Announcement PDF Sign up HERE to our Investor Hub ASX ANNOUNCEMENT 18 SEPTEMBER 2023 ASX:TSO OTCQB:TSORF SURFACE SAMPLING RESULTS HIGHLIGHT TERNERA EXPANSION POTENTIAL CORPORATE AND OPERATIONS UPDATE Tesoro Gold Limited (Tesoro or the Company) (ASX:TSO, OTCQB:TSORF) is pleased to report positive results from surface sampling south of the Ternera Gold Deposit (Ternera). HIGHLIGHTS • Results from recent surface sampling suggest a significant southern extension to Ternera, with grades up to 30.80g/t Au returned, including; • 4.00m @ 13.31g/t Au (EZTR004143); • 13.00m @ 9.67g/t Au (EZTR004207) including; • - 6.00m @ 20.02g/t Au; and - 3.00m @ 30.80g/t Au. 9.00m @ 4.60g/t Au (EZTR004208) including; - 3.00m @ 12.60g/t Au. • 3.00m @ 4.70 g/t Au (EZTR004209). • Results demonstrate surface gold mineralisation extends up to 380m south of the existing Ternera Mineral Resource Estimate (MRE). • Up to 15g/t Au returned from an initial scout hole completed at Toro Blanco. • Initial eight (8) holes complete as part of the Kitsune scout drilling program. • New drilling contractor being sourced to continue Ternera Resource Expansion drilling and District target drilling. • El Zorro SCM (Tesoro 89.1%) granted exporter status paving the way for historical Value Added Tax (VAT) recovery and future VAT exemption. • The current value of qualifying, unrecovered VAT expenditure is CLP2.39 billion, or approximately A$4.15 million. Level 48, 152-158 St Georges Terrace, Perth +61 8 6311 9160 info@tesorogold.com.au ASX ANNOUNCEMENT 18 SEPTEMBER 2023 Tesoro Managing Director, Zeff Reeves, commented: “The recently received surface sampling results at Ternera, highlights the exceptional nearsurface potential for continued MRE growth, and evidence that the gold bearing fault zones remain open to the south. Additional drilling is planned in the coming months to delineate additional gold mineralisation. In further positive news, El Zorro SCM has now been granted exporter status, which paves the way for recovery of the total VAT paid since commencing work at El Zorro in 2017. Additionally, it also exempts any future VAT obligations for the company. With a Chilean VAT rate of 19%, the anticipated refund is set to provide a significant boost to our treasury, with the forward exemption also significantly improving the profitability of any future mining development.” Ternera South Surface Sampling Results The recently announced shallow, high=grade Ternera South drilling results (refer ASX Announcements 11 May 2023 and 21 June 2023), have been followed by additional activities to better define the southern extensions of the Ternera Deposit. These activities included detailed mapping and further continuous surface channel sampling south of the existing Ternera MRE. Assays received have enabled the definition of shallow, high-grade gold zones, with multiple mineralised fault zones returning high-grade results (including up to 30.80g/t Au). Surface gold mineralisation has now been confirmed up to 380m south of the existing MRE, validated by the previously announced