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Sunstone Metals Limited raises $12 million via a share placement for gold-copper exploration projects in Ecuador.
Funds will be used for drilling at the Bramaderos and El Palmar gold-copper projects, targeting the Limon target and T2/T3 target respectively.
The aim is to identify a 10Moz gold district, define the extent of mineralization, and make a significant copper-gold porphyry discovery, ultimately delivering substantial value growth to shareholders.
Drilling at the T2 porphyry target in the El Palmar gold-copper project in northern Ecuador has intersected a porphyry copper system.
Visible chalcopyrite, rock alteration, and pXRF results support the presence of this system, with the mineralized interval more than 200m wide and open, and the magnetic body measuring at least 1km vertically.
The T3 target, where the mineralization strengthens, offers a large target space for follow-up drilling to determine the scale of this porphyry discovery.
Drilling at the Limon target within the Bramaderos Project has intersected visible gold in an epithermal vein system at 600m below the surface in hole LMDD020, showing geological similarities to hole LMDD017.
The Limon target area is about 2.7km from the Brama-Alba gold-copper deposit, which hosts a porphyry gold-copper-silver Mineral Resource of 2.7Moz AuEq and an Exploration Target between 3.3Moz and 8.6Moz AuEq.
Assays from hole LMDD020 are expected in early to mid-May, and Sunstone aims to discover a 10Moz gold district with multiple deposits within 4km of one another.
Drilling at the Limon target, within the Bramaderos Project, has intersected a well-mineralised gold-copper porphyry system.
Significant results include: 79m at 0.90g/t AuEq* (0.52g/t gold, 0.19% copper, 9.4g/t silver), from 90m in LMDD010, including 34.7m at 1.26g/t AuEq* (0.77g/t gold, 0.24% copper, 14.1g/t silver), from 94m.
The Limon target is located within the Bramaderos Project, which is part of the Company’s larger Condor Gold-Copper Project.