Timberline Resources (TLRS) 10-K 10 Jan 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2019	Jan. 09, 2020	Mar. 31, 2019
Details
Registrant CIK	0001288750
Fiscal Year End	--09-30
Registrant Name	Timberline Resources Corp
SEC Form	10-K
Period End date	Sep. 30, 2019
Trading Symbol	TLRS
Trading Exchange	NONE
Tax Identification Number (TIN)	82-0291227
Number of common stock shares outstanding		74,895,260
Public Float			$ 2,494,199
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Voluntary filer	No
Well-known Seasoned Issuer	No
Shell Company	false
Small Business	true
Emerging Growth Company	false
Entity File Number	001-34055
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	101 EAST LAKESIDE AVENUE
Entity Address, City or Town	COEUR D’ALENE
Entity Address, State or Province	ID
Entity Address, Postal Zip Code	83814
City Area Code	208
Local Phone Number	664-4859
Title of 12(b) Security	Common Stock, $0.001 par value
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Transition Report	false

Timberline Resources Corp and S

Timberline Resources Corp and Subsidiaries Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Sep. 30, 2018
CURRENT ASSETS:
Cash	$ 30,757	$ 110,736
Prepaid expenses and other current assets	21,132	44,782
Account receivable	118,525	0
TOTAL CURRENT ASSETS	170,414	155,518
PROPERTY, MINERAL RIGHTS, AND EQUIPMENT, net (NOTE 3)	15,023,843	14,926,417
OTHER ASSETS:
Reclamation bonds	305,184	307,286
Deposits and other assets	5,700	5,700
TOTAL OTHER ASSETS	310,884	312,986
TOTAL ASSETS	15,505,141	15,394,921
CURRENT LIABILITIES:
Accounts payable	103,485	110,134
Accrued expenses	196,299	42,166
Accrued payroll, benefits and taxes	24,038	32,295
Payment obligation, current	52,970	0
TOTAL CURRENT LIABILITIES	376,792	184,595
LONG-TERM LIABILITIES:
Asset retirement obligation	168,619	160,588
Payment obligation, noncurrent	125,563	198,806
Senior unsecured note payable - net of discount (NOTE 6)	452,255	196,432
TOTAL LONG-TERM LIABILITIES	746,437	555,826
TOTAL LIABILITIES	1,123,229	740,421
STOCKHOLDERS' EQUITY: (NOTE 9)
Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.001 par value; 200,000,000 shares authorized, 67,395,260 and 53,527,819 shares issued and outstanding, respectively	67,395	53,528
Additional paid-in capital	74,568,258	73,197,430
Accumulated deficit	(60,253,741)	(58,596,458)
TOTAL STOCKHOLDERS' EQUITY	14,381,912	14,654,500
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 15,505,141	$ 15,394,921

Timberline Resources Corp and_2

Timberline Resources Corp and Subsidiaries Consolidated Balance Sheets - Parenthetical - $ / shares	Sep. 30, 2019	Sep. 30, 2018
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	67,395,260	53,527,819
Common Stock, Shares, Outstanding	67,395,260	53,527,819

Timberline Resources Corp and_3

Timberline Resources Corp and Subsidiaries Consolidated Statements of Operations - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING EXPENSES:
Mineral exploration	$ 722,113	$ 522,298
Abandonment of mineral rights	48,500	3,231,700
Salaries and benefits	174,811	464,380
Professional fees	272,100	147,401
Insurance	92,474	92,562
Other general and administrative	154,234	626,747
TOTAL OPERATING EXPENSES	1,464,232	5,085,088
LOSS FROM OPERATIONS	(1,464,232)	(5,085,088)
OTHER INCOME (EXPENSE):
Foreign exchange gain (loss) and other	(51)	(2,480)
Interest expense	(9,436)	(18,134)
Interest expense - related party	(183,564)	(16,725)
Miscellaneous other income	0	64,633
TOTAL OTHER INCOME (EXPENSE)	(193,051)	27,294
LOSS BEFORE INCOME TAXES	(1,657,283)	(5,057,794)
INCOME TAX PROVISION (BENEFIT)	0	0
NET LOSS	$ (1,657,283)	$ (5,057,794)
NET LOSS PER SHARE, BASIC AND DILUTED	$ (0.03)	$ (0.13)
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED	62,482,406	39,437,019

Timberline Resources Corp and_4

Timberline Resources Corp and Subsidiaries Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Equity Balance at Sep. 30, 2017	$ 33,147	$ 70,408,144	$ (53,538,664)	$ 16,902,627
Equity balance, shares at Sep. 30, 2017	33,146,952
Common stock and warrants issued for cash	$ 10,381	1,453,879	0	1,464,260
Common stock and warrants issued for cash	10,380,867
Issuance costs	$ 0	(42,493)	0	(42,493)
Stock based compensation	0	231,000	0	231,000
Warrants issued with Debt	0	110,900	0	110,900
Net loss	$ 0	0	(5,057,794)	(5,057,794)
Equity balance, shares at Sep. 30, 2018	53,527,819
Equity Balance at Sep. 30, 2018	$ 53,528	73,197,430	(58,596,458)	14,654,500
Common stock and warrants issued for cash	$ 13,867	1,095,528	0	1,109,395
Common stock and warrants issued for cash	13,867,441
Stock based compensation	$ 0	5,000	0	5,000
Warrants issued with Debt	0	94,300	0	94,300
Warrants issued for joint venture to AGEI	0	176,000	0	176,000
Net loss	$ 0	0	(1,657,283)	(1,657,283)
Equity balance, shares at Sep. 30, 2019	67,395,260
Equity Balance at Sep. 30, 2019	$ 67,395	$ 74,568,258	$ (60,253,741)	$ 14,381,912

Timberline Resources Corp and_5

Timberline Resources Corp and Subsidiaries Consoldiated Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,657,283)	$ (5,057,794)
Adjustments to reconcile net loss to net cash used by operating activities:
Stock based compensation	5,000	231,000
Abandonment of mineral rights	48,500	3,231,700
Accretion of asset retirement obligation	8,031	7,648
Amortization of discount on senior unsecured notes payable	100,121	7,332
Changes in assets and liabilities:
Prepaid expenses and other current assets	23,650	(24,066)
Increase decrease in Accrued Cost of Mineral Reclamation	2,102	4,050
Account receivable	(118,525)	2,633
Accounts payable	(6,649)	454
Accrued expenses	154,133	32,243
Accrued payroll, benefits, and taxes	(8,257)	(53,435)
Net cash used by operating activities	(1,449,177)	(1,618,235)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of mineral rights	(72,715)	(99,500)
Proceeds from sale of mineral rights - ICBM (Note 3)	0	100,000
Proceeds from lease of mineral rights	102,791	112,902
Increases to reclamation and road use bond	0	(22,158)
Investment in mineral rights - Elder Creek (Note 3)	0	(100,000)
Net cash (used) provided by investing activities	30,076	(8,756)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock and warrants, net	1,109,395	1,421,767
Cash paid on payment obligation	(20,273)	(51,194)
Proceeds from senior unsecured note payable	250,000	300,000
Net cash provided by financing activities	1,339,122	1,670,573
Net increase (decrease) in cash and cash equivalents	(79,979)	43,582
CASH AT BEGINNING OF YEAR	110,736	67,154
CASH AT END OF YEAR	30,757	110,736
CASH PAID FOR INTEREST	13,562	12,019
Common stock and warrants issued for purchase of joint ventures	0	1,046,000
Warrants issued for purchase of mineral properties	176,000	0
Warrants issued with senior unsecured notes payable	$ 94,300	$ 110,900

