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SUNSTONE METALS LTD Board/Management Information 2024
65870_rns_2024-09-10_9c3a8826-d648-4de7-bb2e-b1c458a6e916.pdf
Board/Management Information
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11 SEPTEMBER 2024
Malcolm Norris appointed Chair
Mr Norris will continue to oversee Sunstone's exploration strategy; Chair Graham Ascough retires, reducing the Sunstone Board to four Directors
Sunstone Metals Limited (ASX:STM) is pleased to advise that Malcolm Norris, former Managing Director and CEO, has accepted the role of Non-executive Chair, effective 16 September 2024.
Mr Norris, who is a highly regarded geologist with a track record of major global copper-gold porphyry discoveries, will continue to oversee the Company's exploration strategy.
Chair Graham Ascough is retiring from the Sunstone Board, effective 16 September 2024, reducing the number of Directors to four with Managing Director Patrick Duffy the only executive member.
Mr Norris said: "I have absolutely no doubt that there is immense value to be unlocked from Sunstone's exploration projects. We are fully committed to achieving greater recognition of this value, which is the key objective of our two-pronged plan comprising project partnership discussions and preparations for major resource announcements.
"I will continue to be actively involved in the ongoing exploration strategy, including at our Limon gold-silver discovery, where I believe we are on track to establish a substantial near-surface resource.
"On behalf of the Board, I would like to thank Graham for his strong service and enormous contribution to Sunstone over a long period.
"Graham played an important role in establishing the Company's asset base in Ecuador and in creating the corporate and financial environment, which resulted in the Company making three major discoveries in a relatively short space of time".
Following these changes, the Sunstone Board will comprise:
- Malcolm Norris Non-Executive Chair
- Patrick Duffy Chief Executive Officer and Managing Director
- Stephen Stroud Non-Executive Director
- Mr Neal O'Connor Non-Executive Director
Patrick Duffy, Managing Director of Sunstone Metals Ltd., has authorised this announcement to be lodged with the ASX.
For further information, please visit www.sunstonemetals.com.au
Mr Patrick Duffy Media: Managing Director Paul Armstrong Sunstone Metals Ltd Read Corporate Tel: 07 3368 9888 +61 8 9388 1474 Email: [email protected]
About Sunstone Metals
Sunstone has an advanced portfolio of exploration projects in Ecuador. The portfolio comprises:
The Bramaderos Gold-Copper Project where Sunstone owns an 87.5% interest, and SolGold Canada, Inc. (formerly Cornerstone Capital Resources) a subsidiary of SolGold, holding 12.5% (loan carried through to start of commercial production) (see ASX announcement dated 10 April 2017, 28 August 2019, and 7 January 2020). The Bramaderos goldcopper project is located in Loja province, southern Ecuador, and is highly prospective for the discovery of large porphyry gold-copper systems, and high-grade epithermal gold systems. The Bramaderos concession is host to multiple fertile mineralised systems with significant discovery potential.
The Brama-Alba deposit, within the Bramaderos concession contains an initial Mineral Resource estimate of 156Mt at 0.53g/t AuEq for 2.7Moz gold-equivalent*. In addition to this is the Bramaderos project porphyry Exploration Target of between 3.3Moz and 8.6Moz AuEq within 255 to 360Mt at a grade between 0.40 and 0.74g/t AuEq (see ASX release dated 13 December 2022), and the Limon epithermal gold-silver exploration target of 0.9 – 1.7mill oz AuEq within 30 – 44mill tonnes at a grade of between 0.9 – 1.2g/t AuEq.
| JORCClassification | Tonnage(Mt) | Au(g/t) | Cu(%) | Ag(g/t) | AuEq(g/t) | AuEq*(Mozs) |
|---|---|---|---|---|---|---|
| Indicated | 9 | 0.38 | 0.09 | 1.1 | 0.53 | 0.2 |
| Inferred | 147 | 0.35 | 0.11 | 1.3 | 0.53 | 2.5 |
| Total | 156 | 0.35 | 0.11 | 1.3 | 0.53 | 2.7 |
An Exploration Target for the Limon epithermal gold-silver deposit was released on 9 November 2023, consisting of between approximately 30 and 44 million tonnes at a grade of between 0.9 and 1.2g/t AuEq*, for between 0.9 and 1.7mill oz AuEq*
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement for the Mineral Resource estimate and Exploration Target referred to above and, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the target area reported. It is uncertain if further exploration will result in the estimation of a Mineral Resource.
*The gold equivalent calculation formula for porphyry gold-copper-silver mineralisation is AuEq(g/t) = (Au grade x Au price x Au recov / 31.1035) + (Ag grade x Ag price x Ag recov / 31.1035) + (Cu grade x Cu price x Cu recov / 100)) / (Au price x Au recov / 31.1035). The prices used were US$1,800/oz gold and US$9,500/t copper and US$22/oz silver. Recoveries are estimated at 89% for gold, 85% for copper, and 60% for silver based on metallurgical studies.
*The gold equivalent calculation formula for epithermal gold-silver mineralisation is AuEq(g/t) = Au(ppm) + (Ag (ppm)/82). The prices used were US$1,800/oz gold and US$22/oz silver. Recoveries are estimated at over 90% for gold and 90% for silver from metallurgical studies.
In Sunstone's opinion all the elements included in the metal equivalents calculation have reasonable potential to be recovered and sold.
The El Palmar Copper-Gold Project where Sunstone holds 74.5% of the highly prospective 800ha El Palmar gold-copper porphyry project in Ecuador. Sunstone can acquire 100% through a Staged Acquisition Agreement. A Staged Acquisition Agreement to acquire the nearby Verde Chico Project has also been signed. The El Palmar and Verde Chico gold-copper projects are located in Imbabura province, northern Ecuador, within the same geological belt that includes the giant Alpala, Tandayama-America and Llurimagua porphyry copper-gold and copper-molybdenum deposits.
Competent Persons Statement
The information in this report that relates to Exploration Targets is based upon information reviewed by Mr Malcolm Norris who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Norris is a full-time employee of Sunstone Metals Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Norris consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.