We know this resource will rapidly grow. You can see the resource from Melonal in red outlined here. This year we've been drilling at Melonal and further south at Copete and Porotillo, which will contribute to an upgraded resource later this year, but also, working on access between Melonal and Copete, where we expect, or we know that the mineralization continues all the way down, and will one day be this huge open pit. We've had consistent, really, really strong drilling results this year coming from this new area, Copete Porotillo. We have an exploration target of 1.7 million ounces to 3.5 million ounces in this specific area. Every hole we've drilled so far is fully mineralized from surface all the way down to the end of the holes. Very nice consistent grades that will only enhance and improve the overall economics of the resource.
In April, we put out a scoping study that outlined a project based on the existing current resource, which we know will continue to grow. It's going to be a long life, very low cost, very low stripping ratio, 1.4x. No pre-strip required. At this stage, we've got ongoing met test work that will continue to enhance the study, but importantly by the time we get to a feasibility study, we anticipate that 3.6 million ounces, but anywhere from 8 million ounces- 10 million ounces. The study showed at today's gold prices a $3,000 per ounce profit margin. Which again, you apply that to a 10-million-ounce resource is significant. We envision one day we'll be producing 300,000 ounces- 400,000 ounces per annum for at least 20 years. It's very much a world-class deposit. In the coming months, we're quite excited.
We're returning to an area that we've drilled before. Within Bramaderos it's got an epithermal system at surface, but also underneath has a porphyry system that has fed into these epithermal shoots. In the past, we've had some fantastic drill results from these epithermals. One hole hit at 185 m at 3 g. Lots of other very long holes with consistent high grades. But this porphyry target that sits below, that we're starting approximately 500 m down. We've put some previous holes where we know we've hit the halo, but confident if we can deliver this high conviction hole and introduce a whole new porphyry story, potentially, a very large copper gold system here. Has the potential to really accelerate our share price growth and really transform the story. Moving up to Northern Ecuador, you can see it's different climate here.
It's in the tropics above the equator, but it's cleared agricultural land. We sit on this Toachi Fault system that I referred to earlier. Next door to El Palmar, we have this billion ton, 1% copper system called Llurimagua. Further up this fault system, there's Cascabel, a 3 billion ton system. There's an expectation in the years ahead there'll be a lot more gold, copper gold discoveries given the prodigious nature of this area. All the majors are exploring here, and we're quite lucky to have the third major discovery in this region at El Palmar. You can see these porphyry fingers that come up from deep, come up to surface and join at surface. There is a starter pit opportunity. We've got a resource of 1.2 million ounces, but which is just the tip of the iceberg.
There's an exploration target here of 15 million ounces to 45 million ounces.
If we can prove up and demonstrate to the market, demonstrate a similar pathway and success that was experienced at Cascabel, has the ability to really transform the Sunstone story. Just to emphasize that message on the right-hand side in that diagram, you can see the outline of the Cascabel resource. You have to go down 700 meters to get to the green zone, which is a high-grade core of Cascabel, which has always been a defining feature both of the scale but also the infrastructure and the challenge. It will take a number of years to be able to develop this mine, which is now owned by Zijin Copper. On the same dimensions here on the left, you can see we have got in the red outline an open pit opportunity to get into production first, but this huge target that sits below.
Adjacent to the Toachi Fault, two untested magnetic anomalies as it sits outside the exploration target, which come up to surface that could provide further growth. In the coming months, we are restarting drilling. We are targeting this large, deeper exploration target. We have put some holes previously down here and got some very nice results. Again, we think we are on the outside of the main porphyry system, if we have these high conviction holes, which of course there is no guarantees. If we can start to hit some very high-grade results, we can start to demonstrate a pathway to replicating that success at Cascabel here at El Palmar. Stepping back, our market cap is AUD 50 million. We have just raised money. We are well-funded for the next 12 months.
We are very cheap at the moment if you compare us on an EV to resource basis to our peers.
We are AUD 10 per ounce. We should be AUD 30- AUD 50 per ounce. If you go back to that scoping study I referenced, which has a $ 3,000 per ounce profit margin, there is a massive disconnect between where we are today and what we should be valued at given the quality of these two projects. We are very clear in the next 12 months of what needs to be done to be able to get that re-rate. Bramaderos, we have a great project already, 3.6 million ounces. We have got a resource upgrade that will come in October, November this year. We have been drilling at Melonal to extend that pit.
We are also doing this deeper target at Limon, and we have got an ongoing study program, particularly around metallurgical work and baseline studies, to be able to progress us, get closer to a PFS in the future.
Of course, at El Palmar, we have got this huge target. We are getting ready to start this exploration drilling. If we can replicate the success of some of these other huge ore bodies, there is the potential for a 10, 20 times uplift in the share price if we can replicate these huge ore bodies that exist here on the fault system. Our team, we are just located outside, out the door if you want to come. Bruce Rohrlach and Ray Robinson are here with me. We can talk you through the program going forward and explain what we plan to be doing in the next 6-12 months. Thank you very much.