Bluestone Announces $10,000,000 Bought Deal Financing
Momentum Public Relations
Press Release: February 19, 2019
Bluestone Resources Inc. (TSXV:BSR | OTCQB:BBSRF) (the “Company” or “Bluestone”) announces that the Company has entered into an agreement with Cormark Securities Inc. to act as lead underwriter (the “Lead Underwriter”) and a syndicate of underwriters (collectively with the Lead Underwriter, the “Underwriters”) to purchase on a “bought deal” private placement basis (the “Offering”), up to $10,000,000 of units of the Company (the “Units”) at a price of $1.25 per Unit (the “Offering Price”).
Each Unit will consist of one common share of the Company (a “Unit Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for 24 months from the closing of the Offering at a price of $1.65.
The Company has also granted to the Underwriters the option to sell up to an additional $5,000,000 of Units, exercisable until the date which is two days prior to the closing date.
The net proceeds of the Offering will be used towards advancing the Cerro Blanco Gold Project and for general corporate purposes.
Closing of the offering is anticipated to occur on or before March 12, 2019 and is subject to receipt of applicable regulatory approvals including approval of the TSXV.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Bluestone Resources Inc.
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck”
Darren Klinck | President, Chief Executive Officer & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- Published in Bluestone Resources, Mining, News Home
Bluestone Files Technical Report for its Cerro Blanco Gold Project
Momentum Public Relations
Press Release: February 14, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce that the 43-101 feasibility study technical report for the Cerro Blanco Gold Project in Guatemala has been filed and is available for review under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.bluestoneresources.ca.
The recently released feasibility study results (see News Release dated January 29, 2019) demonstrate the project’s robust, rapid pay-back, high-grade, development-ready underground gold mine with a modest capital expenditure and superior economics.
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck“
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
iinfo@bluestoneresources.ca
www.bluestoneresources.ca
- Published in Bluestone Resources, Mining, News Home
Bluestone Announces Additional Drill Results – 3.3 meters of 27.9 g/t Au and 260 g/t Ag at Cerro Blanco
Momentum Public Relations
Press Release: February 07, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce additional infill drill results from resource conversion drilling underway at its high-grade Cerro Blanco Gold project. The focus of the ongoing infill drill program is to upgrade the Inferred Resources into Measured and Indicated Resources.
Bluestone recently announced results of a Feasibility Study on the high-grade Cerro Blanco Gold project (see press release January 29, 2019) where one of the principal recommendations for optimizing and further enhancing the project was through potential conversion of a portion of the 360,000 ounces of Inferred Resources to Measured and Indicated Resources through infill drilling (currently ongoing), which will be followed by an updated mineral resource and mine plan.
Two LM-75 diamond drill rigs are currently situated within the North Zone of the Cerro Blanco underground workings and are targeting specific veins in the upper part of the Cerro Blanco resource that can be converted to the Indicated Resource category by infill drilling.
The primary focus of the program is to upgrade the Inferred Resources identified during the previous infill drill program completed in 2018. In addition, this program is also designed to define new resources along known veins in the mine plan that extend outside of the current resource envelope.
Table 1. Significant Intercepts
HOLE ID | FROM (meters) |
TO (meters) |
CORE INTERVAL |
TRUE WIDTH |
Au g/t | Ag g/t | VEIN ID |
UGCB18-107 | Results Pending | ||||||
UGCB18-108 | Results Pending | ||||||
UGCB18-109 | 33.7 | 34.7 | 1.0 | 1.0 | 8.5 | P | New |
80.2 | 81.38 | 1.2 | 1.2 | 5.1 | 83 | VN_01 | |
86.0 | 87.1 | 1.1 | 1.1 | 4.8 | 44 | – | |
95.85 | 99.1 | 3.3 | 3.3 | 27.9 | 260 | VN_02 | |
UGCB18-110 | 33.7 | 34.74 | 1.0 | 1.0 | 19.9 | 170 | New |
108.4 | 110.4 | 2.0 | 2.0 | 10.0 | 113 | VN_02 | |
113.1 | 114.1 | 1.0 | 1.0 | 18.3 | 97 | VN_03 |
Notes: Intervals in bold are cited in the text of the news release. A complete table with hole coordinates and azimuth/dip information accompany the plan view attached to this release. P – Results pending
David Cass, Vice President of Exploration commented, “The infill drilling program has been designed to strategically target key veins with upgrading resource categories. To date, the program has had an excellent success rate with every key intercept expected to have a positive impact on future project economics, with intercepted veins showing remarkable consistency and continuity, validated by optimum hole orientations reflected in the drilled true widths.”
Hole UGCB18-109 and UGCB18-110 were both drilled from the same underground platform at a positive angle (+35 and +51 degrees respectively). The principal objective of these holes was conversion or extension of veins VN_01, 02 and 03 from Inferred to Indicated Resources. UGCB18-109 intercepted all targeted veins as planned with VN_02 assaying 3.3 meters at 27.9 g/t. Hole UGCB18-110 intersected veins VN_02 and VN_03 with the former assaying 2.0 meters at 10 g/t Au (see table).
Additionally, a new vein, located in the footwall of vein VN_01 was intercepted at 33.7 meters in both holes ( 1.0 meter at 8.5 g/t Au and 1.0 meter at 19.9 g/t Au) and correlates with intercepts drilled in holes UGCB18-101 and UGCB18-106 that assayed 1.95 meters at 12.6 g/t Au and 1.0 meter at 12.4 g/t Au respectively (see press releases January 9th and January 24th, 2019). This new vein is outside of the current resource and will be referred to as VN_18 in future updated resource models.
Drilling is continuing and further results will be reported as received. A plan view showing drill hole locations can be accessed by clicking HERE.
Quality Analysis and Quality Control
Assay results listed within this release were performed by Inspectorate Laboratories (“Inspectorate”), a division of Bureau Veritas, which are ISO 17025 accredited laboratories. 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, Guatemala City, Guatemala, for sample preparation. Sample pulps are shipped to Inspectorate Laboratories in Vancouver, BC, Canada or Reno, NV, USA, 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 5 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, P.Geo., 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 technical information set out above in this news release is accurate and therefore approves this written disclosure of the technical information.
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck”
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
info@bluestoneresources.ca
www.bluestoneresources.ca
- Published in Bluestone Resources, Mining, News Home
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