drilling. Full results are presented in Appendix 1. Further drilling is in the planning to define additional Ternera resources out to this area. TESOROGOLD.COM.AU 2 ASX ANNOUNCEMENT 18 SEPTEMBER 2023 Figure 1 – Ternera South surface sampling results and locations. Drilling results refer to previously announced southern extension drilling (ASX Announcements 11 May 2023 and 21 June 2023)) Datum PSAD56 19S El Zorro S.C.M. Granted Exporter Status As previously announced (refer ASX Announcement 25 August 2022,) the Company received judicial approval for provisional surface property easement rights at the El Zorro Gold Project, Chile. These rights entitle Tesoro to recover VAT paid on previous expenditure on the acquisition of fixed assets. As announced on 31 January 2023, to date approximately A$592,000 has been received in its VAT recoveries. TESOROGOLD.COM.AU 3 ASX ANNOUNCEMENT 18 SEPTEMBER 2023 Further to this, the Company has recently completed qualification as a future exporter which permit full recovery of VAT already expended on the El Zorro Gold Project since 2017 and also any future VAT generated by the Project. The current balance of unrecovered VAT expenditure is CLP2.39B (approximately A$4.15M). The Company is working with the Chilean tax authority to have this credit refunded as soon as possible. Kitsune Target Drilling First pass drilling at the Kitsune Target is on hold while a replacement contractor is engaged to complete the scheduled program. To date, eight (8) holes are complete and drilling is planned to continue once a new drilling contractor has been secured to complete the remaining program. All initial holes have intersected the target El Zorro Tonalite (EZT) lithology which is the main gold host at the Ternera Gold Deposit. Final assays and multielement XRF analysis of pulverised core samples are outstanding, with results expected during Q4 2023. Toro Blanco Drilling One scout hole has been completed at Toro Blanco which returned a shallow high-grade intercept of 0.50m @ 15.00g/t Au from 35.00m within faulted EZT. This result confirms the continuation of the mineralising Dorado Fault System from Ternera to over 1,900m north to Toro Blanco. Additional drilling is planned to define gold mineralisation between Ternera and Toro Blanco in the coming months, targeting extensions of the Ternera Gold Deposit to the north. TESOROGOLD.COM.AU 4 ASX ANNOUNCEMENT 18 SEPTEMBER 2023 Figure 2 – Ternera to Kitsune geology map showing completed drilling at Toro Blanco and Kitsune. Holes ZDDH0244 and ZDDH0254A previously reported, refer ASX announcements 12 December 2021 and 4 February 2022. Datum PSDAD56 19S Table 1 – Toro Blanco and Kitsune drillhole locations. TESOROGOLD.COM.AU 5 ASX ANNOUNCEMENT 18 SEPTEMBER 2023 Hole Location Hole Orientation Northing Easting Elevation Dip Azimuth ZDDH00327 342290 7037884 890 -60 240 ZDDH00327A 342290 7037883 890 -60 240 ZDDH00328 341359 7038855 690 -60 240 ZDDH00329 341724 7038695 699 -60 240 ZDDH00330 341788 7038750 745 -60 240 ZDDH00331 341828 7038480 830 -60 240 ZDDH00332 341426 7038921 642 -60 