Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response... 0.5
	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 Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount 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
	Director	10% Owner	Officer	Other
Crescat Portfolio Management LLC 1560 BROADWAY SUITE 2270 DENVER, CO 80202		X

Signatures
Linda C. Smith, CFO, on behalf of Crescat Portfolio Management LLC		9/4/2020
**Signature of Reporting Person		Date