Tesoro Gold Limited has reported a maiden Ore Reserve of 42.8 million tonnes at 0.93 grams per tonne gold for 1.28 million ounces of contained metal at the Ternera deposit, part of the El Zorro gold project in Chile.

The new reserve marks a transition from Tesoro’s previous Mineral Resource base, establishing a mineable foundation derived entirely from a single open pit. The reserve represents approximately 87% of the 1.47 million ounces of gold classified within the Measured and Indicated categories of the August 2026 Mineral Resource Estimate, excluding Inferred material. That Measured and Indicated inventory compares with the 1.12 million ounces classified as Indicated in the August 2025 estimate before the company completed a 27,000-metre infill drilling programme.

The Ternera deposit has been systematically delineated by more than 160 kilometres of diamond drilling completed since its initial discovery.

The ultimate reserve pit was designed using an optimal pit shell based on a gold price of US$3,000 per ounce, which sits about 30% below spot prices at the time of the calculation. Operating assumptions draw on pre-feasibility study mine designs and schedules, supporting a project production life of more than 13 years at a planned processing rate of 3.0 million tonnes per annum. During the first 10 years of operation, the average grade is scheduled at 1.16 grams per tonne gold.

“The Ternera Gold Deposit represents a rare, single open pit development opportunity in a world- class mining friendly country. Establishing this initial 1.28Moz Ore Reserve is a significant step for our El Zorro Gold Project.”

— Zeff Reeves, Managing Director

The technical workstreams underpinning the reserve also establish a baseline for upcoming engineering milestones. Tesoro targets the completion of the Definitive Feasibility Study for the El Zorro Gold Project during calendar year 2026.

Read the full announcement: Maiden 1.28Moz Ore Reserve at Ternera - title correction