Join our daily newsletter At The Bell to receive exclusive market insights
- Tesoro Resources (TSO) makes new gold discovery at its 85 per cent-owned El Zorro gold project in Chile’s Coastal Cordillera region
- Results received from first-pass sampling have returned assays including three metres at 101.5 g/t gold
- The company says the gold mineralisation is associated with north-west trending fault system within the El Zorro tonalite and sedimentary rock sequences
- The company also says detailed channel sampling and mapping programs are under way to define additional drill targets
- TSO shares finish the day down 4.88 per cent at 7.8 cents
Tesoro Resources (TSO) has discovered new gold anomalies at its 85 per cent-owned El Zorro gold project in Chile’s Coastal Cordillera region following an initial surface geological mapping and rock chip channel sampling program on new targets.
The company said it had identified an undrilled 1.5-kilometre long and up to 450 metres wide mineralised trend in outcrop.
Assay results received from the first-pass sampling work included three metres grading 101.5 grams per tonne gold, one metre at 12.75 g/t and 1.2 metres at 12.7 g/t.
Tesoro took 309 surface rock chip samples over the project’s Drone Hill prospect and north-west of Drone Hill.
The company said the gold mineralisation encountered is associated with a north-west trending fault system within the El Zorro tonalite (EZT) and sedimentary rock sequences.
The EZT, the main gold host rock at El Zorro, has been mapped for a further 4.5 kilometres north-north-west of El Zorro’s key Ternera gold deposit.
Tesoro tabled a maiden mineral resource estimate for Ternera in July last year of 15.4 million tonnes at 1.09 g/t for 539,000 ounces of contained gold at a cut-off grade of 0.5 g/t.
Detailed channel sampling and mapping programs were also under way aimed at generating more drill targets.
Tesoro Managing Director Zeff Reeves said the company was excited about the potential of the discovery.
“These results highlight the prospectivity of the El Zorro gold project to host additional gold mineralisation outside of the Ternera gold resource,” he said.
TSO shares closed the day’s trading session 4.88 per cent lower at 7.8 cents.
