Guess which ASX mining share just rocketed 31% on a new gold strike

The share has caught a bid today.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • Investors have rallied Tesoro Gold shares after it posted a company update today 
  • The company advised it has received results for the first 2 holes of its drill program at the Ternera Gold Deposit 
  • The Tesoro share price is down 55% in the past 12 months of trade 

The Tesoro Gold Ltd (ASX: TSO) share price is storming higher on Wednesday following the release of a company announcement.

At the time of writing, shares are advancing 30.56% into the green having bounced from yesterday's 52-week lows, and now rest at 4.7 cents apiece.

A woman in a business suit sits at her desk with gold bars in each hand while she kisses one bar with her eyes closed. Her desk has another three gold bars stacked in front of her. symbolising the rising Northern Star share price

Image source: Getty Images

What did Tesoro announce?

The company advised that its new drill program at the El Zorro Gold Project has intersected gold. intercepts of 434.60m at 1.22g/t Au from 15.40m.

Resource was found at the company's Ternera gold deposit that is located at El Zorro. The drill program has revealed multiple high-grade zones within the intercept.

These results could potentially increase the gold grade throughout the deposit as well.

Following the discovery, Tesoro says that it now has numerous potential gold-bearing targets that it intends to explore.

Speaking on the results, Tesoro Managing Director, Zeff Reeves said:

This is a phenomenal result demonstrating the consistency of gold mineralisation within the host El Zorro Tonalite intrusions. Hole ZDDH0297 shows multiple high-grade zones within the broader intercept, potentially increasing gold grade throughout the deposit.

This phase of drilling at Ternera is focussed on improving the classification and expanding the existing 1.1 Moz Resource. We believe Ternera will continue to grow with additional drilling with the Deposit remaining open in all directions.

Drilling continues at the Ternera site. To date, 7 holes for a total depth of 3,275m have been completed. The company is awaiting assays for 5 holes "which will be announced in due course".

After racing to previous highs back in 2021, the Tesoro share price is down 55% in the past 12 months of trade.

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Resources Shares

Two excited mining workers in yellow high vis vests and hardhats shake hands to congratulate each other on a mineral discovery
Resources Shares

4 ASX ETFs invested in mining that delivered 49% to 83% returns in FY26

Mining outperformed in FY26 amid higher commodity prices due to the green energy transition.

Read more »

Buy, hold, and sell ratings written on signs on a wooden pole.
Resources Shares

Mineral Resources shares have surged 106% in a year. Buy, hold or sell?

Two leading brokers weigh in on the outlook for Mineral Resources' rocketing shares.

Read more »

Inspectors and workers discussing with each other at a mine site.
Resources Shares

St George Mining delivers high-grade result and $60m boost in June quarter

St George Mining delivered quarterly results, highlighted by high-grade metallurgical testing and a boosted cash position from a $60m raise.

Read more »

A mining executive from Red Dirt Metals chats on her mobile phone looking pleased with a mining site and mining truck in the background
Resources Shares

Tolu Minerals reports record drilling in June quarter update

Tolu Minerals delivered record drilling results, a robust cash position, and remains on track to restart gold production in early…

Read more »

A boy holds a gold bar with a surprised look on his face.
Resources Shares

Chalice Mining advances Gonneville, holds $59m cash at June 2026

Chalice Mining keeps its balance sheet strong and moves Gonneville closer to FID in the June 2026 quarter.

Read more »

Miner standing and smiling in a mine field.
Resources Shares

Medallion Metals reports drilling success in June 2026 quarter

Medallion Metals posted strong cash reserves and significant project progress in its June 2026 quarterly report.

Read more »

A gloved hand holds lumps of silver against a background of dirt as if at a mine site.
Resources Shares

Silver Mines boosts Bowdens Silver Project reserves in quarterly update

Silver Mines upgrades Bowdens ore reserves and project economics in its latest quarterly report, with exploration underway in both Australia…

Read more »

Miner standing in front of trucks and smiling, symbolising a rising share price.
Resources Shares

Meteoric Resources releases Caldeira DFS

Meteoric Resources has delivered a robust Definitive Feasibility Study for the Caldeira Rare Earth Project, confirming a large, low-cost, long-life…

Read more »