240 ZDDH00333 340938 7039755 791 -60 240 ZDDH00334 341249 7039400 684 -60 240 ZDDH00335 340938 7039755 791 -60 0 Hole ID Drill Depth (m) 31.90 146.50 233.50 200.00 200.00 146.60 100.00 130.00 51.50 140.10 TARGET Toro Blanco (Abandoned) Toro Blanco Kitsune Kitsune Kitsune Kitsune Kitsune Kitsune Kitsune (Abandoned) Kitsune Authorised by the Board of Tesoro Gold Ltd. For more information: Company: Zeff Reeves, Managing Director Tesoro Gold Limited info@tesorogold.com.au 1. For full details of the Ternera Deposit Mineral Resource Estimate (802 koz Indicated, 479 koz Inferred), refer to ASX Announcement dated 9 March 2023. The Company confirms that it is not aware of any new information or data that materially affects the information in that release and that the material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed. TESOROGOLD.COM.AU 6 ASX ANNOUNCEMENT 18 SEPTEMBER 2023 About Tesoro Future Performance Tesoro Gold 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’s 95% owned Chilean subsidiary owns 93.8% of the El Zorro Gold Project. This announcement may contain certain forwardlooking statements and opinions. 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 forwardlooking 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 Gold. Competent Persons Statements 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 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 on 9 March 2023. TESOROGOLD.COM.AU 7 ASX ANNOUNCEMENT 18 SEPTEMBER 2023 APPENDIX 1: TERNERA SURFACE SAMPLING RESULTS TRENCH_ID Sample_ID UTM_E UTM_N dip Azimuth FROM_ TO width__m_ Au_ppm EZTR003825 TRC194053 341896 7035640 0 100 0.00 3.00 3.00 0.01 EZTR003826 TRC194054 342016 7035580 0 160 0.00 3.00 3.00 0.01 EZTR003826 TRC194055 342017 7035574 0 160 3.00 6.00 3.00 0.04 EZTR003826 TRC194056 342019 7035571 0 165 6.00 9.00 3.00 0.01 EZTR003826 TRC194058 342019 7035569 0 140 9.00 12.00 3.00 0.67 EZTR003826 TRC194059 342020 7035566 0 140 12.00 15.00 3.00 0.08 EZTR003826 TRC194060 342018 7035563 0 230 15.00 18.00 3.00 0.62 EZTR004143 TRC193491 341800 7035912 0 75 0.00 2.00 2.00 1.32 EZTR004143 TRC193492 341804 7035913 0 75 2.00 4.00 2.00 25.3 EZTR004144 TRC193493 341750 7035774 -5 10 0.00 3.00 3.00 0.25 EZTR004144 TRC193494 341751 7035777 -5 10 3.00 6.00 3.00 0.03 EZTR004144 TRC193495 341749 7035777 0 345 6.00 9.00 3.00 0.93 EZTR004145 TRC193496 341791 7035859 1 20 0.00 3.00 3.00 0.19 EZTR004145 TRC193498 341792 7035861 1 20 3.00 6.00 3.00 0.11 EZTR004145 TRC193499 341793 7035864 1 20 6.00 9.00 3.00 0.03 EZTR004145 TRC193500 341794 7035866 1 20 9.00 10.00 1.00 0.07 EZTR004146 TRC193501 341834 7035849 0 200 0.00 3.00 3.00 0.01 EZTR004146 TRC193502 341834 7035848 0 200 3.00 6.00 3.00 0.01 EZTR004146 TRC193503 341835 7035845 0 200 6.00 9.00 3.00 0.02 EZTR004146 TRC193504 341835 7035843 0 200 9.00 12.00 3.00 0.02 EZTR004146 TRC193506 341836 7035842 0 200 12.00 15.00 3.00 0.13 EZTR004147 TRC193507 341839 7035830 0 150 0.00 3.00 3.00 0.04 EZTR004147 TRC193508 341840 7035826 0 150 3.00 6.00 3.00 0.08 EZTR004147 TRC193509 341840 7035823 0 150 6.00 9.00 3.00 0.02 