COEUR D'ALENE, ID / ACCESSWIRE / August 29, 2018 / Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR)
("Timberline" or the "Company") is pleased to announce that exploration drilling has begun at its Elder Creek porphyry copper-gold
project in the Battle Mountain Mining District of Nevada. The Company will also conduct a district-scale gravity survey on its
Eureka project and will target high-grade gold mineralization at depth in the Lookout Mountain area.
The Company is also pleased to announce the appointment of Mr. Donald McDowell as Vice President of Corporate Development.
Steven Osterberg, Timberline's President and CEO commented, "We are excited to initiate drilling on the recently acquired Elder
Creek project to test the extent of oxidized copper mineralization intersected in five historic drill holes. Results of this
initial drill program will help design more extensive drill testing this fall." He continued, "At Eureka, the gravity survey, which
is an important tool in exploration and discovery of large Carlin-type systems, will provide important data to focus off-set
drilling of high-grade gold intercepts consistent with large mineral systems on the Battle Mountain Eureka trend."
Elder Creek Drill Program
At Elder Creek, the work program includes approximately 2,500 feet (762 meters) of reverse circulation drilling to test the
grade and continuity of copper/gold mineralization within a large, porphyry copper system defined by geologic mapping, surface
sampling, zoned alteration, geochemistry, and an aeromagnetic survey (Figures 1 and 2). Our initial drill hole expands on
mineralization intersected in five vertical holes drilled when copper prices were less than $1.00/lb. These historic drill holes
intersected continuous copper mineralization grading 0.2% to 0.3% from surface to their maximum depths of 200 to 300 feet.
Timberline's initial drilling will test the depth extend of the copper mineralization to allow design of a more extensive follow-up
program.
The Elder Creek copper/gold system lies approximately 11 miles (18 km) north of Newmont's Phoenix mining complex. Exploration
data compiled from over 40-plus years of exploration on the property includes a "donut-like" aeromagnetic signature with a magnetic
high of hornfels that surrounds the porphyry core with a pronounced magnetic low.
Timberline has the right to acquire a 65% interest in the 16 square mile (41 km2) property by spending US$5.1 million
over 6 years through an earn-in joint venture agreement with McEwen Mining Inc. (see new release dated May 24, 2018 at
http://timberlineresources.co/press-releases).
Rock geochemical sampling results, along with geologic and geophysical characteristics evident at Elder Creek (see press
release dated June 18, 2018 at http://timberlineresources.co/press-releases) are common to major porphyry copper
deposits. The core of the Elder Creek porphyry target covers approximately 1.7 square miles (4.5 km2), and has at least
three intrusive phases which form two granodiorite porphyry centers that are similar in age (35-37 million years) to the intrusive
rocks at Newmont's Phoenix gold-copper mine. The core is characterized by intense porphyry-style quartz veining, and elevated
copper and molybdenum values in rocks and soils. It is flanked by proximal potassic (hydrothermal biotite) alteration and distal
biotite-pyrite-pyrrhotite hornfels. Large target areas of gold-copper veining occur within the hornfels to the east and south of
the porphyry core.
Figure 1. Geology, Alteration, and Copper Geochemistry of the Elder Creek Porphyry Copper-Gold Prospect
Figure 2. Elder Creek Airborne Total Field Magnetics with Alteration Zoning
Eureka Gravity Survey
The Company will also conduct a district-wide gravity survey at the 23-square mile (60 km2) Eureka property (Figure
3) to help design a program to test the continuity of three deep, high-grade gold intercepts in a geological setting consistent
with the large Carlin-type gold systems of the Battle Mountain - Eureka mineral belt. The survey will include detailed coverage
encompassing the historic Lookout Mountain and Oswego Target areas, which contain documented high-grade gold occurrences (see
press releases dated June 12, 2018 and July 10, 2018 at http://timberlineresources.co/press-releases). The survey will provide the very
first application of gravity to this district, and help to delineate the subsurface stratigraphic and structural architecture of
specific target areas such as Lookout Mountain.
Figure 3. Eureka Property District Total Field Magnetics, Target Areas, and Proposed Gravity Survey
Management Appointments
The Company is also pleased to announce that Mr. Donald McDowell has joined its senior management team.
Mr. Donald McDowell will serve as Vice President of Corporate Development in addition to his current role as a Timberline
Director. He has over 30 years of geological exploration, property evaluation, and development experience focused primarily on the
mineral exploration industry in Nevada. Since 2008, he has served as the President of Americas Gold Exploration Inc., a private
company dedicated to Nevada mineral exploration. In late 2017, he was instrumental in the acquisition of the Carlin Vanadium
Property by Cornerstone Metals. Previously, he spent 17 years with major mining corporations including Nippon Mining of Japan,
Santa Fe Pacific Gold and Kennecott Exploration, where he was involved in exploration, resource/reserve evaluations, and mine
development. Mr. McDowell is a registered professional land surveyor in the State of California.
Mr. Osterberg added, "We are very pleased to add Don to Timberline's management team in this important leadership position. His
wealth of exploration and property expertise will benefit the Company as we advance our projects in the current environment of
tight capital markets.
About Timberline Resources
Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada,
including its 23 square-mile Eureka property, comprised of the Lookout Mountain, Windfall, and Oswego projects which lie along
three separate structural stratigraphic trends defined by distinct geochemical gold anomalies; and as the operator of two joint
venture projects - the Paiute project joint venture with a subsidiary of Barrick Gold, and the Elder Creek project joint venture
with McEwen Mining. All of these properties lie on the prolific Battle Mountain-Eureka gold trend. Timberline also owns the Seven
Troughs property in Northern Nevada, known to be one of the state's highest grade, former producers. Timberline has increased its
owned and controlled mineral rights in Nevada to over 43 square miles (27,500 acres). Detailed maps and NI 43-101 estimated
resource information for the Eureka property may be viewed at http://timberlineresources.co/.
Timberline is listed on the OTCQB where it trades under the symbol "TLRS" 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 include, but are not limited to, statements
regarding the advancement of projects, and exploration potential. 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. There are no assurances that the Company will complete the earn-ins on Elder Creek
and Paiute projects as contemplated or at all. Factors that could cause or contribute to risks involving forward-looking statements
include, but are not limited to, changes in the Company's business and other factors, including risk factors discussed in the
Company's Form 10-Q for the quarter ended June 30, 2018. Except as required by 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) accept responsibility for the adequacy or accuracy of this release.
For Further Information Please Contact:
Steven A. Osterberg
President and CEO
Tel: 208-664-4859
E-mail: info@timberline-resources.com
Website: www.timberline-resources.com
SOURCE: Timberline Resources Corporation
