Gold’s 27% advance stands out in mixed year for metals markets
Gold is heading for one of its biggest annual gains this century.
Bluestone Resources (TSXV: BSR) has announced a new high-grade mineral resource estimate for its Cerro Blanco gold project in Guatemala.
In a press release, the Canadian company said that measured resources grew by 134% to reach a total of 607,714 tonnes grading 11.5 g/t Au, containing 225,118 ounces of gold, while measured and indicated resources increased by 18% to 1.41 Moz averaging 10.3 g/t Au.
Mineralization at Cerro Blanco occurs within composite veins of chalcedony, quartz, adularia
and calcite. The veins cut intensely-altered volcaniclastic rocks, limestonesand sandstones
Bluestone said that these results follow a nine-month, 66-hole infill drill program in the North Zone of the deposit, which has now been extended to the South Zone.
According to the miner, the idea behind the campaign was to convert inferred resources identified in the project’s feasibility study into the measured and indicated categories. This, after the FS highlighted some 357,000 ounces of inferred resources (1.4 Mt grading 8.1 g/t Au) that could be potentially converted.
“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,” Darren Klinck, Bluestone president and CEO, said in the media brief. “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.”
The Cerro Blanco underground gold project is located in the Jutiapa department in southeastern Guatemala. Bluestone reports that it is a classic hot springs-related, low sulphidation epithermal gold-silver deposit comprising a system of moderate to steeply dipping quartz-adularia-calcite veins.
