Tesoro Resources reports more wide gold hits at El Zorro, looks to resource hike
Chile-focused gold explorer Tesoro Resources plans to use funds from its reverse takeover by former jeweller Plukka to advance an exploration campaign on its El Zorro gold project.
A significant resource increase is being foreshadowed by Chile gold explorer Tesoro Resources (ASX: TSO) after the latest drill results from the Ternera prospect, part of the company’s fast growing El Zorro project.
Nine diamond drill holes at Ternera have all returned wide gold intercepts, with the headline results being 205m at 0.96 grams per tonne and 40m at 2.11g/t.
Assays are still to come from another 48 completed holes, with six drill rigs working around the clock.
Managing director Zeff Reeves says El Zorro is showing all the hallmarks of a large intrusive related gold system.
All holes hit multiple higher-grade intervals
The 205m intercept began 9m from surface and includes higher grade intervals of 59m at 2.49g/t and 21m at 5.26g/t.
Meanwhile, the 40m intercept noted above includes 17.5m at 4.51g/t. The mineralisation began just 2m down hole.
All the other holes included at least two higher grade intervals.
Other assays included hole ZDDH0162 which went through two separate zones, firstly 12.5m at 2.71g/t (including 3.5m at 6.45g/t) and then, at 188.42m down hole, 27.53m at 0.66g/t (including 4m at 1.29g/t.
“This is an exceptional set of drill results from Ternera and provides clear evidence that a significant increase in the Ternera resource could be achieved in short order with further drilling,” Mr Reeves said.
These results have confirmed “significant” new zone of mineralisation to the west of the deposit, which is outside the existing resource model, the company notes.
Drilling keeps expanding size of Ternera
“We firmly believe that the resource at Ternera can increase rapidly over the coming months with the deposit still open in all directions.”
“The more we drill, the bigger Ternera is becoming,” Mr Reeves added.
The El Zorro project is located 140km by road from the city of Copiapo in northern Chile.
Tesoro has been focusing on the coastal Cordillerra region in Chile, host to multiple large copper and gold mines.
The company has noted that large areas of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro has been able secure rights to a “district-scale” gold project.
Tesoro owns 85% of El Zorro.