Note 1 - Organization and Descr

Note 1 - Organization and Description of Business	12 Months Ended
	Sep. 30, 2019
Notes
Note 1 - Organization and Description of Business:	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS: Timberline Resources Corporation (“Timberline” or “the Company”) was incorporated in August of 1968 under the laws of the State of Idaho as Silver Crystal Mines, Inc., for the purpose of exploring for precious metal deposits and advancing them to production. In 2008, the Company reincorporated into the State of Delaware, pursuant to a merger agreement approved by its shareholders.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2019
Notes
Note 2 - Summary of Significant Accounting Policies:	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: a. Basis of Presentation and going concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception. The Company does not have sufficient cash to fund normal operations and meet all of its obligations for the next 12 months without raising additional funds. The Company currently has no historical recurring source of revenue, and its ability to continue as a going concern is dependent on its ability to raise capital to fund future exploration and working capital requirements, or the Company’s ability to profitably execute its business plan. The Company’s plans for the long-term return to and continuation as a going concern include financing its future operations through sales of common stock and/or debt and the eventual profitable exploitation of its mining properties. While the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms acceptable to the Company. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used. b. New Accounting Pronouncements - The Company performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it did not change the timing of revenue recognition or amounts of revenue recognized compared to how it recognized revenue under its previous policies. Adoption of ASU No. 2014-09 requires additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. As the Company has no contracts that relate to recognizing revenue, the new standard had minimal effect on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted the update on October 1, 2018 and will apply the provisions of the update to potential future acquisitions. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting. ASU No. 2018-07 expands the scope of to include share-based payment transactions for acquiring goods and services from nonemployees. The update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. c. Principles of Consolidation d. Exploration Expenditures e. Property Holding Costs f. Fair Value At September 30, 2019 and 2018, the Company had no assets or liabilities accounted for at fair value on a recurring basis or nonrecurring basis. The carrying amounts of financial instruments, including senior unsecured notes payable and the payment obligation, approximate fair value at September 30, 2019 and 2018. g. Cash Equivalents h. Reclamation Bonds i. Estimates and Assumptions j. Accounting for Investments in Joint Ventures The Company recognizes as income, funds received that are distributed from net accumulated earnings of the joint venture. For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of a non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. The Company has no significant influence over its joint ventures, and therefore accounts for its investment using the cost method. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. k. Property and Equipment l. Carrying Value of Property, Mineral Rights and Equipment for Impairment m. Asset Retirement Obligations – n. Provision for Income Taxes o. Translation of Foreign Currencies p. Stock-based Compensation The value of common stock awards is determined based upon the closing price of the Company’s stock on the grant date of the award. Compensation expense for grants that vest is recognized ratably over the vesting period. The fair value of stock unit or stock awards is determined by the closing price of the Company’s common stock on the date of the grant. q, Net Income (Loss) per Share 2019 2018 Stock options 3,280,000 3,280,000 Warrants 45,689,967 36,646,373 Total potential dilution 48,969,967 39,926,373 At September 30, 2019 and 2018, the effect of the Company’s common stock equivalents would have been anti-dilutive.

Note 3 - Property, Mineral Righ

Note 3 - Property, Mineral Rights, and Equipment	12 Months Ended
	Sep. 30, 2019
Notes
Note 3 - Property, Mineral Rights, and Equipment:	NOTE 3 – PROPERTY, MINERAL RIGHTS, AND EQUIPMENT: The following is a summary of property, mineral rights, and equipment and accumulated depreciation at September 30, 2019 and 2018: Expected Useful Lives (years) 2019 2018 Mineral rights – Eureka - $ 13,703,651 $ 13,678,940 Mineral rights – Elder Creek - 1,218,715 1,146,000 Mineral rights – Other - 50,000 50,000 Total mineral rights 14,972,366 14,874,940 Equipment and vehicles 2-5 53,678 53,678 Office equipment and furniture 3-7 70,150 70,150 Land - 51,477 51,477 Total property and equipment 175,305 175,305 Less accumulated depreciation (123,828) (123,828) Property, mineral rights, and equipment, net $ 15,023,843 $ 14,926,417 Depreciation expense for the years ended September 30, 2019 and 2018, was nil and nil, respectively. During the year ended September 30, 2019, the Company recognized an abandonment expense of $48,500 relating to two patented mining claims that the Company had ceased making advance royalty payments on. During the year ended September 30, 2018, per an amended agreement, the Company was required to pay $2 million and issue one million common shares of the Company by March 31, 2018 to maintain its interest in the Talapoosa property. The Company did not make the payment of $2 million nor issue the one million common shares of the Company by March 31, 2018, and, therefore, the amended agreement was terminated per its terms on March 31, 2018. As a result, on March 31, 2018, the Company wrote off the Company’s entire investment of $3,231,700. During the year ended September 30, 2018, the Company’s management and Board of Directors determined that certain payments received by the Company from a third party in two of the Company’s leases beginning in August 2017, which had been held and not recorded or deposited pending an expected resolution of circumstances relating to two historical leases at the Company’s Eureka property, should be deposited. The total amount of these payments received for the year ended September 30, 2019 and September 30, 2018 was $102,791 and $112,902, respectively. Monthly payments in the amount of $8,500 are expected to continue to be received, recorded and deposited until the situation concerning the leases is resolved. These receipts are recorded as a reduction to property, mineral rights, and equipment. Elder Creek property: On May 23, 2018, the Company executed a definitive agreement with AGEI (the “Definitive Agreement”) for the purchase of interests in two mineral properties in Nevada (the “Transaction”). The mineral properties include the Elder Creek project, currently owned by McEwen Mining Inc., which includes an option to acquire up to 65% of the project interest, and an approximate 73.7% interest in the Paiute property (formerly ICBM), with LAC Minerals (USA) LLC, a wholly owned subsidiary of Nevada Gold Corporation. The Company is the operator at both of these projects. The consideration for the Transaction consisted of ten million shares of the Company’s common stock, valued at $0.0806 per share, or $806,000, and five million non-transferrable Class D-2 share purchase warrants (the “Consideration Warrants”), with each warrant exercisable to acquire one share of the Company’s common stock for $0.24 for a period of three years. The warrants were fair valued at $240,000. (See Note 11 – Commitments & Contingencies) In addition, the amendment to the Definitive Agreement required the Company to deliver to AGEI, subject to any required regulatory approval, an additional 5,000,000 common stock purchase warrants with the same terms and in the same form as the Consideration Warrants if and when the earlier of the following occurs: (i) the Company enters into an arrangement with a funding partner for the advancement of the Elder Creek Joint Venture, or (ii) the Company meets the 2018 work commitment of $500,000. The Company met the 2018 calendar year’s work commitment, and issued 5,000,000 Class G warrants, fair valued at $176,000 on December 31, 2018. The fair value of the warrants issued in connection with the purchase of mineral rights was estimated with a Black-Scholes option-pricing model using the assumptions noted in the following table: Warrants Issued September 30, 2019 Warrants Issued September 30, 2018 Expected volatility 137.40% 130.70% Stock price on date of grant $0.06 $0.08 Exercise price $0.14 $0.14 Expected dividends - - Expected term (in years) 3 3 Risk-free rate 2.46% 2.67% Expected forfeiture rate 0% 0% Lookout Mountain, LLC: On May 9, 2019, the Company entered into a non-binding Letter of Intent to form a Limited Liability Company (the “Agreement”) with PM&Gold Mines, Inc. (“PM&G”) for the advanced exploration, and if determined feasible, the development of the Company’s Lookout Mountain Gold project. A final Agreement received regulatory approval from the TSX Venture Exchange on July 27, 2019. PM&G is a private firm incorporated in Nevada with an interest to explore and advance gold projects to production. The parties executed a binding definitive Limited Liability Company Agreement (the “LLC” and the “LLC Agreement”) effective June 28, 2019 following completion of business and technical due diligence. The LLC Agreement calls for PM&G to fund exploration and development activities in two stages for an earned equity in the project. Timberline will contribute certain claims that constitute the Lookout Mountain project and adjacent historical Oswego Mine area (the “Project”) to the limited liability company in exchange for its ownership position. Timberline will manage the project at least through Stage I of investment. PM&G shall retain the right to manage all Stage II activities with or without Timberline’s participation. Concurrent with completion of the Agreement, PM&G also participated in a private placement and acquired 3,367,441 shares, or 4.99%, of Timberline’s common shares. The placement includes the right of PM&G to maintain its position in Timberline by pro-rata participation in future financings. The initial interests in the LLC are 51% PM&G and 49% Timberline. The Company accounts for its investment in the LLC on the cost basis. PM&G’s contribution to the LLC must be earned-in as follows: Stage I – Earn 51%: Stage II – Earn 70%: Timberline Option to Participate 51- 49%: If Timberline should choose not to participate, its ownership will be further diluted and PM&G will earn 70% ownership by completing the above activities defined as Stage II. Timberline Option to Participate 70 – 30%: Reduce its interest to a 10% net profit interest (“NPI”) or a 2% net smelter royalty (“NSR”), or Sell its remaining interest in the Project to PM&G at a price agreed between the parties following completion and evaluation of Stage I and Stage II exploration, per terms of the Mutual Right of First Refusal (“ROFR”) defined below. If PM&G determines not to advance beyond the 51% following completion of Stage I, it may elect one of the following options: · · · Mutual Right of First Refusal (ROFR) – During the fourth fiscal quarter of 2019, Timberline paid $118,525 for Stage I exploration costs incurred by Lookout Mountain LLC. The advanced funds were included as an Account receivable on the Company’s balance sheet and were fully collected subsequent to the end of the fiscal year. The Company does not intend to continue such advances in the future on behalf of PM&G.

