Tesoro Gold Limited (ASX:TSO, OTCQB:TSORF) has unveiled a significant Mineral Resource Estimate (MRE) update for the Ternera Gold Deposit at the company’s El Zorro Gold Project in Chile.
The updated MRE for the Ternera Gold deposit now stands at 1.1 million ounces at a grade of 1.12g/t Au using a 0.3g/t Au cut-off grade with 46% of the MRE is classified as Indicated.
The updated MRE highlights the continuous, higher-grade portions of the deposit, at a 1g/t Au cut-off the MRE contains 715koz’s at 2.31g/t Au.
The drilling completed since July 2021 has resulted in a +570% increase in Indicated Resources which now stands at 503koz’s.
The reported resource has been constrained to a USD1,800/oz optimised open pit shell, however, the total unconstrained classified resource stands at 38.6Mt at 1.06g/t Au for 1.3Moz, which demonstrates potential for continued expansion of the Ternera Gold Deposit.
“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,” Managing Director, Zeff Reeves, said.
“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.
“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.”
Ternera MRE Update
A total of ≈55,000m of additional drill information (155 drillholes) from the previous reported MRE were utilised in this MRE update for the Ternera Gold Deposit. This drilling was completed between July 2021 and April 2022 with results consistently returning wide, high-grade gold intercepts.
Drilling focussed on expanding the Ternera gold MRE as well as increasing the classification of the MRE. A detailed geological reinterpretation and 3D modelling program of the Ternera Gold Deposit was undertaken, resulting in a substantial improvement in gold grade and continuity throughout the deposit.
The new geological modelling was greatly enhanced by additional data acquired from infill diamond drilling which has resulted in a substantial increase in the Indicated gold Resource at Ternera.
The Ternera MRE now contains 503koz classified as Indicated, representing 46% of the total resource.
Delineation of the updated MRE has been completed in a capital efficient manner with a low discovery of <A$21/oz, well below the global average of U$45/oz for greenfields discoveries.
For further information please visit: https://tesorogold.com.au/
