Join our daily newsletter At The Bell to receive exclusive market insights
- Tesoro Resources (TSO) was up more than 170 per cent this morning after successfully re-listing on the ASX
- To help with the listing, the company raised $4.63 million via the issue of 154 million shares at $0.03 each
- After paying costs, Tesoro now has just over $4 million which it will use on planned exploration activities at its gold projects in Chile
- Drilling has already begun and the company expects results to become available within 6-8 weeks
- Tesoro’s share price is continuing to rise with shares up an astonishing 173 per cent and trading for 3 cents apiece at midday trade
Tesoro Resources (TSO) was up more than 170 per cent this morning after successfully re-listing on the ASX.
The company raised $4.63 million via the issue of 154 million shares at the issue price of $0.03 each.
After repaying creditors and meeting the capital raising costs, Tesoro now has $4.02 million in cash and can now focus on planned exploration activities at the El Zorro and Espina Gold Projects in Chile.
Tesoro holds an interest in two highly prospective gold exploration projects within the Coastal Cordillera of Chile, the flagship El Zorro Gold Project and the Espina Gold Project.
Both projects are favourably located and demonstrate the significant scale and gold grades.
Tesoro is focused on delineating gold resources at El Zorro and further early-stage exploration work at Espina to define drill targets for a maiden drill program in 2020.
“We are pleased to have completed the re-listing of Tesoro on the ASX with the support of our existing and new shareholders,” Managing Director Zeff Reeves commented.
“These are exciting times as we move into the next stage of Tesoro’s evolution with our experienced team already on the ground at El Zorro drilling and an aggressive exploration campaign planned to rapidly delineate a gold resource during 2020,” he added.
At El Zorro, Tesoro has previously drilled 16 diamond drill holes, outlining a large gold system with all holes intersecting gold mineralisation with multiple 100g/m intercepts reported from the Coquetas target.
Highlights include 4 metres at 8.50g/t gold, 20.30 metres at 4.50g/t gold, and 58.80 metres at 1.70g/t gold.
Coquetas will be the first to see drill exploration activity with drilling having begun today to target infill and extensions of the known gold mineralised zone.
An initial 10 diamond drill holes are planned to extend the Coquetas mineralised zone from 350 metres of strike to over 800 metres of strike and 200 metres of depth.
Mineralisation has been identified at the surface, and to date, has been drilled to a depth of 300 metres.
Gold mineralisation is controlled by northwest striking fault systems which intersected the host rock and forms wide sheeted vein complexes which have been subsequently mineralised with gold-bearing fluids.
Drilling has begun and it is estimated that assays will become available from the initial hole within 6-8 weeks.
Additional targets have also been identified at El Zorro through surface mapping and outcrop sampling.
Recent fieldwork included the collection of over 2200 channel and rock chip samples from Coquetas, North Coquetas, Drone Hill, and the Buzzard targets.
These samples have been submitted to ALS Laboratories in Santiago for analysis and results are expected within 4-6 weeks.
Tesoro’s share price is continuing to rise with shares up an astonishing 173 per cent and trading for 3 cents apiece at midday trade.
