Post on 30-Sep-2020
OTCQB: TLRS ǀ TSX.V: TBR
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
October, 2017
Gold Focused in Nevada
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
2
Cautionary Statements
Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results,
performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to: statements regarding the potential near-term gold production and
economics of the Talapoosa project as contained in the PEA, including but not limited to statements regarding After-Tax NPV, IRR, Initial Capital Costs, After-Tax Net Cash Flow, gold
production, sustaining costs, and all-in costs, the low-risk, pro- mining jurisdiction of Nevada, future optimization, de-risking, resource expansion and potential upgrade, future metallurgical
testing, timing and contents of a completed pre-feasibility study and feasibility study, future permitting requirements and the ability to update past permits, mineral resource estimates,
Appaloosa Zone targeted sampling timeframe, exploration potential, projected budget to reach production decision, potential exercise of the Talapoosa option, and other similar statements
regarding the future potential of the Talapoosa project, statements regarding the Eureka Project resources and exploration targets, statements regarding future extraction operations, monetizing
non-core assets, enhancing management team and board, and leveraging dual listing. When used herein, the words "anticipate," "believe," "estimate," “upcoming,” "plan," “target”, "intend" and
"expect" and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These
forward- looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's
actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward- looking statements. Factors that could cause or contribute to
such differences include, but are not limited to, those risks set forth in our press release dated April 27, 2015 relating to the results of the PEA under the heading “Risks”, risks related to
exploration projects, risks related to mining activities, risks related to potential future transactions, risks related to the Company continuing as a going concern, risks related to the ability to finance
any payment due at the exercise of the Talapoosa option, risks related to project development decisions, risks related to mineral resource estimates and other such factors, including risk factors
discussed in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Except as required by Federal Securities law, the Company does not undertake any
obligation to release publicly any revisions to any forward-looking statements..
Cautionary Statements
Cautionary note to United States Investors Regarding Estimates of Resources: This presentation uses the terms "Measured Resources", "Indicated Resources", "Measured & Indicated
Resources" and “Inferred Resources” We advise U.S. investors that while these terms are defined in and required by Canadian regulations under Canadian National Instrument 43-101, these
terms are not defined terms under United States Securities and Exchange Commission (“SEC”) Industry Guide 7 and are normally not permitted to be used in reports and registration statements
filed with the SEC. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or
cash flow analysis to designate reserves and all necessary permits and governmental authorizations must be filed with the appropriate governmental authority. Investors are cautioned not to
assume that any part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any
part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the
SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC Industry Guide 7 standards as in place tonnage and grade without reference to unit
measures.
The PEA is not a definitive feasibility study and our projects currently do not contain any known proven or probable ore reserves under SEC Industry Guide 7 reporting standards.
The results of the PEA disclosed in this presentation are preliminary in nature and include Inferred Resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the results of the PEA will be realized.
For Talapoosa resources, refer to Technical Report and Resource Estimate on the Talapoosa Project, Nevada effective March 24, 2015 and filed on SEDAR on April 1, 2015. For
Lookout Mountain resources, refer to Updated Technical Report on the Lookout Mountain Project effective March 1, 2013 and filed on SEDAR April 12, 2013.
Steven Osterberg, Ph.D., P.G., Timberline’s President and CEO, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the technical contents of this presentation.
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Investment Highlights
Experienced Management and Board
Tight Capital Structure
Nevada - World-Class Mining Jurisdiction
Near-Term Gold Production
Advanced Permitting Status
Significant Exploration Upside
Tier 1 Asset Scarcity Value
3
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Experienced Management & Board
4
Steven Osterberg, President, CEO & Director
• Over 25 years of domestic and international minerals
exploration, permitting, development, and closure
experience with precious and base metal deposits
• Senior technical and management positions with Knight
Piésold, Tetra Tech, and BHP Minerals International
Leigh Freeman, Director, Chairman
• Over 35 years of mining industry experience in technical
and executive positions
• Co-founder of Orvana Minerals and currently CEO of
Blue Sun Energy. Advisor to MT Tech, University of
Arizona, and South Dakota School of Mines
Randal Hardy, Chief Financial Officer
• Over 25 years of financial and executive-level management
experience in precious metals exploration, mining, and
manufacturing
• Executive positions with HuntMountain Resources,
Sunshine Minting, and Sunshine Mining & Refining Co.
