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Tesoro Gold (ASX:TSO) increases Ternera Deposit MRE

ASX News, Materials
ASX:TSO      MCAP $52.87M
23 May 2022 09:44 (AEST)

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Tesoro Gold (TSO) has increased its mineral resource estimate for the Ternera gold deposit, located within the El Zorro gold project, in Chile by 66 per cent.

The updated mineral resource estimate (MRE) for the deposit at the El Zorro now stands at 1.1 million ounces, at a grade of 1.12 grams of gold per tonne (g/t), using a 0.3 g/t gold cut-off grade.

This is contained within a US$1800 per ounce (approximately A$2532) gold price optimised pit shell, while 46 per cent of the MRE remains classified at indicated.  

The company said multiple, continuous, higher-grade gold zones have been defined, resulting in a mineral resource of 715 thousand ounces at 2.31 g/t gold using a one g/t gold cut off. This is said to demonstrate the potential of Ternera being suited to high grade, open pit mining scenarios.

Drilling completed since July 2021 has returned an overall 570 per cent increase in the indicated resource, which now stands at 503 thousand ounces. A total of 55,000 metres of additional drilling in 155 drill holes from the previous reported MRE were utilised in this MRE update for the Ternera Gold Deposit.

Managing Director Zeff Reeves said this is a significant milestone for Tesoro and El Zorro.

“This MRE highlights the higher-grade portions of the deposit that we have consistently intersected during recent drilling, with the high-grade zones now being reflected in the significant grade increase we see in the updated MRE,” he said.

“Tesoro is in an enviable position with a now plus one million ounce and growing, robust, open pittable gold deposit within what we believe to be a significant new gold district in Chile, providing exceptional potential to find Ternera repeats on the property.”

Gold mineralisation remains open in all direction, with further drilling being planned to continue the resource expansion in the area.

Tesoro Gold last traded at 7.5 cents on May 20.

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