Tesoro Gold (ASX:TSO) Lifts Ternera Resource to 1.82Moz as Measured and Indicated Ounces Jump 348koz

Sonal Goyal

27 August 2026 11:42 AM AEST

Tesoro Gold (ASX:TSO) Lifts Ternera Resource to 1.82Moz as Measured and Indicated Ounces Jump 348koz

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Updated Ternera Mineral Resource Estimate stands at 51.6Mt at 1.10g/t Au for 1.82Moz of gold at a 0.30g/t Au cut-off grade.
1.47Moz, or 78% of total contained gold, is now classified as Measured and Indicated, an increase of approximately 348koz versus the August 2025 estimate.
A Measured Mineral Resource component has been defined at Ternera for the first time.
The higher-confidence resource base provides the foundation for Ternera's maiden Ore Reserve, expected in September 2026.

Tesoro Gold Limited (ASX:TSO) (OTCQB:TSORF, FSE:5D7) has announced an updated Mineral Resource Estimate for the Ternera Gold Deposit at its El Zorro Gold Project in Chile. The updated estimate comprises 51.6 million tonnes at 1.10 grams per tonne gold for 1.82 million ounces of contained gold, reported at a 0.30 grams per tonne cut-off grade and constrained within a US$3,500 per ounce optimised open pit shell.

The update represents a material increase in the confidence of the Ternera resource, with 1.47 million ounces, or 78% of total contained gold, now classified as Measured and Indicated. This compares with the August 2025 Mineral Resource Estimate, against which Measured and Indicated Resources have increased by approximately 348,000 ounces. Notably, a Measured Mineral Resource component has been defined at Ternera for the first time, reflecting the additional drill density achieved during the recently completed infill program.

Infill Drilling Programme Underpins the Upgrade

The significant increase in higher-confidence Mineral Resources follows the recent completion of a 27,000-metre infill drilling programme at Ternera. This program was specifically designed to convert Inferred Resources into the higher-confidence Measured and Indicated categories, providing the geological and grade continuity data required to support more advanced mine planning studies.

On an unconstrained basis, meaning without applying the open pit shell restriction, the Ternera Mineral Resource stands at 1.93 million ounces at 1.07 grams per tonne gold, indicating that the deposit continues to host material outside the current pit optimisation parameters that could be considered in future resource growth or alternative Mining scenarios.

Pathway to a Maiden Ore Reserve

The company said the substantial increase in higher-confidence Mineral Resources provides the necessary foundation for the calculation of a maiden Ore Reserve for a single open pit at Ternera, which is expected to be announced in September 2026. The conversion of Inferred Resources to Measured and Indicated categories is a standard prerequisite under the JORC Code for Ore Reserve classification, meaning this update represents a direct precursor to that upcoming milestone.

Ternera remains open in multiple directions, with drilling continuing at extensional Mineral Resource growth targets surrounding the current deposit outline. The company said assay results for four recently completed near-deposit holes are expected in the coming weeks, which may provide further additions to the resource base ahead of or alongside the maiden Ore Reserve calculation.

Broader Exploration Activity Across El Zorro

Beyond the Ternera resource upgrade, Tesoro Gold is also progressing a separate new-discovery drilling programme across high-priority targets within the wider El Zorro Gold District in Chile. This broader exploration effort is aimed at identifying additional mineralised zones beyond the currently defined Ternera deposit, which could offer further resource growth potential across the district in the longer term.

The company's twin focus on advancing Ternera toward a maiden Ore Reserve while simultaneously testing new discovery targets elsewhere in the district reflects a broader strategy of both de-risking its most advanced asset and expanding the overall resource inventory across its Chilean gold portfolio.

Conclusion

Tesoro Gold's updated Mineral Resource Estimate for Ternera marks a meaningful step in the technical maturation of the project, with the substantial increase in Measured and Indicated ounces and the first-time definition of a Measured Resource component providing the confidence base required to progress toward a maiden Ore Reserve. With that reserve calculation expected in September 2026, alongside continued drilling at extensional targets and across the wider El Zorro district, the coming months represent a period of concentrated technical delivery for the company as it seeks to convert exploration success into a defined development pathway.

FAQs

Q: What is the updated Mineral Resource Estimate for Ternera?

A: The updated estimate is 51.6 million tonnes at 1.10 grams per tonne gold for 1.82 million ounces of contained gold, reported at a 0.30 grams per tonne cut-off grade within a US$3,500 per ounce pit shell.

Q: How much of the Ternera resource is classified as Measured and Indicated?

A: 1.47 million ounces, or 78% of total contained gold, is now classified as Measured and Indicated, an increase of approximately 348,000 ounces compared with the August 2025 estimate.

Q: When is Tesoro Gold expecting to release a maiden Ore Reserve for Ternera?

A: The company expects to calculate and announce a maiden Ore Reserve for a single open pit at Ternera in September 2026.

Q: Is the Ternera deposit still open for further resource growth?

A: Yes, Ternera remains open in multiple directions, with drilling continuing at extensional Mineral Resource growth targets, and the unconstrained resource already stands at 1.93 million ounces.

Q: What other exploration work is Tesoro Gold undertaking?

A: In parallel with advancing Ternera, the company is progressing a new-discovery drilling programme across high-priority targets within the broader El Zorro Gold District in Chile.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.