Announcement PDF ASX ANNOUNCEMENT 17 SEPTEMBER 2020 ASX: TSO | ACN 106 854 175 Wide interval of visible gold in step out drilling at El Zorro Ternera mineralised footprint extended by 300m ▪ Southern step out drilling encounters wide zone of sporadic visible gold in hole ZDDH00051 (assays pending). ▪ Visible gold observed over 61m of drill core within a wider zone of 117m of strong sheeted veining and sulphide mineralisation, typical of the gold bearing zone at Ternera. ▪ Northern step out hole ZDDH00042 returns positive drill intercept within the target El Zorro Tonalite: • 15.00m @ 0.68 g/t Au from 115.00m including; • 1.00m @ 5.64 g/t Au from 126.00m. ▪ Step out holes validate exploration model with gold mineralisation correlating well to IP geophysical anomaly and remains open both to the north and south. ▪ ▪ Drilling doubles size of the drilled mineralised footprint at El Zorro. ▪ ▪ 26 holes completed for 6,910m, assays remain outstanding for 17 holes. Additional holes planned to further test the northern and southern extents of Ternera as well as complete infill drilling for resource definition. The Company continues to drill at Ternera with two diamond drill rigs operating 24 hours per day. Tesoro Resources Limited (Tesoro or the Company) (ASX: TSO) is pleased to announce that step out drilling targeting the geophysical IP anomaly to the north and south of the Ternera mineralised zone at the Company’s El Zorro Gold project in Chile has successfully intersected significant gold mineralisation. These intercepts further expand the mineralised footprint at Ternera and remain open in all directions. Hole ZDDH00051 has intercepted a zone of 117m downhole width of strongly altered El Zorro Tonalite (EZT) with prolific sheeted veins containing pyrite, arsenopyrite, pyrrhotite and visible gold. This hole extends the high-grade gold zone approximately 120m to the south. Visible gold has been observed sporadically over an interval of 61m from 256.00m to 317.00m down hole. Hole ZDDH00042 samples were fast tracked through the laboratory to allow planning of additional drilling if positive results were returned. The hole has returned a positive mineralised intercept of 15.00m @ 0.68g/t Au from 115.00m including 1.00m @ 5.64g/t Au from 126.00m. A full table of significant intercepts is presented in Appendix 1. 1 +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au ASX Announcement 17 September 2020 Tesoro Managing Director Zeff Reeves commented: “These two holes are game changing for Ternera and the overall El Zorro Gold project, particularly hole ZDDH00051. It’s always encouraging to see visible gold in drill core and to have it observed over a 61m interval is particularly exciting. Together these holes more than double the existing drilled gold footprint of Ternera and further demonstrate the potential for Ternera to become a significant gold deposit.” COMMENTARY ZDDH00051 was designed to test the southern extensions of the main high-grade zone at Ternera (Figure 2) that has been identified from Tesoro’s previous drilling and the recent geophysical IP survey (ASX Announcement 10 August 2020). The hole extends the high grade zone approximately 175m south of drilled mineralisation previously reported for hole ZDDH00024 (Figure 2 and ASX announcement 27 May 2020). The hole was drilled to a total depth of 364.40m, full drill details presented in Table 1. The hole has intersected a wide zone of visually mineralised EZT from 233.00m to 350.00m downhole. The mineralisation is characterised by strong zones of veining with veins containing