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- Sunstone Metals (STM) has strengthened its financial position and progressed its Ecuadorian projects
- The company has received the remaining $3.3 million from Copperstone Resources for the sale of its Viscaria Copper Project in northern Sweden
- The funds will help the company progress with exploring its Ecuador projects, where drilling and field activities are currently underway
- On market close for the weekend, Sunstone is down 7.69 per cent and trading at 1.2 cents per share
Sunstone Metals (STM) has strengthened its financial position and progressed its Ecuadorian projects.
Financial position
The company has received the remaining $3.3 million from Copperstone Resources for the sale of its Viscaria Copper Project in northern Sweden.
Notably, Sunstone also holds 154 million shares in Copperstone, which are valued at around $18.7 million.
Sunstone has also finalised the NewPeak Metals agreement, which is expected to be completed over the next few days.
Under the agreement, NewPeak will purchase four exploration permits in Finland from Sunstone.
Bramaderos Project
Bramaderos is a gold, copper, silver porphyry and epithermal project located in southern Ecuador.
Within Bramaderos lie the Espiritu silver and gold discovery and Brama porphyry gold and copper target.
At Espiritu, drill holes, ESDD008 and 009, have been completed and assays are expected in the next four weeks. The rig is now at hole ESDD010, while ESDD011 is being prepared.
All drill holes are targeting high-grade silver, gold and polymetallic veins and the thicker lower grade intervals
While over at the Brama prospect, drilling has commenced at hole BMDD008 targeting a pencil porphyry gold-copper target.
El Palmar Project
Over in northern Ecuador, field activities have commenced at El Palmar.
The field activities include line clearing and ground magnetic data collection is underway. Notably, the magnetic survey is expected to take several weeks.
Drill targets will be defined once this data is complete, and Sunstone expects to start drilling in April.
“We are very enthusiastic about the current and planned drilling across three targets. Espiritu is a very promising discovery, and we are improving our understanding of the geometry of the vein system with every hole,” Managing Director Malcom Norris said.
“We are very pleased to be drilling at Brama based on our new geophysical model. The target is robust, we are within a mineralised porphyry system, and we are drilling for grade. The first drill hole into the new El Palmar target will be exciting, but the first step is to build a 3D magnetic model and integrate that with updated geological data,” he added.
On market close for the weekend, Sunstone is down 7.69 per cent and is trading at 1.2 cents per share.
