Timberline Resources Corp. [TBR-TSXV; TLRS-OTCQB] reported additional results from the 2021 drilling program at its 100%-controlled Eureka Project in Nevada. The company tested the Oswego Target with nine reverse circulation (RC) holes totaling 767 meters after successful completion of the Water Well drilling program immediately to the west (see news releases dated February 24, March 9, and March 24, 2022).
Several of the drill holes at Oswego encountered significant near-surface gold mineralization, much of which appears to be oxided, based on preliminary analyses. The most significant new gold intercepts in these holes include 35.1 metres at 2.32 g/t gold (oxide) from 6.1 metres depth in BHSE-213, including 19.8 metres at 3.93 g/t gold from 7.6 metres depth; 13.7 metres at 1.31 g/t gold from 3.0 metres depth in BHSE-215, including 6.1 metres at 2.49 g/t gold from 9.1 metres depth. Hole BHSE-214 returned 9.1 metres at 1.72 g/t gold from surface and 12.2 metres at 1.22 g/t gold from 15.2 metres depth.
Patrick Highsmith, President and CEO, commented, “We are very excited about the results of Timberline’s first drilling at Oswego. The program demonstrated the depth extent of the surface gold showing and confirmed the presence of higher-grade gold along the Oswego structure and in the adjoining wallrocks. We see a big-picture symmetry of high-grade gold mineralization flanking the IP anomaly on both sides. The Lookout-Water Well Zone-Oswego corridor may be one large mineral system connected at depth. There are many exciting targets to test. We will re-start drilling at the Water Well Zone later in May, and plan to drill more at Oswego this summer.”
This drilling clearly confirms a depth extent of gold mineralization beneath the Oswego surface showing. It is also clear now that the control on the gold mineralization extends beyond the fault. There may be cross structures, changes in attitude of the host rocks, or deviation in the drill holes that explain the greater thickness and higher grades in drill holes such as BHSE-213 compared to its neighbors. Timberline geologists will continue to develop the 3D model of the gold-hosting structure and stratigraphy at Oswego. The Company intends to direct a significant component of its 2022 drill program to follow-up on these excellent results at Oswego.
Timberline expects to complete the reporting of results from its 2021 drilling campaign in the next two weeks. Portions of two core holes from the Water Well Zone and the nearby test of the IP chargeability anomaly are yet to be finalized.
Timberline Resources is focused on delivering high-grade Carlin-Type gold discoveries at its district-scale Eureka Project. The Eureka Property includes the historic Lookout Mountain and Windfall mines in a total property position of approximately 24 square miles.