Investor Presentation
Released
Released
Announcement PDF
INVESTOR PRESENTATION
EL ZORRO GOLD PROJECT, CHILE
MARCH 2023
ASX:TSO | OTCQB:TSORF
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
DISCLAIMER
This presentation and any accompanying verbal presentation (together the Presentation) are confidential and have been prepared by Tesoro Gold Limited (Tesoro or the Company) and approved by the Board of the Company. The information
contained in the Presentation (Information) is summary only and should be read in conjunction with any other documents provided to you by the Company. The Information is current as at 15 March and the Company does not undertake to
provide any additional or update information, whether as a result of new information, future events or results or otherwise. By receiving the Presentation, you acknowledge and represent to the Company that you have read, understood and
accepted the terms of this disclaimer.
The Company has prepared the Presentation based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the currency, accuracy, reliability, completeness or fairness of the
information, opinions and conclusions contained in this Presentation. Tesoro, or related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, affiliates, agents or advisers (Agents) guarantee or
make any representations or warranties, express or implied, as to or take responsibility for, the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Tesoro does not
represent or warrant that this Presentation is complete or that it contains all material information about Tesoro or which a prospective investor or purchaser may require in evaluating a possible investment in Tesoro or acquisition of shares. To
the maximum extent permitted by law, Tesoro and its Agents expressly disclaim any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this
Presentation, or otherwise arising in connection with it.
Any forward-looking statements in this Presentation, 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 Tesoro and which are subject to change without notice and could cause the actual results, performance or
achievements of Tesoro 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 recipients of this
Presentation are cautioned not to place undue reliance on such forward-looking statements.
The information contained in this Presentation is for information purposes only, does not constitute investment or financial product advice (nor taxation, accounting or legal advice) and is not intended to be used as the basis for making an
investment decision. In providing this Presentation, Tesoro has not considered the objectives, financial position or needs of any particular recipients. Before making an investment decision prospective investors should consider the
appropriateness of the information in this Presentation having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances.
This Presentation is not a prospectus, product disclosure statement or other offer document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission or any other foreign
regulator) and is not, and does not constitute, an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. In particular, this Presentation does not constitute an invitation or offer of securities for subscription, purchase
or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this Presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended or the
securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly in the United States. The information in this Presentation is strictly confidential. It may not be disclosed, reproduced,
disseminated, quoted or referred to, in whole or in part, without the express consent of Tesoro.
Competent Person’s Statements
The information in this report that relates to Exploration Results and Exploration Target 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 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.
The information in this report that relates to Mineral Resources is based on information compiled by Mr Lynn Widenbar, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Widenbar is acting as an
independent consultant to Tesoro Gold Limited. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken 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’. The Company confirms that the form and context in which the Competent Person’s findings are presented have
not been materially modified from the original announcement.
The information in this report that relates to Metallurgical Test Work Results is based on information compiled by Mr Linton Putland (B Eng – Mining, MSc – Mineral Economics, MAUSIMM, MAICD). Mr Putland is a member of the Australasian
Institute of Mining and Metallurgy and a Director and employee of the Company. Mr Putland has sufficient experience that is relevant to the results 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 Metallurgical Results. Mr Putland consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
The Company has released all material information that relates to Exploration Results for the El Zorro Gold Project, on a continuous basis to the ASX and in compliance with JORC 2012. The Company confirms that it is not aware of any new
information that materially affects the content of this ASX release.
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
INVESTOR PRESENTATION | 2
TESORO GOLD LIMITED
RAPID GROWTH AND ADVANCEMENT OF THE EL ZORRO GOLD PROJECT
Au
$
Au
Cu/Fe
Cu
Cu/Au
A. LOCATION
B. RESOURCE
C. GROWTH
Large surface
gold footprint on
570km2 of
tenure
Increased and
upgraded
1.3 Moz1 Ternera
Gold Deposit
Further
unlocking a
district scale
gold system
Coastal location and
supporting
infrastructure in a
Tier 1 mining
jurisdiction
New Chilean Intrusive
Related Gold District
with exceptional
metallurgical
properties
Numerous exciting,
untested targets and
district level potential
provides multi-million
ounce potential
Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and Appendix A, Tesoro Gold Limited confirms that it is
not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical
parameters underpinning that release continue to apply and have not materially changed.
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
CHILE
1.