Note 4 - Related-party Transact

Note 4 - Related-party Transactions	12 Months Ended
	Sep. 30, 2019
Notes
Note 4 - Related-party Transactions:	NOTE 4 – RELATED-PARTY TRANSACTIONS: In connection with the definitive agreement with AGEI for the purchase of interests in two mineral properties, Mr. Donald J. McDowell and Mr. Dave Mathewson were appointed to the Company’s Board of Directors on June 21, 2018. Mr. McDowell is the majority owner of AGEI and is the beneficial owner of the majority of the consideration for the Transaction. Therefore, he is the beneficial owner of the majority of the 5,000,000 Class G warrants issued to AGEI as described in Note 3 – Property, Mineral Rights and Equipment. During the year ended September 30, 2019, the Board of Directors agreed to issue 100,000 stock options to acquire shares of common stock of the Company to Mr. Ted R. Sharp, the Company’s Chief Financial Officer, appointed to the position in September of 2018. The options were fair valued at $5,000 based upon the closing price of the Company’s shares of common stock at December 31, 2018 (See Note 10 for valuation assumptions). During the year ended September 30, 2019, two executive officers participated in a private placement offering of Units of the Company, purchasing 1,062,500 units for total proceeds of $85,000. Each Unit was priced at $0.08 and consisted of one share of common stock of the Company and one common share Class E Warrant, with each warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.14 per share until April 30, 2021. During the quarters ended March 31, 2019 and June 30, 2019, three executive officers participated in private placement offerings of Units of the Company, purchasing 1,100,000 units for total proceeds of $88,000. Each Unit was priced at $0.08 and consisted of one share of common stock of the Company and one common share Class H Warrant, with each warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.14 per share until March 22, 2022. The participation of the executive officers of the Company in these private placements was done at the same terms as the other investors in the private placement offerings. The Board of Directors approved the insiders’ participation in the private placements.

Note 5 - Payment Obligation

Note 5 - Payment Obligation	12 Months Ended
	Sep. 30, 2019
Notes
Note 5 - Payment Obligation:	NOTE 5 – PAYMENT OBLIGATION: On September 12, 2017, the Company entered into an agreement (the “Payment Agreement”) with a creditor (the “Creditor”) to pay by way of a payment plan an existing obligation of $250,000 (the “Payment Obligation”) related to a potential corporate transaction in 2015 that was not completed. Pursuant to the Payment Agreement, the Company agreed to pay the Payment Obligation to the Creditor, including interest, on or before September 12, 2020. Interest accrues on the unpaid principal amount of the Payment Obligation at the prime rate (5.00% at September 30, 2019), as such rate may change from time to time, plus 3% per annum. The Company agreed to pay the Creditor 5% of the gross proceeds of any funds raised, whether though equity sales, debt offerings, or sales of assets. If the gross proceeds of any equity financing are at least $1 million, then the Company agreed to also commence monthly installment payments of $10,000 until the Payment Obligation is paid. The balance of the Payment Obligation was $178,533 and $198,806 at September 30, 2019 and 2018, respectively. During the year ended September 30, 2019, the Company paid $30,000 including interest of $9,728. At September 30, 2019, an additional cash payment of $52,970 is due to the Creditor, representing 5% of the private placements of $80,000, $160,000 and $269,395 respectively and 5% on the two Senior unsecured notes payable totaling $550,000. That payment when made will be applied first to accrued interest payable and then to principal due under the Payment Agreement. On December 30, 2019, the Company entered into Addendum 1 to the Payment Agreement under which Creditor has agreed to waive a default condition in consideration of a $5,000 fee and a payment of $12,500 relating to the second Senior unsecured note of $250,000. Payment of the remaining $40,470 of delinquent amounts will be paid from the next equity or debt raise in addition to any 5% fee due thereon. The obligation to commence monthly installment payments of $10,000 until the Payment Obligation is paid has not yet been triggered because the Company has not completed a financing with gross proceeds of at least $1 million.

Note 6 - Senior Unsecured Note

Note 6 - Senior Unsecured Note Payable	12 Months Ended
	Sep. 30, 2019
Notes
Note 6 - Senior Unsecured Note Payable:	NOTE 6 – SENIOR UNSECURED NOTES PAYABLE: On July 30, 2018, the Company entered into a binding loan agreement and promissory note with William Matlack, a significant shareholder and a director as of October 29, 2019, (the “Lender”). Under the loan agreement, the Lender loaned the Company $300,000 in the form of a senior unsecured note, with the principal bearing interest at an annual rate of 18%, compounded monthly. The loan is unsecured and the principal and accrued interest will become due for repayment on January 20, 2020, but may be repaid early without penalty. Pursuant to the terms of the loan agreement, the Company issued to the Lender 3,265,500 non-transferrable Series F Warrants to purchase common shares of the Company. The exercise price of the warrants is $0.09, and the warrants contain a provision restricting their exercise in the event any such exercise would cause the Lender to own 10% or more of the Company’s outstanding common shares. The relative fair value of the warrants issued in connection with the senior unsecured note was estimated at $110,900, based upon a total fair value as calculated by a Black-Scholes option-pricing model. The relative fair value of the warrants was recorded as a discount of the note. At September 30, 2019, the note payable was $274,889, which is net of the unamortized discount of $25,111. On October 4, 2019, the Company entered into an agreement with the note holder to extend the due date of the note for a period of three years to mature on January 20, 2023 on the same terms as the original note. The Series F Warrants were cancelled and replaced with 3,750,000 warrants of a new series designation with expiration at February 1, 2023 and an exercise price of $0.08, the fair value at the date of issuance. As a result of the extension of the due date, this note has been included in long-term debt on the Company’s consolidated balance sheet. On May 8, 2019, the Company entered into an additional binding loan agreement and promissory note with William Matlack (the “Lender”). Under the loan agreement, the Lender loaned the Company $250,000 in the form of a senior unsecured note, with the principal bearing interest at an annual rate of 18%, compounded monthly. The loan is unsecured and the principal and accrued interest will become due for repayment on November 7, 2020, but may be repaid early without penalty. Pursuant to the terms of the May 8, 2019 loan agreement, the Company issued to the Lender 3,543,600 non-transferrable Series I Warrants to purchase common shares of the Company. The exercise price of the warrants is $0.07, with a term of eighteen months, and the warrants contain a provision restricting their exercise in the event any such exercise would cause the Lender to own 10% or more of the Company’s outstanding common shares. The relative fair value of the warrants issued in connection with the senior unsecured note was estimated at $94,300, based upon a total fair value as calculated by a Black-Scholes option-pricing model. The relative fair value of the warrants was recorded as a discount of the note, with $21,666 amortized to interest expense in the year ended September 30, 2019. At September 30, 2019, the note payable was $177,366, which is net of the unamortized discount of $72,634. Warrants Issued During the Year Ended September 30, 2019 Warrants Issued During the Year Ended September 30, 2018 Expected volatility 138.5 % 132.4 % Stock price on date of the note $ 0.07 $ 0.09 Exercise price $ 0.07 $ 0.24 Expected dividends - - Expected term (in years) .5 1.5 .5 1.5 Risk-free rate 2.26 % 2.66 % Expected forfeiture rate 0 % 0 % The amortization of discounts was $100,121 and $7,332 for the years ended September 30, 2019 and 2018, respectively. The accrued interest on the senior unsecured notes payable was $83,107 and $5,346 at the years ended September 30, 2019 and 2018, respectively. The senior unsecured notes payable are senior to all other debt with the exception of the Payment obligation. The notes require that when the Company enters into any other financings, 25% of the proceeds of such financings will be paid toward reduction of the principal and interest accrued on these notes. No such payments have been made by the Company to the Lender, and the Lender has provided a waiver of default on the Notes that would otherwise exist due to these non-payments.