pyrite, arsenopyrite, pyrrhotite, quartz and gold. In the interval from 256.00m to 317.45m, multiple occurrences of fine visible gold were observed throughout the interval, associated with sulphide bearing veins and veinlets (Figure 1). ZDDH00042 was designed to test the northern extension of the Ternera gold system identified from the recently completed IP survey (Figure 2). The hole was collared approximately 125m north of previously reported ZDDH00023 (ASX announcement 27 May 2020). The hole returned positive gold results of 15.00m @ 0.68g/t Au from 115.00m including 1.00m @ 5.64g/t Au from 126.00m from within altered EZT containing sheeted veins and sulphides. This hole has successfully extended the Ternera gold footprint to the north and mineralisation remains open. 2 +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au ASX Announcement 17 September 2020 Figure 1 – Examples of visible gold occurrences observed in hole ZDDH00051 from 256.00m to 317.45m. 3 +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au ASX Announcement 17 September 2020 Figure 2- Ternera Prospect chargeability 0.5 Vertical derivative Gradient Array Induced Polarisation image and current drill program completed holes. Note position of hole ZDDH00042 and ZDDH00051 with igold mineralisation open to the north and south. PSAD56/19S datum. 4 +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au ASX Announcement 17 September 2020 Figure 3 – Ternera Prospect Interpreted geology map and drilling showing the interpreted highgrade CC fault zones. New results in this announcement highlighted in gold. Hole ZDDH00051with visible gold highlighted in red - open to the south. 5 +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au ASX Announcement 17 September 2020 Hole Location Hole ID Hole Orientation Drill Depth Northing Easting Elevation Dip Azimuth ZDDH00028 7036049 341605 581 -60 240 220.60 ZDDH00029 7036351 341849 603 -60 240 250 ZDDH00030 7036061 341676 569 -60 240 250.00 ZDDH00031 7036290 341875 605 -60 240 320 ZDDH00032 7036047 341757 584 -60 60 285.9 ZDDH00033 7036305 341846 599 -60 240 205 ZDDH00034 7036149 341781 579 -60 240 220.6 ZDDH00035 7036349 341876 612 -60 240 283.2 ZDDH00036 7036169 341840 597 -60 240 280.3 ZDDH00037 7036387 341829 624 -60 240 230 ZDDH00038 7036118 341693 584 -60 240 299.3 ZDDH00039 7036452 341942 658 -60 240 310 ZDDH00040 7036257 341878 607 -60 240 300 ZDDH00041 7036092 341621 591 -60 240 200.00 ZDDH00042 7036595 341800 610 -60 240 201 ZDDH00043 7036203 341796 584 -60 240 250 ZDDH00044 7036501 341643 588 -60 240 308.2 ZDDH00045 7036243 341751 610 -60 240 271.2 ZDDH00046 7036220 341742 613 -60 240 260 ZDDH00047 7036100 341774 578 -60 240 320.00 ZDDH00048 7036298 341760 615 -60 240 230 ZDDH00049 7036228 341897 626 -60 240 300 ZDDH00050 7036327 341767 631 -60 240 250 ZDDH00051 7036127 341955 646 -60 240 364.4 ZDDH00052 7036144 341740 601 -60 240 200 ZDDH00053 7036251 341821 588 -60 240 300 ZDDH00054 7036573 341763 607 -60 240 171.6 ZDDH00055 7036235 341843 609 -60 240 60 Table 1 – Drill hole details for holes completed to date in the current phase of drilling. Assays remain outstanding for holes ZDDH00033 to ZDDH00053 (excluding ZDDH00042), Holes ZDDH00054 and ZDDH00055 are in progress. Co-ordinate system is PSAD56-19S. NEXT STEPS The Company continues to drill at Ternera, with two diamond drill rigs operating 24 hours per day. Additional holes are being planned to test the newly identified northern and southern extensions. The current drill program has been expanded to a minimum of 10,000m, to include extensional and additional infill holes as the defined mineralised footprint at Ternera continues to expand. Assay results will be announced as they come to hand. Authorised by the Board of Tesoro Resources Limited. 