Gold Fields-backed Tesoro has completed infill drilling ahead of an updated resource estimate at the El Zorro gold project in Chile, with attention now turning to growth targets. 

Final infill results were headlined by 10m grading 6.14 grams per tonne gold from 14m, with extensional drilling to focus on targets within 1km of the current pit shell. 

Following this work, the rigs will head to other targets within a 40km-long corridor Tesoro has assessed as being prospective. 

The mainstay Ternera deposit is currently estimated to contain 1.8 million ounces. 

In July, Tesoro said the updated resource estimate and maiden ore reserve were due during the second half of calendar 2026, with a definitive feasibility study planned for completion by the end of the year. 

The Zeff Reeves-led Tesoro had A$15.3 million cash at the end of June. 

A scoping study last year outlined a three-million-tonne-per-annum project costing about US$250 million to build and yielding 111,000oz per annum at all-in sustaining costs of $1216/oz. 

The initial open pit mine was estimated to contain 40.7 million tonnes grading 1gpt. 

Tesoro used a gold price of US$2750/oz in its scoping work. 

Shares in Tesoro were up more than 16% to A$1.05 in afternoon trade, capitalising the company at $190 million. 

Multinational gold miner Gold Fields holds a circa 12% stake in the explorer. 

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