EZTR004147 TRC193510 341841 7035821 0 150 9.00 12.00 3.00 0.01 EZTR004147 TRC193511 341843 7035819 0 150 12.00 15.00 3.00 0.02 EZTR004148 TRC193512 341849 7035812 30 120 0.00 3.00 3.00 0.03 EZTR004148 TRC193514 341851 7035809 20 120 3.00 6.00 3.00 0.07 EZTR004148 TRC193515 341854 7035808 10 120 6.00 9.00 3.00 0.04 EZTR004148 TRC193516 341856 7035807 0 110 9.00 12.00 3.00 0.03 EZTR004148 TRC193517 341858 7035806 0 90 12.00 15.00 3.00 0.01 EZTR004148 TRC193518 341861 7035805 0 90 15.00 18.00 3.00 0.01 EZTR004148 TRC193519 341864 7035804 0 90 18.00 21.00 3.00 0.03 EZTR004148 TRC193520 341867 7035804 0 90 21.00 24.00 3.00 0.01 EZTR004148 TRC193522 341871 7035805 -5 85 24.00 27.00 3.00 0.01 EZTR004148 TRC193523 341873 7035803 0 85 27.00 30.00 3.00 0.01 EZTR004149 TRC193524 341869 7035808 0 115 0.00 3.00 3.00 0.01 EZTR004149 TRC193525 341873 7035810 0 80 3.00 6.00 3.00 0.01 EZTR004149 TRC193526 341876 7035810 0 75 6.00 9.00 3.00 0.01 EZTR004149 TRC193527 341878 7035811 0 75 9.00 12.00 3.00 0.01 EZTR004149 TRC193528 341881 7035811 0 75 12.00 15.00 3.00 0.01 EZTR004149 TRC193530 341884 7035812 0 75 15.00 18.00 3.00 0.01 EZTR004149 TRC193531 341887 7035813 0 75 18.00 21.00 3.00 0.09 EZTR004149 TRC193532 341890 7035813 0 75 21.00 24.00 3.00 0.03 EZTR004150 TRC193533 341854 7035802 0 120 0.00 3.00 3.00 0.005 EZTR004150 TRC193534 341857 7035801 0 120 3.00 6.00 3.00 0.06 EZTR004151 TRC193535 341824 7035758 0 110 0.00 3.00 3.00 0.3 EZTR004151 TRC193536 341828 7035757 0 110 3.00 6.00 3.00 0.56 EZTR004151 TRC193538 341830 7035756 0 110 6.00 9.00 3.00 0.04 EZTR004151 TRC193539 341832 7035755 0 110 9.00 12.00 3.00 0.01 EZTR004151 TRC193540 341835 7035755 0 110 12.00 15.00 3.00 0.77 EZTR004152 TRC193541 341864 7035753 0 85 0.00 3.00 3.00 0.01 EZTR004152 TRC193542 341868 7035754 0 85 3.00 6.00 3.00 0.01 EZTR004152 TRC193543 341872 7035756 0 85 6.00 9.00 3.00 0.005 EZTR004153 TRC193544 341982 7035743 0 170 0.00 1.00 1.00 0.1 EZTR004153 TRC193546 341983 7035741 0 170 1.00 4.00 3.00 0.16 EZTR004153 TRC193547 341984 7035739 0 170 4.00 7.00 3.00 0.46 EZTR004153 TRC193548 341983 7035737 0 170 7.00 10.00 3.00 0.59 EZTR004153 TRC193549 341981 7035734 0 170 10.00 13.00 3.00 0.09 EZTR004154 TRC193550 341778 7035893 0 30 0.00 2.00 2.00 0.75 EZTR004155 TRC193551 341814 7035755 0 50 0.00 3.00 3.00 4.04 EZTR004156 TRC193552 341793 7035701 0 350 0.00 1.00 1.00 0.02 EZTR004156 TRC193554 341793 7035702 0 350 1.00 4.00 3.00 0.69 EZTR004156 TRC193555 341792 7035702 0 350 4.00 7.00 3.00 0.05 EZTR004156 TRC193556 341981 7035730 0 170 13.00 16.00 3.00 0.28 EZTR004156 TRC193557 341980 7035727 0 170 16.00 19.00 3.00 0.52 EZTR004156 TRC193558 341978 7035724 0 170 19.00 22.00 3.00 0.26 EZTR004156 TRC193559 341978 7035720 0 170 22.00 25.00 3.00 0.23 EZTR004156 TRC193560 341976 7035719 0 170 25.00 28.00 3.00 0.26 EZTR004156 TRC193562 341974 7035715 0 170 28.00 31.00 3.00 0.38 EZTR004156 TRC193563 341976 7035713 0 170 31.00 34.00 3.00 0.17 EZTR004157 TRC193564 341970 7035693 0 160 0.00 3.00 3.00 0.03 EZTR004157 TRC193565 341970 7035689 0 160 3.00 6.00 3.00 0.24 EZTR004157 TRC193566 