Sunstone Metals one step closer to El Palmar resource amid strong trenching results
Melbourne, Victoria
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May 17, 2024 12:15 PM Eastern Daylight Time
Sunstone Metals Ltd (ASX:STM) managing director Patrick Duffy joins Elisha Newell in the Proactive studio soon after completing a site visit at the company’s gold and copper prospects in Ecuador.The precious and base metal explorer is progressing towards a sizeable maiden resource at its El Palmar T1 porphyry discovery, where recent assays from trenching revealed substantial surface mineralisation.Notable results include 40.4 metres at 0.86 g/t gold and 524 ppm copper in trench P6-7d and 21 metres at 0.34 g/t gold and 714 ppm copper in trench P6-7c, with both trenches open on all sides.Commenting on the gold and copper findings, Duffy highlighted the extent and shallow nature of the El Palmar mineralisation — characteristics which are certain to guide the explorer’s future drilling programs.Beyond the next phase of work, Sunstone plans to incorporate the trenching assays into a maiden resource, assess the potential for mineralisation beyond the original T1 target and test targets T1, T2, and T5.The news comes soon after the company announced it was raising up to $6.3 million from new and existing institutional, professional and sophisticated investors to support its Ecuadorian exploration programs.An oversubscribed placement in early May brought in a $2 million war chest, while a non-renounceable rights issue could raise up to $4.3 million before costs.Proceeds will help Sunstone resume drilling operations at the Limon epithermal discovery and sustain exploration across the El Palmar and Verde Chico sites.
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