Paul Dircksen, Director
• Over 35 years in precious metals world-wide exploration,
development, and mining
• Senior management positions with Orvana Minerals, Lacana
Gold, the Cordex Syndicate, Brett Resources and Bravo
Venture Group
Paul Zink, Director
• Over 35 years as a natural resources professional managing
financial, investor relations, and business development
• Senior management positions with Rare Element
Resources, International Royalty Corp., Americas Bullion
Royalty Corp., and Eurasian Capital
Strong Execution Capabilities Capital Markets, Exploration, Development,
Permitting & Production
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Capital Structure
5
Capital Structure Common Shares
Common Shares Outstanding 33.1 M
Options (US$0.41 weighted average exercise price) 2.3 M
Warrants: (US$0.32 weighted average strike price) 18.0 M
Fully Diluted 53.4 M
Market and Financial Information (US$ except volume)
Market Capitalization $ 10.30 M
52-week Closing Price Range $ 0.20 - $ 0.53
Recent Price $0.31
3-Month Avg. Daily Volume 40,000
Ownership %
American Gold Capital (Gunpoint Exploration Ltd.) 9
Four Other >5% shareholders 14
Directors & Management (partially diluted) 8
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
0.76x 0.75x
0.72x
0.54x
0.33x 0.30x 0.29x
0.23x
0.12x 0.11x
0.00x
0.10x
0.20x
0.30x
0.40x
0.50x
0.60x
0.70x
0.80x
0.90x
1.00x
NorthernVertex
ATACResources
Rye PatchGold
PershingGold
GoldenQueen
ColumbusGold
CorvusGold
WestKirkland
Gold
ParamountGold
TimberlineResources
Pri
ce
/ N
AV
Average = 0.42x
Re-rating Opportunity
6
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.08x 0.00x
0.50x
1.00x
1.50x
2.00x
2.50x
0 0 0 0 0 0 0 0 0 0 0
Pri
ce
/ N
AV
Average = 0.50x
Note: NAV based on NPV of flagship projects, prices as of April 28, 2017
Price/Net Asset Value indicates
significant re-rating potential for
Timberline
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
7
Nevada – World-Class Gold Mining
A top ranked global mining investment jurisdiction
• 23 major gold mines, producing 5 million oz.
annually
• Second largest gold reserves in the world
• Stable legal, political, and social structures
District-scale gold properties pipeline
• Talapoosa – Pre-development
• Eureka – Advanced exploration
• Seven Troughs – Early exploration
Total (corporate) gold resources (NI 43-101) (1)(2)
• M&I: 1.5 M oz. gold and 13.6 M oz. silver
• Inferred: 375 K oz. gold and 2.2 M oz. silver
(1) Refer to Updated Technical Report on the Talapoosa Project, WSP Canada, Inc. Effective
March 24, 2015, Filed on SEDAR April 1, 2015 (2) Refer to Updated Technical Report on the Lookout Mountain Project, MDA, Effective March 1,
2013, Filed on SEDAR April 12, 2013
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
8
Talapoosa Gold Project
Excellent infrastructure: 45 km east of Reno, NV
Robust Preliminary Economic Assessment (PEA)
completed in April, 2015
Low risk, partially permitted, open-pit, heap leach
project
District scale: 100% control of 14,870 acres
NI 43-101 Gold Resources(1):
• 1,012,802 oz. (M&I) (28.4 M tonnes @ 1.11 g/t)
• 233,532 oz. (Inferred) (10.2 M tonnes @ 0.72 g/t)
Exploration blue-sky
• Deposit expansion
• Adjacent Appaloosa Zone
• Proximity to world-class Comstock Lode
(1) Refer to Updated Technical Report on the Talapoosa Project, WSP Canada, Inc. Effective
March 24, 2015, Filed on SEDAR April 1, 2015
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Talapoosa Gold Mine Project Design
9
East Hill
Central Pit
Dyke Adit
Administrative Facilities &
Processing Plant
Partially permitted
open-pit, heap
leach gold project
PEA design closely
approximates
historic feasibility
study
Optimization
studies in progress
Planned resource
expansion drilling
Planned feasibility
study
500 m
N
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Talapoosa Economics
10
2015 Preliminary Economic Assessment(1): Robust economics using
conservative metals price assumptions
(1) Refer to Preliminary Economic Assessment of the Talapoosa Project, WSP Canada,
Inc. May, 2015, Filed on SEDAR
Commodity Price Assumption (US$)
Downside Case Base Case Upside Case
Gold Price $1,000/oz $1,150/oz $1,300/oz
Silver Price $14.50/oz $16.00/oz $17.50/oz
After-Tax:
Net Cash Flow $138 million $209 million $278 million
