Bring Back Pac... Right who remembers this? Pac Partners original coverage issued on the 7th of May 2020....
![https://hotcopper.com.au/data/attachments/2800/2800424-7c57effb9dd5492d48e72f1b25831c85.jpg](https://hotcopper.com.au/data/attachments/2800/2800424-7c57effb9dd5492d48e72f1b25831c85.jpg)
The company had just reported holes 18-22 with hole 18 representing the 5th 100g/m + hole to date and PP valued the enterprise at between 11-19c assuming a resource of 500k to 1moz
![https://hotcopper.com.au/data/attachments/2800/2800452-8bdc378b573caf33fc289e1e2a0ff813.jpg](https://hotcopper.com.au/data/attachments/2800/2800452-8bdc378b573caf33fc289e1e2a0ff813.jpg)
Since then the company has drilled an additional 59 DD holes and reported on an extra 53 of them with the last being hole 75 with 220M @ 0.86g/t
Co | Announcement | Sensitivity | Date |
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TSO | Drilling continues to expand scale at El Zorro | PRICE SENSITIVE | 11/01/2021 | Results | ZDDH0075 | Drilled to hole 81 awaiting assays (59 holes extra) |
TSO | 300g/m intercept confirms El Zorro large-scale potential | PRICE SENSITIVE | 22/12/2020 | Results |
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TSO | El Zorro drilling continues to expand Ternera | PRICE SENSITIVE | 16/12/2020 | Results |
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TSO | Large surface gold target defined by trenching at Toro Gordo | PRICE SENSITIVE | 10/12/2020 | Results |
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TSO | $21 million capital raising to underpin exploration | PRICE SENSITIVE | 9/12/2020 |
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TSO | Trading Halt | PRICE SENSITIVE | 4/12/2020 |
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TSO | Geophysical survey identifies potential Ternera repeat | PRICE SENSITIVE | 1/12/2020 | Results |
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TSO | El Zorro drilling returns multiple thick gold intercepts | PRICE SENSITIVE | 24/11/2020 | Results |
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TSO | Drilling success continues at El Zorro | PRICE SENSITIVE | 17/11/2020 | Results |
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TSO | Wide high-grade gold intercept at El Zorro | PRICE SENSITIVE | 4/11/2020 | Results |
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TSO | Infill drilling continues to intercept gold bearing zones | PRICE SENSITIVE | 23/10/2020 | Results |
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TSO | Quarterly Cashflow Report | PRICE SENSITIVE | 20/10/2020 |
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TSO | Quarterly Activities Report | PRICE SENSITIVE | 20/10/2020 |
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TSO | Wide gold zones defined at El Zorro | PRICE SENSITIVE | 9/10/2020 | Results |
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TSO | Tesoro increases El Zorro land position by 500% | PRICE SENSITIVE | 23/09/2020 |
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TSO | Wide interval of visible gold in drilling at El Zorro | PRICE SENSITIVE | 17/09/2020 | Results |
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TSO | Intercept confirms large scale potential at El Zorro | PRICE SENSITIVE | 4/09/2020 | Results |
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TSO | Drilling results demonstrate wide gold zones at El Zorro | PRICE SENSITIVE | 26/08/2020 | Results |
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TSO | El Zorro geophysical survey highlights gold mineralisation | PRICE SENSITIVE | 10/08/2020 |
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TSO | El Zorro exploration update | PRICE SENSITIVE | 4/08/2020 |
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TSO | Tesoro increases El Zorro land position by 360% | PRICE SENSITIVE | 31/07/2020 |
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TSO | Quarterly Cashflow Report | PRICE SENSITIVE | 24/07/2020 |
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TSO | Quarterly Activities Report | PRICE SENSITIVE | 24/07/2020 |
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TSO | Infill and extensional drill program commences at El Zorro | PRICE SENSITIVE | 3/07/2020 |
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TSO | Extensive gold bearing vein system identified at Buzzard | PRICE SENSITIVE | 25/06/2020 |
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TSO | Tesoro successfully completes IEO and Placement | PRICE SENSITIVE | 18/06/2020 |
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TSO | Pac Partners Initiates Coverage @ 500k-1m Oz (19c price upper limit with 15c target in 12M) |
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| Report holes up to 22 at the time. |
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TSO | Further wide high-grade gold intercepts at El Zorro | PRICE SENSITIVE | 6/05/2020 | Results | ZDDH0022 |
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Now watch the timeline and area growth in subsequent releases from May till now 12 Jan.