6 +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au ASX Announcement 17 September 2020 For more information: Company: Zeff Reeves Managing Director Tesoro Resources Limited +61 8 9322 1587 Investors: Peter Taylor NWR Communications +61 (0) 412 036 231 peter@nwrcommunications.com.au About Tesoro Tesoro Resources Limited was established with a strategy of acquiring, exploring and developing mining projects in the Coastal Cordillera region of Chile. The Coastal Cordillera region is host to multiple world class copper and gold mines, has well established infrastructure, service providers and an experienced mining workforce. Large areas of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro, via its in-country network and experience has been able secure rights to a district scale gold project in-line with the Company’s strategy. Tesoro has rights to acquire up to 80% of the El Zorro Gold Project. Competent Persons Statement The information in this report that relates to Exploration Results is based on information compiled by Mr Zeffron Reeves (B App Sc (Hons) Applied Geology) MBA, MAIG). Mr Reeves is a member of the Australian Institute of Geoscientists and a Director and major shareholder of the Company. Mr Reeves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reeves consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. Future Performance This announcement may contain certain forward-looking statements and opinion. Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this announcement nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Tesoro. 7 +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au ASX Announcement 17 September 2020 APPENDIX 1 – Significant Intercept Table Hole_ID ZDDH0001 ZDDH0001 ZDDH0001 ZDDH0001 ZDDH0001 ZDDH0001 ZDDH0001 ZDDH0001 ZDDH0001 ZDDH0001 ZDDH0001 ZDDH0001 ZDDH0002 ZDDH0002 ZDDH0002 ZDDH0002 ZDDH0002 ZDDH0003 ZDDH0003 ZDDH0003 ZDDH0003 ZDDH0003 ZDDH0003 ZDDH0003 ZDDH0004 ZDDH0004 ZDDH0004 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0005 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0006 ZDDH0007 ZDDH0007 ZDDH0007 ZDDH0007 ZDDH0007 8 From (m) 5.00 5.00 5.00 12.00 14.30 33.64 44.30 64.00 75.50 75.50 107.00 117.00 5.70 8.80 8.80 51.70 58.00 21.00 21.00 21.00 37.20 47.30 64.00 90.00 5.00 56.00 57.00 4.00 4.00 9.80 9.80 51.60 65.00 72.00 72.00 72.00 100.60 130.00 135.80 0.00 2.40 22.60 24.00 46.70 61.10 108.30 133.50 148.00 180.10 180.10 184.00 207.00 226.00 236.00 1.00 39.00 39.00 104.85 117.40 To (m) 119.00 15.00 51.30 13.00 15.00 39.00 51.30 65.00 79.00 76.00 112.00 119.00 68.00 24.30 14.00 68.00 61.00 77.30 27.00 22.83 43.00 48.00 77.30 91.00 66.00 66.00 61.00 42.65 32.00 28.00 10.15 52.00 67.00 85.90 75.00 73.00 102.00 132.60 136.80 88.00 3.00 25.95 25.00 50.30 64.02 116.00 135.60 151.80 244.00 181.10 186.00 212.00 227.00 244.00 4.00 66.20 58.00 110.00 118.00 Interval 114.00 10.00 46.30 1.00 0.70 5.36 7.00 1.00 3.50 0.50 5.00 2.00 62.30 15.50 5.20 16.30 3.00 56.30 6.00 1.83 5.80 0.70 13.30 1.00 61.00 10.00 4.00 38.65 28.00 18.20 0.35 0.40 2.00 13.90 3.00 1.00 1.40 2.60 1.00 88.00 0.60 3.35 1.00 3.60 2.92 7.70 2.10 3.80 63.90 1.00 2.00 5.00 1.00 8.00 3.00 27.20 19.00 5.15 0.60 Au (g/t) 0.35 0.55 0.45 1.64 2.35 0.97 0.67 2.50 0.89 4.82 1.11 2.05 0.54 1.15 1.96 0.78 3.62 0.50 1.96 5.24 1.27 2.00 0.41 1.53 0.97 4.53 9.60 0.65 0.84 1.17 20.10 2.03 1.03 0.52 1.90 4.32 2.07 0.66 12.20 0.15 0.75 2.14 6.10 0.32 0.42 