Company
ASX:STM
Sunstone Metals Ltd is an ASX-listed mineral exploration company with two world-class gold and copper assets in Ecuador. The porphyry projects at Bramaderos and El Palmar have the potential to evolve into multi-decade gold-copper mining centres.
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"The MRE, which we expect to deliver in December, will be the first step to building a significant inventory of gold and copper at Bramaderos," Sunstone MD Malcolm Norris said.
Drilling at El Palmar continues to define a large mineralised system extending from the surface, while new porphyry and epithermal targets speak to the project’s growth potential.
Sunstone’s drilling at Bramaderos gold-copper project in Ecuador will continue through 2022 with at least five further holes (2,000m) at Brama and a further six+ holes at Alba (2,400m).
“It is abundantly clear that we have a large gold-copper porphyry system at the Alba end of the 1.2 kilometre-long Brama-Alba porphyry deposit, which remains open in several directions,” said Sunstone managing director Malcolm Norris.
These results provide more evidence that the Brama-Alba discovery is large by global standards and contains grades in line with many well-known porphyry projects.
The sale of its European assets and the recent A$22.44 million capital raising has continued to keep Sunstone well-funded (with around A$27 million in cash and listed shares).
“The combination of the scale and the grades we are generating at El Palmar shows that this is clearly becoming a very valuable project in a world which desperately needs more large discoveries," says MD Malcolm Norris.
“This is an exceptional opportunity for Sunstone to secure a large, highly prospective landholding close to our El Palmar gold-copper discovery,” says MD Malcolm Norris.
The latest results from Bramaderos highlight higher-grade gold-copper zones near the surface — just before a maiden mineral resource is scheduled to come out later this year.
“Given the huge area of continuous, shallow mineralisation and grades which are in line with many well-known porphyry operations around the world, I have no doubt that we have a substantial project of very large scale at El Palmar,” says MD
Combined funds from the placement and SPP will be used for exploration at the Bramaderos gold-copper project in southern Ecuador, the El Palmar gold-copper project in Northern Ecuador and for working capital.
“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,” Sunstone managing director Malcolm Norris said.
Sunstone Metals is offering up to $30,000 of 60 million new fully paid ordinary shares to investors, potentially raising up to $4 million in funding for development of the Bramaderos and El Palmar gold-copper porphyry projects in Ecuador.
“The funds from this raising will ensure we can conduct multiple drilling programs and other exploration work in parallel,” says MD.
“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. Our drilling has only teste
“We would encourage investors to compare the Alba grades with some of those world-class gold-copper porphyries,” says MD.
“We now have abundant evidence that El Palmar is a substantial copper-gold discovery. We have intersected significant widths of ore-grade mineralisation over a rapidly growing area. We believe we are at the top of the system and that the de
“The sale gives us additional cash for our Ecuadorian gold-copper-focused exploration campaign while enabling us to retain exposure to the upside offered by involvement in the rapidly growing European lithium sector, Sunstone managing direc
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