Key points
- Maiden Ore Reserve of 1.28Moz gold, entirely within a single open pit
- High conversion rate of 87% from Measured and Indicated Mineral Resource
- Supports over 13 years of production at 3.0Mtpa processing rate
- Located in a low-altitude coastal setting with established infrastructure
- Ongoing drilling to explore further growth potential
Full summary
Tesoro Gold Limited has announced a maiden Ore Reserve of 1.28 million ounces of contained gold for the Ternera Gold Deposit in Chile, part of the El Zorro Gold Project. The Ore Reserve is entirely contained within a single open pit and represents approximately 87% of the 1.47Moz of gold contained within the Measured and Indicated components of the August 2026 Mineral Resource Estimate. The Ore Reserve supports a substantial, long-life development at the planned 3.0Mtpa process rate. The Reserve pit was designed based on a US$3,000/oz gold price optimal pit shell and is underpinned by Pre-Feasibility (PFS) mine designs and schedules. The Reserve pit is based on a shell selected from pit optimization using a US$3,000/oz gold price, approximately 30% below the spot gold price at the time of optimization. The Ore Reserve supporting PFS-level work provides a robust foundation for the Definitive Feasibility Study (DFS), targeted for completion during CY2026. The DFS will refine the project design, economics and assumptions and evaluate opportunities to further optimize the Project. Ternera benefits from being located in a low-altitude coastal setting, 13km inland from the Pacific Ocean and approximately 57km by road from the port of Caldera, with established regional road, power and water infrastructure. Further growth potential is being tested through ongoing drilling of extensions to Ternera and a broader portfolio of priority discovery targets across the El Zorro Gold District.