Vancouver, British Columbia--(Newsfile Corp. - November 30, 2017) - Bluestone Resources Inc. (TSXV:BSR) ("Bluestone" or the "Company") is pleased to provide an exploration update regarding the Company's Cerro Blanco gold project. The sampling program was designed to confirm and improve the understanding of the deposit. Sampling commenced in July and has successfully confirmed surface drill results with sampling from the underground mine workings, as well as identified several new high-grade mineralized veins. Significant results include the discovery of a new shear zone oblique to the main mineralized zones, where chip samples returned 3.0 m of 231.6 g/t gold and 323.3 g/t silver. Including the shear zone, a total of 30 additional veins have been identified that were over 5.0 g/t gold.
Previous operators have spent over US$230 million on the Cerro Blanco project, including more than three kilometers of underground development. None of the workings were systematically mapped or sampled. This program represents the first sampling and geological work done on the project in more than four years. Further work is underway to determine how many of these new veins will be incorporated into a new resource estimate and were not in the Mineral Resource Estimate defined in the Preliminary Economic Assessment available at www.sedar.com. A number of these veins are oriented either oblique to or perpendicular to the main vein trend and as such were not identified in earlier drill programs.
A comprehensive structural study was also initiated in July and is nearing completion. This program entailed the relogging of drill core and detailed structural mapping of the underground workings. This work has resulted in a better understanding of the deposit and will aid in the prediction and estimation of additional high-grade veins together with helping guide mine design and mine planning activities.
Bluestone's President & CEO Darren Klinck commented, "The results to date have been very encouraging and have strengthened our understanding of the deposit. In addition, the identification of several new high-grade veins in the underground is extremely encouraging."
A total of 282 channel samples were collected from targeted areas within the three kilometres of underground workings at Cerro Blanco. The most significant of these results are shown below followed by a more comprehensive list of results in table 1.
Select Chip Sample Highlights Include:
- 3.0 m sample width at 231.6 g/t gold and 323.3 g/t silver*
- 1.0 m sample width at 443.0 g/t gold and 100 g/t silver
- 3.0 m sample width at 58.7 g/t gold and 143.5 g/t silver*
- 2.5 m sample width at 52.2 g/t gold and 82.6 g/t silver
- 3.0 m sample width at 104.5 g/t gold and 110.3 g/t silver
- 1.5 m sample width at 48.4 g/t gold and 95.7 g/t silver
- 2.0 m sample width at 35.2 g/t gold and 119.0 g/t silver
- 3.0 m sample width at 14.5 g/t gold and 42.0 g/t silver
- 0.7 m sample width at 236.7 g/t gold and 196.3 g/t silver
- 5.0 m sample width at 15.3 g/t gold and 47.0 g/t silver*
- 2.1 m sample width at 59.3 g/t gold and 467.0 g/t silver
* Samples that represent potential new veins that have been identified that were not in the previous
Mineral Resource Estimate dated February 7, 2017
Table 1. Chip Sampling Results Over 5.0 g/t Gold
Highlighted results represent potential new veins that have been identified that were not in the previous Mineral Resource Estimate dated February 7, 2017.
| Sample ID | Width (m) | Gold Grade (g/t) | Silver Grade (g/t) |
| RCB-2553 | 5 | 6.0 | 25.0 |
| RCB-2556 | 4 | 12.4 | 21.0 |
| RCB-2557 | 0.3 | 108.7 | 114.0 |
| RCB-2564 | 5 | 9.7 | 17.0 |
| RCB-2570 | 5 | 13.3 | 23.0 |
| RCB-2571 | 5 | 8.5 | 8.0 |
| RCB-2572 | 5 | 6.5 | 10.0 |
| RCB-2575 | 2 | 35.2 | 119.0 |
| RCB-2576 | 5 | 6.4 | 10.0 |
| RCB-2582 | 5 | 7.1 | 22.0 |
| RCB-2586 | 0.5 | 6.2 | 10.0 |
| RCB-2587 | 0.3 | 7.0 | 9.0 |
| RCB-2588 | 0.5 | 12.6 | 15.0 |
| RCB-2589 | 0.23 | 55.0 | 67.0 |
| RCB-2590 | 0.2 | 193.3 | 558.0 |
| RCB-2592 | 0.3 | 17.3 | 29.0 |
| RCB-2604 | 3 | 5.7 | 30.0 |
| RCB-2619 | 5 | 6.3 | 7.4 |
| RCB-2632 | 0.2 | 9.3 | 35.8 |
| RCB-2641 | 3 | 231.6 | 323.3 |
| RCB-2642 | 0.55 | 20.4 | 74.6 |
| RCB-2643 | 3 | 58.7 | 143.5 |
| RCB-2645 | 3 | 7.5 | 23.2 |
| RCB-2659 | 3 | 5.9 | 94.7 |
| RCB-2660 | 0.5 | 40.4 | 117.9 |
| RCB-2670 | 0.3 | 31.7 | 33.3 |
| RCB-2673 | 2.5 | 52.2 | 82.6 |
| RCB-2674 | 3 | 104.5 | 110.3 |
| RCB-2677 | 1.5 | 48.4 | 95.7 |
| RCB-2683 | 3 | 5.5 | 33.8 |
| RCB-2684 | 0.7 | 236.7 | 196.3 |
| RCB-2685 | 0.9 | 94.7 | 296.9 |
| RCB-2691 | 1.5 | 5.5 | 33.0 |
| RCB-2695 | 5 | 15.3 | 47.0 |
| RCB-2701 | 5 | 7.0 | 23.0 |
| RCB-2713 | 3 | 7.4 | 10.0 |
| RCB-2723 | 3 | 5.4 | 20.0 |
| RCB-2737 | 3 | 14.5 | 42.0 |
| RCB-2739 | 0.8 | 16.2 | 26.0 |
Table 1. Chip Sampling Results Over 5.0 g/t Gold Continued
Highlighted results represent potential new veins that have been identified that were not in the previous Mineral Resource Estimate dated February 7, 2017.
