- Sunstone Metals (STM) kicks off phase one drilling at the El Palmar copper-gold porphyry target in northern Ecuador
- STM is undertaking a 2000-metre program focussed on the upper 400 metres of a circular magnetic anomaly interpreted to be a mineralised porphyry body
- The explorer says assays from soil sampling reinforce the quality of the target
- Sunstone has $24 million in cash and equity, which it can draw upon to broaden the target area should initial results call for further drilling
- Shares closed at 2.5 cents on August 3
Sunstone Metals (STM) has kicked off phase one drilling at the El Palmar copper-gold porphyry target in northern Ecuador.
The explorer will undertake an initial 2000-metre program to target the upper 400 metres of a circular magnetic anomaly that is interpreted to be a mineralised porphyry body.
This drilling will reportedly be extended further should Sunstone encounter mineralisation and alteration beyond the 400-metre mark.
Accordingly, STM has prepared four drill pads to allow for a potentially expanded program.
Notably, the start of drilling coincides with the company’s receipt of additional assay results from previous soil sampling, which define coincident anomalous gold and copper in the main target area — a discovery that STM said reinforced its quality.
Sunstone’s managing director Malcom Norris said it was an exciting time for the company.
“Our Ecuadorian and Australian teams have worked very hard to get to this point,” he said.
“The coincident anomalies from the detailed magnetics data and auger soil sampling give us confidence that we are targeting a significant porphyry system.
“Our drilling at Brama on the Bramaderos Project in Southern Ecuador is ongoing and delivering good broad gold-copper mineralised intervals. We expect further updates from Brama during August.”
The company reported a strong cash and equity position of roughly $24 million, which would allow for expanded exploration activities if necessary.
Shares closed at 2.5 cents on August 3, 2021.