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Timberline Resources Corp.
Summary
| Project: | Elder Creek | |
|---|---|---|
| Deposit: | Elder Creek | |
| Location: | United States | |
| Commodities: | Copper-Gold-Silver | |
| Date: | 1/4/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 4-1-2019: Timberline Resources Corp. announces a Supporting Acquisition report for its Elder Creek deposit at the Elder Creek project. Amended summary of property in support of JV. This technical report on the Elder Creek Copper-Gold Project, located in L | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Thomas Bidgood (Independent) | |
| ABSTRACT: | This technical report on the Elder Creek Copper-Gold Project, located in Lander and Humboldt Counties, Nevada, was prepared at the request of Timberline Resources Corp. (“Timberline”). Timberline, through acquisition of the property, holds an earn-in right to acquire up to a 65% interest in the project through its participation in a Joint Venture (JV) with a subsidiary of McEwen Mining Corporation (McEwen). This report was prepared in compliance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”), Companion Policy 43- 101CP, and Form 43-101F1, as well as with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards - For Mineral Resources and Reserves, Definitions and Guidelines” (“CIM Standards”) adopted by the CIM Council on May 10, 2014. The purpose of this report is to provide a technical summary of the Elder Creek project and describe exploration work conducted to date. The Effective Date of this technical report is November 28, 2018. 1.1 PROPERTY DESCRIPTION AND OWNERSHIP The Elder Creek property is located in northern Nevada, 8 miles west-northwest of Battle Mountain. The project lies in the Battle Mountains within the Battle Mountain mining district, covers approximately 9,600 acres and includes 583 unpatented lode mining claims. In May, 2018, Timberline entered into a Purchase and Sale Agreement with America’s Gold Exploration Inc. (AGEI) to purchase the latter’s rights, title and interest in, to, and under the Elder Creek Joint Venture (JV Agreement) with a subsidiary of McEwen. The underlying Elder Creek JV with McEwen grants Timberline, as operator of the project, terms of earn-in to acquire a 51% ownership for $2.6 M expenditure over 4 years by December 31, 2021, and a 65% ownership for an additional $2.5M expenditure for a total commitment of $5.1M over 6 years by December 31, 2023. The agreement includes industry standard dilution to a 2% NSR following earn-in. Upon completion of the 65% earn-in expenditures, if McEwen elects to participate, the parties will form a joint venture (the “Joint Venture”), and each party would contribute to further exploration spending according to their ownership interest. There are no underlying royalties on the property. | |
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