- Sunstone Metals (STM) announces further intersections exceeding one gram per tone (g/t) of gold equivalent at the El Palmar deposit in northern Ecuador
- Results now show significant grades and widths of gold and copper porphyry mineralisation in five holes across a 300metre long zone
- Drill holes four, five and six have also been completed with assay pending and hole seven drilling is underway
- Additionally, Sunstone is preparing to drill the high-grade Alba gold target at Bramaderos in southern Ecuador, with a five hole and 2000 metre program starting this weekend
- On the market this morning, Sunstone was down 10 per cent and is trading at 9.9 cents per share at 10:52 am AEDT
Sunstone Metals (STM) has announced further intersections exceeding one gram per tone (g/t) of gold equivalent at the El Palmar deposit in northern Ecuador.
The company is purchasing 100 per cent interest in El Palmar and currently holds 51 per cent under the staged acquisition agreement.
Sunstone has received results from hole EPDD003, which include, 105.09 metres at 0.75g/t gold and 0.20 per cent copper (1.07g.t gold equivalent) from 32 metres.
Results now show significant grades and widths of gold and copper porphyry mineralisation in five holes across a 300 metre long zone.
These latest results further show El Palmar is a substantial gold-copper porphyry discovery, the company said.
Drill holes four, five and six have also been completed with assay pending and hole seven drilling is underway.
Managing Director Malcolm Norris said it was clear the company had made a major discovery at El Palmar.
“These results are very good and continue to support our view that El Palmar is a substantial discovery,” he said. “This is a big system and has huge potential. It is early days, but importantly every hole has been mineralised.
“We are increasing our understanding of the geology and the controls on mineralisation, and we are continuing to deliver good grades and widths with mineralisation that starts from surface. We are now drilling hole seven. In early December, we plan to have a second drilling rig on the project that will drill the deep magnetic targets.”
Additionally, Sunstone is preparing to drill the high-grade Alba gold target at Bramaderos in southern Ecuador, with a five-hole and 2000 metre program starting this weekend.
The company is well funded with roughly $19 million in cash and equities to support this exploration program across two projects.
On the market this morning, Sunstone was down 10 per cent and is trading at 9.9 cents per share at 10:52 am AEDT.