Timberline Resources, the domestic precious mineral developer focused on a portfolio of properties in Idaho, Montana, and Nevada, which holds a 50% carried interest ownership stake in the highly prospective Butte Highlands Gold Project in Montana, reported today that the company has received the necessary draft Hard Rock Operating Permit and Compliance Determination for Butte Highlands from the Montana Department of Environmental Quality (MDEQ).
This essentially validates that the operating permit application meets all Metal Mine Reclamation Act requirements, meaning that TLR is a shoe-in to receive the final Hard Rock Operating Permit on time to meet the projected mid-2013 start date for gold production at Butte Highlands. Great news for TLR and its shareholders, especially since the water discharge and road use permits are looking like they will come in well before the final operating permit itself.
The proposed mine plan for Butte is targeting initial output rates in the neighborhood of 400 tons/day, digging into the intercepts turned up via last year’s 50k feet of underground work that showed intervals as rich as 6.77 opt Au over 14.5 feet. With all of the requisite surface facilities built and an additional 4.5k feet of underground infrastructure in place, TLR and their JV partner are chomping at the bit to start pumping out material to the nearby mill.
CEO of TLR, Paul Dircksen, characterized today’s announcement as a real milestone for the JV partnership and was clearly pleased at how ably the rigorous permit application process has been handled, with the thoroughness of responses offered easily satisfying the fastidious inquiry and commentary from regulators. Dircksen underscored how the company’s JV partner continues to fund permitting and development for the project, providing close support to ensure that both processes go smoothly. Dircksen confirmed the mid-2013 projected start date for production at Butte Highlands, and it is important to note that this property sits in the same huge geologic domain that gave birth to such famous deposits as the multi-million ounce Butte, Golden Sunlight, Montana Tunnels, and Virginia City.
Strong indicators on TLR’s Montana front here as the Butte project is really shaping up to be a production home run hitter for the company. Management has a proven track record and the vision to turn that experience into growth for TLR shareholders through judicious exploration and development on advanced-stage domestic gold projects. With an NI 43-101 Inferred resource of 221k ounce over at the flagship Lookout Mountain Project in Nevada, TLR has the kind of broad asset footprint that makes them a force to be reckoned with.
The final element pending before the definitive permit can be issued is a review by MDEQ in accordance with the Montana Environmental Policy Act and a determination as to whether or not there is sufficient bonding for the project. Looks like all lights are green for TLR really, as today’s announcement makes the final permit a near certainty. We should be seeing direct shipments from Butte next year to the nearby mill, just as the precious metals market really starts to heat up.
For more information on Timberline Resources, visit www.Timberline-Resources.com
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