341971 7035686 0 160 6.00 9.00 3.00 0.11 EZTR004187 TRC193478 341905 7035849 0 75 0.00 1.00 1.00 0.18 EZTR004188 TRC193479 341909 7035850 0 50 0.00 2.00 2.00 4.9 EZTR004189 TRC193480 341913 7035848 0 100 0.00 3.00 3.00 0.04 EZTR004189 TRC193482 341915 7035850 0 100 3.00 6.00 3.00 0.02 TESOROGOLD.COM.AU TRENCH_ID Sample_ID UTM_E UTM_N dip Azimuth FROM_ TO width__m_ Au_ppm EZTR004189 TRC193483 341919 7035851 0 100 6.00 9.00 3.00 0.07 EZTR004189 TRC193484 341921 7035851 0 80 9.00 12.00 3.00 0.08 EZTR004190 TRC193485 341930 7035852 0 75 0.00 3.00 3.00 0.03 EZTR004190 TRC193486 341933 7035851 0 85 3.00 6.00 3.00 0.005 EZTR004190 TRC193487 341937 7035852 0 85 6.00 9.00 3.00 0.01 EZTR004190 TRC193488 341939 7035852 0 85 9.00 12.00 3.00 0.65 EZTR004190 TRC193490 341942 7035853 0 85 12.00 15.00 3.00 0.14 EZTR004191 TRC193655 341892 7035638 0 95 0.00 3.00 3.00 0.01 EZTR004191 TRC193656 341894 7035637 0 95 3.00 5.00 2.00 0.02 EZTR004191 TRC193658 341896 7035637 0 95 5.00 7.00 2.00 0.01 EZTR004191 TRC193659 341898 7035636 0 95 7.00 9.00 2.00 0.005 EZTR004191 TRC193660 341900 7035636 0 95 9.00 11.00 2.00 0.005 EZTR004191 TRC193661 341901 7035635 0 95 11.00 14.00 3.00 0.01 EZTR004191 TRC193662 341904 7035635 0 95 14.00 17.00 3.00 0.01 EZTR004191 TRC193663 341908 7035634 1 95 17.00 20.00 3.00 0.01 EZTR004191 TRC193664 341908 7035634 0 95 20.00 23.00 3.00 0.01 EZTR004191 TRC193666 341913 7035634 0 100 23.00 26.00 3.00 0.04 EZTR004191 TRC193667 341917 7035633 0 105 26.00 29.00 3.00 0.03 EZTR004191 TRC193668 341918 7035633 0 115 29.00 32.00 3.00 0.04 EZTR004191 TRC193669 341919 7035629 0 135 32.00 35.00 3.00 0.11 EZTR004192 TRC193670 341985 7035591 0 100 0.00 3.00 3.00 0.02 EZTR004193 TRC193671 342044 7035583 0 140 0.00 1.00 1.00 0.005 EZTR004194 TRC193672 342016 7035591 0 150 0.00 3.00 3.00 0.04 EZTR004194 TRC193675 342016 7035587 0 150 3.00 6.00 3.00 0.04 EZTR004194 TRC193676 342019 7035587 0 150 6.00 9.00 3.00 0.01 EZTR004194 TRC193677 342019 7035583 0 155 9.00 12.00 3.00 0.01 EZTR004195 TRC193674 342026 7035562 0 130 0.00 3.00 3.00 0.04 EZTR004196 TRC193678 341910 7035664 -5 220 0.00 3.00 3.00 0.005 EZTR004196 TRC193679 341910 7035660 -10 220 3.00 6.00 3.00 0.01 EZTR004196 TRC193680 341908 7035659 -10 220 6.00 9.00 3.00 0.005 EZTR004196 TRC193682 341907 7035655 -10 220 9.00 12.00 3.00 0.005 EZTR004196 TRC193683 341906 7035653 -10 220 12.00 15.00 3.00 0.005 EZTR004196 TRC193684 341904 7035650 -10 220 15.00 18.00 3.00 0.01 EZTR004197 TRC193685 341982 7035776 0 200 0.00 2.00 2.00 1.01 EZTR004198 TRC193686 341795 7035700 0 0 0.00 3.00 3.00 0.01 EZTR004198 TRC193687 341792 7035704 0 10 3.00 6.00 3.00 0.01 EZTR004198 TRC193688 341792 7035706 0 5 6.00 9.00 3.00 0.04 EZTR004199 TRC193690 341862 7035748 0 70 0.00 3.00 3.00 0.03 EZTR004199 TRC193691 341865 7035747 0 70 3.00 6.00 3.00 0.01 EZTR004199 TRC193692 341869 7035746 0 70 6.00 9.00 3.00 0.02 EZTR004199 TRC193693 341872 7035747 0 70 9.00 12.00 3.00 0.005 EZTR004199 TRC193694 341875 7035746 0 90 12.00 14.00 2.00 0.005 EZTR004199 TRC193695 341878 7035746 0 120 14.00 17.00 3.00 0.02 EZTR004199 TRC193696 