Bluestone drills 140 metres of 1.1 g/t gold, 8.2 g/t silver at Blanco, Guatemala

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Bluestone Resources Inc. [BSR-TSXV; BBSRF-OTCQB] has released assay results from its 2021 infill drill campaign at the 100-%-owned Cerro Blanco Project in southwest Guatemala that focused on the Salinas silica cap, a layer of near-surface, low-grade disseminated mineralization about 100 to 150 metres thick that overlies the high-grade quartz-adularia vein swarms. This recent drilling was undertaken to support the coming feasibility study for a surface mining scenario.

Results include the following drilled intercepts:

Hole CB21-469 returned 40.2 metres grading 1.1 g/t gold and 8.2 g/t silver. Hole CB21-460 returned 57.6 metres of 3.1 g/t gold and 9.9 g/t silver. Hole CB21-479 returned 150.1 metres of 0.8 g/t gold and 5.4 g/t silver. Hole CB21-429 returned 189.3 metres of 0.8 g/t gold and 2.5 g/t silver. Hole CB21-487 rteturned 7.6 metres of 30.2 g/t gold and 85.5 g/t silver.

Jack Lundin, president and CEO, commented: “The Salinas unit forms the top of the Cerro Blanco deposit, and the recent pivot to surface mining now allows this upper layer to be mined and processed during the preliminary years of mine life. This supplementary drill program was initiated and successfully completed on schedule and will contribute to a new resource estimation currently under way. The Salinas accounts for about one-fifth of the current resource, and these encouraging results will lead to the definition of additional ounces and improved detail in the mine plan.”

As previous drill campaigns focused on the high-grade veins within the underlying Mita unit, the primary objective of the drill program was to increase the density of drill holes within the Salinas unit, define extensions to the mineralization and potentially upgrade the current mineral resource to a higher classification.

The new estimate is expected to improve the current resource classification for the Cerro Blanco surface operation and will form the basis of the open-pit reserves calculation as part of the feasibility study.

Refer to companypress release for complete assay results. A total of 52 holes are reported, comprising a total of 6,724 metres, including assays from the recent sampling of four holes drilled in late 2020.

The Cerro Blanco gold project is an advanced-stage near-surface development project. A preliminary economic assessment on the project highlighted an asset capable of producing over 300,000 ounces per year with an average annual production of 231,000 ounces per year at all-in sustaining costs of approximately $642/oz (as defined per World Gold Council guidelines, less corporate general and administration costs) over an initial 11-year mine life.


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