The Tesoro Resources Ltd (ASX: TSO) share price has climbed more than 10-fold this year following increasingly promising exploration developments. Today, the gold explorer announced infill and drill hole results that showed high-grade gold intercepts. The Tesoro share price jumped as high as almost 30% on open before cooling down. It is trading at 36 cents, up 25.86%, at the time of writing.
About Tesoro
Tesoro Resources was established with a strategy of acquiring, exploring and developing mining projects in the Coastal Cordillera region of Chile. This region is host to multiple world class copper and gold mines, has well established infrastructure, breadth of service providers and an experienced mining workforce.
Large areas of the Coastal Cordillera remained unexplored due to the unconsolidated nature of mining ownership, but Tesoro has been able to secure rights to a district scale gold project. It currently holds interest in the highly prospective El Zorro Gold Project that is favourably located and demonstrates significant scale and gold grades.
El Zorro project milestones to date
During the September quarter, Tesoro expanded its landholding from approximately 100sq km to 540sq km following a regional review which identified prospective geology for which Tesoro made successful applications.
Tesoro is currently focused on delineating gold resources at El Zorro. In other words, determining the size, grade, extent and mineralogy of mineral resources. More drilling is under way following previous encouraging results.
On 23 October, the company announced infill drilling results that continue to intersect multiple gold bearing zones.
Tesoro managing director Zeff Reeves commented:
The extensive and ongoing drill program is proving extremely beneficial in uncovering the extent of the Ternera deposit at El Zorro. We believe the project has huge potential, with Ternera being the first of five targets identified at El Zorro, and our confidence in the exploration model continues to increase.
High-grade gold intercept today
Today's announcement is a continuation of Tesoro's drilling results. All holes intersected multiple mineralised gold zones with significant results adding to the large-scale potential of El Zorro.
Mr Reeves said that every hole drilled at El Zorro continued "to deliver quality gold results further adding to the scale of the Ternera deposit … 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."
