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Tesoro Resources (ASX:TSO) - Managing Director, Zeff Reeves
Managing Director, Zeff Reeves
Source: Metals News
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  • Tesoro Resources’ (TSO) Chilean subsidiary, Tesoro Mining Chile, has increased its ownership in the El Zorro Gold Project from 70 to 85 per cent
  • Tesoro’s 95 per cent-owned subsidiary contributed $7.6 million into the joint venture (JV) company that holds the project, while its minority JV partner elected not to contribute
  • The cash injection will be used for exploration and development activities at the gold project
  • Shares last traded at 20 cents

Tesoro Resources’ (TSO) Chilean subsidiary, Tesoro Mining Chile, has increased its ownership in the El Zorro Gold Project from 70 to 85 per cent.

Tesoro’s 95 per cent-owned subsidiary held a 70 per cent interest in El Zorro S.C.M., the joint venture company which owns the 500 square kilometre project, located 140 kilometres by road from Copiapo.

The minority joint venture partner, which held the other 30 per cent interest in El Zorro S.C.M., elected not to make a capital contribution for the approved work plan and budget.

Tesoro contributed approximately $7.6 million for exploration and development activities and subsequently increased its ownership in the gold project to 85 per cent.

Tesoro Managing Director Zeff Reeves said the company is delighted to increase its interest in the El Zorro Project.

“This capital contribution will be funded from Tesoro’s existing cash reserves and utilised for resource definition and extensional drill programs at Ternera, initial drilling at the exciting new Ternera East Prospect as well as the acceleration of conceptual and scoping studies for the development of the El Zorro Gold Project.”

“Work is also due to commence on regional exploration activities in the expanded El Zorro concession holdings. Our in-country team continues to execute our plans successfully and the next six months is shaping up to be a very exciting time in Tesoro’s evolution,” he added.

Shares last traded at 20 cents at 10:13 am AEDT.

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