Here’s why gold miner Tesoro’s share price hit a record high today

The Tesoro Resources Ltd (ASX:TSO) share price is trading at record highs after surging more than 15% today. The positive move in Tesoro’s share price comes after the company reported exciting drilling results.  

Highlights from Tesoro’s drilling results

Earlier today, Tesoro announced the company’s drilling results from its El Zorro Gold Project in Chile. The assay results were collected from channel and rock chip sampling at the Ternera and Drone hill sites.

The company reported that surface mineralisation was identified at the Ternera site, with the surface gold footprint being extended to 800 metres in length and up to 300 metres in width.  Tesoro also noted strike extensive vein hosted mineralisation at the Drone Hill site.

Highlights of the drilling report included 8 metres at 5.56g/t gold, including 2 metres at 19.98g/t gold at Ternera and 1.2 metres at 12.70g/t gold at Drone Hill.

Tesoro’s management noted the results would increase the scale of surface mineralisation at the El Zorro site, while also prompting further expansion.

What does Tesoro do?

Tesoro is a mining exploration and development company with projects in the Coastal Cordillera region in Chile. The region hosts multiple copper and gold mines, with much of the area remaining unexplored due to the nature of mining concession ownership in Chile.

Via its in-country network, Tesoro has secured the rights to scale gold projects in the region, with the company holding the rights to 80% of the El Zorro Gold Project. Last week, the company announced that it had expanded its land position at the El Zorro project by 360% following 156 new concessions.

Tesoro also noted that the company’s operations had not been affected by the COVID-19 pandemic, with activities at El Zorro continuing as normal.

Foolish Takeaway

The Tesoro share price is trading near record highs after hitting an intra-day high of 20.5 cents earlier today.