El Zorro

The El Zorro Gold Project is Tesoro’s main focus and covers over 10,000 hectares and  is located 140km by road from the city Copiapo in Region III, northern Chile.

The project site is well supported by established infrastructure and is only 50 minutes by road from the port of Caldera and approximately 15km inland from the Pan American Highway.

Tesoro has rights to acquire up 80% of the project by completion of a feasibility study by 2022.

The oldest rocks in the El Zorro area are Palaeozoic sediments which have been intruded by a Jurassic diorite body of the Coastal Batholith Series which has thermally metamorphosed the sediments around the contact area.

Historical mining by artisanal workers at El Zorro is limited and has largely concentrated on early stage quartz veins in and around the Coquetas, or mineralised diorite.

Since becoming involved in the project in mid 2017 Tesoro has carried out a number of exploration programs including drilling which has reported some promising results with a number of holes reporting over 100 g/m gold intercepts.

• ZDH00018 –34.73m @ 2.94g/t Au from 187.27m including;
o 15.00m @ 5.99g/t Au from 189.00m; and
o 2.70m @ 22.21g/t Au from 197.00m.

• ZDDH00019 –68.52m @ 0.47g/t Au from 21.00m including;
o 9.00m @ 1.34 g/t Au from 36.00m; and
o 5.00m @ 1.23g/t Au from 74.00m.

• ZDDH00022 –41.17m @ 1.38 g/t Au from 78.00m including;
o 14.17m @ 3.25g/t Au from 105.00m; and
o 5.32m @ 6.54 g/t Au from 105.00m.

• ZDDH0017 – 45m @ 2.29g/t Au – 198g/m Au
o Incl 50.50m @ 3.63g/t Au
o Incl 23.0m @ 7.20 g/t Au

• ZDDH004 -10.00m @ 4.53g/t Au
o Incl 4.00 metres @ 9.60g/t Au

• ZDDH0005 – 1.00m @ 12.20g/t Au
o 35 metres @ 20.10g/t Au

• ZDDH0010 – 30m @ 1.30g/t Au – 110g/m Au
o 00 metres @ 8.50g/t Au

• ZDDH0011 – 30m @ 1.58g/t Au – 155g/m Au
o Incl 30.30 metres @ 3.03 g/t Au
o 00 metres @ 4.70g/t Au
o 00 metres @ 5.07 g/t Au
o 70 metres @ 21.70g/t Au

• ZDDH0012 – 80 metres @ 1.70g/t Au – 100g/m Au
o Incl 30 metres @ 4.50g/t Au
o 00m @ 56.20 g/t Au
o 40 metres@ 33.35g/t Au
o 70m @ 12.21 g/t Au
• ZDDH0016 – 0.32 metres @ 31.30 g/t Au

The Coquetas prospect now has proven gold mineralisation for over 750m strike, 300m depth and varies between 40-100m wide. Mineralisation remains open in all directions.

Map of the Coquetas Prospect geology and drilling,  >500m strike drilled, >750m strike surface mineralisation

El Zorro Drill Section

Tesoro has classified the El Zorro Gold Project as being an Intrusive Related Gold (IRG) system and has affinities to the Tintina Province in North America. Since commencing exploration Tesoro has expanded the know occurrence of gold mineralisation and host rocks outside of the Coquetas Prospect and delineated multiple targets prospective for gold mineralisation.

El Zorro Project district map showing surface sampling highlights at new prospects

Tesoro has an aggressive exploration and development campaign planned and is focussed on delivering a maiden resource at El Zorro during 2020.

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