0.30 1.30 0.59 0.23 0.55 1.06 0.77 0.55 0.66 4.75 0.70 0.80 0.34 2.75 Comments including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including including Hole_ID From (m) To (m) ZDDH0008 35.00 41.10 ZDDH0008 58.00 59.00 ZDDH0009 4.00 6.00 ZDDH0009 12.55 38.00 ZDDH0009 21.00 26.00 ZDDH0009 48.00 48.50 ZDDH0009 78.00 83.00 ZDDH0010 31.00 33.00 ZDDH0010 60.00 61.00 ZDDH0010 66.00 67.00 ZDDH0010 75.00 159.30 ZDDH0010 75.00 104.00 ZDDH0010 82.50 86.45 ZDDH0010 91.00 102.00 ZDDH0010 93.00 97.00 ZDDH0010 120.00 126.00 ZDDH0010 149.00 159.00 ZDDH0011 176.00 274.30 ZDDH0011 181.70 212.00 ZDDH0011 196.40 212.00 ZDDH0011 203.00 203.70 ZDDH0011 203.00 212.00 ZDDH0011 217.00 222.00 ZDDH0011 246.60 256.40 ZDDH0012 0.00 58.80 ZDDH0012 1.70 22.00 ZDDH0012 1.70 8.40 ZDDH0012 2.30 4.70 ZDDH0012 17.60 22.00 ZDDH0012 17.60 20.00 ZDDH0012 53.20 58.80 ZDDH0012 53.20 56.00 ZDDH0012 151.80 152.20 ZDDH0013 0.00 3.00 ZDDH0013 9.00 14.30 ZDDH0013 25.00 29.80 ZDDH0013 28.55 29.80 ZDDH0013 46.30 70.00 ZDDH0013 46.30 51.50 ZDDH0013 51.25 65.35 ZDDH0013 58.00 65.35 ZDDH0013 102.00 104.00 ZDDH0013 136.00 137.30 ZDDH0013 165.00 173.60 ZDDH0013 170.40 173.00 ZDDH0014 15.30 70.60 ZDDH0014 15.30 34.00 ZDDH0014 15.30 26.30 ZDDH0014 23.00 26.30 ZDDH0014 64.60 70.60 ZDDH0014 64.60 67.35 ZDDH0014 112.00 122.50 ZDDH0014 115.00 117.00 ZDDH0014 177.20 179.00 ZDDH0015 37.90 39.70 ZDDH0015 91.90 132.70 ZDDH0015 91.90 94.60 ZDDH0015 112.00 116.00 ZDDH0015 240.60 242.00 ZDDH0015 265.90 269.00 Interval 6.10 1.00 2.00 25.45 5.00 0.50 5.00 2.00 1.00 1.00 84.30 29.00 3.95 11.00 4.00 6.00 10.00 98.30 30.30 15.60 0.70 9.00 5.00 9.80 58.80 20.30 6.70 2.40 4.40 2.40 5.60 2.80 0.40 3.00 5.30 4.80 1.25 23.70 5.20 14.10 7.35 2.00 1.30 8.60 2.60 55.30 18.70 11.00 3.30 6.00 2.75 10.50 2.00 1.80 1.80 40.80 2.70 4.00 1.40 3.10 Au (g/t) Comments 0.28 1.43 1.39 0.51 1.09 including 2.19 0.59 2.47 1.16 1.04 1.30 2.95 including 4.97 including 4.70 including 8.50 including 1.11 including 1.07 including 1.58 3.03 including 3.87 including 21.70 including 5.07 including 4.13 including 2.28 including 1.70 4.50 including 12.21 including 33.35 including 2.00 including 2.82 including 0.95 1.42 including 2.29 0.83 0.41 0.72 2.14 including 0.85 1.24 including 1.08 including 1.65 including 0.79 4.97 1.60 2.80 including 1.01 2.19 including 3.40 including 6.18 including 2.03 including 5.00 including 0.52 1.75 including 2.37 1.11 0.37 1.64 including 1.13 including 8.46 0.64 +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au ASX Announcement 17 September 2020 Hole_ID ZDDH0016 ZDDH0016 ZDDH0016 ZDDH0016 ZDDH0016 ZDDH0016 ZDDH0016 ZDDH0017 ZDDH0017 ZDDH0017 ZDDH0017 ZDDH0017 ZDDH0017 ZDDH0017 ZDDH0017 ZDDH0017 ZDDH0017 ZDDH0017 ZDDH0018 ZDDH0018 ZDDH0018 ZDDH0018 ZDDH0019 ZDDH0019 ZDDH0019 ZDDH0020 ZDDH0021 ZDDH0021 ZDDH0021 ZDDH0021 ZDDH0021 ZDDH0021 ZDDH0021 ZDDH0022 ZDDH0022 ZDDH0022 ZDDH0022 ZDDH0022 ZDDH0023 ZDDH0023 ZDDH0023 ZDDH0023 ZDDH0024 ZDDH0024 ZDDH0024 ZDDH0024 ZDDH0024 ZDDH0024 ZDDH0024 ZDDH0024 ZDDH0024 ZDDH0024 ZDDH0025 ZDDH0025 ZDDH0025 ZDDH0025 ZDDH0025 ZDDH0025 ZDDH0025 ZDDH0025 ZDDH0026 ZDDH0026 ZDDH0026 ZDDH0026 From (m) 125.00 152.00 188.10 188.58 203.60 281.00 287.50 44.00 44.00 44.00 70.00 103.46 167.55 182.70 183.22 190.00 197.00 200.00 187.27 187.27 197.00 189.00 21.00 36.00 74.00 87.30 100.92 107.50 100.92 189.25 189.25 189.25 193.90 30.00 78.00 94.40 105.00 105.00 146.70 146.70 273.00 276.00 6.00 41.00 41.00 44.10 54.50 56.50 66.00 155.00 162.20 161.80 49.00 73.10 75.00 104.00 110.00 148.00 148.00 155.20 92.00 105.40 233.00 240.00 To (m) 131.72 204.60 194.00 188.90 204.60 290.00 