Tesoro Gold's Growth Strategy: Drilling for Multi-Million Ounce Gold in Chile
Dig Deep
Lessons from Advancing a Project in Chile
Rob asks about lessons learned; Geoff discusses Chile's mining jurisdiction, political context, community engagement and infrastructure importance.
In this episode, we chat with Geoff McNamara, Co-Founder & Non-Executive Director of Tesoro Gold who are an ASX-listed company, looking to advance its flagship El Zorro Gold Project in Chile, home to the 2-million-ounce Ternera deposit with an exploration target of up to 3 million ounces.
They have recently raised $34M so we’ll discuss how the funds will be used, support from shareholders and new institutions, highlights from the recent Scoping Study, drilling plans across regional targets, and the pathway to full permitting.
KEY TAKEAWAYS
- Tesoro Gold recently raised $34 million to fund a multi-pronged strategy: completing a pre-feasibility study by mid-2026, advancing regional exploration drilling, and fully permitting the El Zorro project within 18 months.
- The El Zorro project is a unique, unconstrained 2-million-ounce gold resource in Chile, open in all directions and not at high altitude, with significant potential to grow to the 3-million-ounce target and beyond by linking parallel ridges like Tenore and Drone Hill.
- The scoping study showed attractive post-tax economics, generating a Net Present Value (NPV) over $650 million and a 50% Internal Rate of Return (IRR) at a $2,750 US dollar gold price, demonstrating the project's high competitiveness with an All-in Sustaining Cost (AISC) of $1,216 US dollars.
- Chile is a favourable mining jurisdiction, and the company has commenced the permitting process, locking in critical infrastructure including power (20km away) and water (30km away via a desalination plant partner), which are crucial for the project's development
BEST MOMENTS
"We've made the first intrusive-related gold system discovery in Chile. So it's quite a unique business and story."
"The deposit is open in all direction, so a lot of that growth will just be stepping out, north, south, east, and west... it's certainly a pathway to well beyond 3 million ounces in a single deposit."
"The all-in sustaining cost is 1,216 US dollars. So it's a highly competitive all-in sustaining cost."
"The best leaders and entrepreneurs aren't the ones who know it all, they're the ones humble enough to keep learning through others."
VALUABLE RESOURCES
Mail: rob@mining-international.org
LinkedIn: https://www.linkedin.com/in/rob-tyson-3a26a68/
X: https://twitter.com/MiningRobTyson YouTube: https://www.youtube.com/c/DigDeepTheMiningPodcast
Web: http://www.mining-international.org
GUEST SOCIALS
https://tesorogold.com.au/
https://x.com/tesorogoldltd?lang=en%20
https://www.linkedin.com/company/tesoro-gold/
https://www.linkedin.com/in/geoff-mcnamara-020867219/
CONTACT METHOD
rob@mining-international.org
https://www.linkedin.com/in/rob-tyson-3a26a68/
Podcast Description
Rob Tyson is an established recruiter in the mining and quarrying sector and decided to produce the “Dig Deep” The Mining Podcast to provide valuable and informative content around the mining industry. He has a passion and desire to promote the industry and the podcast aims to offer the mining community an insight into people’s experiences and careers covering any mining discipline, giving the listeners helpful advice and guidance on industry topics.
This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/
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