Note 7 - Asset Retirement Oblig

Note 7 - Asset Retirement Obligation	12 Months Ended
	Sep. 30, 2019
Notes
Note 7 - Asset Retirement Obligation:	NOTE 7 – ASSET RETIREMENT OBLIGATION: The Company has established an asset retirement obligation (“ARO”) for its exploration program at the Lookout Mountain Project, which is a portion of the Eureka mineral property. The ARO resulted from the reclamation and remediation requirements of the United States Bureau of Land Management as outlined in its permit to carry out the exploration program. The following table summarizes activity in the Company’s ARO liability for the years ended September 30, 2019 and 2018: 2019 2018 Beginning balance $ 160,588 $ 152,940 Accretion expense 8,031 7,648 Ending balance $ 168,619 $ 160,588

Note 8 - Income Taxes

Note 8 - Income Taxes	12 Months Ended
	Sep. 30, 2019
Notes
Note 8 - Income Taxes:	NOTE 8 – INCOME TAXES: At September 30, 2019 and 2018, the Company did not record a tax provision or benefit. At September 30, 2019 and 2018, the Company had deferred tax assets arising principally from net operating loss carryforwards for income tax purposes. As the Company’s management cannot determine that it is more likely than not that the Company will realize the benefit of the net deferred tax asset, a valuation allowance equal to 100% of the net deferred tax asset has been recorded at September 30, 2019 and 2018. The components of the Company’s deferred taxes at September 30, 2019 and 2018 are as follows: Timberline Resources Corp. 2019 2018 Net deferred tax assets: Exploration costs $ 32,000 $ 218,000 Investments in subsidiaries 184,000 184,000 Share-based compensation 1,452,000 1,451,000 Alternative minimum tax credit carryforwards 2,000 2,000 Foreign income tax credit carryforwards 697,000 697,000 Federal and state net operating loss carryforwards 10,792,000 10,579,000 Foreign net operating loss carryforwards 1,736,000 1,736,000 Total deferred tax asset 14,895,000 14,867,000 Valuation allowance (14,895,000) (14,867,000) Net deferred tax asset $ - $ - BH Minerals USA, Inc. Net deferred tax assets (liabilities): Property, mineral rights, and equipment $ (2,290,000) $ (2,282,000) Exploration costs 572,000 810,000 Federal and state net operating loss carryforwards 3,597,000 3,302,000 Total deferred tax asset 1,879,000 1,830,000 Valuation allowance (1,879,000) (1,830,000) Net deferred tax asset $ - $ - The federal income taxes of the Company’s wholly owned subsidiary, BH Minerals USA, Inc., are not consolidated with those of the rest of the Company since BH Minerals USA, Inc. is wholly owned by the Company’s Canadian subsidiary, Staccato Gold Resources Ltd. The annual tax benefit is different from the amount that would be provided by applying the statutory federal income tax rate to the Company’s pretax loss for the following reasons: 2019 2018 Net Loss $ (1,657,000) $ (5,058,000) Statutory Federal income tax rate 24.5% 24.5% Expected income tax benefit based on statutory rate (406,000) (1,239,000) Effect of state taxes 56,000 (47,000) Effect of tax rate changes - 8,237,000 Non-recognition due to increase in valuation allowance 77,000 (6,976,000) Prior year change in estimates 273,000 25,000 Income tax provision $ - $ - At September 30, 2019, the Company had federal net operating loss carryforwards of approximately $44.8 million which will expire in fiscal years ending September 30, 2020 through September 30, 2038. The Company also has federal net operating loss carryforwards of $2.3 million that will not expire and are subject to the 80% of taxable income limitation. Approximately $18.2 million of state net operating loss carryforwards will expire in fiscal years ending September 30, 2020 through September 30, 2039. BH Minerals has federal net operating loss carryforwards of $16.9 million which will expire in fiscal years ending September 30, 2031 through September 30, 2038. The Company also has federal net operating loss carryforwards of $1.3 million that will not expire and are subject to the 80% of taxable income limitation. At September 30, 2019, the Company also has approximately $6.7 million in net operating loss carryforwards in Canada which will expire in fiscal years ending September 30, 2024 through September 30, 2032. At September 30, 2019, the Company has $697,000 of foreign tax credit carryforwards that will expire September 30, 2020. The Company has not identified any unrecognized tax benefits. If interest and penalties were to be assessed, the Company would charge interest to interest expense, and penalties to other operating expense. Fiscal years 2016 through 2019 remain subject to examination by state and federal tax authorities. The Company has reviewed its tax returns and believes the Company has not taken any unsubstantiated tax positions. IRS Code Section 382 limits the loss and credit carryforwards in the event of an “ownership change” of a corporation. Due to the changes in ownership in previous years, the Company will be restricted in the future use of net operating losses generated before the ownership change.

Note 9 - Common Stock, Warrants

Note 9 - Common Stock, Warrants and Preferred Stock	12 Months Ended
	Sep. 30, 2019
Notes
Note 9 - Common Stock, Warrants and Preferred Stock:	NOTE 9 – COMMON STOCK, WARRANTS AND PREFERRED STOCK: Private Placement On July 28, 2019, in connection with the Lookout Mountain LLC Agreement, the Company issued 3,367,441 shares of common stock at a price of $0.08 to PM&G for cash proceeds to the Company of $269,395. No warrants were issued with this share purchase. On June 14, 2019, the Company closed the sale of 1,000,000 Units, the second tranche of a private placement offering of up to 7,500,000 Units of the Company at a price of $0.08 per Unit, for total proceeds of $80,000. Each Unit of the offering consists of one share of common stock of the Company and one common share purchase Class H warrant, with each warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.14 per share until March 30, 2022. As a result, 1,000,000 shares of the Company’s common stock and 1,000,000 Warrants were issued. On March 29, 2019, the Company closed the sale of 2,000,000 Units, the first tranche of a private placement offering of up to 7,500,000 Units of the Company at a price of $0.08 per Unit, for total proceeds of $160,000. Each Unit of the offering consists of one share of common stock of the Company and one common share purchase Class H warrant, with each warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.14 per share until March 30, 2022. As a result, 2,000,000 shares of the Company’s common stock and 2,000,000 Warrants were issued. On October 18, 2018, and on December 3, 2018, the Company closed two tranches of In the aggregate for these two private placements, the Company sold a total of 10,380,867 Units at prices of $0.30 per unit (for 2,880,867 units) and $0.08 per unit (for 7,500,000 units) for gross proceeds of $1,464,260 and net cash proceeds of $1,421,767, after offering costs of $42,493. Warrants During the fiscal year ended September 30, 2019, 10,300,000 warrants were issued pursuant to two separate private placement offerings. In addition, 3,543,600 warrants were issued pursuant to a senior unsecured debt financing (See Note 6), and 5,000,000 warrants were issued pursuant to the purchase of mineral rights (See Note 3 and Note 6). Total warrants of 9,960,006 and nil expired during the fiscal years ended September 30, 2019 and 2018, respectively. There were 45,689,967 and 36,606,373 warrants outstanding as of September 30, 2019 and 2018, respectively. The following is a summary of warrants as of September 30, 2019: Shares Exercise Price ($) Expiration Date Class A Warrants: (Issued for Private Placement) Outstanding and exercisable at September 30, 2017 9,960,006 0.25 May 31, 2019 Outstanding and exercisable at September 30, 2018 9,960,006 Warrants Expired May 31, 2019 (9,960,006) Outstanding and exercisable at September 30, 2019 0 Class B Warrants: (Issued for Private Placement) Outstanding and exercisable at September 30, 2017 8,000,000 0.40 January 31, 2020 Outstanding and exercisable at September 30,2018 8,000,000 Outstanding and exercisable at September 30, 2019 8,000,000 Class C Warrants: (Issued for Private Placement) Warrants issued November and December 2017 2,880,867 0.45 October 31, 2022 Outstanding and exercisable at September 30,2018 2,880,867 Outstanding and exercisable at September 30, 2019 2,880,867 Class D Warrants: (Issued for Private Placement) Warrants issued May 2018 7,500,000 0.14 April 30, 2021 Outstanding and exercisable at September 30,2018 7,500,000 Outstanding and exercisable at September 30, 2019 7,500,000 Class D-2 Warrants: (Issued for Mineral Property Purchase) Warrants issued May 23, 2018 5,000,000 0.24 May 23, 2021 Outstanding and exercisable at September 30, 2018 5,000,000 Outstanding and exercisable at September 30, 2019 5,000,000 Class F Warrants: (Issued for Unsecured Senior Note) Warrants Issued July 30, 2018 3,265,500 0.09 February 1, 2023 Outstanding and exercisable at September 30,2018 3,265,500 Outstanding and exercisable at September 30, 2019 3,265,500 Class E Warrants: (Issued for Private Placement) Warrants Issued November 9, 2018 7,500,000 0.14 October 21, 2021 Outstanding and exercisable at September 30, 2019 7,500,000 Class G Warrants: (Issued for Mineral Property Purchase) Warrants Issued December 18, 2018 5,000,000 0.14 December 18, 2021 Outstanding and exercisable at September 30, 2019 5,000,000 Class H Warrants: (Issued for Private Placement) Warrants Issued March 21, 2019 3,000,000 0.14 March 22, 2022 Outstanding and exercisable at September 30, 2019 3,000,000 Class I Warrants: (Issued for Unsecured Note Payable) Warrants Issued May 8, 2019 3,543,600 0.07 November 7, 2020 Outstanding and exercisable at September 30, 2019 3,543,600 Warrants outstanding and weighted average exercise price at September 30, 2019 45,689,967 0.21 Preferred Stock The Company is authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value. The Company’s board of directors is authorized to issue the preferred stock from time to time in series, and is further authorized to establish such series, to fix and determine the variations in the relative rights and preferences as between series, to fix voting rights, if any, for each series, and to allow for the conversion of preferred stock into common stock. There is no preferred stock issued as of September 30, 2019.

