The concession. Currently, we have 3.6 million ounces, which is the blue outline covering three of the porphyry systems, Brama, Alba, and Melonal. We also have an exploration target of 5 million- 13 million ounces in addition to that 3.6 million ounces, which are outlined in black dotted lines in this picture. We are progressively drilling to be able to convert these exploration targets into more resources. We should be in a position in October, November, to be able to announce a significant resource upgrade. You can see in this picture, these systems are all interconnected. The yellow, orange colors are gold in soils. We have established already this substantial resource at Brama, Alba, and Melonal. We have been drilling to extend the Melonal further south and put out some very nice results this morning.
We have also had a new discovery this year, with the Copete and Porotillo discovery, just south of that system. We know in time that this will all be interconnected into one large open pit covering 2 km by 2 km. The new discovery this year, Copete and Porotillo, has an exploration target of 1.7 million- 3.5 million ounces. We have had a very successful drilling campaign this year, focused just in the top 200 m of this porphyry system. Every hole we have drilled here has been fully mineralized from surface all the way down to the end of the hole, and delivering consistent, very nice complementary grades. Three holes there highlighted, all doing between 0.6- 0.7 g a veraging over the entire hole. This will make a very meaningful contribution to the upgrade to the resource later this year.
Looking forward into the future is a nice picture, just standing in front of one of the porphyry systems, Melonal. You can see on the left of the hilltop, there is no vegetation because the mineralization is so intense. Once you, in the future, remove that vegetation, you have no pre-strip, you are mining ore immediately into a large open pit. You can see how in the background you have the Porotillo deposit, Brama, Alba to the left, which how these systems all interconnect. It is a miner's dream to be able to come in here and mine these deposits.
In April this year, we put out a scoping study that on the current resource had a valuation of $1.2 billion, a 23-year mine life, an all-in sustaining cost of just under $1,500 per ounce, U.S., which if that was in Australia, would be one of the top three lowest cost producers on the ASX right now. A key to this equation is the stripping ratio. It is only 1.4x stripping ratio. That is 1.4 tons of waste for every ton of ore. If you look at Western Australia, most mines these days have stripping ratios of anywhere between 5x-1 0x relative to that every ton of ore. So a huge advantage that we have and why this is a low-cost production center. Last week, we put out metallurgical results from ongoing metallurgical test work that we are doing. We had a very significant upgrade to the recoveries.
In the scoping study, the gold and copper recoveries were 85% and 75% respectively. They have been upgraded to 93% and 80%, which in simple terms is 10% more reduction in all-in sustaining costs from $1,500 to $1,340 per ounce, and an additional $300 million of project value just on the back of those recovery results. When you compare that $300 million uplift compared to our $60 million market cap, there is a significant disconnect in valuation here. Moving to the north to our El Palmar project. Sitting above the equator, you can see it is tropical conditions here, a cleared agricultural land. We have this phenomenal discovery here at El Palmar. It sits on this Toachi fault system. We are in the yellow down the bottom, very, very close to this Llurimagua copper system. That is 1 billion tons of copper, at 1%. Further along is the SolGold Cascabel system.
Cascabel has been sold to Jiangxi Copper for $1.7 billion. The team behind SolGold, Nick Mather and his group, DGR, recently invested 10% into Sunstone and reflects their high conviction that El Palmar has the ability to replicate the success of the Cascabel system. Why is that the case? We have already got a resource at surface, 1.2 million ounces. We expect that will grow to 3 million- 4 million ounces initially as an open pit operation. Meanwhile, we have the potential opportunity to expand the deeper underground resource. We have these two porphyry fingers that come up from deep and meet up at surface. In these zones, in these deeper porphyries, we have estimated an exploration target of 15 million- 45 million ounces. All of these have had drilling. In these deeper targets, we have had two holes that have intersected the halo of a porphyry system.
We know if we can intersect the central parts of these porphyry systems and start to demonstrate the potential replication of the Cascabel system here at El Palmar, we have a whole new ballgame for Sunstone in the years ahead. We are very excited next week. For the first time in two and a half years, we will be restarting drilling at El Palmar. These holes will be deeper exploration holes targeting this deep porphyry system that we know exists at depth adjacent to the Toachi fault system. You can see some core drilled in the past, two holes that went down deep into this porphyry system, and at depth was getting 1-2 g drilling intersections.
We believe that that is on the outer edge of the porphyry system, and if we can have success with these deep holes, we have got a completely new story here at El Palmar. I touched on that we are mispriced right now. You can see here, market cap of $60 million. We have got $12 million in the bank at the end of September. We are well-funded into next year. We have had a year of putting building blocks in place. Late last year, we upgraded the resource at Bramaderos. We consolidated the 7 billion shares that we had on issue in February, and that is completed. We issued a scoping study in April that had a $1.2 billion valuation. We brought a new strategic investor who has been very, very successful in Ecuador, and we have had a new discovery at Porotillo and Copete there at Bramaderos .
When you compare ourselves to our peers at less than $10 per ounce on an EV to resource basis, we should be at least $ 30-$ 50 per ounce, not taking into account future growth in the resources. If you look at the scoping study that had an all-in sustaining cost of $ 1,500, that is a $3,000 profit margin at today's gold price, and yet we are showing a valuation of only $10 per ounce. There is a fundamental disconnect here. Finally, when we look at the NPV of the scoping study, $1.2 billion, we are currently valued at less than 5% of that project valuation, not even taking into account our second asset at El Palmar. We are not sitting here to complain. We are here to demonstrate there is a huge amount of uplift in valuation. We are very focused on continuing to put those building blocks in place.
We will shortly look to have a material upgrade in the mineral resource at Bramaderos, looking to convert that additional 5 million-13 million ounces in exploration targets into additional resources. In the short- term, we continue to drill at Bramaderos and about to restart drilling at El Palmar. Again, if this 15 million- 45 million ounce exploration target can be demonstrated with additional success at these deep holes at El Palmar, we have another potential Cascabel system here in our portfolio at Sunstone. Thank you very much.