341881 7035745 0 120 17.00 20.00 3.00 0.04 EZTR004207 TRC193829 341795 7035910 0 60 0.00 3.00 3.00 30.8 EZTR004207 TRC193830 341796 7035912 0 60 3.00 6.00 3.00 9.24 EZTR004207 TRC193831 341799 7035913 0 70 6.00 9.00 3.00 1.31 EZTR004207 TRC193832 341803 7035916 0 70 9.00 11.00 2.00 0.35 EZTR004207 TRC193834 341804 7035917 0 70 11.00 13.00 2.00 0.45 EZTR004208 TRC193835 341809 7035915 0 70 0.00 3.00 3.00 0.53 EZTR004208 TRC193836 341810 7035915 0 70 3.00 6.00 3.00 0.68 EZTR004208 TRC193837 341810 7035917 0 70 6.00 9.00 3.00 12.6 EZTR004208 TRC193838 341813 7035918 0 70 9.00 12.00 3.00 0.05 EZTR004208 TRC193839 341817 7035918 0 70 12.00 15.00 3.00 0.03 EZTR004209 TRC193840 341764 7035880 0 70 0.00 3.00 3.00 0.03 EZTR004209 TRC193842 341766 7035882 0 70 3.00 6.00 3.00 0.07 EZTR004209 TRC193843 341769 7035882 0 70 6.00 9.00 3.00 4.7 EZTR004209 TRC193844 341772 7035885 0 55 9.00 12.00 3.00 0.07 EZTR004209 TRC193845 341773 7035887 0 55 12.00 15.00 3.00 0.02 EZTR004209 TRC193846 341775 7035887 0 55 15.00 18.00 3.00 0.04 EZTR004209 TRC193847 341777 7035888 0 55 18.00 20.00 2.00 0.21 EZTR004209 TRC193848 341778 7035890 0 55 21.00 23.00 2.00 0.18 EZTR004210 TRC193850 341751 7035884 0 130 0.00 3.00 3.00 0.01 EZTR004210 TRC193851 341753 7035883 0 115 3.00 6.00 3.00 0.01 EZTR004210 TRC193852 341756 7035881 0 110 6.00 9.00 3.00 0.02 EZTR004211 TRC193759 341875 7035757 0 65 0.00 3.00 3.00 0.01 EZTR004211 TRC193760 341876 7035758 0 65 3.00 6.00 3.00 0.01 EZTR004211 TRC193762 341879 7035759 0 60 6.00 9.00 3.00 0.01 EZTR004211 TRC193763 341883 7035760 0 60 9.00 12.00 3.00 0.01 EZTR004211 TRC193764 341886 7035761 0 60 12.00 15.00 3.00 0.01 EZTR004211 TRC193765 341889 7035762 0 60 15.00 18.00 3.00 0.005 EZTR004211 TRC193766 341891 7035762 0 85 18.00 21.00 3.00 0.005 EZTR004211 TRC193767 341896 7035762 0 85 21.00 24.00 3.00 0.005 EZTR004211 TRC193768 341898 7035760 0 85 24.00 27.00 3.00 0.01 EZTR004211 TRC193770 341900 7035760 0 105 27.00 30.00 3.00 0.02 EZTR004211 TRC193771 341905 7035760 0 105 30.00 33.00 3.00 0.005 EZTR004211 TRC193772 341906 7035761 0 70 33.00 36.00 3.00 0.01 8 ASX ANNOUNCEMENT 18 SEPTEMBER 2023 TRENCH_ID Sample_ID UTM_E UTM_N dip Azimuth FROM_ TO width__m_ Au_ppm EZTR004211 TRC193773 341908 7035763 0 70 36.00 39.00 3.00 0.01 EZTR004212 TRC193774 341931 7035766 0 105 0.00 3.00 3.00 0.08 EZTR004212 TRC193775 341933 7035765 0 115 3.00 6.00 3.00 0.02 EZTR004212 TRC193776 341936 7035764 0 110 6.00 9.00 3.00 0.01 EZTR004212 TRC193778 341939 7035765 0 110 9.00 12.00 3.00 0.01 EZTR004212 TRC193779 341940 7035764 0 80 12.00 14.00 2.00 0.02 EZTR004212 TRC193780 341944 7035765 0 90 14.00 16.00 2.00 0.01 EZTR004212 TRC193781 341945 7035765 0 85 16.00 19.00 3.00 0.01 EZTR004212 TRC193782 341948 7035766 0 60 19.00 22.00 3.00 0.005 EZTR004212 TRC193783 341948 7035768 0 60 22.00 25.00 3.00 0.01 EZTR004212 TRC193784 341952 7035770 0 60 25.00 28.00 3.00 0.21 EZTR004212 TRC193786 341954 7035772 0 60 28.00 31.00 3.00 0.01 EZTR004212 TRC193787 341956 7035774 0 50 31.00 34.00 3.00 0.01 EZTR004212 TRC193788 341958 7035774 0 60 34.00 37.00 3.00 0.01 