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Bluestone Resources Inc.
Summary
| Project: | Cerro Blanco | |
|---|---|---|
| Deposit: | Cerro Blanco | |
| Location: | Guatemala | |
| Commodities: | Gold-Silver | |
| Date: | 11/6/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 6-11-2019: Bluestone Resources Inc. announces a Resource Estimation report for its Cerro Blanco deposit at the Cerro Blanco project. Updated mineral resource estimate at project. Vancouver, British Columbia--(Newsfile Corp. - November 6, 2019) - Bluestone | |
| Resources: | (Resource, M+I): 4.269Mt @ 10.3g/t Au, 36.8g/t Ag | |
| CP/QP: | [Resources]: Garth Kirkham (Kirkham Geosystems Ltd.) | |
| ABSTRACT: | Vancouver, British Columbia--(Newsfile Corp. - November 6, 2019) - Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) ("Bluestone" or the "Company") is pleased to announce a new high-grade mineral resource estimate for the Cerro Blanco Gold project inGuatemala. Over the last nine months Bluestone has completed an infill drill program focused on converting Inferred Resources identified in the Feasibility Study into Measured and Indicated categories. The Cerro Blanco Feasibility Study (see press release January 29th, 2019) highlighted some 357,000 ounces of Inferred Resources (1.4 Mt grading 8.1 g/t Au) that could be potentially converted to Measured and Indicated Resources. The Feasibility Study was based on an initial eight-year mine life, demonstrating robust economics with an average LOM AISC of US$579/oz. Darren Klinck, President & CEO commented, "Cerro Blanco remains one of the highest-grade undeveloped gold projects amongst its peers. Our infill drill program which was primarily focused on converting Inferred Resources was highly successful and exceeded expectations. Overall the program added approximately 208,000 additional ounces of gold into Measured and Indicated Resource categories that will contribute to the reserve base, and potentially extend mine life. Two key outcomes of the resource conversion drill program were: the identification of five new veins in the North Zone, and an increase in Measured Resources to 225,000 gold ounces. We believe this recent infill drill program which was focussed in the North zone and the drilling currently underway in the South Zone have the potential to contribute additional mine life based on previous mine plan conversion rates. Every additional year of mine life has the potential to add approximately US$60 to US$80 million in free cash flow using a gold price of US$1,250 per oz Au." | |
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