Sunstone Metals Ltd (ASX:STM) has determined that the Alba gold-copper porphyry discovery within the Bramaderos Project in southern Ecuador extends to 1-kilometre deep through data collected from geophysical surveying and drilling at the target.
These geophysical results have also indicated that several Alba-style deposits may be hosted nearby, which Sunstone is now preparing to drill.
The company will be increasing the rigs at Alba to three in an effort to accelerate drilling toward a published maiden resource estimate.
Sunstone is well funded to continue its exploration activities, holding some A$12 million in cash, with very broad results from drilling backing up the company’s continued efforts. Highlight intersections included:
- 111 metres at 2.35 g/t gold from 93 metres;
- 264.7 metres at 0.49 g/t gold and 0.13% copper from 95 metres to end of hole;
- 223.7 metres at 0.58 g/t gold and 0.13% copper from 107.6 metres;
- 239.4 metres at 0.42 g/t gold and 0.13% copper from 82.5 metres to end of hole; and
- 222.4 metres at 0.37 g/t gold and 0.13% copper from 76.4 metres.
Alba "appears to have immense scale"
“We already know that Alba hosts high grades by porphyry standards and now it appears to have immense scale, with the geophysical survey indicating the system continues from surface to more than 1-kilometre deep,” Sunstone Metals managing director Malcolm Norris said.
“Our drilling has only tested to about 350 metres below surface. The survey also identifies several Alba-style targets nearby, which we are already preparing to drill.
“With these results, and $12 million in cash and equities, we are ideally placed to create significant value for shareholders over coming months.”
Managing director Norris will deliver a live presentation on the Alba discovery today at 12.00 noon Sydney time. You can view the presentation here.
About Sunstone Metals
Sunstone Metals holds a portfolio of gold and copper assets in Ecuador.
The Bramaderos Project is prospective for the discovery of porphyry and epithermal gold-copper deposits while the El Palmar Copper-Gold Project is in northern Ecuador and is the subject of a Staged Acquisition Agreement with Ecuadorian company Golden Exploration Ecuador.
Sunstone also has a large equity interest in Stockholm-listed Copperstone Resources following the sale of the Viscaria Copper project to Copperstone in 2019.