NPV @ 5% $84 million $136 million $188 million
IRR 25.4% 38.8% 52.6%
Payback Period 5.5 years 3.1 years 1.0 years
Operating Assumptions/Highlights (US$ unless otherwise
indicated)
Mine Life 10.8 years
Strip Ratio 1.47 : 1
Processing Rate 3.5 M tonnes/yr
Total Recovered Gold Ounces 593,000
Average Gold Production 55,000 oz/yr
Total Recovered Silver Ounces 7,365,000
Average Silver Production 679,000 oz/yr
Initial Capital Cost $51.2 million
All-In Sustaining Cost (net of silver) $599/oz Au
After-Tax Net Cash Flow (Base Case) $209 million
After-Tax Net Cash Flow (Upside Case) $278 million
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Talapoosa Permitting Head Start
11
Agency Permit Timeline
U.S. Bureau of Land
Management (BLM)
Record of Decision on EIS
Approved 1996 Valid
Nevada Division of
Environmental
Protection (NDEP)
Nevada Reclamation Permit
Approved 1996 Valid
Federal Permits for
Power and Water Routes 4 - 6 months
State/Federal
Water Pollution Control Permit 8 - 14 months
Reclamation Cost Estimate Bond 4 - 6 months
State
Air Quality and Mercury
Operating Permits 6 - 9 months
Water Rights 9 - 12 months
County County Special Use Permit 6 – 8 months
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Talapoosa Option Agreement
March 2015 Option Agreement to purchase 100% of
Talapoosa from Gunpoint Exploration Ltd.; amended
in October 2016
Up-front consideration: 2M shares + $300K in cash
Option is exercisable by payment to Gunpoint:
• $1M cash and 1M common shares PAID March 31, 2017
• $2M cash and 1M common shares by March 31, 2018
• Final payment of $8M and 1.5M common shares by
March 31, 2019
12
Gold Price Scenario
<$1,600/oz ≥$1,600/oz
Up-Front Consideration $1.5M $1.5M
Option Exercise Payments $11.0M $11.0M
Contingent Payment $ - $10.0M
Total Cash Payment* $12.5M $22.5M
Per-Ounce Cash Acquisition Cost
(Total MI&I Gold Resources) $10.03/oz. $18.05/oz.
* plus 3.5 M shares
Among the lowest per-
ounce acquisition costs
in the gold industry
Cumulative project expenses of $7.5M by
December 31, 2018
Should gold prices average ≥$1,600/oz. over any
90-day period within 5 years of exercising the
option, Gunpoint would receive a further $10M
• A minimum of $5M payable within 6 months of trigger
event, and remaining $5M payable within 12 months
of trigger event
• Payments maybe made 50% in shares
(at Timberline’s sole discretion)
Upon exercise, Gunpoint retains a 1% NSR
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Talapoosa Capital Efficiency
13
Capital costs per recovered gold and silver
ounces at Talapoosa are estimated to be very low
by industry comparison
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
14
Comparable Open-Pit, Heap
Leach Gold Projects
Source: Company filings
Talapoosa’s resource grade is above
average for comparable open-pit, heap
leach gold projects
1.61 1.60
1.39
1.09
1.01 0.98
0.77 0.74 0.74 0.73 0.72
0.69 0.66 0.64
0.60 0.59 0.59 0.57 0.56 0.53 0.53 0.52 0.52 0.50
0.45 0.44
0.38 0.38 0.35
0.31 0.30 0.29
0.68
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
Tig
er
Stibn
ite
Gold
Coff
ee
Mu
lato
s
Ta
lap
oo
sa
Espe
ranza
Cerr
o Q
ue
ma
Sa
n A
nto
nio
El C
ha
na
te
Mo
ss M
ine
Mt
Ha
milt
on
Am
uls
ar
Dub
lin G
ulc
h
Cerr
o d
e G
allo
Relie
f C
an
yon
Castle
Mo
un
tain
Railr
oa
d P
inio
n
Ag
i D
ag
i
Sh
ah
uin
do
So
led
ad M
ou
nta
in
Lin
de
ro
Con
ve
rse
Sa
n F
ran
cis
co
Me
squ
ite
La I
nd
ia
Pa
n
Lin
coln
Hill
Sle
ep
er
Hasb
rouk
El C
astillo
Nort
h B
ullf
rog
Hycro
ft
Avera
ge
Go
ld G
rad
e (
g/t
)
Developer/Explorer Producer
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
15
Assay Impact of Coarse Gold “Nuggets”
Coarse gold occurs in the
Talapoosa mineralization(1,2)
Metallic Screen Fire Assay
analysis provides more accurate
grade estimate when coarse gold
occurs
Only 3% of assays in Talapoosa
gold resource calculation were by
Metallic Screen Fire Assay(1,2)
Comparison of assay techniques
indicates potential 20% average
grade increase with Metallic
Screen Fire Assay
Gold Recovery by Gravity(2)
• Gravity circuit as potential method
for recovery of coarse gold nuggets
• Testing indicates ~30% of coarse
gold may be recovered by gravity
0
0.5
1
1.5
2
2.5
0 0.5 1 1.5 2 2.5
Metallic Screen Au (g/t)
50
g F
ire
As
sa
y A
u (
g/t
)
Fire Assay vs. Metallic Screen Fire Assay Gold Analysis(1)
