Sunstone Metals upbeat as strong gold-copper drill results in Ecuador build momentum
Last updated: 19:15 30 Jan 2024 EST, First published: 19:50 21 Sep 2023 EDT
Snapshot
- Sunstone Metals moves closer to Limon’s 10-million-ounce gold equivalent district potential in Ecuador
- Sunstone Metals says Limon rapidly emerging as major discovery
About the company
Sunstone Metals Ltd (ASX:STM) holds a portfolio of high quality gold and copper assets in Ecuador.
The Bramaderos Gold-Copper Project is prospective for the discovery of porphyry and epithermal gold-copper deposits.
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.
How it is doing
Sunstone Metals Ltd (ASX:STM) is inching ever closer to defining a 10-million-ounce gold equivalent district at its Bramaderos project in southern Ecuador after receiving further strong high-grade gold-silver assays from surface trenching at the Limon discovery.
The latest results of up to 16 g/t gold and 376 g/t silver are further evidence that the large deposit hosts multiple epithermal gold-silver centres across a 1.7-kilometre by 700-metre mineralised system.
Among the results, trenches LM-07, LM-08 and LM-09 returned:
READ: Sunstone Metals’ Limon discovery in Ecuador on track to be substantial gold-silver deposit
Sunstone Metals Ltd (ASX:STM) has received more high-grade gold exploration results from the Bramaderos project in southern Ecuador with trenches returning up to 18 metres at 4.8 g/t gold around 900 metres from Limon Central Shoot but still within the Limon epithermal discovery.
The results indicate that Limon, which has already been established as a significant discovery, could be a very large gold-silver system by global standards with shallow, high-grade mineralisation.
Sunstone Metals Ltd (ASX:STM) has received firm commitments for A$5.024 million via a share placement at 1.2 cents per share to existing institutional and sophisticated shareholders as well as new investors.
Proceeds from the placement will be used to fund targeted exploration at the Bramaderos and El Palmar projects in Ecuador, to confirm the potential of existing discoveries and further demonstrate the potential value of the discoveries to financial markets and strategic partners.
What management says
Sunstone Metals Ltd (ASX:STM) MD Malcolm Norris tells Proactive the company is moving closer to defining a 10-million-ounce gold equivalent district at its Bramaderos project in southern Ecuador after receiving further strong high-grade gold-silver assays from surface trenching at the Limon discovery. The latest results of up to 16 g/t gold and 376 g/t silver are further evidence that the large deposit hosts multiple epithermal gold-silver centres across a 1.7-kilometre by 700-metre mineralised system.