Tesoro Resources Ltd (ASX:TSO) has successfully completed its re-listing on the ASX today following a capital raising of $4.63 million.
The company holds interests in two highly prospective gold exploration projects within the Coastal Cordillera of Chile, the flagship El Zorro Gold Project and the Espina Gold Project.
Tesoro has commenced drilling to delineate gold resources at El Zorro and early-stage exploration work has started at Espina to define targets for a maiden drill program in 2020.
Tesoro managing director Zeff Reeves said: “We are pleased to have completed the re-listing of Tesoro on the ASX with the support of our existing and new shareholders.
“These are exciting times as we move into the next stage of Tesoro’s evolution with our experienced team already on the ground at El Zorro drilling and an aggressive exploration campaign planned to rapidly delineate a gold resource during 2020.”
Tesoro – near term program and news flow
Following its re-listing, Tesoro has about $4.02 million in cash (after repaying creditors and meeting capital raising costs).
It is worth noting that Tesoro has already spent three years and $3 million on early exploration at its Chilean assets.
The company previously drilled 16 diamond drill holes at El Zorro delineating a large gold system with all holes intersecting gold mineralisation including:
- ZDDH0010 - 84.30 metres at 1.30g/t gold including, 4.00 metres at 8.50g/t gold;
- ZDDH0011 - 98.30 metres at 1.58g/t gold including 30.30 metres at 3.03 g/t gold; and
- ZDDH0012 - 58.80 metres at 1.70g/t gold including 20.30 metres at 4.50g/t gold.