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- Sunstone Metals (STM) believes it has made a major gold-copper porphyry discovery at the El Palmar project in Ecuador
- The company has received assays from the first hole of an ongoing drilling program which intersected 480 metres of gold and copper
- Sunstone says the grades and widths observed show the El Palmar project is an “outstanding discovery with huge potential”
- The fourth drill hole is nearing completion and STM expects to receive assays from the second and third holes in six weeks time
- Company shares are up 30.4 per cent to trade at 3 cents at 11:45 am AEDT
Sunstone Metals (STM) has received initial results from the first drill hole at the El Palmar project in Ecuador.
Hole EPDD001 was drilled to a 708.5-metre depth and returned 163.55 metres at 0.71 grams of gold per tonne (g/t) and 0.2 per cent copper from 52.35 metres within 480.85 metres at 0.41g/t gold and 0.15 per cent copper from 11.3 metres.
The company also received results from a portion of the second hole which include 167.5 metres at 0.58g/t gold and 0.26 per cent copper from 250 metres.
Sunstone believes the initial results indicate a significant gold-copper porphyry discovery at the project.
Managing Director Malcolm Norris said it was clear the company had made a major discovery.
“These grades and widths, combined with the size of the magnetic target we are drilling and the fact that mineralisation starts from surface, show that El Palmar is an outstanding discovery with huge potential,” he said.
“And it is early days, to have drilled mineralisation in all four holes drilled to date is an incredible start to this drilling program.”
Sunstone is currently drilling the fourth hole of the 2000-metre program. The fourth hole is nearing completion and STM expects to receive assays from the second and third holes in about six weeks.
Company shares were up 30.4 per cent to trade at 3 cents at 11:45 am AEDT.
