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- Sunstone Metals (STM) is gearing up to drill an “outstanding” drill target identified at its El Palmar copper-gold project in northern Ecuador
- The results of a ground magnetic survey and a review of historical holes at the project have allowed the explorer to define a 700-metre anomaly with features consistent with a “large porphyry system”
- As a result, Sunstone has laid plans for a 2000-metre phase one drilling programme which is expected to start this quarter
- Sunstone Managing Director Malcolm Norris said he is confident the prospect has a mineralised porphyry system and the next drilling phase will be aimed at discovery
- Sunstone Metals shares are up 6.67 per cent following the announcement, trading at 1.6 cents
Sunstone Metals (STM) is gearing up to drill an “outstanding” drill target identified at its s El Palmar copper-gold project in northern Ecuador.
The explorer said the target is based on the results of a ground magnetic survey and supported by a review of historical holes containing chalcopyrite and bornite drilled on the edge of the target area.
This processing has allowed Sunstone to define an anomaly with a diameter of approximately 700 metres and is said to exhibit features consistent with a large porphyry system.
As a result, Sunstone has contracted a drill-rig and laid plans for a 2000-metre phase one drilling programme, which is expected to start this quarter.
Initial drilling is set to target the upper 400 metres of the system but could be extended if mineralisation and alteration continue to depth towards deeper roots of the system.
Sunstone Managing Director Malcolm Norris described the find as an extremely exciting result.
“The modelled magnetics define a ‘classic’ porphyry signature of at least 700 metres diameter and the historical drilling just clipped the edge of this anomaly and drilled away from it,” he explained.
“We know we have a mineralised porphyry system here so this next phase of drilling will be aimed at discovery.”
Sunstone Metals shares are up 6.67 per cent following the announcement, trading at 1.6 cents at 12:58 pm AEST.