290.00 74.00 60.10 47.00 74.00 105.60 254.00 233.20 206.22 205.00 202.30 202.30 222.00 211.00 199.70 204.00 89.52 45.00 79.00 87.60 116.50 112.00 101.70 208.50 201.30 195.40 195.40 31.00 119.17 95.45 119.17 110.32 151.00 149.00 277.00 277.00 9.00 78.00 45.50 45.50 57.00 69.50 69.50 169.00 163.50 167.00 170.55 84.00 82.00 118.00 113.60 160.27 170.55 159.90 110.00 110.00 242.00 242.00 Interval 6.72 52.60 5.90 0.32 1.00 9.00 2.50 30.00 16.10 3.00 4.00 2.14 86.45 50.50 23.00 15.00 5.30 2.30 34.73 23.73 2.70 15.00 68.52 9.00 5.00 0.30 15.58 4.50 0.78 19.25 12.05 6.15 1.50 1.00 41.17 1.05 14.17 5.32 4.30 2.30 4.00 1.00 3.00 37.00 4.50 1.40 2.50 13.00 3.50 14.00 1.30 5.20 121.55 10.90 7.00 14.00 3.60 12.27 22.55 4.70 18.00 4.60 9.00 2.00 Au (g/t) 1.47 0.62 3.30 31.30 3.00 0.36 0.77 0.94 1.05 4.27 4.26 1.76 2.29 3.63 7.20 10.82 25.31 46.41 2.94 4.09 22.21 5.99 0.47 1.34 1.23 3.33 0.95 1.24 8.44 2.86 4.25 7.37 20.82 3.16 1.38 2.98 3.25 6.54 7.25 13.30 1.06 3.32 1.63 0.86 2.12 5.93 1.87 1.12 2.53 3.06 19.72 6.97 1.32 4.57 6.14 1.63 4.97 4.98 2.98 10.69 1.36 4.99 1.85 7.31 Comments including including including including including including including including including including including including including including including including including including including including open downhole including including including including including including including including including including including including including including including including including including including including including including including including Hole_ID ZDDH0027 ZDDH0027 ZDDH0027 ZDDH0027 ZDDH0028 ZDDH0028 ZDDH0028 ZDDH0028 ZDDH0028 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0029 ZDDH0030 ZDDH0030 ZDDH0030 ZDDH0030 ZDDH0030 ZDDH0030 ZDDH0030 ZDDH0030 ZDDH0030 ZDDH0030 ZDDH0030 ZDDH0030 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0031 ZDDH0032 ZDDH0032 ZDDH0032 ZDDH0032 ZDDH0032 ZDDH0032 ZDDH0032 ZDDH0032 ZDDH0032 ZDDH0032 ZDDH0032 ZDDH0032 ZDDH0042 ZDDH0042 From (m) 176.00 176.00 176.00 176.00 14.00 21.00 25.00 42.00 43.90 29.50 29.50 29.50 43.00 56.64 72.00 91.00 121.00 121.00 167.40 176.30 180.00 193.00 5.20 50.00 66.00 66.00 66.00 70.00 101.00 117.00 117.00 165.00 195.40 202.95 72.00 72.00 72.00 100.00 100.00 118.30 146.40 171.60 193.30 193.30 193.30 204.34 204.34 228.00 248.00 291.00 3.20 17.30 43.50 75.00 128.00 128.00 132.63 157.00 171.00 178.30 178.30 191.00 112.00 126.00 To (m) 206.50 202.00 188.00 182.00 14.75 28.00 25.90 49.00 45.00 206.00 93.00 31.20 48.00 61.84 80.00 93.00 130.70 122.00 195.00 185.90 183.00 195.00 6.40 76.00 76.00 71.10 67.00 71.10 102.50 120.00 119.13 167.00 199.00 203.90 303.00 126.00 75.60 104.44 125.00 125.00 154.00 173.00 217.60 208.00 197.00 217.60 208.00 229.00 263.90 295.00 6.00 18.30 44.00 76.00 204.00 140.00 135.00 162.00 174.80 197.00 179.40 197.00 127.00 127.00 Interval 30.50 26.00 12.00 6.00 0.75 7.00 0.90 7.00 1.10 176.50 63.50 1.70 5.00 5.20 8.00 2.00 9.70 1.00 27.60 9.60 3.00 2.00 1.20 26.00 10.00 5.10 1.00 1.10 1.50 3.00 2.13 2.00 3.60 0.95 231.00 54.00 3.60 4.44 25.00 6.70 7.60 1.40 24.30 14.70 3.70 13.26 3.66 1.00 15.90 4.00 2.80 1.00 0.50 1.00 76.00 12.00 2.37 5.00 3.80 18.70 1.10 6.00 15.00 1.00 Au (g/t) 0.40 0.44 0.64 1.21 3.23 0.85 5.03 0.61 1.10 0.85 1.81 1.20 2.76 3.36 1.24 33.00 0.53 3.20 0.85 1.82 4.75 1.75 0.74 0.69 1.54 2.64 6.89 5.73 1.13 3.23 4.15 4.05 1.41 5.12 0.83 1.69 1.27 1.04 3.36 11.57 0.79 1.40 2.43 3.77 4.16 3.25 10.76 2.17 1.04 1.00 1.23 7.09 5.70 5.02 0.93 1.39 4.30 2.41 1.92 1.57 5.15 2.58 0.68 5.64 Comments including including including including including including including including