Tesoro Gold reports its highest-ever gold assay at the Ternera Deposit alongside a strategic dual listing on the Frankfurt Stock Exchange and a strong cash position.
- Record high-grade gold intercept of 0.5m @ 924g/t Au at Ternera
- Significant resource expansion potential with new mineralised zones
- Dual listing commenced on Frankfurt Stock Exchange (FSE: 5D7)
- Cash balance of A$3.86 million with zero debt as of December 2024
- Financial year-end changed to 31 December to align with Chilean operations
Record-Breaking Drilling Results at Ternera
Tesoro Gold Limited (ASX: TSO) has delivered a standout quarter with its December 2024 drilling program at the Ternera Gold Deposit in Chile yielding unprecedented high-grade gold assays. The highlight was an extraordinary intercept from drill hole ZDDH0349A1, which returned 46.15 metres at 11.86 grams per tonne (g/t) gold starting from 77.15 metres depth. Within this interval, a remarkable 0.5 metres assayed at a staggering 924 g/t Au, the highest grade ever recorded at Ternera.
This intercept also included a 22.25-metre section grading 23.66 g/t Au and a 1.85-metre segment at 263 g/t Au, underscoring the exceptional grade variability and potential richness of the deposit. Additional drilling at Ternera East and other nearby zones has further delineated new mineralised zones, extending the strike length by approximately 300 metres and indicating a fault-offset continuation of the main deposit.
Resource Growth and Exploration Outlook
The ongoing infill and extensional drilling programs are designed to upgrade resource classifications and expand the known mineralised envelope beyond the current 1.3 million ounce (Moz) resource base. Post-quarter results revealed a new mineralised zone outside the existing Mineral Resource Estimate (MRE) boundary, with hole ZDDH0356 intercepting 132.18 metres at 1.28 g/t Au from 363 metres depth, including a higher-grade 21.7-metre section at 4.26 g/t Au.
These findings highlight the significant growth potential of the Ternera Deposit and support Tesoro’s strategy to rapidly expand its gold ounces through targeted drilling. The company is also advancing metallurgical test work for its Pre-Feasibility Study (PFS), with 900 kilograms of diamond drill core samples now at ALS Laboratories in Perth for processing and analysis.
Corporate Developments and Financial Position
In a strategic move to broaden its investor base, Tesoro Gold commenced trading on the Frankfurt Stock Exchange (FSE) under the ticker 5D7 in December 2024. This dual listing facilitates easier access for European investors, enabling transactions in euros during European market hours and reducing associated costs.
Additionally, the company shifted its financial year-end from 30 June to 31 December to better align with its Chilean exploration activities and budgeting cycles. As of 31 December 2024, Tesoro reported a healthy cash balance of A$3.86 million and maintained zero debt, positioning it well to fund ongoing exploration and development initiatives.
Looking Ahead
With assays pending for 20 drill holes at El Zorro and further drilling planned to delineate new mineralised zones, Tesoro is poised to continue unlocking value from its district-scale gold project. The company’s exploration success, combined with its strengthened financial and corporate structure, sets the stage for potential resource upgrades and advancing toward development milestones.
Bottom Line?
Tesoro’s record assays and strategic moves signal a promising growth trajectory, but the full scale of Ternera’s expansion remains to be defined.
Questions in the middle?
- How will upcoming assay results from El Zorro influence the overall resource estimate?
- What are the timelines and expected outcomes for the Pre-Feasibility Study metallurgical test work?
- How might the dual listing on the Frankfurt Stock Exchange impact Tesoro’s liquidity and investor profile?