Stocks of the Hour: Sunstone Metals, iTech Minerals, Platina Resources

Sunstone Metals (ASX:STM) has announced that their drilling has intersected a porphyry copper system in a large magnetic complex in their El Palmar deposit in Ecuador. Managing Director Malcolm Norris said: ““It is in this third environment on the margin of the T3 magnetic complex that an extensive porphyry system is now being intersected.” Shares are flat at 3.4 cents.

iTech Minerals (ASX:ITM) has announced graphite mineralisation intersected at their Sugarloaf Graphite Prospect in South Australia. In response, MD Mike Schwarz commented “A strike rate of 15 out of 17 drill holes hitting significant mineralisation, over 2.3 km, is a significant indicator for the scale potential of the project and will allow metallurgical test work to get underway.” Shares are trading 10 per cent higher at 27.5 cents.

Platina Resources (ASX:PGM) has announced that they will sell their Platina Scandium Project for up to US$14 million with a wholly owned subsidiary of Rio Tinto. Platina Managing Director, Mr Corey Nolan, “The transaction with Rio Tinto is congruent with Platina’s strategy of advancing projects along the value chain and monetising when a new combination of technical, market or financial capability is required.” Shares are trading 7.7 per cent higher at 2.8 cents.
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Source: Finance News Network