Note 10 - Stock-based Awards

Note 10 - Stock-based Awards	12 Months Ended
	Sep. 30, 2019
Notes
Note 10 - Stock-based Awards:	NOTE 10 – STOCK-BASED AWARDS: During the year ended September 30, 2015, the Company’s Board of Directors adopted and the Company’s stockholders approved the adoption of the Company’s 2015 Stock and Incentive Plan. This plan replaced the Company’s 2005 Equity Incentive Plan, as amended. The aggregate number of shares that may be issued to employees, directors, and consultants under all stock-based awards made under the 2015 Stock and Incentive Plan was 4 million shares of the Company’s common stock. Upon exercise of options or other awards, shares are issued from the available authorized shares of the Company. Option awards are granted with an exercise price equal to the fair value of the Company’s stock at the date of grant. During the year ended September 30, 2019, the Company’s shareholders approved and the Company’s Board of Directors adopted of the Company’s 2018 Stock and Incentive Plan. This plan replaced the Company’s 2015 Equity Incentive Plan. The aggregate number of shares that may be issued to employees, directors, and consultants under all stock-based awards made under the 2018 Stock and Incentive Plan is 8 million shares of the Company’s common stock. Upon exercise of options or other awards, shares are issued from the available authorized shares of the Company. Option awards are granted with an exercise price equal to the fair value of the Company’s stock at the date of grant. During the year ended September 30, 2019, the Board of Directors agreed to issue 100,000 stock options to the Chief Financial Officer. The fair value of the option awards granted was $5,000 and measured on the date of the issuance with a Black-Scholes option-pricing model using the assumptions noted in the following table: Options Granted During the Year Ended September 30, 2019 Options Granted During the Year Ended September 30, 2018 Expected volatility 137.4% 121.6% - 134.8% Stock price on date of grant $ 0.06 $ 0.10 - $0.17 Exercise price $ 0.10 $ 0.08 - $0.12 Expected dividends - - Expected term (in years) 5 5 Risk-free rate 2.46% 2.33% - 2.69% Expected forfeiture rate 0% 0% During the year ended September 30, 2019, 100,000 options were terminated as a result of the resignation of a member of the Board of Directors. Options forfeited or expired are returned to the option pool and are available for grant. The Company considers forfeitures in connection with its estimate of expected option term. Total compensation expense recognized for option awards was $5,000 and $231,000 for the years ended September 30, 2019 and 2018, respectively. The cost of options granted to employees is recorded as salaries and benefits, and the cost of options granted to directors and consultants is recorded as other general and administrative expenses. The total compensation cost of options vested under the plan, charged against operations, is included in the consolidated statements of operations as follows: Fiscal year ended September 30, 2019 2018 Salaries and benefits $ - $ 120,000 Other general and administrative expenses 5,000 111,000 Total $ 5,000 $ 231,000 The following is a summary of the Company’s options issued under the Amended 2005 Equity Incentive Plan, the 2015 Stock and Incentive Plan and the 2018 Stock and Incentive Plan: Options Weighted Average Exercise Price Outstanding at September 30, 2017 2,233,334 $ 0.41 Granted 1,900,000 0.16 Expired (853,334) (0.43) Outstanding at September 30, 2018 3,280,000 0.26 Granted 100,000 0.10 Terminated (100,000) (0.10) Outstanding and exercisable at September 30, 2019 3,280,000 $ 0.26 Weighted average fair value of options granted during the fiscal year ended September 30, 2019 $ 0.10 Average remaining contractual term of options outstanding and exercisable at September 30, 2019 (years) 3.05 Intrinsic value of options outstanding and exercisable at September 30, 2019 $ 0.00

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	12 Months Ended
	Sep. 30, 2019
Notes
Note 11 - Commitments and Contingencies:	NOTE 11 – COMMITMENTS AND CONTINGENCIES: Mineral Exploration In addition to the commitment relating to the Company’s purchase of joint venture interests from AGEI (see Note 3), it has the following commitments and contingencies: The Elder Creek Project is subject to certain future work expenditure requirements in order for the Company to earn an ownership portion of the property. The Year 1 work commitment was completed by December 31, 2018: · · · · A portion of the Company’s mining claims on the Company’s properties are subject to lease and option agreements with various terms, obligations, and royalties payable in certain circumstances. The Company pays federal and county claim maintenance fees on unpatented claims that are included in the Company’s mineral exploration properties. Should the Company continue to explore all of the Company’s mineral properties, it expects annual fees to total approximately $184,906 per year in the future, of which $113,014 is for the two joint venture mineral property interests (See Note 3). The claims maintenance fees for Lookout Mountain LLC are expected to be $97,587 and will be remitted from the earn-in funds provided by PM&G as part of the LLC Agreement. Real Estate Lease Commitments At September 30, 2019, the Company had real estate lease commitments for its offices and certain mineral property exploration facilities totaling $72,000 annually. The Company’s office in Coeur d’Alene, Idaho and its facilities in Eureka, Nevada are rented on a month-to-month basis.

Note 12 - Subsequent Events

Note 12 - Subsequent Events	12 Months Ended
	Sep. 30, 2019
Notes
Note 12 - Subsequent Events:	NOTE 12 – SUBSEQUENT EVENTS: In addition to the subsequent events described in Notes 5 and 6, the Company had the following subsequent event: On October 23, 2019, the Company closed a private placement offering of 7,500,000 Units of the Company at a price of US$0.08 per Unit, for total proceeds to the Company of $600,000. Each Unit consisted of one share of common stock of the Company and one-half common share purchase Class J warrant (each whole such warrant a “Warrant”), with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of US$0.12 per share until the warrant expiration date of October 15, 2024. Accredited investors subscribed for 7,500,000 Units on a private placement basis at a price of US$0.08 per unit for total proceeds of US$600,000. As a result, 7,500,000 shares of common stock of the Company and 3,750,000 Warrants were issued and 3,750,000 shares of common stock were reserved for issuance pursuant to Warrant exercises. A director of the Company, William Matlack, participated in the Offering and subscribed for 7,125,000 Units. The Warrants comprised in Mr. Matlack’s Units contain a voluntary restriction on exercise preventing Mr. Matlack from completing any Warrant exercise if such exercise would cause him to beneficially own or control 20% or more of the issued and outstanding common shares of Timberline. On October 29, 2019, the Company granted to directors and management stock options to acquire an aggregate of 2,450,000 common shares of the Company’s common stock. The options vested immediately and are exercisable at a price of $0.08 per common share for a period of five years from the date of the grant. Also, in connection with his appointment to the Board of Directors, Mr. Matlack was granted 100,000 options to acquire shares of the Company’s common stock. The options have an exercise price of $0.08 per share, vested immediately, and have a term of five years.

