The company’s projects in Ecuador’s resource hotspot host gold-copper mineralized porphyry systems.
() made considerable progress in the September quarter and is well funded with A $ 13.2 million in cash to boost exploration at its Ecuadorian gold-copper projects.
The company made a discovery at the El Palmar Porphyry Copper-Gold project in northern Ecuador, intersecting 480 meters of gold-copper mineralized porphyry from surface in the first hole drilled on the project.
Sunstone also received strong assay results, including 404.8 meters of gold and copper, highlighting the potential of its Brama prospect within the Bramaderos project in southern Ecuador.
Importantly, Sunstone has entered into a phased acquisition agreement to acquire 100% of El Palmar with Ecuadorian company Golden Exploration.
Progress of El Palmar
During the quarter, Sunstone began its Phase 1 drilling program with a total of 2,168 meters drilled targeting the upper portion of a circular magnetic anomaly interpreted as a body of mineralized porphyry.
Four drill holes have been completed to date with analyzes received for hole EPDD001 and partial analyzes for EPDD002 (from 250 meters to 417.5 meters) including:
- 163.55 meters at 0.71 g / t gold and 0.20% copper (1.05 g / t gold equivalent1) at 52.35 meters;
- 480.85 meters at 0.41 g / t gold and 0.15% copper (0.66 g / t gold equivalent1) from 11.3 meters; and
- 167.50 meters at 0.58 g / t gold and 0.26% copper (1.02 g / t gold equivalent1) at 250 meters.
Sunstone is awaiting assays for the remainder of drill holes EPDD002 and EPDD003 in November.
Notably, the presence of bornite and other high grade copper sulfide minerals suggest that higher copper grades can be expected in the system.
Drill core from EPDD001 152.5 to 159.5 meters showing sampling intervals and gold and copper analysis results.
Bramaderos Gold-Copper Project
During the quarter, drilling continued on the Brama gold-copper porphyry target with assay results from holes BMDD009, 010 and 011 further highlighting the potential for Brama to host a substantial gold-copper porphyry system.
The results include:
- 185.3 meters at 0.4 g / t gold and 0.15% copper over 116.8 meters;
- 170.65 meters at 0.46 g / t gold and 0.15% copper from 311.75 meters, including 69.6 meters at 0.65 g / t gold and 0.2% of copper from 347 meters; and
- 404.8 meters at 0.32 g / t gold and 0.09% copper from surface, including 51 meters at 0.54 g / t gold and 0.07% copper from the surface.
Notably, drill holes BMDD009 and 010 further defined the gold-copper mineralized porphyry and intrusive breccia while BMDD011 extended the gold-copper mineralized domain to the northwest, under sampling well mineralized trenches.
A detailed 3D geological model has been completed for Brama and will underpin a Mineral Resource Estimate (MRA) to be undertaken in early 2022.
Drilling is underway with six more holes planned as part of the initial MRE drilling program.
Plan view of the Brama gold-copper porphyry.
Exploration expenses for the period under review were AU $ 2.8 million, mainly related to the El Palmar and Bramaderos projects.
During the quarter, A $ 4.5 million was received from the sale of a portion of the shares held in Copperstone.
Sunstone held 42,815,220 shares of Copperstone Resources valued at approximately A $ 8.7 million as of September 30, 2021.