Timberline Resources (TSXV:TBR) has announced it has discovered a new high-grade gold and silver target in the New York Canyon claim block of the 100%-controlled Eureka Project in Nevada has been discovered. The company completed mapping and sampling in the historical mining area, and identified the new drill target with outcropping high-grade gold and silver mineralization. The company will now focus on follow-up drilling and exploration to prioritize a cluster of high-grade rock chip samples around the historical Eureka Giant, Seventy-Six, and Eureka Mines. Results at these mines returned high gold values of 55, 32, 23.3, 22.5, and 14.95 g/t, along with numerous other samples in the 0.5 to 5.0 g/t range, and high silver values of 750*, 582.5, 558, 555, and 299 g/t, along with many other samples exceeding 50 g/t silver.

Source: Timberline Resources

Patrick Highsmith, Timberline’s President and CEO commented in a press release: “The patented mining claims in New York Canyon were among the very first claims staked in the Eureka District in the 1860s. The outcropping high-grade silver and gold target has been unavailable for modern exploration due to the fragmented claim ownership. Now that we have consolidated and control these claims, we plan to drill these targets. Our recent sampling confirms historical data in the area reflecting high-grade CRD-type silver-lead-zinc mineralization and overprinting Carlin-type gold hosted in the Hanson Creek formation. The alteration is intense along large northwest trending faults, and significant potential exists for larger volumes of mineralization in the underlying Ordovician rocks that are important hosts to mineralization at the Ruby Hill Mine.”

Highlights from the results are as follows:

The New York Canyon target area is in the heart of the historical Eureka mining district, which was noted for its carbonate-replacement deposits (CRD) of silver, lead, and zinc before large-scale gold mineralization was known in the area. I80 Gold Corp. is actively drilling high-grade CRD-type silver-rich mineralization at the nearby Ruby Hill Mine (approximately 3km northwest), and Paycore Minerals has recently reported deep intercepts of silver and gold-rich CRD mineralization at the Fad Shaft (approximately 2km west-northwest).

Table 1 – Selected high-grade rock samples from New York Canyon target area

Sample ID Au (g/t) Ag (g/t) Pb (%) Zn (%) Cu (%) Company
8150A 55.00 246 0.76 0.57 0.29 Timberline
8251 32.00 555 0.60 0.48 0.26 Timberline
8173 22.50 178 0.49 0.31 0.14 Timberline
8255 23.3 558 0.94 0.65 0.33 Timberline
8150B 14.95 251 0.50 0.25 0.15 Timberline
667_NY 0.09 750 0.43 n/a n/a Historical*
8306 0.497 583 0.14 0.07 0.44 Timberline
8253 1.93 299 0.68 0.57 0.35 Timberline
8174 0.21 157 0.12 8.40 0.83 Timberline
8315 0.53 n/a 7.16 0.38 n/a Timberline
8264 0.56 145 5.17 0.02 0.03 Timberline
* – See Notes on Disclosure of Historical Estimates Below

The New York Canyon target lies near the northern end of Timberline’s 70 km2 Eureka project, and where prospectors staked some of the first claims in the district in the 1860s. The early miners pursued the high grades of silver, lead, and zinc (with gold credits) associated with the CRD’s. Exploration companies returned to the area in the 1980s and 1990s, evidenced by the rock samples and drillholes shown on Figure 2 and Figure 3, but the patented claims over this particular target restricted access during that period. Timberline now controls the patented claims at New York Canyon and plans to aggressively explore the high-grade, gold-silver bearing structures during 2023.

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

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