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Timberline Resources Update on Elder Creek Project in Battle Mountain District in Nevada

Mining News - Published on Fri, 10 Jan 2020

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Timberline Resources reported that it drilled a long interval of copper-silver porphyry-style mineralization in the initial test of the Morning Glory Hill target at the Elder Creek project in the Battle Mountain district of Nevada. Reverse circulation hole RCEC 19-05 intercepted 305 feet grading 0.25% Cu, 0.08 g/t Au, and 9 g/t Ag and bottomed in mineralization at 555 ft because of limitations of the drill rig within intensely silicified rock. Additionally, three RC holes further delineated a broad area of thick, near-surface copper oxide mineralization at the Valmy Pit target area of the project. Timberline has the right to acquire a 65% interest in the 16 square mile Elder Creek property through an earn-in agreement with McEwen Mining Inc. The Company is actively seeking a strategic partner for Elder Creek. Timberline's President and CEO Steven Osterberg said "The recently-completed drill holes at Elder Creek further define a large mineralized copper-gold-silver porphyry system with multiple intrusive and mineralizing events. We have already identified six priority target areas over only a small portion of the porphyry system. Three of these targets have been tested by initial drill holes, most of which bottomed in long intervals of porphyry-related mineralization. Elder Creek is a unique opportunity for a significant discovery in an active mining jurisdiction with excellent infrastructure."

RCEC19-05 tested an area of outcropping mineralized porphyry breccia on Morning Glory Hill. The breccia is coincident with large IP resistivity and chargeability high anomalies. Assay results are summarized in Table 1. The mineralized interval is intensely altered with silica (quartz), sericite, and chlorite and contains from 2% to >10% disseminated sulfides including pyrite, chalcopyrite, and minor molybdenite. Silver has a strong positive correlation with copper values.

Copper mineralization in RCEC19-05 and in nearby historic hole 98EC-07 (18 m @ 0.45% Cu, and 6 m @ 0.57% Cu) appears associated with coincident high IP and high resistivity geophysical signatures likely due to the disseminated sulfides and pervasive silicification, respectively.

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Posted By : Rabi Wangkhem on Fri, 10 Jan 2020
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