Tesoro Gold (ASX:TSO) reports a maiden ore reserve of 1.28 million ounces (Moz) at its Ternera gold deposit, part of the El Zorro Gold Project in Chile.
The reserve comprises 42.8 million tonnes (Mt) at 0.93 grams per tonne gold (Au), contained entirely within a single open pit design. It represents approximately 87% of the 1.47Moz contained within the measured and indicated components of the August 2026 mineral resource estimate (MRE).
Managing Director Zeff Reeves says the deposit represents a “rare, single open pit development opportunity” in Chile.
“Establishing this … reserve is a significant step for our El Zorro Gold Project,” Reeves says.
“The reserve is supported by more than 160km of diamond drilling completed at Ternera since its initial discovery and the recent significant upgrade to geological confidence of the mineral resource base.
“This gives us a strong development base at Ternera, which still has significant upside to be unlocked from further drilling.”
According to Tesoro, the reserve supports a project life of more than 13 years at the planned 3.0Mt per annum (Mtpa) processing rate, with an average grade of 1.16g/t Au for the first 10 years. The life-of-mine waste-to-ore stripping ratio is 6.3:1.
The ultimate reserve pit is based on pit optimisation using a US$3,000 ($4,835) per ounce gold price, underpinned by Prefeasibility Study mine designs.
Mining will use conventional single open pit methods with a 3.0Mtpa processing flowsheet, calculated using an economic cut-off grade of 0.3g/t Au. Metallurgy test work demonstrates gold extractions between 92.4% and 97.4%.
The Ternera deposit is located 13km inland from the Pacific Ocean and 57km by road from the port of Caldera, with access to existing road, power, and water infrastructure.
The company reports environmental impact assessment and sectorial permit applications are approximately 75% complete, with submission targeted for Q1 2027. Technical workstreams and exploration drilling continue in parallel.
Tesoro Gold is a mineral explorer focused on gold deposits in Chile.
Write to Paula Fabe at Mining.com.au
Main image: Tesoro Gold