INVESTOR PRESENTATION | 3
UNLOCKING EL ZORRO’S FULL POTENTIAL
DUAL TRACK ADVANCEMENT STRATEGY
DEVELOPING
TERNERA
DISTRICT
DISCOVERIES
REFINE THE DEVELOPMENT
PATHWAY
CONFIRM CONTINUITY OUTSIDE
TERNERA
CONTINUE GROWING THE
RESOURCE BASE
TEST TERNERA STYLE
TARGETS
Economic assessment,
planning and permitting
Define ounces outside of the
existing Ternera Deposit
Infill drilling and
resource growth
Aggressive drill testing of look-alike
targets
DISCOVER AND DEFINE
NEW TARGETS
CONTINUED TARGET
GENERATION
New and extensional
mineralisation discoveries
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
Ongoing mapping and
sampling programs
INVESTOR PRESENTATION | 4
GOLD FIELDS STRATEGIC INVESTMENT
HIGH QUALITY SUPPORTIVE PARTNERSHIP
•
Partnering with one of the world’s largest gold mining firms
•
Globally diverse South African gold producer with eight
mining operations and projects through Australia, Chile,
Ghana, Peru and South Africa
•
Annual gold production of approximately 2.2 Moz1
•
Constructing the Salares Norte high-grade open pit gold-silver
project in Northern Chile, 190 km north-east from the El Zorro
Gold Project
•
Processing capacity of 2.8 Moz per year of metal doré for
approximately 9.9 t of gold annually2
•
Tesoro strategic investment facilitates acceleration of regional
and district scale exploration at the El Zorro Gold Project
•
Gold Fields now hold a 14.86% investment in Tesoro Gold
“
Gold
Fields’
strategic
investment
demonstrates tremendous confidence in the
Tesoro team and recognises the current
opportunity and significant upside potential
of the El Zorro Gold Project. This investment
allows us to accelerate our regional and
district scale exploration efforts, while we
continue to grow the existing Mineral
Resource base.
”
- Zeff Reeves, Tesoro Managing Director
1.
Source: www.goldfields.com
2. Source: https://www.bnamericas.com/en/features/5-chilean-gold-projects-set-to-help-boost-national-output
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
INVESTOR PRESENTATION | 5
A. LOCATION | STRATEGICALLY POSITIONED TENURE
PROXIMATE TO ESTABLISHED INFRASTRUCTURE AND EXISTING MINES
•
El Zorro Gold Project 85% owned by Tesoro Gold
•
One of the largest and most prospective gold projects in
Chile, covering 570km2 of tenure
•
Surface gold confirmed over 50km of strike
•
Coastal location in the Atacama, surrounded by operating
mines
•
15km from Pan American Highway and Pacific Ocean
•
Less than 20km from the proposed port at Santo Domingo
•
Atacama airport a 1 hour drive from site
•
Ready access to power and water
•
Close to the cities of Caldera, Chanaral and Copiapo with
accommodation and skilled labour
Au
Chanaral
Cu/Fe
El Zorro
Gold Project
Cu
Cu/Au
Caldera
Fe
Cities
Ternera Gold Deposit
Other Mines
Santo Domingo Proposed
Port
Tesoro License (570 km2)
Copiapo
Cu/Au
Au
Airport & Power
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
Pan American Highway
INVESTOR PRESENTATION | 6
A. LOCATION | TIER 1 MINING JURISDICTION
MINING REIGNS SUPREME IN THE CHILEAN NORTH
•
Mining is a key contributor to the Chilean economy
representing over half of the country’s total exports
•
The Fraser Institute’s 2020 annual survey ranked Chile as the
best country in South America for mining exploration
investment based on public policy factors such as tax rates
and regulation
•
Low sovereign risk and extremely low corruption
•
Chile is the top copper producer in the world and second
largest producer of lithium
•
Most of the world’s largest, most successful mining
companies operate in Chile
Source: www.trade.gov and World Bank, https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
CHILE
INVESTOR PRESENTATION | 7
B. RESOURCE | CHILE’S NEWEST GOLD DISCOVERY
1.3 MOZ TERNERA GOLD DEPOSIT
•
33.7Mt @ 1.18g/t Au for 1.3Moz1 at 0.3g/t Au cut-off, with underground
resource reported at 1.5g/t Au cut off
•
Unconstrained classified resource of 42.6Mt @ 1.07g/t Au for 1.46Moz1,
at 0.3g/t Au cut-off, utilising data from 310 diamond drill holes
•
Newly defined Intrusive Related Gold System (IRGS), comparable geology
to Tintina Province Deposits such as Fort Knox ~ 4 Moz, Pogo ~ 4.8 Moz,
Kidston ~ 4.5 Moz and Donlin Creek >10 Moz
•
Outcropping orebody with multiple high-grade zones
•
Eight adjacent analogous targets within 10km of Ternera Deposit
•
High potential to repeat Ternera success
Ternera District Gold Prospects and Prospective Gold
Corridor associated with the Dorado Fault
1.
Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and Appendix A
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
INVESTOR PRESENTATION | 8
B. RESOURCE | DEVELOPING TERNERA
RECENT MINERAL RESOURCE UPDATE
Currently 802koz (63%) of total MRE within
Indicated classification1
•
Orebody starting at surface to over 500m
depth with 77.5% of Indicated Resource in
upper 200m
•
Additional well-defined, high-grade zones
identified beneath existing pit shell
•
Recently discovered, near surface, southern
extension (200m from MRE limit) hole
ZDDH0309 returned2:
•
1.50-2.50
2.50-5.00
>5.00
350m
•
53.50m @ 1.17g/t Au from 57.00m,
including;
•
13.50m @ 3.63g/t Au from 70.50m;
•
8.50m @ 1.17g/t Au from 275.50m; and
•
6.37m @ 1.14g/t Au from 344.00m.
1100m
Ternera Gold Deposit Block Model Long Section looking northwest highlighting continuous high-grade
mineralisation from surface above 1.50g/t Au. US$1,800/oz pit shell shown as red outline
1.
Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and Appendix A
2. Refer to ASX Announcement, 8 November 2022
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
INVESTOR PRESENTATION | 9
C. GROWTH | CURRENT MRE IS JUST THE BEGINNING
EXISTING DRILLING INFORMS SIGNIFICANT GROWTH POTENTIAL
•
•
•
Exploration Target of 48.5 Mt to 101.0 Mt at
0.91g/t Au to 1.45g/t Au1
Drilled metres
120,000
Ternera Deposit remains open in all directions
•
Multiple continuous high-grade zones
2,000
60,000
1,096
40,000
20,000
661
586
0
Ternera Exploration Target1
75
July 2021 MRE
Lower
Upper
Lower
Upper
Lower
Upper
48.5
101.0
0.91
1.45
1.6
3.0
1,281
479
1,460
1,600
645
593
503
May 2022 MRE
Drilled metres
Contained Au (Moz)
3,000
2,500
80,000
Wide-spaced drill intercepts outside of Resource
Au Grade (g/t)
3,500
100,000
Exploration Target constrained to the extent of
the current drill footprint
Tonnage (Mt)
Tenera constrained MRE
3,000
Indicates Ternera could potentially contain
between 1.6 Moz and 3.0 Moz gold1
•
•
Resource (kOz Au)
802
March 2023 MRE
815
March 2023
Tenera Gold Deposit
unconstrained MRE Exploration Target
Indicated Resource
Inferred Resource
1,500
1,000
500
0
Tenera MRE growth updates and initial Exploration Target highlighting improved classification and
consistent resource growth with efficient drilling. The Exploration Target has been prepared and
reported in accordance with the 2012 edition of the JORC Code. The potential quantity and grade
are conceptual in nature and there has been insufficient exploration to estimate a Mineral
Resource. It is uncertain if further exploration will result in the estimation of a JORC-compliant
Mineral Resource.
1.
Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and Appendix A
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
INVESTOR PRESENTATION | 10
C. GROWTH | RAPID RESOURCE DELINEATION
EXPLORATION SUCCESS CONFIRMED EL ZORRO AS A NEW GOLD DISTRICT
MAR 2021
Increased
ownership of El
Zorro to 85%
JUL 2021
JAN 2022
MAY 2022
NOV 2022
Maiden Mineral
Resource Estimate
(MRE) at Ternera,
661 koz Au
Gold discovered at
Drone Hill target, 2km
north and west of
Ternera
Ternera MRE
increases to 1.1Moz
@ 1.12g/t Au
Gold Fields Ltd makes
strategic investment
to accelerate
exploration
2021
2022
MARCH 20231
APR 2021
SEP 2021
MAR 2022
AUG 2022
Gold discovered at
Ternera East and
100,000m drill
program completed at
Ternera
Metallurgical test
work confirmed
+94% recoveries
Spectacular hit at
Ternera, ZDDH0288
returned 63.93m @
7.61g/t Au incl 7.00m @
66.10g/t Au
Significant intersection at
Ternera ZDDH0297 returned:
434.60m @ 1.22g/t Au incl
89.95m @ 3.07g/t Au incl
20.80m @ 9.19g/t Au
1.
Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and Appendix A
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
TERNERA MINERAL
RESOURCE INCREASED TO
1.3 Moz AT 1.18g/t (63%
INDICATED)
INITIAL EXPLORATION
TARGET OF 48.5 – 101.0 Mt AT
0.91 – 1.45g/t
INVESTOR PRESENTATION | 11
C. GROWTH | ADDITIONAL DISTRICT DISCOVERIES
IS TERNERA THE FIRST OF MANY?
•
Surface gold confirmed over 50km of strike - major gold belt potential
•
More than 570km2 of unexplored tenure
•
Multiple El Zorro Tonalite dyke swarms (EZT, gold host rock) – strong
potential for Ternera repeats
•
Recent channel sampling results from the Toro Blanco and Kitsune targets
defined a large 3.2km by 1.5km anomalous gold zone – highlights the
potential for Ternera to extend 3km to the north1
• Scout drilling at the Calderillas Target returned significant gold intercepts confirms a new discovery at the 2.5km by 0.5 km surface gold trend 5km
north of Ternera2
• Positive results returned from channel sampling on widespread
outcropping mineralisation at Animas Viejas Target (35km north of
Ternera) defined prospective geology over an area of approximately 7km x
2km3
1.
Refer to ASX Announcement, 17 January 2023
2. Refer to ASX Announcement, 1 December 2022
3. Refer to ASX Announcement, 31 October 2022
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
El Zorro Gold Project concession map. Yellow indicates mapped
intrusions (EZT) prospective for gold mineralisation
INVESTOR PRESENTATION | 12
HIGHLY EXPERIENCED BOARD
WITH A TRACK RECORD OF EXPLORATION AND DEVELOPMENT SUCCESS
Linton Putland
Zeffron Reeves
Executive Director
Managing Director
•
•
•
Geologist with more than 20 years
of resource experience, spanning
greenfield exploration, mineral
discovery, definition and feasibility,
construction, production and
closure.
Previously Managing Director of ASX
listed Metallum Ltd, a company with
development projects and
operations in Chile.
Track record of exploration success
identifying and delineating new gold
districts in Brazil and Chile.
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
•
•
•
More than 30 years of experience in
mining in Australia, Africa and the
Americas covering a wide range of
commodities.
Current Principal of private mining
consultancy company, LJ Putland &
Associates.
Previously held senior management
roles in IAMGOLD, Aurion Gold,
Delta Gold and Pancontinental
Mining.
Member of AusIMM and a Graduate
Member of Australian Institute of
Company Directors.
Non-Executive Director
Non-Executive Director
Mining and Development
•
Kristie Young
Geoff McNamara
•
•
•
•
•
More than 30 years of international
resource sector experience.
Previously Director of Mining
Finance at Societe General, NYC
Private Equity Manager for PRCM
(FUM US$800M).
Previous operational roles include
Project Manager, Senior Mine
Geologist and Mine Geologist for
Ivanhoe Mines, Lion Ore
International and Western Mining
Corporation.
Fellow of AusIMM and a Graduate
Member of Australian Institute of
Company Directors.
•
•
•
•
More than 25 years’ experience
across mining engineering, project
evaluation, strategy, executive
search.
Deep experience across business
development and growth including
Director roles with EY and PwC.
Currently, Non-Executive Director
Lithium Australia Ltd, MinEx CRC,
Wesley College WA.
Fellow of the AusIMM and Graduate
Member of Australian Institute of
Company Directors.
INVESTOR PRESENTATION | 13
DEEP CHILEAN EXPERTISE
DEDICATED IN COUNTRY TEAM OF LOCAL SPECIALISTS
Sergio Uribe
Chile
•
•
Administrative, management and
development professional with
significant Chilean experience.
Background in greenfield
exploration, discovery, production,
closure, retreatment and tailings
reclamation.
Previously Commercial Manager of
Metallum Chile, General Manager of
Acorn Mining Chile and Country
Manager for Cleveland Mining Chile.
