Tesoro Gold has announced a significant 42% increase in the Ternera Gold Deposit resource at its El Zorro project in Chile, lifting contained gold to 1.82 million ounces and enhancing the project’s development potential.
- Ternera Mineral Resource Estimate rises to 1.82 million ounces gold
- Indicated resources increase to 1.12 million ounces, representing 62% of total
- Deposit remains open for expansion with new mineralised zones identified
- Updated resource underpins forthcoming Scoping Study and 2026 Pre-Feasibility Study
- Project benefits from strong infrastructure and mining-friendly Chilean jurisdiction
Resource Growth Signals Stronger Project Fundamentals
Tesoro Gold Limited has delivered a substantial upgrade to its Ternera Gold Deposit within the El Zorro Gold Project in Chile, announcing a 42% increase in contained gold ounces to 1.82 million ounces. This uplift, representing an additional 530,000 ounces since the 2023 estimate, marks a pivotal step in advancing Ternera as a compelling development asset.
The updated Mineral Resource Estimate (MRE) not only expands the total ounces but also improves the quality of the resource, with 62% now classified as Indicated. This higher confidence classification, amounting to 1.12 million ounces, is critical for future technical studies and enhances the credibility of the project’s economic potential.
Robust Grade Continuity and Vertical Distribution
Beyond the headline numbers, the MRE reveals robust continuity of higher-grade zones, including a significant portion grading above 2 grams per tonne gold. The deposit’s vertical distribution of gold has also improved markedly, with ounces per vertical metre increasing from 3,570 to 5,125 within the optimised open pit shell. This concentration of gold vertically supports more efficient mine design and could translate into better project economics.
Importantly, the Ternera deposit remains open in all directions, with recent drilling uncovering new mineralised zones to the north and south. These extensions represent high-priority targets for ongoing exploration, suggesting that the resource base could continue to grow as drilling progresses.
Strategic Location and Infrastructure Advantages
Situated in Chile’s Atacama Region, the El Zorro project benefits from a mining-friendly jurisdiction with established regulatory frameworks and government support. The deposit lies in a low-altitude coastal setting with excellent infrastructure, including sealed roads, grid power, and water access, factors that reduce development risk and capital intensity.
Pathway to Development
This resource update lays the groundwork for an updated Scoping Study, which is nearing completion and expected to be released shortly. Following this, Tesoro plans to advance to a Pre-Feasibility Study (PFS) in 2026, leveraging the increased Indicated resource to support more detailed technical and economic assessments. The company’s Managing Director, Zeff Reeves, highlighted the significance of the resource growth and classification upgrade, noting the potential for Ternera to be the first of multiple deposits contributing to a district-scale gold development.
While the announcement stops short of detailed economic metrics or production guidance, the scale and quality of the resource upgrade position Tesoro well to attract development capital and progress toward production.
Bottom Line?
With Ternera’s resource base expanding and confidence rising, Tesoro Gold is poised to unlock significant value as it advances toward feasibility and development.
Questions in the middle?
- How will the upcoming Scoping Study quantify the economic impact of the resource upgrade?
- What are the timelines and funding strategies for the Pre-Feasibility Study and subsequent development phases?
- How might further drilling and exploration near Ternera influence the overall district-scale potential?