(1) Refer to news release date February 15, 2012, Gunpoint Exploration, Ltd, Filed on SEDAR (2) Refer to Preliminary Economic Assessment of the Talapoosa Project, WSP Canada, Inc. May, 2015, Filed on SEDAR
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR Talapoosa Geology and Gold Trends
Talapoosa Deposit
• >1 M oz gold (M&I)
• >14 M oz silver
• Open on strike
Appaloosa Zone
• 7 km trend in
outcrop
• Veins, breccia,
sinter
• Anomalous gold,
silver, and indicator
trace elements
• Un-drilled to-date
16
Basalt
Alluvium
Andesite
Andesite 1 km
N
7 km untested strike length
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Talapoosa Deposit and Growth Targets
Talapoosa deposit open to expansion on-strike and down-dip:
• Dyke Adit North and Southeast Extension: >1,200 m strike length
• Only 18 drill historic drill holes; all intersected multi-meter gold/silver mineralization
17
Dyke Adit North
Hole meters
Au (g/t)
Ag (g/t)
TAL-182 21.5 1.32 27.24
TAL-212 53.4 0.87 39.35
TAL-213 21.3 5.43 27.57
Incl. 6.1 16.69 52.85
TAL-220 73.2 0.98 27.26
TAL-222 65.5 0.94 14.31
Incl. 6.1(TD) 6.95 76.15
Southeast Extension
Hole meters Au
(g/t) Ag
(g/t)
CON-40 19.9 2.13 -
TAL-186 27.5 0.89 19.69
TAL-188 25.9 0.99 27.12
TAL-271 41.0 1.38 23.32
TAL-280 27.8 0.93 9.62
TAL-282 58.2 1.09 5.88
Table Notes:
Reported drill intercepts are not true widths. At this time, there is insufficient data with respect to the shape of the mineralization to calculate its true orientation in space. Historic drill data as
reported here included in database reviewed as part of the NI 43-101 “Preliminary Economic Assessment on the Talapoosa Project, Nevada”, WSP Canada, Inc., effective April 27, 2015.
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Talapoosa Project Growth Targets
Gunpoint Geophysical
Surveys
• District scale magnetic
survey
• 8 lines of 3D-electrical
(IP/Resistivity) survey
Well-defined Dyke Adit
North and Southeast
Extension Targets
18
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Talapoosa Project: Appaloosa Zone
7 km under-explored strike
length
Surface Sampling
• Channel: 6.55 m @
− 5.5 g/t gold
− 42.4 g/t silver
• Grab samples include:
− 17.4 g/t gold and 105.3
g/t silver
• Adjacent historic drill hole
CON-45:
− 24.39 m @ 1.66 g/t gold
Direct geologic analogue
to Comstock Lode
• ~8 M oz. gold produced
• ~250 M oz. silver produced
19
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Advancing Talapoosa
Increase the resource by drilling
Optimize gold and silver recovery
• High Pressure Grinding Roll (HPGR) crush
• Evaluate gravity recovery of coarse gold
• Evaluate vat leach processing
Advance mine plans and trade-off
studies
Initiate State permitting
Initiate feasibility engineering
20
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Talapoosa Milestones and
Capital Requirements
21
Drilling for resource expansion and up-grade, and metallurgy
Complete metallurgical and geotechnical testing and trade-off engineering
and (Pre-) Feasibility Study
Update environmental baseline data and permits
Option Payments
Drilling: Resource Expansion and Metallurgy
Geology and Resource Upgrade and Reserves
Geotechnical Facilities Site Testing
Advanced Metallurgical Testing
Process Design Trade-off Studies
(Pre-) Feasibility Study
Environment and Permitting Update
Capital Requirements (US$)Property Purchase Option Exercise
Task Budget
2017 2018 2019
Project Timeline and Budget
Q3 Q4 Q1 Q2Tasks and Milestones
Q3Q4 Q1 Q2
$2M $8M
$4.5M $3.0M $0.5M
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
South end of Battle Mountain-
Eureka Gold Trend
Trend Hosts Several Multi-
Million Ounce Gold Mines and
Projects
• Pipeline Complex
• Cortez/Cortez Hills
• Goldrush Prospect
• Ruby Hill / Archimedes
Carlin-type gold system
District-scale: 23 mi2 (60 km2)
land package remains largely
untested
Eureka Project District-Scale on the Battle Mountain-Eureka Gold Trend
22
Lookout
Mountain
Ruby Hill &
Archimedes
Gold Bar
Gold Pick
Buckhorn
Cortez
Tonkin Springs
Pipeline
Goldrush
Windfall
4 km
N
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
23
Eureka Project Historic Production, Gold Trends, and Target Areas
Three gold trends with > 5 km strike length
Lookout Mountain Gold Resources(1)
• Historic gold production: 18,000 oz.