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
Tatania Garcia
Francisco Varela Echaurren
Chile
Permitting, Community Relations
and Sustainability
Chile
Exploration Manager
Country Manager
•
Ruben Cahuana
•
•
•
Geologist and Geotechnical
engineer with more than 15 years of
mining and exploration experience
in Chile, Peru, and the Dominican
Republic.
Deep personnel and project
management expertise including
strategic planning with a focus on
safety and ESG.
Extensive background in geological
mapping, geochemical sampling,
drilling, modelling, QA/QC and
geotechnical assessment.
Legal Counsel
Manager
•
•
•
Engineer with 14 years of involvement
in the environmental regulatory
sector.
Extensive experience developing
regulations, evaluating investment
projects and managing the social and
economic analysis of environmental
public policies for approval.
Specialist in emissions inventories,
environmental economic instruments,
and technical leader of the first
Chilean carbon market.
•
•
•
Lawyer and Master of Tax Law with
14 years experience in Chilean law.
Specialist in the development of
Mining and Energy sector
investment projects.
Advises national and foreign clients
in matters related to project
development, M&A, public
procurement, financing structures
and venture capital.
INVESTOR PRESENTATION | 14
CORPORATE SNAPSHOT
TESORO GOLD (ASX: TSO, OTCQB:TSORF)
Capital structure
Share price1
Shares on issue2
Register detail4
A$0.032
9.4%
1,053.5 M
Performance rights2
73.41 M
Listed options (ASX: TSOO and ASX: TSOOA)2
174.76 M
Market capitalisation (undiluted)
A$33.71 M
Cash3
A$7.21 M
Debt3
1.
As at 10 March 2023
2. As at 7 March 2023: TSOO expiring 7 July 2025 and TSOOA expiring 13 December 2025
3. As at 31 December 2023
4. At 16 February 2023
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
Nil
14.9%
56.2%
19.5%
BOARD AND MANAGEMENT
GOLD FIELDS
INSTITUTIONAL INVESTORS
OTHER INVESTORS
INVESTOR PRESENTATION | 15
UNLOCKING EL ZORRO’S FULL POTENTIAL
CATALYSTS ON THE VALUE REALISATION PATHWAY
DISTRICT
DISCOVERIES
DEVELOPING
TERNERA
•
MRE increased and upgraded with initial
Exploration Target defined Q1 2023
•
Kitsune maiden drilling program to commence
Q2 2023
•
Ternera expansion drilling program ongoing
with completion targeted by end Q2 2023
•
Calderillas Target follow up drilling planned to
commence Q2 2023
•
Ternera Gold Deposit starter pit Scoping Study
scheduled for completion during Q2 2023
•
Ongoing mapping and sampling work to
further define drill targets at Calderillas North,
Drone Hill and Buzzard during 2023
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
INVESTOR PRESENTATION | 16
1
2
3
4
5
6
LARGE, HIGHLY PROSPECTIVE GOLD PROJECT
Strategically positioned, and located in a Tier 1 mining jurisdiction
EXISTING 1.3 Moz MINERAL RESOURCE ESTIMATE
Delivered at a low US$14/oz discovery cost and 99% success rate
EXCEPTIONAL METALLURGY FOR SIMPLE PROCESS FLOW
Single stage crushing, gravity and CIL expected
RESOURCE AND DISTRICT LEVEL GROWTH POTENTIAL
Numerous discoveries for multi-million ounce potential
HIGHLY EXPERIENCED BOARD AND MANAGEMENT TEAM
Local presence and deep Chilean expertise
MULTIPLE CATALYSTS FOR VALUE RECOGNITION
Mineral Resource upgrade and starting pit Scoping Study delivery
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
TESORO GOLD LIMITED
Level 48
152-158 St Georges Terrace
Perth, WA 600
+61 8 6311 9160
info@tesorogold.com.au
www.tesorogold.com.au
ASX:TSO | OTCQB:TSORF
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
APPENDIX A
TERNERA MINERAL RESOURCE ESTIMATE (MRE)
Constrained 1.28 Moz Au MRE: US$1,800/oz optimised pit shell, underground reported at 1.5 g/t Au cut off1
Area
Cut off
Open Pit Resource
Underground Resource
Total Resources
Indicated
Total
Inferred
Au g/t
Mt
Au g/t
Koz
Mt
Au g/t
Koz
Mt
Au g/t
Koz
0.30
1.50
22.5
0.1
22.6
1.10
2.64
1.11
795
7
802
10.0
1.2
11.2
1.18
2.64
1.34
379
100
479
32.5
1.3
33.7
1.13
2.64
1.18
1,175
107
1,282
Unconstrained 1.46 Moz Au MRE: reported at various cut offs to the 200mRL1
Cut off
Au g/t
0.3
0.5
1.00
2.00
Indicated
Mt
23.2
16.3
7.2
2.6
Au g/t
1.09
1.39
2.25
3.75
Total
Inferred
Koz
815
727
523
317
Mt
19.4
12.8
5.6
2.0
Au g/t
1.03
1.37
2.24
3.71
Koz
645
561
400
241
Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and Appendix A. Tesoro Gold Limited confirms that it is
not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical
parameters underpinning that release continue to apply and have not materially changed.
