OTCPK:CTNXF - Post by User
Post by
Hirk77on Jul 16, 2018 7:26pm
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Post# 28324164
like us, Ecuador getting impatient
like us, Ecuador getting impatient Sunstone Metals Limited (ASX:STM) is pleased to advise that a new initiative by the Ecuadorian government to allow for ‘scout (reconnaissance) drilling’ within exploration concessions was announced by a representative of the Ecuadorian Ministry of Oil, Mining and Energy (MERNNR) during a presentation at the ‘Investing in LATAM Mining Summit’ held in Santiago last week.
Further clarity is being sought on the implementation of the ‘scout drilling’ process and the implications for commencement of drilling at Bramaderos. It is understood that ‘scout drilling’ during the 4-year Initial Exploration Phase will be permitted through a simplified permitting process and would potentially allow phase 1 drilling to begin before an environmental license is granted.
The Bramaderos project, which is a joint venture between Sunstone Metals Limited and Cornerstone Capital Resources (TSXV: CGP), is currently covered by an exploration concession and has been awaiting the issuance of an environmental license to allow drilling to start. Under existing rules, an environmental license is granted after approval of an environmental impact assessment (EIA). Due to the greatly increased interest in exploration within Ecuador there has been a large number of EIA approval applications, and as a result the EIA approval process can take several months to complete. The review process by the Ministry of Environment (ME) of the Bramaderos EIA is now well advanced and this process is being moved forward in parallel with complying with the scout drilling initiative so that drilling may commence soon.
Sunstone Managing Director Malcolm Norris said: “We are pleased with this development and it demonstrates the willing intent of the Ecuadorian government to encourage mineral exploration, and to remove delays in the ability of investors in the sector to move through the drilling phase. Sunstone anticipates that drilling will commence at Bramaderos in the short term.
We have completed construction of access tracks for the proposed phase 1 drilling, and have finalised preparations for core handling facilities, fuel storage, and an exploration camp to manage the significantly increased number of employees on the project once drilling commences.”