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Tesoro Gold Ltd – TSO:ASX

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Tesoro Gold - Sponsors SMC

Tesoro Gold TSO ASX

Tesoro Gold Ltd (ASX:TSO; OTC:TSORF) offers investors a unique opportunity to capture the upside from El Zorro a Chilean gold project with significant discoveries to date and with highly prospective zones covering >570km2. 

Chile’s pro-mining operating environment and El Zorro’s proximity to infrastructure positions the project to be capital efficient and low-cost.

In November 2022 Gold Fields Limited made a strategic investment >$5 million into Tesoro Gold for a 15% equity stake. 

The Ternera Deposit within the El Zorro project in Chile contains a Mineral Resource Estimate (MRE) of 30.5 Mt @ 1.12 g/t for 1.1Moz of gold.  The MRE relates only to the Ternera Deposit, it does not include any of the other nine prospects within El Zorro. 

The MRE is based on a cut-off grade of 0.3g/t and is constrained by a pit shell using a US$1800 gold price. If the cut-off grade is increased to 1.0g/t, the resource is 715koz @ 2.31g/t, demonstrating the significant degree of high-grade ore in the deposit. Alternatively, if the resource is unconstrained and all current drill results taken into consideration (ie outside of the optimised pit), the MRE would increase to 1.3Moz @ 1.06g/t.

The El Zorro project is ~140km from Copiapó, Region III, Northern Chile (see Exhibit 15). Copiapó, the regional capital, is a well serviced mining hub, with a skilled workforce, mining contractors and service providers. Mining accounts for 40% of the region’s economic activity.

Developing and operating a large gold project requires significant infrastructure and skilled labour.

Tesoro Resources El Zorro Gold Project
Tesoro Gold - El Zorro Gold Project

El Zorro’s location provides it with key benefits including:

  • ~50 minutes by road from the port of Caldera
  • 15km inland from the Pan American Highway
  • 15km inland from the Pacific Ocean (potential long-term supply of processing water)
  • 76km from Atacama International Airport
  • 30km from a desalination plant (potential long-term supply of water)
  • 20km from available high voltage power supply
  • proximity to several large population centres
  • low altitude, allowing for cost-effective exploration all year round, an advantage over projects in the high Andes.

El Zorro Gold Project – Top 10 Drill Intercepts

  • ZDDH0297 – 434.60m @ 1.22g/t Au incl 89.95m @ 3.07g/t Au incl 20.80m @ 9.19g/t Au
  • ZDDH0288 – 63.93m @ 7.61g/t Au incl 7.00m @ 66.10g/t Au
  • ZDDH0069 – 267.00m @ 1.12g/t Au incl 132.00m @ 1.89g/t Au
  • ZDDH0154 – 67.00m @ 3.44g/t Au incl 13.50m @ 15.84g/t Au
  • ZDDH0017 – 86.45m @ 2.29g/t Au incl 50.50m @ 3.63g/t Au
  • ZDDH0170 – 205.00m @ 0.96g/t Au incl  35.00m @ 3.99g/t Au
  • ZDDH0290 – 63.60m @ 2.89g/t Au incl 10.60m @ 14.34g/t Au
  • ZDDH0300 – 129.60m @ 1.08g/t Au incl 22.60m @ 2.51g/t Au
  • ZDDH0025 – 121.55m @ 1.32g/t Au incl 22.55m @ 2.98g/t Au
  • ZDDH0011 – 98.30 metres @ 1.58g/t Au incl 30.30 metres @ 3.03g/t Au 


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