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Sunstone accelerates drilling at Bramaderos following $4.6M funding

Mining
ASX:STM      MCAP $42.00M
12 September 2019 22:49 (AEST)

Sunstone Metals has received A$4.6 million for the recent underwriting and exercise of options at $0.03 and $0.032 per share.

The funding will support an accelerated exploration program at the Bramaderos Project in Southern Ecuador.

The Bramaderos Project is located within the Loja province and is considered to be highly prospective for large porphyry gold-copper systems, and high-grade epithermal gold systems.

“Our ability to secure these funds reflects the strong potential of Bramaderos,” Managing Director Malcolm Norris stated.

Reportedly, drilling at the Bramaderos Main prospect has returned positive results.

“Drilling at the Bramaderos Main prospect has delivered significant grades and widths of mineralisation in an outcropping gold-copper porphyry deposit and demonstrates the potential to deliver a sizeable gold-copper system,” Malcolm said.

As announced on the ASX in August 2019, Bramaderos Main delivered intersections such as 172m at 0.52g/t gold and 0.16% copper, and 242m at 0.42g/t gold and 0.14% copper, including intervals such as 18m at 1g/t gold and 0.19% copper.

Sunstone is also currently drilling two targets: the high-grade West Zone epithermal gold target and the Limon target, which is reportedly progressing well.

“Hole LMDD004 is at a depth of approximately 520 metres and has intersected a sequence of altered rock consistent with the exploration model. LMDD004 is approaching the target zone and it is expected that the hole will be drilled to approximately 1000 metres,” Malcolm announced.

The Limon target is part of the multiple outcropping and near-surface gold-copper porphyry systems identified at Bramaderos. Only two holes have been drilled to date, both intersecting alteration and weak copper-gold-molybdenum mineralisation.

At the West Zone gold target, the second rig has been moved to commence drilling. Hole WZDD001 is testing underneath trenching results in the epithermal breccia of 6.9m at 12.7g/t gold within a broader interval of 30m at 3.6g/t gold in trench TR-LB06.

The first pass West Zone drilling program is expected to be completed by the middle of October with assays expected in mid-October

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