Wide High Grade Gold Intercepts at El Zorro

Tesoro Gold Limited (Tesoro or the Company) (ASX:TSO, OTCQB:TSORF, FST:5D7) is pleased to announce significant assay results from its ongoing infill and extensional drilling program at the El Zorro Gold Project in Chile (El Zorro). Exploration drilling has revealed a new wide, high-grade gold zone to the south and below the existing 1.3 Moz Mineral Resource Estimate (MRE) at the Ternera Gold Deposit (Ternera). The new zone, located approximately 50m below the current MRE boundary, returned 132.18m @ 1.28g/t Au from 363m, including 32.20m @ 3.28g/t Au from 371.30m (ZDDH0356).

HIGHLIGHTS

• Assay results from eight diamond holes drilled as part of the ongoing infill and extensional drilling program have returned multiple significant mineralised zones.
• New zones of wide, high-grade gold mineralisation have been intercepted outside of the current MRE boundary, highlighting the significant growth potential of Ternera.
• Drill hole ZDDH0356 intersected the boundary of the existing MRE, continuing beyond its currently defined limits into previously untested zones.
• New zone intercepted to the south and below the existing MRE boundary:
  • 132.18m @ 1.28g/t Au from 363m (ZDDH0356), including;
    • 32.20m @ 3.28g/t Au from 371.30m and;
    • 3.25m @ 12.639g/t Au from 371.30m.
• Key intercepts from within the existing boundary include:
  • 153.90m @ 1.61g/t from 83.10m (ZDDH0356), including;
    • 25.82m @ 3.96g/t Au from 93.00m; and
    • 44.25m @ 1.99g/t Au from 161.00m.
  • 58.70m @ 2.10g/t Au from 264.30m (ZDDH0351), including;
    • 7.50m @ 12.42g/t Au from 286.50m; and
    • 2.00m @ 29.45g/t Au from 279.00m.
• Drilling is ongoing, with a focus on MRE expansion at the shallow northern and southern ends of the Ternera Deposit.

Tesoro Managing Director, Zeff Reeves, commented:

“The results from hole ZDDH0356 continue to highlight the huge latent growth potential of the Ternera Gold Deposit. The discovery of this significant new gold zone, located outside the existing MRE, open to the south and at depth, reinforces our confidence in both our geological model and the development potential of the broader project.

Additional drilling is planned as part of the current program to further define and expand this exciting new zone. These results, coupled with recent intercepts from the north, demonstrate that Ternera remains open in all directions, offering an exceptional opportunity to significantly expand the resource base.”

TERNERA CONTINUES TO DELIVER

Tesoro’s current round of diamond drilling is focused on infill and expansion of the 1.3 Moz Ternera Gold Deposit, targeting high-priority zones within a 1.5 km radius of the existing 1.3 Moz Resource. Results have been received from eight holes, all returning significant gold intercepts.

Key highlights include hole ZDDH0356, which uncovered:

• An upper zone that widens and upgrades a shallow portion of the MRE.
• A lower, previously undiscovered zone of mineralisation outside the current MRE, highlighting the potential for future growth at Ternera (refer Figure 2).

Figure 2 illustrates the continuity of gold mineralisation at Ternera, now extended to over 800m down-plunge with hole ZDDH0356 contributing an additional 100m of continuity.

NEXT STEPS

Drilling at El Zorro is set to continue over the coming months with two diamond drill rigs currently operational. Assays remain outstanding for thirteen holes, and additional drilling is planned to expand the Resource further.

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