Bluestone Resources is a single asset junior Gold developer with their flagship project Cerro Blanco in Southern Guatemala. They are a Canadian listed company with their focus on Cerro Blanco, a near-surface high-grade Gold deposit that was always considered an underground resource until recently.

Interpretation of the Cerro Blanco deposit has improved considerably with an additional 112,000 m of drilling. The Bluestone Resources management team has decided to change direction at Cerro Blanco and triple the value of the resource by changing the mining method from an underground mine into a surface mining operation. This is due to the near surface mineralisation at the resource and greater understanding of the project.

The strategic change will maximise the value of the deposit and Bluestone Resources is now focused on the new development going forward with the surface operation. 

Bluestone Resources is focused on the ESG component which is critical to success of the project. A surface mine is less technically challenging for the company but could provide greater environmental concerns due to the enlarged footprint and greater disturbance during mine life. Bluestone has committed to mitigating and minimising negative impacts of the mine during its operation and at closure.

The company raised CAD$92M in May for the underground development which will now be redirected to the surface operation. They still have US$45M in the bank which they will spend on in-fill drilling at the top of the resource, updating it for the feasibility study. Production has been delayed by 2 years to 2024 as the date for commissioning for first Gold production but the resource has been expanded from about 1M oz to 2.5M oz of recoverable Gold in the surface operation.

Bluestone Resources will continue to promote their story and their brand and are confident that this will start to resonate with the market and be reflected in their share price. Once the feasibility study is completed, they get permitted and can show their commitment to ESG as a company, the market will see that Bluestone Resources is serious and have the team and the right approach to advance Cerro Blanco as a surface operation going forward.

Company Page: https://bluestoneresources.ca/

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