- Junior gold miner Tesoro Resources (TSO) spikes in early trade on the back of the latest round of assay results from its El Zorro Gold Project in Chile
- The results come from 13 drill holes at the Ternera Gold Deposit in the project area: eight along the western margin of the deposit and five infill holes
- Tesoro says the best assay result includes a 39.55-metre hit grading 1.31 grams of gold per tonne (g/t gold) from 3.45 metres
- The company says gold mineralisation at the deposit is open in all directions, meaning a resource upgrade is on the cards before the end of 2021
- Shares in Tesoro Resources are up 2.17 per cent and trading at 11.8 cents each at 11:44 am AEST
Junior gold miner Tesoro Resources (TSO) spiked in early trade on the back of the latest round of assay results from its El Zorro Gold Project in Chile.
The assays come from 13 holes recently drilled at the Ternera Gold Deposit in the project area. These holes were not included in the recent maiden mineral resource release for the deposit.
Tesoro told investors this morning that all 13 holes returned zones of gold mineralisation. The best result included a 39.55-metre hit grading 1.31 grams of gold per tonne (g/t gold) from 3.45 metres. This intercept included a 5-metre zone grading 5.66 g/t gold from 8 metres.
Of the 13 holes drilled, Tesoro said eight were drilled along the western margin of known Ternera mineralisation to potentially expand the deposit. Five infill holes were drilled to potentially upgrade its mineral resource.
Tesoro has drilled 207 holes at the El Zorro project for some 63,400 metres at the El Zorro project. Assays are still outstanding for 49 of these holes.
Managing Director Zeff Reeves said the recent round of assay results confirmed Tesoro’s belief that the Ternera deposit would “rapidly grow” beyond the recently announced 660,000-ounce mineral resource.
“The eight holes from along the western margin of the deposit are particularly encouraging as they all fall outside the existing resource model and define a new north-south fault zone which is well mineralised, particularly to the south,” Mr Reeves explained.
“Infill drilling continues to inform the model as we rapidly move to a mineral resource upgrade during 2021, defining what we see as a large-scale open-pit gold deposit.”
Tesoro said gold mineralisation at the Ternera deposit remains open in all directions, meaning a resource upgrade is on the cards for before the end of 2021.
In light of this, Tesoro has six drill rigs on-site at the Ternera deposit drilling 24/7. According to the company, it is using four of these rigs to target the resource upgrade at the deposit, while the other two rigs are testing some additional gold targets in the eastern zone of the project.
The El Zorro project covers roughly 500sqkm of land near the city of Copiapo in northern Chile. Tesoro owns 85 per cent of the project.
Shares in Tesoro Resources were up 8.7 per cent in early trade. They had fallen back to 2.17 per cent up, trading at 11.8 cents each, at 11:44 am AEST.