Timberline Announces Updated Mineral Resource Estimate at the Eureka Project under SEC Regulation S-K 1300

COEUR D'ALENE, ID / ACCESSWIRE / July 12, 2023 / Timberline Resources Corporation (OTCQB:TLRS)(TSXV:TBR) ("Timberline" or the "Company") is pleased to report its initial mineral resource estimate for the Lookout Mountain gold deposit at its 100%-controlled Eureka Project in Nevada under Securities and Exchange Commission (SEC) Regulation S-K 1300, which is an SEC requirement for US mining projects governing the disclosure of mineral reserves and resources. The Company has also filed the accompanying Technical Report Summary (TRS) under its profile on EDGAR and provided a link to the document on its website at www.timberline-resources.com. The updated mineral resource estimate is summarized in Table 1.

Qualified persons at RESPEC Company LLC of Reno, Nevada prepared the mineral resource estimates. The new resource estimate has been constrained by optimized open pits utilizing revenue and cost inputs as summarized in the Notes to Table 1 below.

Table 1. Updated Lookout Mountain Project Gold Resources

Foto: Accesswire

Notes:

• The Mineral Resources are comprised of oxidized model blocks that lie within optimized pits at a cutoff grade of 0.005 oz Au/ton plus unoxidized blocks within the optimized pits at a 0.055 oz Au/ton cutoff.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• The Mineral Resources are potentially amenable to open pit mining methods and are therefore constrained by optimized pits created using a gold price of US$1,800/oz, a throughput rate of 10,000 tons/day, assumed metallurgical recoveries of 80% for heap-leaching of oxidized materials and 86% for toll milling of unoxidized materials, a mining cost of US$2.50/ton, heap-leaching processing cost of $3.60/ton, toll milling cost of $80.00/ton, general and administrative costs of $0.83/ton processed, a reclamation cost of $0.25/ton processed, refining cost of $3.00/oz Au produced, and an NSR royalty of 3.5%. This study does not constitute an Initial Assessment under S-K 1300.
• The effective date of the resource estimate is December 31, 2022.
• Rounding may result in apparent discrepancies between tons, grade, and contained metal content.
• Technical Report Summary is authored by Steven Osterberg, PhD, PG (Timberline's qualified person) and RESPEC Company LLC of Reno, Nevada

Patrick Highsmith, Timberline's President and CEO commented, "Our newly updated mineral resource estimate at the Lookout Mountain gold deposit reflects our first limited economic analysis. The Technical Report Summary documents a lot of work that has been accomplished over the last several years at Lookout Mountain, including solid initial metallurgical, environmental, and engineering studies. Advancing the deposit to pit-constrained resources has also identified opportunities for growth and optimization of the project towards economic viability. The recommendations from this study, as well as the exciting developments in the district, highlight the potential growth for both gold and silver at the Eureka Project."