Tesoro Gold (ASX: TSO) has reported a 66.1% increase to the Mineral Resource Estimate for the Ternera Gold Deposit within its El Zorro Gold Project following successful infill and extensional drilling programs.
The company notes that the updated MRE has delivered a 36% increase in gold grade for the deposit, with the total oxide Resource now sitting at 1.1Moz @ 1.12g/t Au (0.30g/t Au cut-off).
In addition, the Indicated category now accounts for 46% of the entire resource.
Updated Ternera Mineral Resource Estimate, various cut-offs, USD1,800/oz optimised pit shellSpeaking on the MRE increase, Tesoro Managing Director Zeff Reeves said: “This is a significant milestone for Tesoro and the El Zorro Gold Project. This MRE confirms the quality of the Ternera Gold Deposit, and the exceptional work completed by our team in delivering such a significant update in a short period of time. This MRE highlights the higher-grade portions of the Deposit that we have consistently intersected during recent drilling, with the high-grade zones now being reflected in the significant grade increase we see in the updated MRE.
“This MRE confirms the quality of the Ternera Gold Deposit, and the exceptional work completed by our team in delivering such a significant update in a short period of time”
Tesoro is in an enviable position with a now plus 1Moz and growing, robust, open pittable gold deposit within what we believe to be a significant new gold district in Chile, providing exceptional potential to find Ternera repeats on the property.”
The company also notes that the updated MRE demonstrates the continuation of the higher-grade portions of the deposit, with mineralisation remaining open in all directions.
In addition, the upgrade has demonstrated potential for Ternera to operate as a ‘high-grade’ open pit mine.
Block model of the Ternera Gold Deposit displaying indicated (red) and inferred (green) resourcesEl Zorro is located approximately 130km north of Copiapo City in Chile, and is described by Tesoro as one of the largest and ‘most prospective’ gold projects in the country.
The 85%-owned project includes over 20km of untested prospective geology, and covers a total footprint of approximately 570km².
Moving forward, Tesoro reports that it will proceed with additional drilling campaigns in order to continue Resource expansion and to test the potential Ternera repeats.
Images: Tesoro Gold Limited
