- Sunstone Metals (STM) receives further “strong” assays from its El Palmar porphyry gold-copper discovery in northern Ecuador, expanding the area of known mineralisation
- With the expanded mineralisation area, the company has identified new “compelling” targets for drill testing which will commence in October
- Managing Director Malcolm Norris said exploration is ramping up with a number of new targets defined at El Palmar, including T2 which is a potential gold-copper discovery
- The company reports its cash and equity investments remains strong at around $19 million, allowing expanded exploration activities at its projects in Ecuador
- Shares in Sunstone Metals are down 5.26 per cent to close at 3.6 cents.
Sunstone Metals (STM) has received further “strong” assays from its El Palmar porphyry gold-copper discovery in northern Ecuador, continuing to expand the area of known mineralisation.
The company has defined “compelling” new targets for drill testing commencing in October after latest results returned wide zones of significant gold-copper mineralisation within the main target area.
Best results include 100 metres at 0.5 grams per tonne (g/t) gold and 0.17 per cent copper from 39 metres within 277.6 metres at 0.32 g/t gold and 0.12 per cent copper from 5.5 metres.
Also, the results showed mineralisation extends from surface with gold and copper grades and overall dimensions of the mineralised systems are in-line with other major porphyry deposits.
Managing Director Malcolm Norris said exploration is ramping up with a number of new targets defined at El Palmar.
“Drilling within the main El Palmar circular magnetic target continues to define a large mineralised system extending from surface,” he said.
“We are now able to build a 3-D geological model of the El Palmar mineralised system and use that to guide our exploration.
“We are looking forward to a very exciting and active Q4, with several of these targets, such as T2 and the Tituana epithermal target, scheduled for drilling while we continue to drill the main mineralised area laterally and to depth.”
Drilling will commence at T2 as a priority in October, with the goal to deliver another porphyry gold-copper discovery within the El Palmar concession.
The Tituana epithermal anomaly is being prepared for drilling.
Sunstone confirmed its cash and equity investments remained strong at around $19 million, allowing expanded exploration activities at both El Palmar in northern Ecuador and Bramaderos in southern Ecuador.
Shares in Sunstone Metals were down 5.26 per cent to close at 3.6 cents.