Timberline Announces Updated Mineral Resource Estimate at the Eureka Project under NI43-101

COEUR D'ALENE, ID / ACCESSWIRE / November 15, 2023 / Timberline Resources Corporation (OTCQB:TLRS)(TSXV:TBR) ("Timberline" or the "Company") is pleased to report an updated mineral resource estimate (MRE) for the Lookout Mountain gold deposit at its 100%-controlled Eureka Project in Nevada under National Instrument 43-101, Companion Policy 43-101CP, and Form 43-101F1, which is a Canadian Securities Administrators' requirement for mining projects governing the disclosure of mineral reserves and resources. The updated MRE is summarized in Table 1.

The Company will file the supporting updated technical report on the Lookout Mountain deposit on SEDAR before the end of November. It will also provide a link to the document on its website at www.timberline-resources.com.

A qualified person at RESPEC Company LLC of Reno, Nevada (RESPEC) 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.

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 a preliminary economic assessment under NI 43-101.
• The effective date of the resource estimate is September 1, 2023.
• Rounding may result in apparent discrepancies between tons, grade, and contained metal content.

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 MRE Technical Report documents a lot of work that has been accomplished over many 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."