Timberline Resources Corporation (TSXV:TBR, NYSE:TLR, AMEX:TLR) increased its gold resource estimate at its Lookout Mountain Gold Project in Nevada.
As quoted in the press release:
Timberline’s updated gold resource estimate at Lookout Mountain, which was prepared by Mine Development Associates (“MDA”) of Reno, Nevada, consists of:
Gold ounces in the Measured & Indicated Resource(1) categories increased by 30-percent from the 2012 resource estimate, and are now 78-percent greater than Timberline’s initial 2011 resource estimate. The resources were calculated utilizing a cut-off grade of 0.006 ounces of gold per ton (opt) (0.21 grams per metric tonne (g/t)) for oxide material and 0.030 opt (1.03 g/t) for sulfide material. Approximately 84-percent of the resource ounces are from oxide material and 16-percent are from sulfide material. Many of these ounces were upgraded from the Inferred Resource(2) category as the 2012 exploration program concentrated primarily on infill drilling of the existing mineralization.
Timberline’s CEO, Paul Dircksen, said:
We are pleased with our 2012 South Eureka drill program and our updated resource at Lookout Mountain, which includes the South Adit zone. The program was successful in upgrading the resource ounces to more than half a million in the Measured and Indicated categories, demonstrating continuity in mineralization and confirming the underlying geologic model. Most importantly, this increase in resources is critical to advance the project into a Preliminary Economic Assessment (“PEA”) stage as we consider mine development.