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
Mt
42.6
29.1
12.8
4.7
Au g/t
1.07
1.38
2.24
3.37
Koz
1,459
1,288
923
558
1.
INVESTOR PRESENTATION | 19
APPENDIX B
PRELIMINARY PROCESS PLANT FLOWSHEET
45%
gold recovered
by gravity
94.5%
total recovery at 150 micron
grind size1
SIMPLE FLOWSHEET
single stage crushing,
gravity and CIL
1.
Refer to ASX announcement, 10 December 2021
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
INVESTOR PRESENTATION | 20
APPENDIX C
ENVIRONMENTAL AND SOCIAL STRATEGY
ALIGNED TO THE UNITED NATIONS (UN) SUSTAINABLE DEVELOPMENT GOALS (SDG) WITH A COMMITMENT TO
ENSURING EXPLORATION AND OPERATIONAL ACTIVITIES GENERATE POSITIVE SUSTAINABILITY OUTCOMES
Health and safety
Occupational Health and Safety are fundamental responsibilities Tesoro has towards its workforce. Our
strategies and practices are based on providing a safe workplace for all employees, suppliers and
contractors.
Climate change
Total GHG emissions on a $ per value basis for newly mined gold is significantly lower than that for other
major metals and mined products. Tesoro is committed to put in place a framework to ensure future
mine developments are built and operated to support global greenhouse mitigation targets.
Environment
Tesoro applies leading exploration techniques, technology and practices to promote drilling efficiency
and minimise environmental impacts. Furthermore, Tesoro is committed to continual improvement of its
environmental performance through a robust environmental management program.
People and culture
Attracting, developing and retaining a diverse, inclusive and competent workforce is important to Tesoro
and a key foundation to the company's policies and practices.
Community partnerships
Tesoro partners with the local and host communities of the Coastal Cordillera region of Chile to share
value through the creation of local jobs and business opportunities.
Economic sustainability
Generating economic growth and value for all our investors, employees and stakeholders through
successful exploration and investment in the Coastal Cordillera region of Chile.
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
INVESTOR PRESENTATION | 21
APPENDIX D
EL ZORRO GOLD PROJECT | TOP TEN DRILL INTERCEPTS1
1.
ZDDH0297: 434.60m @ 1.22g/t Au; incl. 89.95m @ 3.07g/t Au, incl. 20.80m @ 9.19g/t Au
2.
ZDDH0288: 63.93m @ 7.61g/t Au; incl. 7.00m @ 66.10g/t Au
3.
ZDDH0069: 267.00m @ 1.12g/t Au; incl. 132.00m @ 1.89g/t Au
4.
ZDDH0154: 67.00m @ 3.44g/t Au; incl. 13.50m @ 15.84g/t Au
5.
ZDDH0017: 86.45m @ 2.29g/t Au; incl. 50.50m @ 3.63g/t Au
6.
ZDDH0170: 205.00m @ 0.96g/t Au; incl. 35.00m @ 3.99g/t Au
7.
ZDDH0290: 63.60m @ 2.89g/t Au; incl. 10.60m @ 14.34g/t Au
8.
ZDDH0300: 129.60m @ 1.08g/t Au; incl. 22.60m @ 2.51g/t Au
9.
ZDDH0025: 121.55m @ 1.32g/t Au; incl. 22.55m @ 2.98g/t Au
10. ZDDH0011: 98.30 m @ 1.58g/t Au; incl. 30.30 m @ 3.03g/t Au
1.
Refer to Prospectus dated 29 October 2019 and ASX announcements, 12 March 2020, 27 May 2020, 21 December 2020, 4 August 2021, 19 August 2021,
30 March 2022, 31 August 2022 and 27 September 2022
Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION
INVESTOR PRESENTATION | 22
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