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies: a. Basis of Presentation and Going Concern (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
a. Basis of Presentation and Going Concern	a. Basis of Presentation and going concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception. The Company does not have sufficient cash to fund normal operations and meet all of its obligations for the next 12 months without raising additional funds. The Company currently has no historical recurring source of revenue, and its ability to continue as a going concern is dependent on its ability to raise capital to fund future exploration and working capital requirements, or the Company’s ability to profitably execute its business plan. The Company’s plans for the long-term return to and continuation as a going concern include financing its future operations through sales of common stock and/or debt and the eventual profitable exploitation of its mining properties. While the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms acceptable to the Company. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies: b. New Accounting Pronouncements (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
b. New Accounting Pronouncements	b. New Accounting Pronouncements - The Company performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it did not change the timing of revenue recognition or amounts of revenue recognized compared to how it recognized revenue under its previous policies. Adoption of ASU No. 2014-09 requires additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. As the Company has no contracts that relate to recognizing revenue, the new standard had minimal effect on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted the update on October 1, 2018 and will apply the provisions of the update to potential future acquisitions. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting. ASU No. 2018-07 expands the scope of to include share-based payment transactions for acquiring goods and services from nonemployees. The update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies: c. Principles of Consolidation (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
c. Principles of Consolidation	c. Principles of Consolidation

Note 2 - Summary of Significa_5

Note 2 - Summary of Significant Accounting Policies: d. Exploration Expenditures (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
d. Exploration Expenditures	d. Exploration Expenditures

Note 2 - Summary of Significa_6

Note 2 - Summary of Significant Accounting Policies: e. Property Holding Costs (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
e. Property Holding Costs	e. Property Holding Costs

Note 2 - Summary of Significa_7

Note 2 - Summary of Significant Accounting Policies: f. Fair Value (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
f. Fair Value	f. Fair Value At September 30, 2019 and 2018, the Company had no assets or liabilities accounted for at fair value on a recurring basis or nonrecurring basis. The carrying amounts of financial instruments, including senior unsecured notes payable and the payment obligation, approximate fair value at September 30, 2019 and 2018.

Note 2 - Summary of Significa_8

Note 2 - Summary of Significant Accounting Policies: g. Cash Equivalents (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
g. Cash Equivalents	g. Cash Equivalents

Note 2 - Summary of Significa_9

Note 2 - Summary of Significant Accounting Policies: h. Reclamation Bonds (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
h. Reclamation Bonds	h. Reclamation Bonds

Note 2 - Summary of Signific_10

Note 2 - Summary of Significant Accounting Policies: i. Estimates and Assumptions (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
i. Estimates and Assumptions	i. Estimates and Assumptions

Note 2 - Summary of Signific_11

Note 2 - Summary of Significant Accounting Policies: j. Accounting for Investments in Joint Ventures (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
j. Accounting for Investments in Joint Ventures	j. Accounting for Investments in Joint Ventures The Company recognizes as income, funds received that are distributed from net accumulated earnings of the joint venture. For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of a non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. The Company has no significant influence over its joint ventures, and therefore accounts for its investment using the cost method. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations.

Note 2 - Summary of Signific_12

Note 2 - Summary of Significant Accounting Policies: k. Property and Equipment (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
k. Property and Equipment	k. Property and Equipment

Note 2 - Summary of Signific_13

Note 2 - Summary of Significant Accounting Policies: l. Carrying Value of Property, Mineral Rights and Equipment for Impairment (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
l. Carrying Value of Property, Mineral Rights and Equipment for Impairment	l. Carrying Value of Property, Mineral Rights and Equipment for Impairment

Note 2 - Summary of Signific_14

Note 2 - Summary of Significant Accounting Policies: m. Asset Retirement Obligations (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
m. Asset Retirement Obligations	m. Asset Retirement Obligations –

Note 2 - Summary of Signific_15

Note 2 - Summary of Significant Accounting Policies: n. Provision for Income Taxes (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
n. Provision for Income Taxes	n. Provision for Income Taxes

Note 2 - Summary of Signific_16

Note 2 - Summary of Significant Accounting Policies: o. Translation of Foreign Currencies (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
o. Translation of Foreign Currencies	o. Translation of Foreign Currencies

Note 2 - Summary of Signific_17

Note 2 - Summary of Significant Accounting Policies: p. Stock-based Compensation (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
p. Stock-based Compensation	p. Stock-based Compensation The value of common stock awards is determined based upon the closing price of the Company’s stock on the grant date of the award. Compensation expense for grants that vest is recognized ratably over the vesting period. The fair value of stock unit or stock awards is determined by the closing price of the Company’s common stock on the date of the grant.

Note 2 - Summary of Signific_18

Note 2 - Summary of Significant Accounting Policies: q. Net Income (Loss) per Share (Policies)	12 Months Ended
	Sep. 30, 2019
Policies
q. Net Income (Loss) per Share	q, Net Income (Loss) per Share 2019 2018 Stock options 3,280,000 3,280,000 Warrants 45,689,967 36,646,373 Total potential dilution 48,969,967 39,926,373 At September 30, 2019 and 2018, the effect of the Company’s common stock equivalents would have been anti-dilutive.

Note 2 - Summary of Signific_19

Note 2 - Summary of Significant Accounting Policies: q. Net Income (Loss) per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables)	12 Months Ended
	Sep. 30, 2019
Tables/Schedules
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	2019 2018 Stock options 3,280,000 3,280,000 Warrants 45,689,967 36,646,373 Total potential dilution 48,969,967 39,926,373

Note 3 - Property, Mineral Ri_2

Note 3 - Property, Mineral Rights, and Equipment: Property, Plant and Equipment (Tables)	12 Months Ended
	Sep. 30, 2019
Tables/Schedules
Property, Plant and Equipment	Expected Useful Lives (years) 2019 2018 Mineral rights – Eureka - $ 13,703,651 $ 13,678,940 Mineral rights – Elder Creek - 1,218,715 1,146,000 Mineral rights – Other - 50,000 50,000 Total mineral rights 14,972,366 14,874,940 Equipment and vehicles 2-5 53,678 53,678 Office equipment and furniture 3-7 70,150 70,150 Land - 51,477 51,477 Total property and equipment 175,305 175,305 Less accumulated depreciation (123,828) (123,828) Property, mineral rights, and equipment, net $ 15,023,843 $ 14,926,417

Note 3 - Property, Mineral Ri_3

Note 3 - Property, Mineral Rights, and Equipment: Schedule of fair value of warrants issued for mineral rights (Tables)	12 Months Ended
	Sep. 30, 2019
Tables/Schedules
Schedule of fair value of warrants issued for mineral rights	Warrants Issued September 30, 2019 Warrants Issued September 30, 2018 Expected volatility 137.40% 130.70% Stock price on date of grant $0.06 $0.08 Exercise price $0.14 $0.14 Expected dividends - - Expected term (in years) 3 3 Risk-free rate 2.46% 2.67% Expected forfeiture rate 0% 0%

Note 6 - Senior Unsecured Not_2

Note 6 - Senior Unsecured Note Payable: Schedule of fair value (Tables)	12 Months Ended
	Sep. 30, 2019
Tables/Schedules
Schedule of fair value	Warrants Issued During the Year Ended September 30, 2019 Warrants Issued During the Year Ended September 30, 2018 Expected volatility 138.5 % 132.4 % Stock price on date of the note $ 0.07 $ 0.09 Exercise price $ 0.07 $ 0.24 Expected dividends - - Expected term (in years) .5 1.5 .5 1.5 Risk-free rate 2.26 % 2.66 % Expected forfeiture rate 0 % 0 %

Note 7 - Asset Retirement Obl_2

Note 7 - Asset Retirement Obligation: Schedule of Asset Retirement Obligations (Tables)	12 Months Ended
	Sep. 30, 2019
Tables/Schedules
Schedule of Asset Retirement Obligations	2019 2018 Beginning balance $ 160,588 $ 152,940 Accretion expense 8,031 7,648 Ending balance $ 168,619 $ 160,588

Note 8 - Income Taxes_ Schedule

Note 8 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)	12 Months Ended
	Sep. 30, 2019
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities	Timberline Resources Corp. 2019 2018 Net deferred tax assets: Exploration costs $ 32,000 $ 218,000 Investments in subsidiaries 184,000 184,000 Share-based compensation 1,452,000 1,451,000 Alternative minimum tax credit carryforwards 2,000 2,000 Foreign income tax credit carryforwards 697,000 697,000 Federal and state net operating loss carryforwards 10,792,000 10,579,000 Foreign net operating loss carryforwards 1,736,000 1,736,000 Total deferred tax asset 14,895,000 14,867,000 Valuation allowance (14,895,000) (14,867,000) Net deferred tax asset $ - $ - BH Minerals USA, Inc. Net deferred tax assets (liabilities): Property, mineral rights, and equipment $ (2,290,000) $ (2,282,000) Exploration costs 572,000 810,000 Federal and state net operating loss carryforwards 3,597,000 3,302,000 Total deferred tax asset 1,879,000 1,830,000 Valuation allowance (1,879,000) (1,830,000) Net deferred tax asset $ - $ -