• Measured 106,000 oz. (2,761,000 tonnes @ 1.20 g/t)
• Indicated 402,000 oz. (23,493,000 tonnes @ 0.55 g/t)
• Inferred 141,000 oz. (10,622,000 tonnes @ 0.41 g/t)
Windfall Trend:
• Historic gold production: 32,000 oz.
• 2015 near surface >1 g/t and deeper high-grade drill
intercepts(2)
• Priority Targets: Expansion of historic Windfall Mine,
Hoosac
Oswego Trend
• Only 11 drill holes over 4 km trend
• Priority targets: Bowl Zone, Secret Canyon
(1)) Refer to Updated Technical Report on the Lookout Mountain Project, MDA, Effective March 1, 2013, Filed on SEDAR April 12, 2013 (2) Refer to Timberline Press Release dated April 20, 2015
Gold Trends:
Surface Geochemistry
Windfall Target
Hoosac Target
Secret Canyon
Target
Bowl Zone Target
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
24
Eureka Project Lookout Mountain Targeting
Lookout Mountain Representative
High Grade Drill Intercepts
Hole Thickness
(m) Au (g/t)
BH05-01 19.8 12.1
BH06-02 7.9 12.5
BH-06-07 26.8 7.8
BHSE-126C 8.5 18.2
BHSE-151C 6.1 16.1
BHSE-152 4.6 4.7
BHSE-171 7.6 4.9
BHSE-172 7.6 5.0
BR-19 3.0 45.2
BR-26 6.1 11.1
RTR-134 16.8 12.2
RTR-180 3.0 11.8
RTR-181 4.6 6.7
RTR-258 6.1 8.6
Open on-strike and at depth with recent discovery of deeper, feeder-related mineralization
Favorable host rocks: collapse breccia in Dunderberg Shale, Hamburg Dolomite, Secret
Canyon Shale
Numerous untested targets in Ruby Hill and West Archimedes host rocks
W E
Favorable targets
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
25
Eureka Project Windfall and Hoosac Targeting
Key Drill Intercepts
Hole Thickness
(m) Au Grade
(g/t)
BHWF-004 22.9 5.2
BHWF-036 12.2 1.4
BHWF-037 27.4 2.1
BHWF-040 6.1 8.8
BHWF-041 18.3 1.4
RTR-48 21.3 5.5
4.5 km mineralized trend with historic open-pit, heap-leach gold mining
6 recent (2015) drill holes confirm historic assays in internal resource, including deep, high-
grade intercepts
Excellent historic gold leach recoveries
Targeting expansion of historic open pits
W E
Favorable targets
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
26
3,900-acre district
Epithermal gold/silver district with
some of the highest-grade gold
production in Nevada mining history
150,000 oz. of historic production
grading 41 g/t gold and 137 g/t silver
Seven Troughs Project
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
OTCQB: TLRS ǀ TSX.V: TBR
Key Success Factors
Management / Board with strong execution capabilities and
technical and capital markets expertise
Tight share structure: 33.1 M shares outstanding
Nevada focus: World-class gold jurisdiction
Advanced “Tier 1”gold development project with clear path to
permitting and production
High-quality advanced development and exploration project pipeline
with, corporately, 1.5 M oz. gold (Measured and Indicated resources)
plus 375 K oz. (Inferred resources) and 13.6 M oz. silver (M&I)
Undervalued – Substantial re-rating opportunity
27
D I S C O V E R I N G ǀ D E V E L O P I N G ǀ D E L I V E R I N G
P H O N E 2 0 8 . 6 6 4 . 4 8 5 9 ǀ F A X 2 0 8 . 6 6 4 . 4 8 6 0 ǀ I N F O @ T I M B E R L I N E – R E S O U R C E S . C O M
T I M B E R L I N E – R E S O U R C E S . C O M
OTC QB: TLRS ǀ TSX.V: TBR