Tesoro Resources Share Price Down — Hits High-Grade Gold (ASX:TSO)
The Tesoro Resources Ltd [ASX:TSO] announced today they’ve hit high-grade gold at Drone Hill Target.
Tesoro Resources is an ASX-listed gold explorer whose main focus is the El Zorro Gold Project in Chile. Located north of Copiapó, the project extends for 500 square kilometres. Tesoro owns 70% of the project but has the chance to add another 10% more by completing a feasibility study by 2022.
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Tesoro Strikes Gold on First Hole
Tesoro received the results for the first hole drilled at Drone Hill Target. Located about 350m from the Ternera gold deposit, where Tesoro has been drilling. Drone Hill Target is part of El Zorro.
Tesoro said that the first hole included the following results: 11.5m @1.13 g/t Au from 212.50m including 1.57m @ 7.37 g/t Au.
According to the company, ‘results confirm the potential for additional gold mineralisation outside of the Ternera Gold deposit.’
Tesoro’s Managing Director Zeff Reeves had this to say:
‘This result from the first hole drilled at Drone Hill is exceptional and it further demonstrates the extensive amount of gold in the El Zorro district. We are excited about what the ultimate potential for the project is which now has multiple proven mineralised targets outside of Ternera. We have a solid foundation at Ternera, where resource definition drilling is ongoing, but with additional targets such as Drone Hill and Toro Gordo returning such positive early results, it lays down the foundation for continued growth at El Zorro.’
Tesoro confirmed that drilling continues in the Ternera gold deposit around the clock seven days a week, with 125 diamond drill holes already drilled at El Zorro so far for 38,063 metres.
What could happen next?
The company said they are planning to follow up with more drilling and that they are also waiting on the results of 33 holes.
Even though Tesoro released good news, the company saw the TSO share price fall today. At time of writing Tesoro share price is trading 4.4% lower than yesterday, at 22 cents.
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