Project Overview Bramaderos Gold-Copper Porphyry Project (Sunstone 87.5%) The Bramaderos Project is ideally located immediately adjacent to the Pan American highway in Loja province, southern Ecuador, some 90km (1.5-hour drive) from the city of Loja, and within reasonable distance of available hydroelectric power, supporting the economics of potential development opportunities. The project has gentle topography with an average elevation of around 1,100m above sea level and is also supported by nearby commercial airports and significant population centres like the city of Loja. The project employs members of the local communities and has ongoing community support. Brama-Alba target During the year, an initial Mineral Resource estimate (MRE) and an initial Exploration Target were released for the Bramaderos gold-copper porphyry project in southern Ecuador. The initial MRE, from the Brama-Alba target only, reported in accordance with the JORC Code is 156Mt at 0.53g/t AuEq (0.35g/t gold and 0.11% copper), for 2.7Mozs gold-equivalent. Preliminary pit optimisation was applied to the deposit to constrain the MRE and demonstrate its potential to be mined economically by open pit methods. In addition, the initial Exploration Target, reported in accordance with the JORC Code consists of between approximately 255 and 360Mt at a grade between 0.40 and 0.74g/t AuEq (gold + copper) for contained metal of between 3.3Mozs and 8.6Mozs AuEq. The Exploration Target range is in addition to the initial MRE (see ASX release dated December 13, 2022, and Mineral Resource Estimate information on page 15). Overview Operating Review continued 5 Sunstone Metals Limited Annual Report 2023
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