![https://hotcopper.com.au/data/attachments/2800/2800476-71569abcde8423855d4f231c4ef9b580.jpg](https://hotcopper.com.au/data/attachments/2800/2800476-71569abcde8423855d4f231c4ef9b580.jpg)
![https://hotcopper.com.au/data/attachments/2800/2800481-201444dbe87848904f4df7173ce7c601.jpg](https://hotcopper.com.au/data/attachments/2800/2800481-201444dbe87848904f4df7173ce7c601.jpg)
![https://hotcopper.com.au/data/attachments/2800/2800487-9c19099a84570120984a9b5a5758aa64.jpg](https://hotcopper.com.au/data/attachments/2800/2800487-9c19099a84570120984a9b5a5758aa64.jpg)
![https://hotcopper.com.au/data/attachments/2800/2800491-bfe1d21660f00957191b596598b04ed6.jpg](https://hotcopper.com.au/data/attachments/2800/2800491-bfe1d21660f00957191b596598b04ed6.jpg)
![https://hotcopper.com.au/data/attachments/2800/2800496-7bef258dc1ccf0371951e60f2b519dff.jpg](https://hotcopper.com.au/data/attachments/2800/2800496-7bef258dc1ccf0371951e60f2b519dff.jpg)
![https://hotcopper.com.au/data/attachments/2800/2800499-2ed9f3f5bb2c6e3f85d80c4194c8fb08.jpg](https://hotcopper.com.au/data/attachments/2800/2800499-2ed9f3f5bb2c6e3f85d80c4194c8fb08.jpg)
![https://hotcopper.com.au/data/attachments/2800/2800501-0c705461c31d7a9f1f32e557291baa52.jpg](https://hotcopper.com.au/data/attachments/2800/2800501-0c705461c31d7a9f1f32e557291baa52.jpg)
![https://hotcopper.com.au/data/attachments/2800/2800511-434e452c6dc26a177ff7617031988441.jpg](https://hotcopper.com.au/data/attachments/2800/2800511-434e452c6dc26a177ff7617031988441.jpg)
![https://hotcopper.com.au/data/attachments/2800/2800517-7c3ba4e536c84d21b70e8aba7f3c295a.jpg](https://hotcopper.com.au/data/attachments/2800/2800517-7c3ba4e536c84d21b70e8aba7f3c295a.jpg)
![https://hotcopper.com.au/data/attachments/2800/2800519-e2d0eacf83dd89dab522f9018e2e3f26.jpg](https://hotcopper.com.au/data/attachments/2800/2800519-e2d0eacf83dd89dab522f9018e2e3f26.jpg)
![https://hotcopper.com.au/data/attachments/2800/2800524-5fc154e8c1d3c7541839e2c401248752.jpg](https://hotcopper.com.au/data/attachments/2800/2800524-5fc154e8c1d3c7541839e2c401248752.jpg)
At Pac Partners last coverage they conservatively estimated a 19c upper SP based on 1moz and at the time TSO had just reprted on Hole 18 nwhich was the 5th 100 gm+ hole inside a quoted mineralised zone of 750M x 100M x 300M...
