TSO: Presentation - Precious Metals Summit Beaver Creek
Original announcement by asx on
- Company
- Tesoro Gold Limited
- Ticker
- TSO
- Exchange
- ASX
- Region
- Chile
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-21 23:10:17 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Tesoro Gold Limited has announced a maiden 1.28 Moz Ore Reserve for its El Zorro Gold Project in Chile, based on the Ternera Gold Deposit. The reserve underpins a 13+ year single open-pit operation with strong economics, including a post-tax NPV5% of US$994M and IRR of 57% at US$3,500/oz gold. The project benefits from high gold recoveries (95%) using a standard CIP plant and is advancing rapidly towards a Final Investment Decision.
Reasoning: The announcement of a maiden 1.28 Moz Ore Reserve for the El Zorro Gold Project, supported by strong metallurgical recoveries and positive economic metrics, represents a significant de-risking and advancement towards development.
Positive factors
- Maiden Ore Reserve declared
- Significant contained gold (1.28 Moz)
- High gold recovery (95%)
- JORC compliant reporting
- QP/CP signed off on estimates
- Clear development pathway outlined
- Strong project economics (NPV, IRR)
- Favorable mining jurisdiction (Chile)
- High conversion of M&I resources to reserves
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 4
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The document explicitly states 'Maiden Ore Reserve'.
Evidence · text
“Maiden Ore Reserve”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Ore Reserve is reported in accordance with the '2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code)'.
Evidence · text
“2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code)”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Linton Putland, a Competent Person, is stated as responsible for the Ore Reserves.
Evidence · text
“Linton Putland, a Competent Person who is a full-time employee of Tesoro Gold. Linton Putland is a Member of the Australasian Institute of Mining and Metallurgy.”
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The Ore Reserve includes a 'Probable' category, indicating a high level of confidence for economic viability.
Evidence · table
“Probable”
Context: CATEGORY
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The Ore Reserve includes a 'Proved' category, representing the highest level of confidence for economic viability.
Evidence · table
“PROVED”
Context: CATEGORY
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The declaration of a 'Maiden 1.28 Moz Single Open Pit Ore Reserve' represents a significant new quantity of contained gold.
Evidence · text
“Maiden 1.28 Moz Single Open Pit Ore Reserve”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The declaration of a 'Maiden 1.28 Moz Single Open Pit Ore Reserve' implies a significant new tonnage for the project.
Evidence · text
“Maiden 1.28 Moz Single Open Pit Ore Reserve”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The document states 'More than 85% of Measured and Indicated Material from August 2026 MRE Converted to Reserves', indicating a significant upgrade in confidence.
Evidence · text
“More than 85% of Measured and Indicated Material from August 2026 MRE Converted to Reserves”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The reported '95% Au RECOVERY' is at or above the exceptional band for gold processing via a mill/CIP route.
Evidence · text
“95% Au RECOVERY”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing route is described as a 'Standard CIP plant'.
Evidence · text
“Standard CIP plant”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Extracted facts
Stored fact records: 4. Some facts used in scoring do not have a stored record.
Resource Estimates (3)
provenEl Zorro Gold Project · goldTonnes: 2800000Grade: 1.05Grade Unit: g/tContained Metal: 93Contained Unit: kozView all detailsHide details
Identity
- Project
- El Zorro Gold Project
- Commodity
- gold
- Region
- chile
- Reported Region
- Chile
- Ticker
- TSO
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Linton Putland
- Resource group id
- resource:c71fdca7228888c6e53d
- Deposit or zone
- Ternera Gold Deposit
- Mining method
- open_pit
Resource Data
- Category
- proven
- Tonnes
- 2800000
- Grade
- 1.05
- Grade Unit
- g/t
- Contained Metal
- 93
- Contained Unit
- koz
- Cutoff Grade
- 0.3
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-18
Lab
- Laboratory
- ALS Perth
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a portion of the maiden Ore Reserve, representing high-confidence Proven material, which is a significant de-risking event for the project.
Positive factors
- Maiden Ore Reserve
- JORC compliant
- QP signed
- Proven category indicates high confidence
- Economic grade for open pit
Evidence · table
“1.05”
Context: 2.8
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableEl Zorro Gold Project · goldTonnes: 40100000Grade: 0.92Grade Unit: g/tContained Metal: 1190Contained Unit: kozView all detailsHide details
Identity
- Project
- El Zorro Gold Project
- Commodity
- gold
- Region
- chile
- Reported Region
- Chile
- Ticker
- TSO
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Linton Putland
- Resource group id
- resource:f000e02df0718de6b7ea
- Deposit or zone
- Ternera Gold Deposit
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 40100000
- Grade
- 0.92
- Grade Unit
- g/t
- Contained Metal
- 1190
- Contained Unit
- koz
- Cutoff Grade
- 0.3
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-18
Lab
- Laboratory
- ALS Perth
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This represents the bulk of the maiden Ore Reserve, providing substantial contained gold and indicating strong economic viability for the project.
Positive factors
- Maiden Ore Reserve
- JORC compliant
- QP signed
- Significant contained metal
- Economic grade for open pit
Evidence · table
“1,190”
Context: 40.1
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableEl Zorro Gold Project · goldTonnes: 42800000Grade: 0.93Grade Unit: g/tContained Metal: 1283Contained Unit: kozView all detailsHide details
Identity
- Project
- El Zorro Gold Project
- Commodity
- gold
- Region
- chile
- Reported Region
- Chile
- Ticker
- TSO
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Linton Putland
- Resource group id
- resource:9fcc0606bb6138738d2b
- Deposit or zone
- Ternera Gold Deposit
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 42800000
- Grade
- 0.93
- Grade Unit
- g/t
- Contained Metal
- 1283
- Contained Unit
- koz
- Cutoff Grade
- 0.3
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-18
Lab
- Laboratory
- ALS Perth
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The total maiden Ore Reserve of 1.28 Moz gold provides a strong foundation for the project's development, demonstrating significant scale and economic potential.
Positive factors
- Maiden Ore Reserve
- JORC compliant
- QP signed
- Significant total contained metal
- Economic grade for open pit
Evidence · table
“1,283”
Context: 42.8
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (1)
mill_cipEl Zorro Gold Project · goldRecovery: 95 %View all detailsHide details
Identity
- Project
- El Zorro Gold Project
- Commodity
- gold
- Region
- chile
- Reported Region
- Chile
- Ticker
- TSO
Test Work
- Program Status
- detailed
- Test Type
- mill_cip
- Processing Route
- CIP plant
Recovery
- Recovery
- 95 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- ALS Perth
- Consultant
- GR Engineering Services
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The reported 95% gold recovery using a standard CIP plant is exceptional and significantly de-risks the metallurgical aspect of the project, supporting the strong economic projections.
Positive factors
- High recovery for gold
- Standard processing route (CIP)
- Supports PFS-level economics
- Advanced testwork
Evidence · text
“95% Au RECOVERY Standard CIP plant”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 95% is at or above the exceptional band (95%)
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.