EZTR004212 TRC193789 341962 7035775 0 60 37.00 40.00 3.00 0.01 EZTR004212 TRC193790 341965 7035776 0 90 40.00 43.00 3.00 0.01 EZTR004212 TRC193791 341969 7035779 0 90 43.00 46.00 3.00 0.13 EZTR004212 TRC193792 341972 7035777 0 70 46.00 49.00 3.00 0.07 EZTR004212 TRC193794 341974 7035777 0 70 49.00 52.00 3.00 0.01 EZTR004212 TRC193795 341975 7035778 0 60 52.00 55.00 3.00 0.04 EZTR004212 TRC193796 341978 7035778 0 50 55.00 58.00 3.00 0.32 EZTR004213 TRC193797 341981 7035772 0 175 0.00 3.00 3.00 0.01 EZTR004213 TRC193798 341982 7035768 0 175 3.00 6.00 3.00 0.01 EZTR004213 TRC193799 341982 7035765 0 170 6.00 9.00 3.00 0.01 EZTR004213 TRC193800 341982 7035762 0 180 9.00 12.00 3.00 0.02 EZTR004213 TRC193853 341983 7035758 0 170 12.00 15.00 3.00 0.01 EZTR004213 TRC193854 341981 7035754 0 170 15.00 18.00 3.00 0.02 EZTR004213 TRC193855 341981 7035753 0 165 18.00 21.00 3.00 0.02 EZTR004214 TRC193856 341981 7035746 0 165 0.00 3.00 3.00 0.14 EZTR004215 TRC193858 341991 7035640 0 60 0.00 3.00 3.00 0.01 EZTR004215 TRC193859 341995 7035642 5 60 3.00 6.00 3.00 0.005 EZTR004216 TRC193860 342002 7035649 0 45 0.00 3.00 3.00 0.005 EZTR004216 TRC193861 342005 7035653 5 45 3.00 6.00 3.00 0.01 EZTR004216 TRC193862 342006 7035655 15 45 6.00 9.00 3.00 0.02 EZTR004217 TRC193863 342014 7035651 0 125 0.00 3.00 3.00 0.005 EZTR004217 TRC193864 342016 7035649 0 140 3.00 6.00 3.00 0.19 EZTR004217 TRC193866 342017 7035647 5 110 6.00 9.00 3.00 0.005 EZTR004217 TRC193867 342020 7035645 2 115 9.00 12.00 3.00 0.005 EZTR004217 TRC193868 342024 7035642 0 100 12.00 15.00 3.00 0.005 EZTR004218 TRC193869 342024 7035520 0 60 0.00 3.00 3.00 0.005 EZTR004218 TRC193870 342025 7035521 0 60 3.00 6.00 3.00 0.01 EZTR004218 TRC193871 342028 7035523 0 60 6.00 9.00 3.00 0.005 EZTR004218 TRC193872 342030 7035524 10 60 9.00 12.00 3.00 0.01 EZTR004218 TRC193874 342032 7035525 5 60 12.00 15.00 3.00 0.005 EZTR004218 TRC193875 342036 7035527 5 55 15.00 18.00 3.00 0.005 EZTR004218 TRC193876 342040 7035528 5 50 18.00 21.00 3.00 0.005 EZTR004218 TRC193877 342042 7035529 5 50 21.00 24.00 3.00 0.005 EZTR004219 TRC193878 342045 7035541 0 75 0.00 3.00 3.00 0.01 EZTR004219 TRC193879 342048 7035540 5 75 3.00 6.00 3.00 0.005 EZTR004219 TRC193880 342051 7035538 2 75 6.00 9.00 3.00 0.005 EZTR004219 TRC193882 342055 7035537 0 80 9.00 12.00 3.00 0.01 EZTR004219 TRC193883 342059 7035533 15 80 12.00 15.00 3.00 0.005 EZTR004224 TRC192002 341881 7035924 0 180 0.00 3.00 3.00 0.01 EZTR004224 TRC192003 341880 7035922 0 175 3.00 6.00 3.00 0.04 EZTR004224 TRC192004 341883 7035920 1 160 6.00 9.00 3.00 0.03 EZTR004224 TRC192005 341883 7035917 1 150 9.00 12.00 3.00 0.01 EZTR004224 TRC192006 341885 7035915 0 140 12.00 15.00 3.00 0.01 EZTR004224 TRC192007 341887 7035912 0 130 15.00 18.00 3.00 0.005 EZTR004224 TRC192008 341888 7035911 0 130 18.00 21.00 3.00 0.01 EZTR004224 TRC192010 341891 7035909 0 115 21.00 24.00 3.00 0.005 EZTR004224 TRC192011 341894 7035908 0 110 24.00 26.00 2.00 0.06 EZTR004224 TRC192012 341896 7035908 0 120 26.00 28.00 2.00 0.01 EZTR004224 TRC192013 341898 7035907 0 130 28.00 31.00 3.00 0.01 