FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Crescat Portfolio Management LLC
2. Date of Event Requiring Statement (MM/DD/YYYY)
8/28/2020 

3. Issuer Name and Ticker or Trading Symbol

Timberline Resources Corp [TLRS]
(Last)        (First)        (Middle)

1560 BROADWAY, SUITE 2270
4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                          ___X___ 10% Owner
_____ Officer (give title below)        _____ Other (specify below)
(Street)

DENVER, CO 80202      

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed(MM/DD/YYYY)
 

6. Individual or Joint/Group Filing(Check Applicable Line)

_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 16000000 (1)D  
Common Stock 413636 I See footnote (3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(MM/DD/YYYY)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date ExercisableExpiration DateTitleAmount or Number of Shares
Series L Warrants 12/29/2020 (2)8/15/2020 Common Shares 16000000 (1)$0.2 D  
Series L Warrants 12/29/2020 (2)8/15/2023 Common Shares 363636 $0.2 I Purchased by Kevin and Linda Smith Living Trust, Dated 7/21/1998 

Explanation of Responses:
(1) Stock is divided among the Crescat Global Macro Master Fund LTD, Crescat Long/Short Fund LP, and Crescat Precious Metals Master Fund LTD.
(2) Warrants may not be exercised if such exercise would cause holder to beneficially own or exercise control or direction over 19.99% or greater of the issued and outstanding voting shares of the issuer. Common shares and share purchase warrants were acquired as part of a private placement financing by the issuer.
(3) 363,636 shares purchased in private placement by Kevin and Linda Smith Living Trust, Date 7/21/1998 50,000 share purchased by Kevin Smith 401k at Fidelity

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Crescat Portfolio Management LLC
1560 BROADWAY
SUITE 2270
DENVER, CO 80202

X


Signatures
Linda C. Smith, CFO, on behalf of Crescat Portfolio Management LLC9/4/2020
**Signature of Reporting PersonDate

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