Tesoro Resources expands footprint at El Zorro gold project
An expanded geophysical survey across El Zorro has pinpointed a Ternera lookalike anomaly.
Exploration company Tesoro Resources (ASX: TSO) has spent $96,000 on the acquisition of an additional 22 square kilometres of concession holdings along the prospective gold corridor of its El Zorro gold project in Chile.
The contiguous concessions were purchased by the company’s 85%-owned subsidiary El Zorro SCM and cover the northern extensions of the highly-prospective main gold host rock known as El Zorro Tonalite.
Managing director Zeff Reeves said the acquisition would enhance the district’s prospectivity.
“These concessions further expand our footprint and our geological team has identified occurrences of the main gold host rock,” he said.
“We continue to be impressed by the district scale potential of the El Zorro gold system and this acquisition complements our land package.”
Tesoro’s exploration team has commenced detailed surface mapping and sampling programs across the concessions to identify new targets for drilling in the coming months.
Ternera results
The acquisition follows a string of good assay results last week from extensional and infill drilling at the Ternera deposit, also within El Zorro.
The results continue to demonstrate the consistency of gold mineralisation at Ternera with significant expansions.
Multiple consistent wide gold zones returned highlights of 2.7m at 6.76 grams per tonne gold from 188.3m and 3m at 6.3g/t gold from 197m contained within 12.95m at 3.65g/t gold from 187.05m; and 1.45m at 9.69g/t gold from 414.5m and 22m at 1.15g/t gold from 457m contained within 91.2m at 0.54g/t gold from 388m.
“The consistency of gold mineralisation at Ternera is impressive,” Mr Reeves said.
“The more drilling we complete, the more we expand the existing gold zones with the potential to add significant ounces into the existing mineral resource estimate.”
Share purchase plan
In a vote of confidence for the El Zorro project, Tesoro’s share purchase plan this week received a firm commitment of $1 million from a UK family office.
The commitment is for approximately 11.76 million shares at $0.085 per share.
On completion, the office will become one of Tesoro’s top 20 shareholders.
“We are pleased to welcome the family office which clearly sees tremendous value in Tesoro and our flagship El Zorro project,” he said.
“We continue to rapidly advance this project and we thank all existing and new shareholders for their continued support.”