Gold Mineralization Encountered At The Eureka Project

COEUR D’ALENE, ID – Timberline Resources Corporation report on the 2022 drilling program at the Eureka Project in Nevada. Eight drill holes are reported here, including four from the Water Well Zone (WWZ), three from the Oswego target, and one large step out into the South Pediment area. Six of the eight holes were drilled with diamond core (or a pre-collar with reverse circulation and core tail), and two of the holes were completed with reverse circulation only. These eight holes constitute approximately 2,549 meters of the recently completed 6,662-meter drill program at Eureka.

Each of the holes in the WWZ encountered significant Carlin-type gold mineralization, confirming that the basal contact of the Dunderberg formation is consistently mineralized over a large area. Three drill holes (BHSE-225C, 231C, and 241C) near BHSE-212C (the best hole in the southern part of the WWZ) yielded significant thicknesses of gold ranging from 8.5 to 29.0 meters.

These are drill hole highlights with widths using a cut-off grade of 0.3 g/t for gold; true thickness is not yet known: BHSE-225C: 29.0m at 1.06 grams per tonne (g/t) gold from 294.7m depth, including 9.1m at 2.17 g/t gold from 305.4m depth; and 1.5m at 3.01 g/t gold from 308.5m depth; BHSE-231C: 8.5m at 2.38 g/t gold from 303.9m depth, including 4.0m at 3.63 g/t gold from 308.5m depth; BHSE-241C: 1.5m at 3.40 g/t gold from 305.4m depth; BHSE-241C: 25.9m at 0.72 g/t gold from 314.6m depth; including 7.6m at 1.3 g/t gold from 314.6m depth; and 1.5m at 3.65 g/t gold from 314.6m depth.

Patrick Highsmith, President and CEO commented, “These final results from the 2022 drill program reinforce the extent of the mineralization at the contact between the Dunderberg and Hamburg formations. We are consistently finding gold at this contact, but it’s also clear that the numerous faults are creating gaps, as well as zones of enrichment, in the Water Well Zone deposit. Our understanding of these faults is dramatically improved with the new core drilling, and we look forward to tapping more of the high grade with the 2023 program. We believe we are inside the footprint of a significant discovery at Water Well, and the best potential for expansion by surface drilling lies to the east and south.”