Timberline Resources Corporation report additional results from the 2021 drilling program at its 100%-controlled Eureka Project in Nevada. The Company tested the Oswego Target with nine reverse circulation (RC) holes totaling 767 meters after successful completion of the Water Well drilling program immediately to the west. Several of the drill holes at Oswego encountered significant near-surface gold mineralization, much of which appears to be oxided, based on preliminary analyses.

The most significant new gold intercepts in these holes include: 35.1m at 2.32 g/t gold (oxide) from 6.1m depth in BHSE-213, including 19.8m at 3.93 g/t gold from 7.6m depth; 13.7m at 1.31 g/t gold from 3.0m depth in BHSE-215, including 6.1m at 2.49 g/t gold from 9.1m depth; 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. The Oswego Target was identified by historical reports of high-grade surface sampling and shallow drilling in the early 1990s, but the area had seen no systematic exploration since then. The objective 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. This result generally confirms and improves upon a historical drill hole in the area. The Trench Fault has been mapped by Timberline geologists as a splay of the major Dugout Tunnel Fault (DTF) zone.

The structure dips steeply to the west and down-drops younger rocks on the west against the older Eldorado Dolomite on the east. Timberline geologists believe 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.