- Gold explorer Tesoro Resources (TSO) has increased its landholding in Chile by almost 400 per cent
- The company said in July it applied for 156 new concessions to boost its land position by roughly 285 square kilometres
- However, Tesoro revealed today that since the July announcement, more prospective land became available, for which the company also applied
- This means instead of the 156 concessions, the company received approval for 188 new concessions to bolster its land position by 430 square kilometres
- The company's El Zorro project now covers an area of 540 square kilometres
- Shares in Tesoro are trading 28 per cent higher this afternoon, worth 32 cents each
Gold explorer Tesoro Resources (TSO) has increased its landholding in Chile by almost 400 per cent.
The company said in July its land position at the El Zorro Gold Project in Chile was at roughly 110 square kilometres. Today, the company said it has received approval from the Chilean government for its applications of 188 new concessions which, combined, bolster Tesoro's land position to 540 square kilometres.
The extra 430 square kilometres equates 390.9 per cent increase in Tesoro's landholding.
Today's news comes just one week after Tesoro expanded the mineralisation of the Ternera prospect in the El Zorro project area.
Tesoro Managing Director Zeff Reeves said the company is delighted to have landed the additional 188 concessions.
"The new concessions cover an area we believe is highly prospective for additional gold mineralisation, similar to the style of what we are drilling at Ternera," Zeff said.
"The addition of this ground firmly places Tesoro as the dominant regional player in the belt and our Chilean team has commenced a full geological review and target generation of the new areas," he said.
The bolstered land position will certainly come as a pleasant surprise to shareholders, who were expecting a maximum increase of roughly 285 square kilometres.
At the end of July, Tesoro said it had applied for 156 new concessions to boost its land position to 285 square kilometres. Today, the company said, after the July announcement, more prospective ground became available for which it applied. The extra applications have already been approved.
The El Zorro project now covers some major prospective structural zones which Tesoro identified during a regional review of the area. The company believes these zones to be associated with gold mineralisation.
El Zorro is located just 57 kilometres from Chile's Caldera port, 76 kilometres from an international airport, and 130 kilometres from Copiapo City, which has a population of over 175,000 people.
Shares in Tesoro are trading 28 per cent higher this afternoon, worth 32 cents each at 2:25 pm AEST.