The Tesoro Resources Ltd (ASX: TSO) share price has walked through today’s session in the green. Tesoro shares are now exchanging hands at 17 cents, up 3%.
Today’s gains come after Tesoro outlined its quarterly update.
Let’s take a closer look at what the company outlined in its report.
Quick recall on Tesoro Resources
Tesoro acquires, explores and develops gold mining interests in the Cordillera region of Chile.
Its flagship venture is the El Zorro gold project, where it has been drilling since February 2020.
The Cordillera region lays host to several top-tier gold and copper mines. There are longstanding roots of mining in the region.
Tesoro has a market capitalisation of $91.5 million at the time of writing.
Tesoro’s quarterly progress
The company completed a record drilling of 58 holes at its El Zorro project this quarter.
Assay results were received for 31 of these holes, with a new discovery at Ternera East. Tesoro stated that the discovery lies “within the hanging wall zone of the Ternera Gold Deposit”.
There has been the completion of 190 diamond drilled holes at El Zorro, for a total of 58,555 metres.
Following these assay results, there are now assays outstanding for 57 holes at this site.
One particular hole, ZDDH0149, returned positive drill results. It demonstrated “potential for additional gold mineralisation outside of Ternera”.
A second hole, ZDDH0166, has “intercepted gold host rocks up to 100m thick, assays pending”.
The company has six drilling rigs in operation around the clock, in order to expand its drilling program.
The company “remains well funded, with a cash balance of approximately $13.73 million” by the end of June.
Tesoro gave some colour on guidance for the upcoming quarter in the report.
The company “expects to meet several significant milestones” this coming quarter.
It will aim to define “the optimal processing pathway for material” at Ternera. It has a further 50,000 metres of drilling planned for 2021.
Tesoro also expects to complete an initial Mineral Resource Estimate (MRE) at Ternera.
The MRE will form the basis of a high-level “scoping study” in the coming quarter to define mining at the site.
Tesoro share price snapshot
The Tesoro Resources share price has had a choppy year to date, posting a loss of 41%.
Despite this, Tesoro Resources shares are up 48% over the previous 12 months.
For context, the S&P / ASX 200 Index (ASX: XJO) has posted a return of ~20% over the past year.