Coeur d'Alene, Idaho - Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) ('Timberline' or the 'Company') is pleased to report the results from the first four holes of the 2022 drilling program at its 100%-controlled Eureka Project in Nevada. The holes tested the central and southern sections of the Water Well Zone (WWZ) to the east of the Lookout Mountain gold resource. They totalled 1,470 meters and consisted of pre-collars by reverse circulation (RC) drilling completed by core to depth.

All four drill holes encountered significant gold mineralization and confirmed that the WWZ hosts an extensive area of gold mineralization in the Cambrian-aged Dunderberg Shale and upper Hamburg Dolomite. Two of the holes, BHSE-223C and 224C, offset mineralized RC holes previously announced (BHSE-187 and BHSE-209). BHSE-226C and 230C were south and north step outs from highly-mineralized drill hole BHSE-212C, which was reported during the first quarter (see Figure 1 and Company news releases dated January 7, 2021 and March 9, 2022).

Highlights from the four new drill holes include: BHSE-226C: 22.8m at 4.29 grams per tonne (g/t) gold from 339.9m depth, including 7.6m at 11.56 g/t gold from 342.9m depth; BHSE-224C: 30.5m at 2.56 g/t gold from 317.6m depth, including 18.4m at 3.80 g/t gold from 317.6m depth, and including 3.35m at 13.36 g/t gold from 331.3m depth; BHSE-223C: 39.0m at 1.71 g/t gold from 259.7m depth, including 28.3m at 1.97 g/t gold from 259.7m depth, and including 5.9m at 3.71 g/t gold from 259.7m depth; BHSE-230C: 3.1m at 10.88 g/t gold from 288.6m depth; and BHSE-230C: 8.7m at 2.01 g/t gold from 313.0m depth.

Patrick Highsmith, Timberline's President and CEO commented, 'We've begun the 2022 drill results reporting season with four solid drill intercepts in the Water Well Zone. Most importantly, we see another thick run of >3 g/t gold mineralization that pushes the zone 75 meters farther south. The map reveals how wide open this part of the system is. We have several more holes planned that will test the zone to the south, east, and west. We are also pleased to see the footprint of the WWZ filling in with the confirmatory core holes in the vicinity of previous hits from reverse circulation drilling. We continue to deliver on our objective of defining more high-grade beyond existing known resources at Eureka - three of four holes in this batch of results include assays greater than 10 g/t gold.'

Figure 1 shows how the new results fit into the growing footprint of gold in the WWZ. The strong results from BHSE-226C indicate that the high-grade portion of the deposit remains wide open to the south. Infill core holes BHSE-223C and 224C confirm and improve upon nearby RC drill intercepts in the middle of the zone.

The 2022 drill program is approximately 75% complete. Core drilling is still underway in the WWZ discovery area, with a steady flow of assay results is expected through the fourth quarter.

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 (see Cautionary Note to US Investors below).

Timberline is listed on the OTCQB where it trades under the symbol 'TLRS' and on the TSX Venture Exchange where it trades under the symbol 'TBR'.

Contact:

Patrick Highsmith

President and CEO

Tel: 208-664-4859

Cautionary Note to U.S. Investors

The terms 'mineral resource,' 'measured mineral resource,' 'indicated mineral resource' and 'inferred mineral resource,' as used on Timberline's website and in its news releases are Canadian mining terms that are defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101'). These Canadian 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 by U.S. registered companies. The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Accordingly, note that information describing the Company's 'mineral resources' is not directly comparable to information made public by U.S. companies subject to reporting requirements under U.S. securities laws. U.S. investors are urged to consider closely the disclosure in the Company's Form 10-K which may be secured from the Company, or online at http://www.sec.gov/edgar.shtml.

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, the footprint and continuity of mineralization, the growth of resources, 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-K for the year ended September 30, 2021. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

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