including including including including including including including including including including including including open downhole open downhole including including including including including including including including including including including including including including including including including including including including including including *For full results for holes ZDDH00001 to ZDDH00016 refer to Plukka Ltd Prospectus 30 October 2019. For results of ZDDH00017 and ZDDH0025 refer to TSO:ASX announcements 6 March,12 March, 27 April, 6 May, 27 May 2020, 10 June 2020, 26 August 2020 and 4 September 2020. 9 +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au ASX Announcement 17 September 2020 APPENDIX 2 – JORC TABLES JORC Table 1 Section 1: Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Tesoro has completed 53 diamond drill holes for 12,875.10m in 2017, 2018 and 2020 (ZDDH0001 to ZDDH0053). Diamond drill holes were drilled with HQ. Sampling was half core at geologically defined and significant mineralisation boundaries. Tesoro considers the sampling methodologies to be appropriate for this style of mineralisation. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Tesoro Diamond drill holes were drilled with HQ. Sampling was half core at geological and significant mineralisation boundaries. Tesoro consider this appropriate for the style of mineralisation. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done, this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Diamond drilling was used to obtain ½ core samples of various lengths (minimum 0.25m), from which 1kg of material was pulverised passing 200 mesh to produce a 50g charge for fire assay fusion with a gravimetric finish. Multielement assays were completed by 4-acid digest with a 2.5g charge. Tesoro consider these appropriate assay techniques. Drilling techniques • Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). Tesoro has completed 53 diamond drill holes for 12,875.10m. Diamond drill holes were drilled with HQ. Sampling was half core at geological and significant mineralisation boundaries. Standard tube was used. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. Core recovery was estimated using the drillers recorded depth marks against the length of the core recovered. Reviewing the core photos, there are occasional shears/faults where core is broken. There is however no significant core loss. • Measures taken to maximise sample recovery and ensure representative nature of the samples. A single tube system was employed and in general core recovery good. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. There appears to be no potential sample bias as there was no regular loss of core. • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Geological core logging to a resolution of 25 cm was undertaken with a record kept of, inter alia, colour, lithology, weathering, grain size, mineralisation, alteration, geotechnical characteristics etc. Diamond core is stored at the Company’s warehouse. Tesoro consider the data to be of an appropriate level of detail to support a future resource estimation. Logging • Whether logging is qualitative or quantitative in Logging of diamond core was qualitative and diamond core was photographed. nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant All drilled intervals are logged and recorded. intersections logged. Subsampling techniques and sample preparation 10 • If core, whether cut or sawn and whether quarter, half or all core taken. Drill core was cut, and half core was collected for analysis • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. Tesoro has not completed any percussion drilling. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. Collection of half core ensured the nature, quality and appropriateness of the collected sample. +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au ASX Announcement 17 September 2020 Criteria JORC Code explanation Commentary The sample preparation of crushing half core at the lab to mm size prior to splitting off a 50g charge (either by cone/quarter or riffle) for pulverisation provides an appropriate and representative sample for analysis. Half core was collected for the entirety of the Tesoro drilling, as • Quality control procedures adopted for all subsampling stages to maximise representivity such there was consistency throughout the drilling. Core was logged by a qualified geoscientist. Each subsample is of samples. considered to be representative of the interval. Quality of assay data and laboratory tests • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Sampling of half core is representative of the in-situ material. There are field duplicate samples collected from the diamond core with irregular results. Field drill core duplicates are irregular by nature and it has been recommended by Tesoro’s consultants to use coarse reject material to monitor the sample preparation. • Whether sample sizes are appropriate to the grain size of the material being sampled. sample sizes collected were considered appropriate to reasonably represent the material being tested. • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. Assays were undertaken at the accredited laboratories at Bureau Veritas, Santiago and ALS Santiago, both of which are fully certified. Core samples of various lengths were assayed (minimum 0.25m) from which 1kg of material was pulverized passing 200 mesh to produce a 50 g charge for fire assay fusion with gravimetric finish. Multielement assays were completed by 4-acid digest with a 2.5 g charge. All techniques are appropriate for the element being determined. • For geophysical tools, spectrometers, handheld Standard chemical analyses were used for grade XRF instruments, etc., the parameters used in determination. There was no reliance on determination of determining the analysis including instrument analysis by geophysical tools. make and model, reading times, calibrations factors applied and their derivation, etc. QAQC procedures included the insertion of Certified Reference • Nature of quality control procedures adopted Materials (CRMs) (5%) and blank material (2%), Check samples (e.g. standards, blanks, duplicates, external (5%) and check assaying 5% laboratory checks) and whether acceptable Cube Consulting Pty Ltd manage the database for Tesoro and levels of accuracy (i.e. lack of bias) and note in there precision have been established. The laboratories used have generally demonstrated analytical accuracy at an acceptable level within 95% confidence limits. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. A number of independent consulting geoscientists (Cube Consulting, Oliver, and Cooley) external to Tesoro have verified the intersections for holes ZDDH0001 to ZDDH0016. Holes ZDDH0017 onwards have been verified by multiple appropriately qualified Company personnel. • The use of twinned holes. no twinned holes have been completed Tesoro drilling is digitally entered and stored following documented core handling protocols. The protocols are considered adequate. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Location of data points Data spacing