EZTR004225 TRC192014 341881 7035863 0 170 0.00 3.00 3.00 0.01 EZTR004225 TRC192015 341881 7035861 0 165 3.00 6.00 3.00 0.02 EZTR004225 TRC192016 341881 7035858 0 180 6.00 9.00 3.00 0.02 EZTR004225 TRC192018 341883 7035854 0 170 9.00 12.00 3.00 0.01 EZTR004226 TRC192019 341894 7035848 0 90 0.00 3.00 3.00 0.04 EZTR004226 TRC192020 341898 7035849 0 85 3.00 6.00 3.00 0.05 EZTR004226 TRC192021 341901 7035850 0 85 6.00 9.00 3.00 0.06 EZTR004226 TRC192022 341903 7035850 0 70 9.00 12.00 3.00 0.11 EZTR004227 TRC192023 341924 7035852 0 75 0.00 3.00 3.00 0.17 EZTR004227 TRC192024 341927 7035852 0 75 3.00 6.00 3.00 0.04 EZTR004228 TRC192026 341947 7035851 0 100 0.00 3.00 3.00 0.02 EZTR004228 TRC192027 341948 7035850 0 110 3.00 5.00 2.00 0.02 EZTR004228 TRC192028 341949 7035850 0 115 5.00 7.00 2.00 0.27 EZTR004228 TRC192029 341951 7035849 0 115 7.00 10.00 3.00 0.03 EZTR004228 TRC192030 341953 7035849 0 115 10.00 13.00 3.00 0.03 TESOROGOLD.COM.AU 9 ASX ANNOUNCEMENT 18 SEPTEMBER 2023 APPENDIX 2: JORC TABLES JORC CODE, 2012 EDITION | TABLE 1: MINERAL RESOURCE ESTIMATE AND EXPLORATION TARGET 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 342 diamond drill holes for 110,980m in 2017, 2018, 2020, 2021, 2022 and 2023 (ZDDH0001 to ZDDH00335). Diamond drill holes were drilled with HQ. Sampling was half core at geologically defined and significant mineralisation boundaries. • 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. The CP consider this appropriate for the style of mineralisation. The CP considers the sampling methodologies to be appropriate for this style of mineralisation. Tesoro completed channel sampling. Sampling processes are considered appropriate for the style of mineralisation Tesoro completed channel sampling, Sampling processes are considered appropriate for the style of mineralisation. Channel sampling sites were painted across the sample site by Tesoro geologists to the width of the sample. Surficial material was removed from the sample and fresh rock was sampled where possible. • 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. The CP consider these appropriate assay techniques. Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc.). Tesoro has completed 342 diamond drill holes for 110,980m in the MRE area. 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. TESOROGOLD.COM.AU Tesoro has completed a channel sampling program. Sampling was by industry standard technique including: • location of the station using handheld GPS. • Outcrop is brushed with a hand held brush to clean off surficial debris prior to sampling. • A continuous rock chip sample is hammered off the outcrop along the painted sample line. • Samples of up to 2kg of rock are packed in plastic bags with assay-number tickets stapled to the bag. 10 ASX ANNOUNCEMENT 18 SEPTEMBER 2023 Criteria JORC Code explanation Commentary • Whether a relationship exists between There appears to be no potential sample bias as there sample recovery and grade and was no regular loss of core. whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Logging Subsampling te