Bluestone Resources was created in 2017 with the purchase of the Cerro Blanco gold & Mita Geothermal projects. The Cerro Blanco gold project is a permitted, high-grade underground gold project located in southeastern Guatemala. The Mita Geothermal project is an advanced-stage, renewable energy project licensed to produce up to 50 megawatts of power.
Highlights:
Cerro Blanco is an advanced permitted high-grade gold project that includes over 3 km of underground development, a high-grade resource of 1.2 Moz at 10.1 g/t gold and a Feasibility Study that returned very compelling economics.
- Over $USD 230m invested into the project to date (including $60m for the Mita Geothermal Project)
- Once in production will generate more annual free cash flow in first year then the current marketcap of the Company (C$117m vs C$89m)
- One of the highest margins All-in Sustaining Cash Costs @ $USD 579/oz (gold currently above $USD 1300/oz)
- Management and Board have a strong track record of proven results, with the necessary financing to advance the project to a development decision (ex. John Robins, who sold Kaminak to Goldcorp for $520 M, Darren Klinck former EVP at OceanaGold)
- The Lundin family participated in the acquisition financing and are the largest shareholder at 36% and continue to be strong supporters. They have two Lundin representatives on the board.
2019 Key Catalysts:
- Ongoing high-grade drill results from the drill program currently underway - The goal of the program is to expand and convert inferred resources
- Updated Resource estimate that will extend the current mine life
- Updated Feasibility Study that captures the new resource estimate improving upon the already great economics of the project
