Vast Continuous Gold Anomalism Confirmed At El Zorro Gold Project

Tesoro Gold Limited (Tesoro or the Company) (ASX:TSO, OTCQB:TSORF) is pleased to report surface mapping and sampling results confirm continuous gold anomalism within a highly prospective fault corridor extending >10km north from the Ternera Gold Deposit (Ternera).

HIGHLIGHTS

• Assay results returned from recent mapping and channel sampling at Kitsune and Calderillas confirm a high-potential fault corridor stretching north from Ternera.
  
• Results indicate a vast >10km continuous mineralised system extending from south of Ternera at Buzzard, north to Kitsune and continuing to Calderillas (refer Figure 1).
• Channel sample assays returned from individual intrusive dykes at Kitsune exhibit continuous gold anomalism along 930m of strike, with significant results including:
  • 18.00m @ 1.59g/t Au (EZTR003853), including;
    • 6.00m @ 4.14g/t Au.
      
  • 66.00m @ 0.32g/t Au (EZTR003842), including;
    • 9.00m @ 1.22g/t Au.
      
  • 3.00m @ 6.25g/t Au (EZTR003850).
• Channel sampling at Calderillas returned very high-gold grades, including:
  • 2.00m @ 15.90g/t Au (EZTR003752); and
  • 2.00m @ 3.01g/t Au (EZTR003753).
• Drilling is ongoing at the Kitsune target, located 3km north of the existing Ternera Mineral Resource Estimate (MRE).

Tesoro Managing Director, Zeff Reeves, commented:

“These latest results continue to highlight the huge potential within the broader El Zorro mineralised system. Our exploration team has delineated what is now a near continuous, outcropping gold system over more than 10km and which is open to the north and south.

Initial drilling is underway at Kitsune to test an area with a surface gold footprint more than twice the size of the existing Ternera Mineral Resource, offering exceptional exploration and resource growth upside. In short, we firmly believe we have all the essential ingredients for the potential discovery of another Ternera-style gold deposit.”

Assay results received for 261 samples collected from detailed channel sampling and mapping programs at the Kitsune and Calderillas targets build on previous sampling programs. Results confirm a >10km anomalous gold zone stretching from the Buzzard target south of Ternera, through Ternera, Kitsune and Calderillas in the north.

Gold mineralisation is strongly controlled by the location of the Dorado Fault Zone (DFZ), particularly where it crosses the favourable El Zorro Tonalite (EZT) intrusive rocks. At Kitsune, a >500m wide prospective corridor has been defined, characterised by brittle deformation and strong alteration with surface gold anomalism. The Kitsune Target is approximately 2.2km wide, with continuous sampling along individual EZT dykes demonstrating continuous gold anomalism of up to 930m of strike.

Numerous secondary structures branching off the DFZ also host gold mineralisation with new results of up to 15.90g/t Au being reported at the Calderillas target, approximately 7.5km north of Ternera. Additional work is planned to further delineate future drill targets at Calderillas.

Samples were collected as continuous rock chips, with prospective rock types outcropping at surface as fresh or weakly oxidized outcrops. This provides a high level of geological information about the nature and controls of gold mineralisation throughout the sampled areas.

Full results and sampling methodologies are presented in the Appendices of this announcement.

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