Ternera Southern Extension Continuity

Tesoro Gold Limited (Tesoro or the Company) (ASX:TSO, OTCQB:TSORF) is pleased to report assay results returned from extensional drilling of the Ternera Gold Deposit (Ternera). These results confirm the continuity of a shallow, high-grade southern extension to the Ternera mineralisation along the Dorado Fault Zone (DFZ).

HIGHLIGHTS

• Step-out drilling targeted potential mineralisation along the DFZ, up to 420m south of the existing Ternera Mineral Resource Estimate (MRE) boundary.
  
• Results confirm the continuity of shallow sediment-hosted gold mineralisation over this extent, and that this mineralisation remains open to the south.
• Best results included:
  • 0.40m @ 8.81g/t Au from 156.60m (ZDDH0322).
  • 1.10m @ 1.28g/t Au from 24.30m (ZDDH0323), and;
    • 9.30m @ 0.98g/t Au from 42.20m including;
      
    • 2.50m @ 1.93g/t Au from 42.20m; and
    • 1.85m @ 2.05g/t Au from 48.80m.
      
  • 13.73m @ 0.76g/t Au from 53.90m (ZDDH0324A), including;
    • 1.50m @ 1.77g/t Au from 54.50m;
      
    • 1.30m @ 4.07g/t Au from 65.00m; and
    • 0.50m @ 3.18g/t Au from 112.00m.
      
  • 4.50m @ 1.32g/t Au from 215m (ZDDH0325).
• Continuous shallow gold mineralisation also extended to the west of the Ternera deposit, providing further target zones for resource growth drilling:
  • 3.00m @ 2.70g/t Au from 16m (ZDDH0321), including;
    • 1.00m @ 7.63g/t Au from 9m.
      
• Drilling currently underway at the untested Kitsune target, approximately 2.5km north of Ternera.
• Since recommencement of drilling in January 2023, 21 holes have been completed for 4,247m, with assays outstanding for 4 holes.

“The recent drilling has successfully delineated shallow, continuous gold mineralisation extending over 400m south of the existing Ternera MRE boundary. This extension has been drilled on multiple sections and potentially may deliver a large additional strike extent from which to add ounces to the existing 1.3Moz MRE (802koz Indicated, 479oz. Inferred).1 Importantly, this emerging southern extension remains open to the south. When coupled with the other zones of Ternera, there is a clear pathway from which we are targeting substantial increases to the existing Ternera MRE.

“We are also now excited to be drilling at the Kitsune target to the north of Ternera. While the Ternera Deposit has significant further growth potential, this regional drilling is targeted at demonstrating the broader district-scale potential of the El Zorro Gold Project.”

Southern Ternera Extension

Assay results have been received for the final seven holes of a 17-hole, 3,635m program completed at Ternera. The program was designed to test the interpreted location of the Dorado Fault Zone (DFZ), a primary control on gold mineralisation at Ternera. The DFZ is a 20m to 100m wide zone of faulting and associated brecciation, quartz veining and alteration that has been mapped over 10km from south to north (refer Figure 2).

Holes ZDDH0322 to ZDDH0325 all targeted the southern extension of the DFZ and have confirmed the continuity of gold mineralisation within the DFZ up to 420m south of the existing Ternera 1.3Moz MRE boundary.

Hole ZDDH0321 was drilled targeting the southern extension of a high-grade shallow gold zone in the west of the Deposit. The hole returned a positive result which confirmed the location and continuity of gold mineralisation over 400m and sits outside the existing MRE.

Regional Target Drilling Commenced

Drilling has now commenced at the Kitsune target, with two holes having been completed to date. Kitsune is located approximately 2.5km north of Ternera, with a large surface gold anomaly where the DFZ crosses the favourable EZT lithologies having been identified. The initial program at Kitsune comprises six holes.

One hole has also been completed at the Toro Blanco target, located approximately 1km north of Ternera, with assays pending.

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