Timberline Resources Drilling Confirms Porphyry Hosted Gold Discovery on the Paiute Project, Battle Mountain District, Nevada
COEUR D'ALENE, ID / ACCESSWIRE / January 16, 2020 / Timberline Resources Corporation (OTCQB:TLR)(TSXV:TBR) ("Timberline" or the "Company") announced that its first two drill holes at the Paiute project in the Battle Mountain district of Nevada intercepted long intervals of disseminated gold mineralization in granodiorite porphyry and contact metamorphosed sandstone (Figure 1, Table 1). Both reverse circulation (RC) holes were terminated in mineralized, hard, silicified rock because of limitations of the drill rig. Timberline owns approximately 78% of the Paiute project in a Joint Venture ("JV") with Nevada Gold Mines, LLC.
Highlights:
PCRC 19-01 intercepted 125 feet (ft) (38 meters (m)) grading 0.36 g/t Au with associated pyrrhotite-pyrite-arsenopyrite in silicified, metamorphosed arkosic sandstone.
PCRC 19-02 intercepted multiple zones of gold mineralization in granodiorite porphyry and metamorphosed arkosic sandstone, including 40 ft (12 m) of 0.61 g/t , 80 ft (24 m) of 0.51, 25 ft (8 m) of 1.12 g/t, and 25 ft (8 m) of 0.48 g/t over its 710 feet (216 m) length and bottomed in mineralization.
Timberline's President and CEO, Steve Osterberg commented, "Our initial drilling at Paiute confirms the presence of a large, near-surface gold system. The target zones remain largely untested by drilling, and historical drilling (Table 2) intercepted significant gold at shallow (<500 ft; 150 m) depths, with several holes ending in gold mineralization."
EXPLORATION TARGETS
Gold-Silver Structural Zone Target: PCRC 19-01 bottomed in 160 ft (49 m) of silicified granodiorite porphyry with geochemical characteristics similar to that of PCRC19-02. The previously identified 2 km-long gold "Lone Tree-type" structural zone remains largely untested. The structural zone includes surface rock chip samples (see Figure 1 and Table 3) which previously returned multiple values greater than 1.0 gram per tonne ("g/t") of gold including two samples over 10 g/t gold and one sample with 42.9 g/t gold and 527 g/t silver (Table 3) (see press release dated May 24, 2018 @ https://timberlineresources.co/press-releases).
Gold Porphyry Target: PCRC 19-02 twinned and deepened historical hole ICBM-95-06, which intercepted porphyry-style gold mineralization in highly silica-altered, sulfide-poor (trace - 1% pyrite) granodiorite porphyry, and remains opened to depth The mineralization in PCRC 19-02 expands on multiple intercepts in nearby historic holes (Figure 2 and Table 2).
EXPLORATION PLANS:
The Paiute project has the potential for bulk-mineable, open-pit gold mineralization based on the thicknesses and grades drilled to date. The Company is acquiring historical IP/Resistivity, and magnetic survey data to guide future drilling of the largely untested structural zone and porphyry targets.