Overview

Mine Type	Open Pit
Stage	Preliminary Economic Assessment
Commodities	Gold
Mining Method	Truck & Shovel / Loader
Project Timeline	...
Mine Life	...
Snapshot	The El Zorro (Ternera Gold Deposit Phase 1) is a simple, robust gold project with conventional mining and metallurgy, located close to key infrastructure in a well established, supportive mining jurisdiction. Tesoro Gold advances exploration activities, expands resource base and advances development of world-class gold mine at El Zorro Gold Project. In January 2025, Tesoro Gold announced significant assay results from its ongoing infill and extensional drilling program at the El Zorro Gold Project. Tesoro Gold plans update Production Schedule and Scoping Study post Mineral Resource Estimate update. The baseline studies and works on the EIA have been commenced.

Deposit type

• Breccia pipe / Stockwork
• Vein / narrow vein
• Intrusion related

Summary:

The El Zorro Project area is in an early Cretaceous volcanic arc containing structurally controlled batholitic intrusions. During this period extensional tectonic activity included the formation of the intra-arc, sinistral, strike-slip Atacama Fault System along the Coastal Cordillera. The metallogenesis during the evolution of the Chilean Andes was dominated by copper-gold mineralisation characterised by several Late Jurassic and Early Cretaceous volcanic-hosted Cu-Ag manto-type deposits, mesothermal Cu-Au-Ag veins and iron oxide copper-gold (IOCG) deposits. Although the El Zorro mineralisation is located within a belt characterised by IOCG-type mineralisation, the El Zorro mineralisation is more typical of an intrusive related gold deposit type.

The mineralisation model is considered to be an intrusive related gold deposit. The key characteristics that are consistent with this style deposit include:
• Low sulphide content, (typically <5%); reduced ore mineral assemblage that typically comprises pyrite and lacks primary magnetite or hematite
• Mineralisation occurs as sheeted vein deposits or stockwork assemblages and often combine gold with variably elevated Bi, W, As, Mo, Te, and/or Sb but low concentrations of base metals as seen in the initial four holes by Tesoro at El Zorro
• Restricted and commonly weak proximal hydrothermal alteration
• Intrusions of intermediate to felsic composition.

The oldest rocks in the project area are Palaeozoic sediments of probable Devonian to Lower Carboniferous age. These have been intruded by a Jurassic granodiorite body of the Coastal Batholith Series which has thermally metamorphosed the sediments around the intrusion contact. Fine-grained sediments have been metamorphosed to phyllites and massive fine grained dark hornfels and the more arenaceous sediments to quartzites.

Within the El Zorro Project, the main mineralised intrusions are underlain by a Devonian age sedimentary rock sequence consisting of interbedded siltstone, volcaniclastics, and minor quartzite, all of which has been variably metamorphosed and folded.

The sediments have been intruded by multiple mineralised tonalite to diorite intrusions which have been emplaced as dykes and sills. A large granodiorite intrusion has thermally metamorphosed the sediments within several hundred metres of the contact resulting in highly resistant phyllite, dark fine grained hornfels and quartzite. The phyllite is a very fine grained, foliated, black, dense rock.

The later stage intrusive tonalites occur as south-west to north-east striking bodies dipping toward the south-east.

The mineralisation forms sub-vertical sheeted veins and individual veins and may form plunging zones within the mineralised structures.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

Operational metrics

Metrics
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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Jan 17, 2025
.......................	.......................		Jan 17, 2025
.......................	.......................		Jan 17, 2025
.......................	.......................		Jan 17, 2025

Total Workforce	Year
......	2023