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Sunstone Metals (ASX:STM) defines new targets at El Palmar

ASX News, Mining
ASX:STM      MCAP $42.00M
13 December 2021 12:26 (AEST)

Drilling at El Palmar. Source: Sunstone Metals

Sunstone Metals (STM) has released soil sampling results from the El Palmar project in northern Ecuador.

The soil sampling program is covering multiple additional targets surrounding the main El Palmar target with the aim of advancing these to the drill testing stage.

The results defined two high-priority targets which sit adjacent to the El Palmar discovery.

The targets include the southeast and northeast satellite anomalies. The southeast anomaly returned ‘significant’ copper, gold and silver in-soils which are coincident with a modelled magnetic body.

The northeast target returned metal anomalism interpreted to sit just above a porphyry system that also correlates well with a deeper modelled magnetic body. This magnetic system reportedly appears to be connected to the main El Palmar body at depth.

Sunstone said the discovery of the additional targets grow the potential of the El Palmar project, with the cluster of targets now defined over a 1.5-kilometre by 700-metre area.

Managing Director Malcolm Norris said the company is “clearly onto a big system with immense potential”.

“We are already generating new drilling targets which we are confident will expand the mineralisation envelope. The presence of stockwork mineralisation at surface, together with copper and gold anomalies in soil associated with magnetic bodies which are comparable to the main El Palmar discovery is very encouraging.”

The company is progressing drilling across the project and also plans to conduct follow-up auger soil sampling in the first quarter of 2022 at the targets discovered thus far.

STM shares were up 2.11 per cent to trade at 9.7 cents at 11:36 am AEDT.

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