Note 8 - Income Taxes_ Schedu_2

Note 8 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Sep. 30, 2019
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	2019 2018 Net Loss $ (1,657,000) $ (5,058,000) Statutory Federal income tax rate 24.5% 24.5% Expected income tax benefit based on statutory rate (406,000) (1,239,000) Effect of state taxes 56,000 (47,000) Effect of tax rate changes - 8,237,000 Non-recognition due to increase in valuation allowance 77,000 (6,976,000) Prior year change in estimates 273,000 25,000 Income tax provision $ - $ -

Note 9 - Common Stock, Warran_2

Note 9 - Common Stock, Warrants and Preferred Stock: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables)	12 Months Ended
	Sep. 30, 2019
Tables/Schedules
Schedule of Stockholders' Equity Note, Warrants or Rights	Shares Exercise Price ($) Expiration Date Class A Warrants: (Issued for Private Placement) Outstanding and exercisable at September 30, 2017 9,960,006 0.25 May 31, 2019 Outstanding and exercisable at September 30, 2018 9,960,006 Warrants Expired May 31, 2019 (9,960,006) Outstanding and exercisable at September 30, 2019 0 Class B Warrants: (Issued for Private Placement) Outstanding and exercisable at September 30, 2017 8,000,000 0.40 January 31, 2020 Outstanding and exercisable at September 30,2018 8,000,000 Outstanding and exercisable at September 30, 2019 8,000,000 Class C Warrants: (Issued for Private Placement) Warrants issued November and December 2017 2,880,867 0.45 October 31, 2022 Outstanding and exercisable at September 30,2018 2,880,867 Outstanding and exercisable at September 30, 2019 2,880,867 Class D Warrants: (Issued for Private Placement) Warrants issued May 2018 7,500,000 0.14 April 30, 2021 Outstanding and exercisable at September 30,2018 7,500,000 Outstanding and exercisable at September 30, 2019 7,500,000 Class D-2 Warrants: (Issued for Mineral Property Purchase) Warrants issued May 23, 2018 5,000,000 0.24 May 23, 2021 Outstanding and exercisable at September 30, 2018 5,000,000 Outstanding and exercisable at September 30, 2019 5,000,000 Class F Warrants: (Issued for Unsecured Senior Note) Warrants Issued July 30, 2018 3,265,500 0.09 February 1, 2023 Outstanding and exercisable at September 30,2018 3,265,500 Outstanding and exercisable at September 30, 2019 3,265,500 Class E Warrants: (Issued for Private Placement) Warrants Issued November 9, 2018 7,500,000 0.14 October 21, 2021 Outstanding and exercisable at September 30, 2019 7,500,000 Class G Warrants: (Issued for Mineral Property Purchase) Warrants Issued December 18, 2018 5,000,000 0.14 December 18, 2021 Outstanding and exercisable at September 30, 2019 5,000,000 Class H Warrants: (Issued for Private Placement) Warrants Issued March 21, 2019 3,000,000 0.14 March 22, 2022 Outstanding and exercisable at September 30, 2019 3,000,000 Class I Warrants: (Issued for Unsecured Note Payable) Warrants Issued May 8, 2019 3,543,600 0.07 November 7, 2020 Outstanding and exercisable at September 30, 2019 3,543,600 Warrants outstanding and weighted average exercise price at September 30, 2019 45,689,967 0.21

Note 10 - Stock-based Awards_ S

Note 10 - Stock-based Awards: Summary of fair value of options issued and outstanding (Tables)	12 Months Ended
	Sep. 30, 2019
Tables/Schedules
Summary of fair value of options issued and outstanding	Options Granted During the Year Ended September 30, 2019 Options Granted During the Year Ended September 30, 2018 Expected volatility 137.4% 121.6% - 134.8% Stock price on date of grant $ 0.06 $ 0.10 - $0.17 Exercise price $ 0.10 $ 0.08 - $0.12 Expected dividends - - Expected term (in years) 5 5 Risk-free rate 2.46% 2.33% - 2.69% Expected forfeiture rate 0% 0%

Note 10 - Stock-based Awards__2

Note 10 - Stock-based Awards: Share-based Payment Arrangement, Activity (Tables)	12 Months Ended
	Sep. 30, 2019
Tables/Schedules
Share-based Payment Arrangement, Activity	Fiscal year ended September 30, 2019 2018 Salaries and benefits $ - $ 120,000 Other general and administrative expenses 5,000 111,000 Total $ 5,000 $ 231,000

Note 10 - Stock-based Awards__3

Note 10 - Stock-based Awards: Share-based Compensation, Stock Options, Activity (Tables)	12 Months Ended
	Sep. 30, 2018
Tables/Schedules
Share-based Compensation, Stock Options, Activity	Options Weighted Average Exercise Price Outstanding at September 30, 2017 2,233,334 $ 0.41 Granted 1,900,000 0.16 Expired (853,334) (0.43) Outstanding at September 30, 2018 3,280,000 0.26 Granted 100,000 0.10 Terminated (100,000) (0.10) Outstanding and exercisable at September 30, 2019 3,280,000 $ 0.26 Weighted average fair value of options granted during the fiscal year ended September 30, 2019 $ 0.10 Average remaining contractual term of options outstanding and exercisable at September 30, 2019 (years) 3.05 Intrinsic value of options outstanding and exercisable at September 30, 2019 $ 0.00

Note 2 - Summary of Signific_20

Note 2 - Summary of Significant Accounting Policies: a. Basis of Presentation and Going Concern (Details)	12 Months Ended
	Sep. 30, 2019
Details
Substantial Doubt about Going Concern, Conditions or Events	The Company has incurred losses since its inception. The Company does not have sufficient cash to fund normal operations and meet all of its obligations for the next 12 months without raising additional funds. The Company currently has no historical recurring source of revenue, and its ability to continue as a going concern is dependent on its ability to raise capital to fund future exploration and working capital requirements, or the Company’s ability to profitably execute its business plan.
Substantial Doubt about Going Concern, Management's Plans, Substantial Doubt Not Alleviated	The Company’s plans for the long-term return to and continuation as a going concern include financing its future operations through sales of common stock and/or debt and the eventual profitable exploitation of its mining properties. While the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms acceptable to the Company.

Note 2 - Summary of Signific_21

Note 2 - Summary of Significant Accounting Policies: q. Net Income (Loss) per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Details
Stock options	3,280,000	3,280,000
Warrants	45,689,967	36,646,373
Total potential dilution	48,969,967	39,926,373

Note 3 - Property, Mineral Ri_4

Note 3 - Property, Mineral Rights, and Equipment: Property, Plant and Equipment (Details) - USD ($)	12 Months Ended
	Sep. 30, 2018	Sep. 30, 2019
Details
Mineral rights Eureka	$ 13,678,940	$ 13,703,651
Mineral rights Elder Creek	1,146,000	1,218,715
Mineral rights	50,000	50,000
Mineral rights	14,874,940	14,972,366
Equipment and vehicles	53,678	53,678
Office equipment and furniture	70,150	70,150
Land	51,477	51,477
Property, Plant and Equipment, Gross	175,305	175,305
Depreciation, Depletion and Amortization, Nonproduction	(123,828)
Property, mineral rights and equipment, net	$ 14,926,417	$ 15,023,843

Note 3 - Property, Mineral Ri_5

Note 3 - Property, Mineral Rights, and Equipment (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Depreciation	$ 0	$ 0
Abandonment of mineral rights	48,500	3,231,700
Gain (Loss) on Investments	3,231,700
Proceeds from lease of mineral rights	102,791	112,902
Warrants issued for purchase of mineral properties	176,000	0
Account receivable	$ 118,525	$ 0
Elder Creek
Equity Method Investment, Description of Principal Activities	On May 23, 2018, the Company executed a definitive agreement with AGEI (the “Definitive Agreement”) for the purchase of interests in two mineral properties in Nevada (the “Transaction”).
Warrants issued for purchase of mineral properties	$ 176,000
Lookout Mountain
Equity Method Investment, Description of Principal Activities	On May 9, 2019, the Company entered into a non-binding Letter of Intent to form a Limited Liability Company (the “Agreement”) with PM&Gold Mines, Inc. (“PM&G”) for the advanced exploration, and if determined feasible, the development of the Company’s Lookout Mountain Gold project.
Stock Issued During Period, Shares, Other	3,367,441
Account receivable	$ 118,525

Note 3 - Property, Mineral Ri_6

Note 3 - Property, Mineral Rights, and Equipment: Schedule of fair value of warrants issued for mineral rights (Details) - $ / shares	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Stock price on date of grant		$ 0.09
Expected term simplified		1.5
Expected forfeiture rate		0.00%
Elder Creek
Expected volatility	137.40%	130.70%
Stock price on date of grant	$ 0.06	$ 0.08
Exercise price	$ 0.14	$ 0.14
Expected term simplified	3	3
Risk free interest rate	2.46%	2.67%
Expected forfeiture rate	0.00%	0.00%

