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Bluestone Resources Inc.
Summary
| Project: | Cerro Blanco | |
|---|---|---|
| Deposit: | Cerro Blanco | |
| Location: | Guatemala | |
| Commodities: | Gold-Silver | |
| Date: | 6/2/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Active Mining & Production | |
| Report details: | 2-6-2017: Bluestone Resources Inc. announces a PEA report for its Cerro Blanco deposit at the Cerro Blanco project. Amended technical report of resource estimate and PEA results. This preliminary economic assessment (PEA) was produced for Bluestone Resour | |
| Resources: | (Resource): 3.731Mt @ 10.22g/t Au (Ind.) and 243Kt @ 6.02g/t Au (Inf.) | |
| CP/QP: | [Resources]: Garth Kirkham (Kirkham Geosystems Ltd.) | |
| ABSTRACT: | This preliminary economic assessment (PEA) was produced for Bluestone Resource Inc. (Bluestone) or the ‘Company’ by JDS Energy & Mining Inc. (JDS) with the assistance of Kirkham Geosystems Ltd., Knight Piésold Ltd. (KP), SRK Consulting (U.S.) Inc. (SRK), and Stantec (U.S.) Ltd. On January 4, 2017, Bluestone entered into an agreement with Goldcorp Inc. (Goldcorp) to acquire 100% of Minerales Entre Mares de Guatemala, S.A. (Entre Mares), Goldcorp's indirect wholly-owned Guatemalan subsidiary which holds a 100% interest in the Cerro Blanco gold Project (Cerro Blanco or the Project). On successful closure of the deal, Entre Mares shall be a wholly-owned subsidiary of Bluestone, a Canadian company headquartered in Vancouver, British Columbia. The purpose of this study is to document a new Mineral Resource Estimate and results of preliminary designs and economics of the Project. The structure and content of this report uses National Instrument 43-101, Standards of Disclosure for Mineral Projects (NI 43-101) guidelines. The Project will be developed as an underground mining operation but also has the potential to be mined as an open pit. The Project is envisioned to be a 1,250 tonne per day (t/d), ramp access, underground gold mine using longhole stoping and drift and fill mining methods. The PEA is based on an Indicated and Inferred Mineral Resource estimate undertaken by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd., a qualified person as defined by NI 43-101 and independent of the Company. Based on the assumptions used in the PEA, the Cerro Blanco Project indicates a rapid payback, high margin, underground mining Project with robust economics in the current gold price environment. Industry-standard mining and processing methods were used in the study and the QPs are not aware of any fatal flaws that encumber the Project from undergoing further economic studies, financing and ultimately development. | |
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