Announcement Date: 2022-05-23
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Tesoro Gold Ltd.
Project name: El Zorro
Location: Chile
Commodities: Gold
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Tesoro Gold Limited (Tesoro or the Company) (ASX:TSO, OTCQB:TSORF) is pleased to report a significant Mineral Resource Estimate (MRE) update for the Ternera Gold Deposit (Ternera) at the Company’s El Zorro Gold Project (El Zorro), in Chile. The updated MRE for the Ternera Gold deposit now stands at 1.1 million ounces at a grade of 1.12g/t Au using a 0.3g/t Au cut-off grade with 46% of the MRE is classified as Indicated, refer Table 1. The updated MRE highlights the continuous, higher-grade portions of the deposit, at a 1g/t Au cutoff the MRE contains 715koz’s at 2.31g/t Au. The drilling completed since July 2021 has resulted in a +570% increase in Indicated Resources which now stands at 503koz’s. A total of ≈55,000m of additional drill information (155 drillholes) from the previous reported MRE (see ASX Announcement on 28 July 2021) were utilised in this MRE update for the Ternera Gold Deposit. This drilling was completed between July 2021 and April 2022 with results consistently returning wide, high-grade gold intercepts. Drilling focussed on expanding the Ternera gold MRE as well as increasing the classification of the MRE. A detailed geological reinterpretation and 3D modelling program of the Ternera Gold Deposit was undertaken, resulting in a substantial improvement in gold grade and continuity throughout the deposit.
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