Note 4 - Related-party Transa_2

Note 4 - Related-party Transactions (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Details
Related Party Transaction, Description of Transaction				In connection with the definitive agreement with AGEI for the purchase of interests in two mineral properties, Mr. Donald J. McDowell and Mr. Dave Mathewson were appointed to the Company’s Board of Directors on June 21, 2018.
Stock options issued to officer			100,000
Stock options issued to officer, value			$ 5,000
Private placement units sold to related parties	1,062,500	1,100,000
Private placement units sold to related parties, value	$ 85,000	$ 88,000
Private placement units sold to related parties, price per unit	0.08	0.08

Note 5 - Payment Obligation (De

Note 5 - Payment Obligation (Details) - USD ($)	Sep. 12, 2017	Sep. 30, 2019	Sep. 30, 2018
Details
Debt Instrument, Description	On September 12, 2017, the Company entered into an agreement (the “Payment Agreement”) with a creditor (the “Creditor”) to pay by way of a payment plan an existing obligation of $250,000 (the “Payment Obligation”) related to a potential corporate transaction in 2015 that was not completed.
Payment obligation		$ 178,533	$ 198,806
Payment obligation, additional		$ 52,970

Note 6 - Senior Unsecured Not_3

Note 6 - Senior Unsecured Note Payable (Details) - USD ($)	Jul. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Details
Proceeds from Unsecured Notes Payable	$ 300,000	$ 274,889
Proceeds from Issuance of Unsecured Debt		250,000
Warrants issued with senior unsecured notes payable		94,300	$ 110,900
Notes Payable		177,366
Amortization of discount on senior unsecured notes payable		100,121	7,332
Debt Instrument, Increase, Accrued Interest		$ 83,107	$ 5,346

Note 6 - Senior Unsecured Not_4

Note 6 - Senior Unsecured Note Payable: Schedule of fair value (Details)	12 Months Ended
	Sep. 30, 2018$ / shares
Details
Expected volatility rate, minimum	132.40%
Stock price on date of grant	$ 0.09
Maximum exercise price	0.24%
Expected dividend rate	0.00%
Expected term simplified	1.5
Risk free interest rate, minimum	2.66%
Expected forfeiture rate	0.00%

Note 7 - Asset Retirement Obl_3

Note 7 - Asset Retirement Obligation: Schedule of Asset Retirement Obligations (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Details
Beginning balance, accretion	$ 160,588	$ 152,940
Accretion expense	8,031	7,648
Ending balance, accretion	$ 168,619	$ 160,588

Note 8 - Income Taxes_ Schedu_3

Note 8 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Details
Deferred Tax Assets Exploration Costs	$ 32,000	$ 218,000
Deferred Tax Assets, Investments	184,000	184,000
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	1,452,000	1,451,000
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	2,000	2,000
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	697,000	697,000
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	10,792,000	10,579,000
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	1,736,000	1,736,000
Deferred Tax Assets, Gross	14,895,000	14,867,000
Deferred Tax Assets, Valuation Allowance	(14,895,000)	(14,867,000)
Deferred Tax Assets, Net of Valuation Allowance	0	0
Deferred Tax Assets Property Plant Ad Equipment, Subsidiary	(2,290,000)	(2,282,000)
Deferred Tax Assets Exploration Costs, Subsidiary	572,000	810,000
Deferred Tax Assets Operating Loss Carryforward Domestic, Subsidiary	3,597,000	3,302,000
Deferred Tax Assets, Gross, Subsidiary	1,879,000	1,830,000
Deferred Tax Assets Valuation Allowance, Subsidiary	(1,879,000)	(1,830,000)
Deferred Tax Assets, Net, Subsidiary	$ 0	$ 0

Note 8 - Income Taxes_ Schedu_4

Note 8 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Details
Net loss rounded for tax reporting purposes	$ (1,657,000)	$ (5,058,000)
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	(406,000)	(1,239,000)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	56,000	(47,000)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	0	8,237,000
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	77,000	(6,976,000)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	273,000	25,000
Income tax expense benefit rounded for tax reporting purposes	$ 0	$ 0

Note 8 - Income Taxes (Details)

Note 8 - Income Taxes (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Details
Deferred Tax Assets, Operating Loss Carryforwards	$ 44,800,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	18,200,000
Net operating loss carryforwards, subsidiary	16,900,000
Deferred Tax Assets, Other Tax Carryforwards	6,700,000
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	$ 697,000	$ 697,000

Note 9 - Common Stock, Warran_3

Note 9 - Common Stock, Warrants and Preferred Stock (Details) - USD ($)	Jun. 14, 2019	Mar. 29, 2019	Dec. 03, 2018	Oct. 18, 2018	Sep. 30, 2019	Sep. 30, 2018
Units sold	$ 1,000,000	$ 7,500,000	$ 7,500,000	$ 7,500,000
Units sold net proceeds	$ 80,000	$ 160,000	$ 600,000	$ 600,000
Aggregate units sold					$ 10,380,867
Aggregate units sold, proceeds					1,421,767
Aggregate units sold, offering costs					$ 42,493
Warrants expired					9,960,006	0
Warrants Outstanding					45,689,967	36,606,373
Preferred stock shares authorized					10,000,000	10,000,000
Preferred stock par or state value per share					$ 0.01	$ 0.01
Lookout Mountain
Stock Issued During Period, Shares, Other					3,367,441

Note 9 - Common Stock, Warran_4

Note 9 - Common Stock, Warrants and Preferred Stock: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - shares	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Details
Warrants Outstanding	45,689,967	36,606,373

Note 10 - Stock-based Awards (D

Note 10 - Stock-based Awards (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Details
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited	100,000
Stock based compensation	$ 5,000	$ 231,000

Note 10 - Stock-based Awards__4

Note 10 - Stock-based Awards: Share-based Payment Arrangement, Activity (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Details
Salaries and benefits	$ 0	$ 120,000
Other general and administrative expenses	5,000	111,000
Stock based compensation	$ 5,000	$ 231,000

Note 10 - Stock-based Awards__5

Note 10 - Stock-based Awards: Share-based Compensation, Stock Options, Activity (Details) - $ / shares	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Details
Outstanding	3,280,000	3,280,000	2,233,334
Weighted Average Exercise Price, Outstanding	$ 0.26	$ 0.26	$ 0.41
Granted	100,000	1,900,000
Weighted Average Exercise Price, Granted	$ 0.10	$ 0.16
Expired		(853,334)
Weighted Average Exercise Price, Expired	$ (0.10)	$ (0.43)
Terminated	(100,000)
Weighted average fair value of options granted	$ 0.10
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 18 days
Intrinsic value of options outstanding and exercisable	$ 0

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Details)	12 Months Ended
	Sep. 30, 2018
Elder Creek
Other Commitments, Description	The Elder Creek Project is subject to certain future work expenditure requirements in order for the Company to earn an ownership portion of the property.
Mining Claims
Other Commitments, Description	A portion of the Company’s mining claims on the Company’s properties are subject to lease and option agreements with various terms, obligations, and royalties payable in certain circumstances.
Claim Maintenance Fees
Other Commitments, Description	The Company pays federal and county claim maintenance fees on unpatented claims that are included in the Company’s mineral exploration properties. Should the Company continue to explore all of the Company’s mineral properties, it expects annual fees to total approximately $184,906 per year in the future, of which $113,014 is for the two joint venture mineral property interests (See Note 3). The claims maintenance fees for Lookout Mountain LLC are expected to be $97,587 and will be remitted from the earn-in funds provided by PM&G as part of the LLC Agreement.
Real Estate Commitments
Other Commitments, Description	At September 30, 2019, the Company had real estate lease commitments for its offices and certain mineral property exploration facilities totaling $72,000 annually. The Company’s office in Coeur d’Alene, Idaho and its facilities in Eureka, Nevada are rented on a month-to-month basis.

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details)	Oct. 29, 2019	Oct. 23, 2019
Details
Subsequent Event, Description	On October 29, 2019, the Company granted to directors and management stock options to acquire an aggregate of 2,450,000 common shares of the Company’s common stock.	On October 23, 2019, the Company closed a private placement offering of 7,500,000 Units of the Company at a price of US$0.08 per Unit, for total proceeds to the Company of $600,000.