Gold explorer Tesoro Resources (ASX: TSO) has unveiled “exceptional” gold assays from drilling at the El Zoro project in Chile – mere weeks after its ASX debut.
In what Tesoro describes as “outstanding” high-grade results, assays from the upper part of the first drill hole have now been received.
Assays have revealed multiple mineralised zones, which indicate a “significant” gold deposit.
Notable assays were 23m at 7.2 grams per tonne gold from 183.22m, including 15m at 10.82g/t from 190m and 5.3m at 25.31g/t gold from 197m and 2.3m at 46.41g/t gold from 200m.
“These assay results are exceptional and are to-date the best gold results we have encountered in drilling at El Zorro,” Tesoro managing director Zeff Reeves said.
“The wide, high-grade nature of the results received so far demonstrate the huge potential El Zorro has to host a significant gold deposit and confirms our geological model of multiple stack gold mineralised zones that are increasing in grade as they go deeper.”
Mr Reeves added the company had now completed three holes of the current program and have moved to the north to extend the current mineralised zone by 250m.
All up, the current drilling campaign at El Zorro will include 10-holes across about 800m of strike and extend to about 200m depths.
El Zorro gold project
Prior to its ASX listing last month, Tesoro completed a 16-hole diamond drilling program at El Zorro which is located within Chile’s Coastal Cordillera region.
Better results from previous drilling were 98.3m at 1.58 grams per tonne gold, including 30.3m at 3.03g/t gold; 84.3m at 1.3g/t gold, including 4m at 8.5g.t gold; and 58.8m at 1.7g/t gold, including 20.3m at 4.5g/t gold.
Rock chip and outcrop sampling has also been completed at El Zorro with results anticipated in the next four weeks.
A resource for the project is scheduled for later 2020.
Tesoro made its ASX debut on 7 February via a reverse takeover.
In its IPO, Tesoro raised $4.63 million to fund exploration at El Zorro and its other project Espina, which is also in Chile.
Of that, $3 million has been pegged to advance exploration at the assets over the next three years.
While drilling is underway at El Zorro, Tesoro has plans to drill Espina later in the year, where two major gold trends have been identified.