Sunstone Metals (ASX:STM) - Managing Director, Malcolm Norris
Managing Director, Malcolm Norris
Source: Sunstone Metals/Twitter
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Sunstone Metals (STM) expands its Alba gold-copper porphyry discovery in southern Ecuador following strong assay results
  • Drilling within the Bramaderos Project showed Alba to be a gold-rich deposit with significant vertical extent and an upper zone containing visible gold
  • Results include 0.37 grams of gold per tonne (g/t gold) and 0.13 per cent copper from 82.5 metres, with the porphyry continuing to grow in scale
  • Current drilling is testing both the lateral and vertical extent of the discovery, while three rigs continue operating at the site
  • Sunstone Metals last traded at 6.8 cents per share at 10:40 am AEST

Sunstone Metals (STM) has expanded its Alba gold-copper porphyry discovery in southern Ecuador following strong assay results.

Drilling within the Bramaderos Project continued to return grades that Sunstone said are in line with or greater than other porphyry gold-copper deposits around the world. The company said this shows Alba is an outstanding gold-copper porphyry discovery with potential for scale.

Alba is interpreted to be a gold-rich gold-copper porphyry deposit with significant vertical extent and an upper zone containing visible gold.

Recent drilling results contain consistent gold-copper intervals greater than 300 metres, with high-grade sub-intervals.

Assay results include intercepts of 345.5 metres at 0.37 grams of gold per tonne (g/t gold) and 0.13 per cent copper from 82.5 metres, including 24 metres at 0.7 g/t gold and 0.18 per cent copper from 306 metres.

Managing Director Malcolm Norris said with each set of assay results, the Alba gold-copper porphyry grows in scale.

“We are now seeing a consistently well mineralised system with local higher grades of a significant scale,” Mr Norris said.

“The mineralisation extends from surface to greater than 400 metres deep, where the system is wide open and untested. The grades are in line with or better than those seen in many gold-copper porphyries around the world.”

Current drilling is testing both the lateral and vertical extent of the discovery, while three rigs continue operating at the site.

Sunstone said it’s well funded to continue exploration, with $26 million in cash in the bank.

Sunstone Metals last traded at 6.8 cents per share at 10:40 am AEST.

STM by the numbers
More From The Market Herald
Step One (ASX:STP)- Founder & CEO, Greg Taylor

" Step One Clothing (ASX:STP) shares plummet on slashed revenue and earnings guidance

Shares in Step One Clothing (ASX:STP) have nosedived after the company slashed revenue growth and earnings…
BHP Group (ASX:BHP) - CEO, Mike Henry

" BHP (ASX:BHP) to pay record interim dividend after strong half yearly results

BHP (ASX:BHP) will pay a record interim dividend of US$1.50 (A$2.10) after reporting a strong financial…
Kingfisher Mining (ASX:KFM) - CEO & Executive Director, James Farrell

" Kingfisher Mining (ASX:KFM) completes drilling in WA

Kingfisher Mining (ASX:KFM) has completed drilling at two of its projects in the Gascoyne Mineral Field…

" Ardea Resources (ASX:ARL) confirms nickel-cobalt mineralisation at Goongarrie South

Ardea Resources (ASX:ARL) has confirmed high-grade, near-surface nickel-cobalt mineralisation at the Goongarrie South deposit in WA.