Sunstone earns majority stake in Ecuador project
Australia’s Sunstone Metals has earned a 51% interest in Canadian company Cornerstone Capital Resources’ Bramaderos gold/copper project in Ecuador, having met the required project expenditure of $3.4-million over three years.
Sunstone, which is now the project operator, has until November 27 to decide on whether it will be proceeding to 70% ownership under a farm-in agreement.
To take its ownership to 70%, Sunstone has to fund all expenditure up to, and including, the completion of a feasibility study within five years and making a payment to Cornerstone of the greater of $250 000 or $1 for each gold-equivalent ounce in measured and indicated resources in the feasibility study.
Meanwhile, drilling is continuing at the Limon target and a second drill rig has been mobilised to the high-grade West Zone gold target, where drilling will start next week.
“The results from our drilling activities to date are delivering significant grades and widths of mineralisation and demonstrate the potential to deliver a sizeable gold/copper system,” commented Cornerstone CEO Brooke Macdonald.
He added that drilling at the Limon prospect was progressing well and that drilling at the high-grade West Zone gold target using a second rig should start next week.
Measuring 4 949 ha, the Bramaderos project is located about 130 km from the Loja provincial capital in southern Ecuador.
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