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Bluestone Resources Inc (3)
Symbol BSR
Shares Issued 150,141,816
Close 2021-05-03 C$ 1.54
Recent Sedar Documents

Bluestone drills 28.6 m of 11.6 g/t Au at Cerro Blanco

2021-05-04 06:00 ET - News Release

Mr. Jack Lundin reports

BLUESTONE ANNOUNCES ADDITIONAL DRILL RESULTS INCLUDING 28.6 METERS GRADING 11.6 G/T GOLD AND 217.6 METERS GRADING 1.4 G/T GOLD

Bluestone Resources Inc. has released additional drill assays from the infill drill program completed in the South zone of the Cerro Blanco gold project in late 2020. Results from three underground holes and 13 surface holes are reported in this press release, totalling 4,493 metres.

Highlights include the following drilled intercepts:

  • 28.6 metres grading 11.6 grams per tonne gold and 11.7 g/t silver (CB20-442);
  • 217.6 metres grading 1.4 g/t Au and 5.6 g/t Ag (CB20-433);
  • 111.8 metres grading 2.1 g/t Au and 12.5 g/t Ag (CB20-444);
  • 114.9 metres grading 2.5 g/t Au and 13.4 g/t Ag (CB20-449);
  • 101.4 metres grading 2.4 g/t Au and 9.7 g/t Ag (UGCB20-191);
  • 21.2 metres grading 11.2 g/t Au and 11.7 g/t Ag (CB20-443).

The holes reported include significant widths of near-surface mineralization within the Salinas unit and underlying Mita sediments and tuffs, which host the majority of the high-grade epithermal vein swarms. Drilling is currently focused on mineralization within the upper portion of the deposit to improve drill density and better define limits of the mineralization.

Jack Lundin, president and chief executive officer, commented: "As anticipated, the South zone continues to yield plus-100-metre intervals at over two g/t gold near surface. Combined with the impressive widths of high-grade vein mineralization deeper in the deposit, these unique attributes to Cerro Blanco create an asset capable of producing over 300,000 ounces Au per year. The drill results will be incorporated into an updated resource estimate that will form the basis of our ongoing feasibility study, which is progressing on schedule."

Assay results include infill sampling of mineralized wall rocks and complement assay results for individual veins reported previously for some holes (see news releases dated Feb. 16, 2021, and March 18, 2021). High-grade intervals reported in holes CB20-442 and CB20-443 (11.6 g/t Au over 28.6 metres and 11.2 g/t Au over 21.2 metres, respectively) represent approximate true widths and incorporate vein VS-01 and associated splay vein VS-21.

Assays for several holes are still being received and compiled in addition to holes currently being drilled that are targeting mineralization in the Salinas unit.

                    TABLE OF DRILL INTERCEPTS AND ASSAYS
  
Hole ID             From          To    Core interval        Au           Ag
                     (m)         (m)              (m)     (g/t)        (g/t)

CB20-432*           64.0       161.9             97.9       0.9          4.6
CB20-433*           75.6       293.2            217.6       1.4          5.6
CB20-437*           75.3       147.0             71.7       1.4          5.0
CB20-438*           61.2        86.6             25.4       0.9          4.7
CB20-439            70.4       134.1             63.7       0.8          4.6
CB20-440           210.9       212.2              1.3       6.7          1.5
                   281.8       306.6             24.9       1.5          4.3
CB20-442*           58.2       166.7            108.5       0.9          4.9
                   182.0       253.5             71.5       1.5          1.9
                   263.5       292.1             28.6      11.6         12.3
CB20-443            77.7       173.3             95.6       1.0          4.8
                   204.2       217.0             12.8       0.7          1.0
                   293.1       314.3             21.2      11.2         11.7
CB20-444*           54.6       166.3            111.8       2.1         12.5
CB20-445*            0.0        12.2             12.2       0.5          2.7
                    85.0       151.5             66.5       1.2          5.2
CB20-446            74.7       134.8             60.1       0.9          5.5
                   190.2       199.8              9.6       0.5          0.5
                   333.8       349.4             15.6       2.0         18.9
CB20-449*           43.3       158.2            114.9       2.5         13.4
CB20-450            92.7       240.8            148.2       0.6          9.7
                   308.0       314.3              6.3       8.2         16.9
UGCB20-189*         34.7        96.6             61.9       2.8         14.8
                   122.9       154.7             31.7       0.5          2.3
UGCB20-190*          0.0        80.9             80.9       0.8          4.9
                   122.5       145.4             22.9       0.8          5.0
                   168.4       185.0             16.6       1.1          2.0
UGCB20-191*         24.8       126.2            101.4       2.4          9.6

* This denotes drill holes with high-grade assay results for individual 
veins previously reported (see Bluestone news releases dated 
Feb. 16, 2021, and March 18, 2021).

Quality analysis and quality control

Assay results listed within this release were performed by Inspectorate Laboratories, a division of Bureau Veritas, which is an International Organization for Standardization 17025-accredited laboratory. Logging and sampling are undertaken on site at Cerro Blanco by company personnel under a QA/QC protocol developed by Bluestone. Samples are transported in security-sealed bags to Inspectorate in Managua, Nicaragua, for sample preparation. Sample pulps are then shipped to Inspectorate in Hermosillo, Mexico, and assayed using industry-standard assay techniques for gold and silver. Gold and silver were analyzed by a 30-gram charge with atomic absorption and/or gravimetric finish for values exceeding five g/t Au and 100 g/t Ag. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by Bluestone's QA/QC program, which involves the insertion of blind certified reference materials (standards) and field duplicates into the sample stream to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory. A selection of samples is submitted to ALS Chemex laboratories in Vancouver for check analysis and additional quality control.

Qualified person

David Cass, PGeo, vice-president, exploration, is the designated qualified person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the scientific and technical information set out above in this news release is accurate and therefore approves this written disclosure of the technical information.

About Bluestone Resources Inc.

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 about $642 per ounce (as defined per World Gold Council guidelines, less corporate general and administration costs) over an initial 11-year mine life.

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