Ecuador explorer Sunstone Resources is in the enviable position of having two emerging discoveries in its portfolio.
The December quarter proved to be a pivotal period for the company as it advanced two projects.
At the El Palmar copper-gold project in northern Ecuador, Sunstone discovered a mineralised porphyry at surface.
The first three of eight completed drill holes returned results including 163.6m at 0.71 grams per tonne gold and 0.2% copper from 52.4m within 480.9m at 0.41gpt gold and 0.15% copper.
"When we first saw these assays we were very excited," Sunstone managing director Malcolm Norris said.
"The numbers are very impressive."
Sunstone believes the system likely extends to a considerable depth and has mobilised a second drill rig.
The El Palmar magnetic complex has a vertical extent exceeding 1.2km, and deep drilling is testing this complex below 500m depth from surface.
The ninth hole, at a depth of 837m as of mid-January, confirmed that the deep magnetic anomaly was mineralised, based on handheld XRF results.
Further results are expected in February.
Two highly promising satellite targets, located adjacent to the main El Palmar magnetic complex, have been identified by strong soil sampling results and will be tested.
El Palmar sits on the regionally significant Toachi Fault Zone, in the vicinity of the 1 billion tonne Llurimagua copper-molybdenum porphyry deposit, and in the same regional structural belt that hosts SolGold's 2.6Bt Alpala copper-gold porphyry deposit.
Sunstone holds 51% of El Palmar and can acquire 100%.
Results from the Bramaderos project in southern Ecuador have highlighted the potential for a second major discovery.
Drilling at the Alba target returned visible gold and a best hit of 29.2m at 7.68gpt gold from 106.8m, within 111m at 2.35gpt gold.
"This is really taking shape nicely … we like what we see," Norris said.
Last month, Sunstone had another exploration win when the first follow-up hole intersected a well-mineralised gold-copper porphyry below Alba.
Results included 264.7m at 0.49gpt gold and 0.13% copper from 95m to the end of the hole, including 20m at 0.91gpt gold from 119m, including 7m at 1.77gpt gold.
Further assays are pending and an electrical geophysical survey over the Limon and Alba targets is underway.
A detailed 3D geological model has been completed for previously discovered Brama prospect, which will underpin a mineral resource estimate later this year.
Bramaderos is a joint venture between Sunstone and Cornerstone Capital, with Sunstone holding 87.5%.
The company started 2022 with A$9.5 million in cash, as well as roughly $6.8 million worth of shares in Copperstone Resources.
Sunstone also expects to shortly receive C$420,000 in cash and $420,000 worth of shares in Canada's United Lithium Corp for the sale of its Finland lithium portfolio.
