Tesoro Resources Share Price Up 31% on Gold Find (ASX:TSO)

Tesoro Resources Share Price Up 31% on Gold Find (ASX:TSO)

Tesoro Resources Ltd [ASX:TSO] is up 31% after releasing drilling results at Ternera prospect in El Zorro. At time of writing, the TSO share price is trading at 38 cents.

Tesoro Resources is an ASX-listed gold explorer whose main focus is the El Zorro gold project, in Chile. The project expands through 10,000 hectares north of Copiapó and only 15 kilometres away from the Pan American Highway.

Tesoro finds more gold at El Zorro

Following their announcement back in October where Tesoro said they had hit high-grade gold zones, the company released the results of four diamond drill holes. The objective of the drilling was to extend the mineralisation zone at Ternera, which is the first of five targets the company has pinpointed for drilling.

Tesoro — which by the way means ‘treasure’ in Spanish — got good results in all four drill holes intersecting ‘multiple gold bearing zones’.

Some of the results included:

13m at 5.32g per tonne gold from 159 m, 1m at 8.75 g/t Au from 280m, 3m at 5.71 g/t Au from 28m, 1.50m at 3.21g/t Au from 196.30m, 27.50m at 3.57 g/t Au from 154m and 111.50m at 1.25 g/t Au from 124m.

Tesoro’s Managing Director Zeff Reeves said:

Every hole drilled El Zorro continues to deliver quality gold results further adding to the scale of the Ternera deposit which now been drilled over a strike length in excess of 750m, a width so of up to 600m and is open at depth. We are yet to find the edges of the mineralisation and every hole adds additional scale. This indicates to us that we have a significant discovery at El Zorro.

The wide high-grade zone emerging to the south is particularly exciting and continues to exhibit a well defined wide, high grade zone, which is now continuous for over 300m and up to 100m wide and open in all directions. These new extensions provide additional infill drill targets that will be drilled over the coming months.

Drilling continues at Ternera with two diamond drill rigs working around the clock, something Tesoro expects to continue into December.

What could happen next?

So far Tesoro has completed 41 holes, and they are still waiting on the results of 23 holes.

It’s a good sign that the share price for Tesoro has been increasing all through drilling. Since July this year Tesoro’s share price has increased by 380%.

It’s hard to pick winning gold explorers, some will strike gold, while others will run out of money. Gold explorers is one way to get exposure to gold, another is to buy gold directly.

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Selva Freigedo