- Gold explorer Tesoro Resources (TSO) has ended the week in a trading halt ahead of an upcoming capital raise
- It is currently unknown how much the company is aiming to raise or where the funds will be spent
- Company shares will be paused until Wednesday, December 9, or when more information is released
- On Tuesday, the company completed a survey at its El Zorro Gold Project in Chile and found multiple changeability anomalies and structural trends
- Tesoro is aiming to drill the area in early 2021
- On the market, Tesoro closed up 1.72 per cent and is trading at 29.5 cents per share
Tesoro Resources (TSO) has ended the week in a trading halt ahead of an upcoming capital raise.
So far, there are no details on how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Wednesday, December 9, or when more details about the raise is released to the market.
Tesoro Resources is currently exploring and developing gold and copper mining projects in the Coastal Cordillera region of Chile.
On Tuesday, the company completed a gradient array induced polarisation survey at its El Zorro Gold Project in Chile. In the survey, 30 lines were completed to expand a previously surveyed area.
Tesoro found multiple changeability anomalies and structural trends at the project. Detailed surface mapping and sampling is now underway, with aims of drilling in early 2021.
The company has the rights to purchase up to 80 per cent of El Zorro by completing a feasibility study by 2022.
Before entering the trading halt, Tesoro closed up 1.72 per cent and is trading at 29.5 cents per share.