Timberline Resources Corp (fka TLRS)

[ThSeeker]

Coeur d’Alene, Idaho – April 23, 2018 – Timberline Resources Corporation (OTCQB: TLR; TSX-V: TBR) (“Timberline” or the “Company”) announced today that it has agreed to acquire ownership interests in two Nevada gold-copper mineral properties located in the world-class Battle Mountain mining district from Americas Gold Exploration, Inc. (“AGEI”).

The acquisition will include the right to earn into existing joint venture agreements with McEwen Mining Inc. (NYSE: MUX; TSX: MUX) at the Elder Creek Project and with Lac Minerals (USA) LLC, as wholly owned subsidiary of Barrick Gold Corporation (NYSE: ABX; TSX: ABX) at the Paiute Project. The transaction consideration will consist of units comprised of common shares and warrants to be issued by Timberline to AGEI. Ongoing due diligence is to be completed by April 27, 2018, with conclusion of a definitive agreement expected on or before May 15, 2018. Upon closing the acquisition of these property interests, Timberline will become the operator and manager of both of these joint ventures. In addition, Mr. Don McDowell will become a Vice President of Timberline, and AGEI will have the right to appoint two new directors to Timberline’s Board of Directors.

The Elder Creek Project covers a claim group of approximately 14 square miles with two large, outcropping gold-copper porphyry targets and multiple structural gold targets. Compilation of historic data by AGEI indicates that the project contains geologic, geophysical, and geochemical signatures similar to those in many large porphyry deposits, with a central core that is approximately 1 mile in diameter. The central core target has never been drill tested. AGEI is the current operator and has the exclusive right to earn into 65% ownership of the project.

The Paiute project represents a 2 square mile copper-gold porphyry target immediately southeast and adjacent to Elder Creek and 1.5 miles east of Newmont’s Copper Basin copper-gold porphyry deposit. The property includes a structural zone that is 6,000 feet long by 1,000 feet wide with multiple untested high grade gold targets based on both recent and historic prospecting and rock and soil geochemical sampling. The property also contains a core area with potential for discovery of porphyry copper-gold mineralization similar to Newmont’s Copper Basin deposit. Surface sampling and drill testing is planned for the upcoming field season with full drilling permits in place. AGEI currently owns 73.7% of the joint venture interest and is the project operator.

Timberline’s President and CEO, Steve Osterberg, commented, “These projects have the potential for discovery of major deposits of gold and copper within the world class Battle Mountain mining district. We are excited about the opportunity to acquire these assets to complement our existing Eureka gold project, which is located further south in the Battle Mountain-Eureka gold trend. In addition, the acquisition brings the Nevada technical expertise of the principals of AGEI. We believe that this acquisition and association with AGEI, McEwen Mining, and Barrick will improve Timberline’s shareholder value and facilitate access to capital as we advance the properties through exploration and development. We expect that the acquisition of these property interests will enhance our position as we continue to evaluate financing opportunities, including equity offerings and strategic partnerships.“


http://timberlineresources.co/2018/04/timberline-resources-agrees-to-acquire-battle-mountain-gold-copper-property-interests/