Timberline Resources Corporation (OTCMKTS:TLRS) has announced on May 11, 2022, the additional results from the 2021 drilling program at its 100%-controlled Eureka Project in Nevada. The Oswego Target was tested with 9 reverse circulation holes, which added up to 767 meters after successful completion of the Water Well drilling program immediately to the west.
On Wednesday, TLRS stock surged 9.36% to $0.1859 with 24K shares, compared to its average volume of 154K shares. The stock moved within a range of $0.1823 – 0.1859 after opening trade at $0.1823.
Timberline Drills Significant Oxide Gold at the Oswego Target, Eureka Project, Nevada
Many of the drill holes encountered considerable near-surface gold mineralization, much of which appears to be oxided, based on preliminary analyses. The goal of the 2021 drilling was to test for downdip continuation of the high-grade surface sampling reported historically and confirmed by Timberline. Drill hole BHSE-213 intercepted 35.1m of strong mineralization along the Trench Fault beginning only 6.1m below surface. The Trench Fault has been mapped by Timberline geologists as a splay of the major Dugout Tunnel Fault (DTF) zone. Company geologists are of the opinion that favorable units such as the Secret Canyon and Ninemile Formations are cut by this fault and may host gold mineralization at surface and at depth.
Other significant gold intercepts include 13.7m at 1.31 g/t gold from 3.0m depth in BHSE-215 and 9.1m at 1.72 g/t gold from surface and 12.2m at 1.22 g/t gold from 15.2m depth in BHSE-214.
Patrick Highsmith, Timberline’s President and CEO commented, “We are very excited about the results of Timberline’s first drilling at Oswego. The program demonstrated the depth extent of the surface gold showing and confirmed the presence of higher-grade gold along the Oswego structure and in the adjoining wallrocks. We see a big-picture symmetry of high-grade gold mineralization flanking the IP anomaly on both sides. The Lookout-Water Well Zone-Oswego corridor may be one large mineral system connected at depth. There are many exciting targets to test. We will re-start drilling at the Water Well Zone later in May, and plan to drill more at Oswego this summer.”
TLRS stock is trading below the 20-Day and 50-Day Moving averages of $0.21 and $0.25 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 36.