Sunshine Metals Ltd (ASX:STM) – Drilling hits high-grade Gold and Silver and extends known mineralisation

Price Sensitive Announcement $

Overview:

Sunstone Metals Ltd (ASX: STM) is pleased to announce outstanding drilling results with high-grades which extend the known mineralisation significantly at its Limon gold-silver discovery in southern Ecuador.

The latest assays continue to grow the Central Shoot mineralisation vertically above and below previous
drilling and define new shallow mineralised areas immediately south of the Central Shoot.

Gold and silver intersections include high-grade intervals and broad lower-grade intervals from near surface (see Table 1).

The results from hole LMDD051 are particularly encouraging because they define an extension of mineralisation well into the diorite host, and we have seen strong mineralisation in the surrounding breccias from adjacent hole LMDD030 (Figure 3), which intersected 243m at 1.32g/t AuEq* (1.11g/t gold and 16.9g/t silver) from 46m, including 42m at 3.9g/t AuEq* (3.37g/t gold and 43.3g/t silver) from 152m (see ASX announcement dated 15th August 2023)

HighLights:

• Drilling continues to grow the Central Shoot at Limon with strong results including:

  o 50.85m at 1.43g/t AuEq* (1.01g/t gold and 34.0g/t silver) from 135.15m in LMDD051, including
  o 5.00m at 5.81g/t AuEq* (3.38g/t gold and 199.4g/t silver) from 145m

  o Very high silver grades in hole LMDD051 of up to 1,610g/t over 0.45m from145m

  o 16.35m at 1.06g/t AuEq* (1.05g/t gold and 1.0g/t silver) from 45m in LMDD048; within 60m at 0.5g/t AuEq (0.49g/t gold and 0.8g/t silver) from 12m

• The results show the mineralisation extends into new areas and strengthens the geological model ahead of a resource estimate
• Sunstone is on track to calculate a near-surface resource at Limon as part of its two-phase goal to establish a development at the Limon gold-silver deposit, followed by the large adjacent Bramaderos porphyry gold-copper-silver discoveries

Company Notes:

Sunstone Managing Director Patrick Duffy said the latest results continue to expand the size of the Limon discovery and show the strong potential for ongoing growth.

“Limon just keeps getting bigger with virtually every drillhole as we expand the known mineralisation and increase our understanding of the Limon system,” Mr Duffy said.

“This is a large gold-silver system that comes to surface and the boundaries are still not defined. These results will help underpin a maiden resource estimate at Limon.

“We are very encouraged to see some spectacular high grades in both silver and gold.

“The widths, grades and very shallow nature of the gold-silver mineralisation all augur very well for a maiden resource and potential open pit mining scenarios that will complement the Bramaderos porphyry gold-copper-silver discoveries.”

Full ASX Announcement: 2A1542134.pdf (discoveryalert.com.au)