Sunstone adds to Ecuador acreage while noting Copperstone market value

Sunstone Metals is to pick up more exploration ground in Ecuador and has noted the notional value of its stake in Stockholm-listed Copperstone Resources AB as being A$22.5 million (reports MiningNews).
14th August 2020
Resources Rising Stars

Sunstone Metals is to pick up more exploration ground in Ecuador and has noted the notional value of its stake in Stockholm-listed Copperstone Resources AB as being A$22.5 million (reports MiningNews).

Sunstone has the stake following its divestment of assets in Sweden, with the shares coming out of escrow next month - "after which Sunstone has greater flexibility in monetising this investment, if required".

Sunstone could also have shares and cash currently valued at a total of nearly $10 million upon Copperstone getting the environmental permit for developing the Viscaria copper asset.

Meanwhile, Sunstone is looking to acquire the "drill ready" El Palmar porphyry copper-gold project in northern Ecuador for staged payments totalling US$2.9 million.

El Palmar is located on the same regional structure as the 2.7 billion tonne Cascabel project, and 14km west of the 1Bt Llurimagua copper deposit.

Sunstone said drilling at its mainstay Bramaderos project in Ecuador is to resume early next month, "commencing with diamond drilling at the Espiritu gold-silver target, then moving to Brama and Porotillo porphyry gold-copper targets, and onto El Palmar in due course".

Sunstone started the current quarter with A$3.7 million cash.

 

Image credit: @Reiseuhu - Unsplash

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