Tesoro Gold Limited has secured AU$9.7 million in funding to advance gold exploration.

Tesoro Gold Limited (ASX: TSO) announced it had received binding commitments to raise approximately AU$ 9.7 million at AU$ 0.03 per share to advance the El Zorro Gold Project. The proceeds of the Placement will be used for exploration drilling, project studies, and regional target generation.

The commitments have been received from long-term Australian, United Kingdom, and European Union-based specialist precious metals institutional and sophisticated investors, including AU$1.2 million from strategic partner Gold Fields Limited. The funds will be applied towards the ongoing resource growth of the existing 1.3 Moz Ternera Gold Deposit, exploration drilling of high-priority gold targets proximal to Ternera, including recent discoveries at Drone Hill and Ternera East, regional target generation, and further technical and economic study advancement at El Zorro.

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