![https://hotcopper.com.au/data/attachments/2800/2800526-1726da97a34415b25a8f8f5091d7deac.jpg](https://hotcopper.com.au/data/attachments/2800/2800526-1726da97a34415b25a8f8f5091d7deac.jpg)
Corporate presentations May - December tell the story
![https://hotcopper.com.au/data/attachments/2800/2800579-f6801ce7da6c8a5901d1f656cf7a4a5b.jpg](https://hotcopper.com.au/data/attachments/2800/2800579-f6801ce7da6c8a5901d1f656cf7a4a5b.jpg)
Since May 7 the company has drilled an additional 59 DD holes and just reported on the 53rd additional hole ZDH0075 which returned 220m @ 0.86g/t making it the 12th 100gm+ hole assayed inside a quoted mineralized zone of 800M x 850M x 400M..
Now I'll let individuals make up their own mind as to how much extra resource ounces have been added to the original estimate of 500-1moz back in May but lets just say it's significant and it aint finished yet as we have 4 rigs working away on a 30'000M program targeting areas identified under the latest IP survey which stretches from Drone hill to Punte de Diamante (Buzzard)
![https://hotcopper.com.au/data/attachments/2800/2800558-f66f2ee584892d6e02fae07180c85289.jpg](https://hotcopper.com.au/data/attachments/2800/2800558-f66f2ee584892d6e02fae07180c85289.jpg)
Conservatively we have to be at least double the size now and possibly heading towards triple 2-3M oz based off continuation of results so far..
We won't know fully how much until release of the MRE which is scheduled for this year and if Zeff wants his bonus it has to be completed by 29-7-2021.. Although you will note that it only says he requires a JORC established resource of 250'000 oz @ 1 g/t which he has surely already so why risk it? Also it says they don't require completion of a feasibility study until 2025... And yet we are racing towards an MRE and study being completed by end of 2021, why is that..??
![https://hotcopper.com.au/data/attachments/2800/2800609-482b91144092fb3e8782b24f13df00ad.jpg](https://hotcopper.com.au/data/attachments/2800/2800609-482b91144092fb3e8782b24f13df00ad.jpg)
It is because the deal structure says they must deliver a Feasibility Study (Not Scoping) which will be either a BFS or DFS under their performance requirements on a resource of at least 250'000 ounces if they want to bank any rights and achieve the 80% ownership at which point they may then negotiate in good faith over the rest of the project to achieve 100%...
![https://hotcopper.com.au/data/attachments/2800/2800637-8d0f7a91b10263c554a1d5ab42f08f21.jpg](https://hotcopper.com.au/data/attachments/2800/2800637-8d0f7a91b10263c554a1d5ab42f08f21.jpg)
So unless I read the terms wrong the MRE must be delivered by 29 July and contain a JORC compliant resource estimate of at least 250'000 to 2'000'000 ounces at a value of 1 g/t or greater..
Now we are way past 250'000 ounces so at a minimum (having raised $21m to drill and prove) I would say Zeff is going for the Dr and will produce at a minimum an MRE of 2Moz at an average value of 1g/t or greater by end of July and in support deliver a BFS or DFS by 29 Jan 2022 or the rights disappear and the company doesn't reach 80%. That's how it reads at least to me, but I will ask opinion from others?
But it is
Simple.... No sections, or g/t calculations or anything required really.. You just have to base your valuation on what you believe 2m oz of (M&I) in ground value of gold is worth come July, which will then be ratified in an FS by Jan next year.
Now considering 1m oz was worth 19c back in May then at least 38c would be the base assumption on double the amount, which is strange really because the SP is trading at what 26.5c currently....
Which is BS... The reasons for which are wide and varied no doubt, but I can assure you it is not for lack of positive announcements or potential resource increase..
Bout time we brought Pac back to do another coverage estimate don't we agree.. ?? Give us something to hang our hat on till July rolls round and those that can't calculate what 1 g/t means over a rough area of 800 x 850 x 300-400M..
And if any twat wants to continue to bang on about sections or poor results or any other knackers then a pox on you Sir, for you are a fool and a charlatan & the very reason why few continue to post while H*****er allows it to continue unabated.
Yes it's a BUY & yes I HOLD... 8tey.......