- Tesoro Resources (TSO) delivers the maiden mineral resource estimate (MRE) for the Ternera deposit within its El Zorro Gold Project in Chile
- Ternera's MRE sits at 25.1 million tonnes at 0.8 grams of gold per tonne (g/t) for 660,000 ounces of gold using a 0.3g/t cut-off grade
- This is based on 148 out of 201 diamond holes drilled at the deposit which offers significant scope for a resource expansion
- Tesoro currently has six rigs operating at the El Zorro Project which is targeting different areas
- Company shares are down 32.3 per cent to trade at 10.5 cents at 11:42 am AEST
Tesoro Resources (TSO) has announced the maiden mineral resource estimate (MRE) for the Ternera deposit which is part of its El Zorro Gold Project in Chile.
The company began exploration at El Zorro in 2017 which led to defining the Ternera deposit.
As it stands, the Ternera deposit's maiden mineral resource is 25.1 million tonnes at 0.8 grams of gold per tonne (g/t) for 660,000 ounces of gold using a 0.3g/t cut-off grade. This includes 15.4 million tonnes at a higher grade of 1.09g/t gold for 540,000 ounces using a 0.5g/t cut-off.
The indicated and inferred MRE is based on 148 diamond holes, for 46,937 metres, out of 201 holes drilled at Ternera which offers significant scope for the company to increase the resource.
Managing Director Zeff Reeves commented on the initial resource estimate: "This is an amazing achievement during globally challenging times, full credit to our professional and diligent team in Chile who have not missed a beat in executing the work required to deliver this MRE," Mr Reeves said.
"We see this as just the start for El Zorro, we are committed to significantly increasing this Mineral Resource via our ongoing drilling programs with the deposit at Ternera open in all directions."
In addition to drilling at the Ternera deposit, the company has completed preliminary drilling at other targets which has presented an opportunity to increase the gold resource at the broader El Zorro Project.
Tesoro Resources has six diamond drill rigs at the project to define the measured resource, expand indicated and inferred resources at Ternera, define gold resources at Ternera East and Toro Gordo, and test the Drone Hill and Toro Blanco areas.
Company shares are down 32.3 per cent to trade at 10.5 cents at 11:42 am AEST.