding that rock conditions appear favorable for
the development of moderately steep to steep pit slopes.
-- Schlumberger, Inc. initiated collection of baseline hydrologic data
including installation of three monitoring wells and water quality
samples.
-- Kappes Cassiday and Associates continued to conduct metallurgical leach
studies with planning in progress for program expansion in the current
year.
-- Newfields, LLC has delivered a heap leach pad and rock storage area
facilities alternatives analysis based on the location of the Lookout
Mountain resource.
Also, geochemical characterization of mine and waste rock is in
progress by InterraLogic, Inc. and Enviroscientists, Inc. is
directing environmental baseline studies and developing plans for
the upcoming field season to lead to potential mine permit
applications in early 2014.
The MDA resource estimates are summarized below at the noted
cut-off grades:
Lookout Mountain Gold Resource(2)(3)
Ounces Grams
of Gold of Gold
Resource Short Metric per Ton per Tonne Gold
Category(1) Tons Tonnes (opt) (g/t) Ounces
Measured 3,043,000 2,761,000 0.035 1.20 106,000
Indicated 25,897,000 23,493,000 0.016 0.55 402,000
------------------------------------------------------------
Measured &
Indicated 28,940,000 26,254,000 0.018 0.62 508,000
Inferred 11,709,000 10,622,000 0.012 0.41 141,000
Notes:
1) 0.006 opt (0.21 g/t) cut-off applied to oxidized material to capture
mineralization potentially available to open pit extraction and heap
leach processing. 0.030 opt (1.03 g/t) cut-off applied to unoxidized
material to capture mineralization potentially available to open pit
extraction and lower heap leach recoveries or sulfide processing.
2) Rounding may cause apparent discrepancies.
3) The effective date of the Lookout Mountain updated gold resources is
February 20, 2013.
The full MDA Resource Estimate with various cut-off grades can
be seen at http://timberline-resources.com/main.php?page=208.
Timberline's 2013 South Eureka drill program will prioritize
expansion of the gold resource to the south of Lookout Mountain,
including approximately 2,500 feet of strike extension toward South
Adit in which assay data is currently of insufficient density to
calculate resources. The Company also plans to drill test several
targets at increased depth. In 2012, a hydrology hole beneath
Lookout Mountain intercepted high-grade gold mineralization (0.138
opt (4.72 g/t gold) over the final 15 feet (4.6 meters)) down dip
of the current resource, indicating considerable additional
geologic potential at depth.
Timberline's district-scale South Eureka property is
strategically located within the greater Eureka Mining District,
just four miles from Barrick Gold's two-million ounce Archimedes /
Ruby Hill mine. South Eureka features three distinct structural
zones and includes past-producing open pits, along with several
areas containing historic, non-compliant, gold resources and
untested targets.
Other areas on the South Eureka property that contain
drill-indicated gold and are prioritized for future exploration and
drilling include Rocky Canyon, the Oswego structural zone, Pinnacle
Peak, New York Canyon, Hoosac, Hamburg Ridge, Paige Corwin, and
Secret Canyon. Please see detailed maps at
http://timberline-resources.com/main.php?page=194 for site
locations.
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 holds a 50-percent carried interest ownership stake in
the Butte Highlands Joint Venture in Montana where gold production
is targeted to commence in 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. The term "contained gold ounces" used
in this press release is not permitted under the rules of the SEC.
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. The
term "contained gold ounces" used in this press release is not
permitted under the rules of the SEC. 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, 2012. 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 www.timberline-resources.com
Timberline Resources (QB) (USOTC:TLRS)
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