Idaho - Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) ('Timberline' or the 'Company') is pleased to announce results for the final five holes of the 2020 reverse circulation (RC) drill program at its 100%-controlled Eureka Project in Nevada.

The results include considerable near-surface oxide gold mineralization and two high-grade intercepts above 4.0 grams of gold per tonne (g/t). The primary objectives of the 12-hole, 2,438m (8,000 ft) RC drill program were to infill and expand the current mineral resource and test for deeper sulfide mineralization to the east in the graben structure.

Drilling Highlights

Hole BHSE-187, a step-out hole drilled approximately 75m northeast of the existing resource, encountered 7.62m of 4.49 g/t, within an interval of 25.91m @ 2.18 g/t gold.

Hole BHSE-184 intercepted 18.29m @ 0.93 g/t gold from 3.0m below surface.

Hole BHSE-186 intercepted 6.10m of near-surface, high-grade gold (5.21 g/t) and 25.91m @ 0.77 g/t gold from 47.24m downhole, both intervals being oxidized material.

Three of these holes are within the resource and collared inside the historic Lookout Mountain Pit, while two of the holes are step-outs to the east and northeast. One of the step-outs, hole BHSE-183, was lost in bad ground before reaching target depth and has been twinned with core hole BHSE-188C (results pending).

Timberline previously announced positive results from infill RC drilling within the resource in a Company news release dated Dec. 1, 2020 found at https://timberlineresources.co/press-releases/. These newly reported mineralized intervals are consistent with results announced in that release and are consistent with or superior to expectations.

Timberline's President and CEO, Patrick Highsmith, commented, 'The 2020 RC drilling continues to confirm and enhance the grade and thickness of the historical resource while also revealing extensions to the system. Once again, we are encountering significant thicknesses of near-surface oxide gold mineralization, quite rare in Nevada today. Drill hole BHSE-187 is particularly exciting because it represents a step-out from the resource and it expands upon the high-grade Water Well Discovery Zone we discovered down dip from the resource in 2015. Taken together, these near-surface oxide gold and deeper high-grade gold intercepts highlight the continued growth opportunity for Timberline at our flagship Eureka Project.'

About Timberline Resources

Timberline Resources Corporation is focused on delivering high-grade Carlin-Type gold discoveries at its district-scale Eureka Project in Nevada. The Eureka Property includes the historic Lookout Mountain and Windfall mines in a total property position of approximately 24 square miles (62 square kilometers). The Lookout Mountain Resource was reported in compliance with Canadian NI 43-101 in an Updated Technical Report on the Lookout Mountain Project by Mine Development Associates, Effective March 1, 2013, filed on SEDAR April 12, 2013.

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 include, but are not limited to, statements regarding the advancement of projects, and exploration potential. When used herein, the words 'anticipate,' 'believe,' 'estimate,' 'upcoming,' 'plan,' 'target', 'intend', 'growth opportunity' 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 risks involving forward-looking statements include, but are not limited to, changes in the Company's business and other factors, including risk factors discussed in the Company's Form 10-Q for the quarter ended June 30, 2020.

Contact:

Tel: 208-664-4859

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