SPOKANE, Wash., June 8, 2005 (PRIMEZONE) -- Timberline Resources Corporation (Pink Sheets:TBLC) today announced an update on gold exploration activities at its Olympic Mine property along the Walker Lane Mineral Belt of west-central Nevada.
Historical records credit the Olympic Mine with roughly 50,000 ounces of gold production in the early 20th Century from a low angle, low sulfidation quartz vein that ranged from 2 to 7 feet thick and averaged 0.95 ounces per ton (oz/t). The Olympic property potentially hosts additional bonanza-vein type mineralization similar to ores historically mined there, as well as disseminated and structurally controlled mineralization similar to that found at the nearby Paradise Peak and Rawhide mines. The Paradise Peak Mine is estimated to have produced 12 million tons of ore averaging 0.11 oz/t gold and 3.5 oz/t silver. The recently-closed Rawhide Mine produced over 1 million ounces of gold and over 10 million ounces of silver.
Following the expansion and unitization of Timberline's Olympic Mine and Sun claim groups, the combined property now consists of 159 unpatented mining claims covering an area of nearly five square miles. Timberline has conducted extensive prospecting, mapping and sampling on the combined property, while also compiling exploration data from previous operators. These efforts have revealed several high-priority targets for further exploration and possible drilling, including the following:
Olympic Vein -- The Olympic Vein target includes the historic workings of the Olympic Mine. Recent surface samples from near the Olympic headframe have returned gold values of up to 1.5 oz/t while samples from the hanging wall above the vein have returned gold values of up to 0.26 oz/t. This target area is defined within a roughly 3,000 foot long by 1,000 foot wide structural zone and includes the potential for extensions of the high-grade Olympic vein. It also potentially hosts lower-grade, bulk-tonnage gold mineralization along 3,000 feet of fault zone strike length, sub-parallel to the vein.
Trafalgar Hill -- The Trafalgar Hill target consists of a 2,000 foot long by 1,000 foot wide block of altered and mineralized rhyolitic rocks similar to those found in the Olympic Vein area. Trafalgar Hill potentially hosts high-grade gold in a steeply-dipping mineralized quartz vein, where samples have returned gold values of up to 0.78 oz/t. Furthermore, a shallowly dipping silicified zone, along with the shattered, quartz-veined and silicified rocks beneath it, potentially host lower-grade, bulk-tonnage gold mineralization.
Southwest Olympic -- The Southwest Olympic target contains "high sulfidation" or "quartz-alunite" mineralization, similar to that found at Paradise Peak. This target area is related to a low-angle detachment-style fault, and is roughly 5,000 feet long and 2,500 feet wide. It is cut by major high-angle quartz veins and silicified structures, surface samples from which have returned gold values of up to 0.014 oz/t.
Sun -- The Sun target is associated with a major northwest-trending structural zone of fault breccias and silicification. The target area is 4,000 feet long and 1,500 feet wide and potentially hosts bulk-tonnage gold mineralization. Surface samples from Sun have returned gold values of up to 0.28 oz/t.
Timberline President Stephen Goss commented, "We are encouraged by our progress at Olympic, having now defined multiple targets for more advanced exploration. With this phase of our work plan completed, we are considering joint-venture proposals for Olympic that will more rapidly move the project forward while allowing us to focus our exploration efforts at our flagship Snowstorm Project."
Timberline Resources Corporation is a Spokane-based junior mineral exploration company focused on the cost-effective acquisition, exploration, and development of promising mineral properties in the western United States. Timberline's common stock is quoted on the OTC Market under the symbol "TBLC."
Certain statements contained in this press release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on beliefs of management as well as assumptions made by and information currently available to management. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.