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Gold explorer Tesoro Resources (ASX: TSO) has announced a new gold discovery at the Drone Hill prospect within its flagship El Zorro gold project in Chile.
Infill and extensional drilling at Tesoro Resources’ (ASX: TSO) El Zorro project in Chile is continuing to expand the Ternera gold deposit with the latest results including multiple, broad and high-grade intercepts.
The
Tesoro Resources Ltd(ASX: TSO) share price is tumbling today, down 31% in late morning trade having earlier posted losses of 35%.
Below we take a look at the ASX gold share’s resource update that looks to be driving some of the selling action.
What resource update did Tesoro report?
The Tesoro Resources share price is falling hard after the company announced its maiden Mineral Resource Estimate (MRE) for the Ternera Deposit at its El Zorro Gold Project in Chile.
It reported a maiden MRE of 25.1 million tonnes at 0.8 grams per tonne for 660,000 ounces of gold. It used 0.3 grams per tonne of gold as a cut-off.