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Timberline Completes 2021 Drilling Campaign at Eureka Gold Project, Nevada

COEUR D'ALENE, ID / ACCESSWIRE / January 27, 2022 /Timberline Resources Corporation (OTCQB:TLRS)(TSXV:TBR) ("Timberline" or the "Company") announced completion of its 2021-2022 drilling program at the Eureka Project. Drilling began in October 2021 after a 2-month hiatus as contractors became available again to resume the program initiated in June 2021. This phase of drilling included completion of 23 drill holes totaling 4,859 metres (15,942 feet) aimed primarily at the Water Well Zone (WWZ) and Oswego Targets. (Figure 1). The drill program included reverse circulation (RC), diamond core (core), and RC with core tails (Table 1).

The drilling in the WWZ followed previously reported higher-grade (>3 g/t Au) intercepts (see Company news releases dated February 14, 2015, January 7, 2021, and October 27, 2021). The WWZ is immediately adjacent to the Lookout Mountain Resource and has the potential to significantly expand the resource at higher gold grades. Fourteen new drill holes, including six core holes, in this program will add many more gold assays and much more geologic information to the WWZ target. Timberline also drilled a core hole to the east of the WWZ to provide the most thorough test yet of the significant IP anomaly in the Graben Zone. The Company also completed nine RC holes at the Oswego Target, approximately 1km east of the WWZ. These holes will test the downdip extension of the high-grade surface sampling reported in December (see Company news release dated December 6, 2021).

Timberline's President & CEO, Patrick Highsmith, commented, "Despite delays due to lack of drill crew availability, our 2021 drill program at the Eureka Project was executed safely and efficiently. Combined with the five previously released drill holes from the summer, we completed approximately 6,270 meters (20,570 feet) in total. We drilled several core holes to improve our geological understanding and confirm gold grades in the Water Well Zone. We were also able to quickly pivot and move the RC rig to Oswego after our surface sampling returned high-grade results there. We look forward to the results from all this drilling and to strong news flow through the first quarter."

Table 1. Compilation of 2021-2022 Phase 2 Drilling, Eureka Project (October '21 - January '22)

Hole Type

No. of Holes

Meters Drilled

Target Area(s)*

Reverse Circulation (RC)

16

2,527

WWZ (6); Oswego (9); LM (1)

Diamond Core

4

1,363

WWZ (3), Graben Zone IP (1)

RC/Core Tails

3

969

WWZ (3)

Total

23

4,859

*WWZ: Water Well Zone; Oswego: Road-cut Au occurrence/Dugout Tunnel Fault; LM: Lookout Mountain Resource area

The RC cuttings and drill core have been logged in the Company's Eureka, Nevada facility. Approximately 3,300 samples were collected and submitted to ALS Global, in Elko, Nevada for preparation and analysis.