- Sunstone Metals (STM) completes its first drill hole at the El Palmar copper-gold porphyry target in Ecuador
- The upper 550 metres of the hole displayed copper mineralisation and intersected a copper mineralised porphyry system
- The upper 400 metres of drill core is now being prepared for submission to the assay laboratory with results expected in late September
- A second hole is now underway to test a circular magnetic domain
- Shares in Sunstone are down 3.85 per cent trading at 2.5 cents at 11:39 am AEST
Sunstone Metals (STM) has completed its first drill hole at the El Palmar copper-gold porphyry target in Ecuador.
The hole, EPDD001, was drilled to a depth of 708.5 metres and intersected a copper mineralised porphyry system.
The upper 550 metres of EPDD001 displayed copper mineralisation as fine-grained dispersed chalcopyrite.
The upper 400 metres of drill core is being prepared for submission to the assay laboratory with results expected in late September.
Furthermore, detailed logging and core photography will be completed over the next few weeks.
Managing Director Malcolm Norris is encouraged with what hole EPDD001 has intersected.
“We are encouraged by what we see in EPDD001 and we look forward to receiving the assays,” Mr Norris said.
“We have intersected a copper-bearing porphyry system and we have identified an apparent correlation between copper and the presence of magnetite, which supports the potential highlighted by our 3D magnetic model.
“The 3D magnetic model suggests a vertical extent of at least 800 metres so we have several drill holes ahead of us to get a good understanding of this system.”
Hole EPDD002 has now begun on the same drill pad as hole EPDD001 to test a circular magnetic domain.
It will drill under mineralisation interred in the historical Codelco hole EPD01.
A third hole is also planned on the same drill pad to drill the west-northwest targeting magnetic rocks north of historical hole EPD02.
Shares in Sunstone were down 3.85 per cent trading at 2.5 cents at 11:39 am AEST.