Zaruma old gold mining, Ecuador
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  • Sunstone Metals believes it is fully funded for an exploration program at its Ecuador project
  • On September 30, Sunstone had cash of $4.35 million, plus Sunstone received a further $780,000 from Copperstone Resources for the final sale of Viscaria
  • In addition, Sunstone holds 172.5 million shares in Copperstone, which is currently worth $12.2 million
  • The company says drilling at Limon is expected to commence on November 4
  • On market close, Sunstone is up 5.26 per cent and is selling shares for 2¢ apiece

Sunstone Metals has provided the market with an update on its financial position and exploration program at its Bramaderos copper-gold project.

On September 30, Sunstone had cash of $4.35 million, plus Sunstone received a further $780,000 from Copperstone Resources for the final sale of the Viscaria Copper Project.

In addition, Sunstone holds 172.5 million shares in Copperstone, which is currently worth $12.2 million.

The company estimates an expenditure of $2.9 million on exploration and other costs in the December quarter.

Managing Director Malcolm Norris believes the company is in a strong financial position.

“Our exploration program for the current quarter, which includes drilling campaigns with two drilling rigs across key prospects at Bramaderos, comprising the ‘Phase 2’ program, is fully-funded and is expected to generate strong news flow through 2019 and into the new year,” Malcolm said.

Bramaderos is a gold-copper project located in the Loja province in southern Ecuador. It is part of a joint venture agreement between Sanstone and Cornerstone Capital Resources.

The project is considered to be highly prospective for large porphyry gold-copper systems and high-grade gold. Sunstone believes there is likely multiple rich mineralised system within the project.

“The next hole at the Bramaderos main prospect is well advanced and drilling at Limon is scheduled to start on November 4th,” Malcolm said.

“We believe that the results to date show both these prospects are highly prospective and we are looking forward to updating the market as soon as possible,” he added.

On market close, Sunstone is up 5.26 per cent and is selling shares for 2¢ a share.

STM by the numbers
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