| Sample ID | Width (m) | Gold Grade (g/t) | Silver Grade (g/t) |
| RCB-2742 | 3 | 8.2 | 13.0 |
| RCB-2744 | 3 | 7.6 | 10.0 |
| RCB-2745 | 4 | 7.5 | 10.0 |
| RCB-2748 | 0.2 | 6.9 | 5.0 |
| RCB-2750 | 3 | 7.5 | 17.0 |
| RCB-2792 | 3 | 5.1 | 23 |
| RCB-2796 | 3 | 8.7 | 54 |
| RCB-2805 | 0.5 | 9.2 | 58 |
| RCB-2815 | 3 | 5.7 | 25 |
| RCB-2819 | 0.3 | 22.8 | 113 |
| RCB-2820 | 3 | 7.1 | 38 |
| RCB-2828 | 0.2 | 7.4 | 27 |
| RCB-2832 | 0.3 | 10.9 | 75 |
| RCB-2833 | 3 | 5.6 | 35 |
| RCB-2834 | 0.15 | 10.5 | 73 |
| RCB-2835 | 3 | 12.0 | 10.0 |
| RCB-2841 | 3 | 7.1 | 93.0 |
| RCB-2848 | 0.2 | 24.7 | 40.0 |
| RCB-2849 | 0.6 | 11.6 | 78.0 |
| RCB-2856 | 0.2 | 5.5 | 5.0 |
| RCB-2858 | 0.25 | 7.5 | 30.0 |
| RCB-2863 | 2.1 | 59.3 | 467.0 |
| RCB-2864 | 3 | 22.6 | 201.0 |
| RCB-2869 | 3 | 7.6 | 39.0 |
| RCB-2871 | 3 | 29.7 | 126 |
| RCB-2880 | 0.3 | 19.6 | 61.0 |
| RCB-2883 | 0.4 | 16.1 | 59.0 |
| RCB-2929 | 3 | 5.0 | 16.0 |
| RCB-2976 | 1 | 7.4 | 46.0 |
| RCB-3014 | 1 | 8.6 | 39.0 |
| RCB-3017 | 1 | 27.8 | 27.0 |
| RCB-3018 | 1 | 11.4 | 19.0 |
| RCB-3023 | 1 | 443.0 | >100 |
Note: Sample widths do not represent true widths.
Most of the new veins identified are either parallel or subparallel to the orientation of historic drilling. As such, it is not anticipated that these new veins will be incorporated into the 2018 updated resource estimate. However, these veins still represent significant opportunities to enhance project economics.
Qualified Person
Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd., is the designated Independent Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 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.
All analyses listed within this release were performed by Inspectorate Laboratories, a division of Bureau Veritas, which are ISO 17025 accredited laboratories. Samples are transported in security sealed bags to Inspectorate, Guatemala City, Guatemala for sample preparation. They are then shipped to Inspectorate, Vancouver, BC, Canada and Inspectorate, Reno, NV, USA where samples are assayed using industry-standard assay techniques for gold and silver. Gold and silver was analysed by a 30-gram fire assay with an AA and or using gravimetric finish for values exceeding 10 gpt Au and 100 gpt Ag. Quality assurance and quality control procedures identified no material issues. Bluestone inserts a series of standards and blanks into the sample stream as part of its quality assurance and quality control procedures which are continually monitored by the Company.77
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. The Cerro Blanco Project economics, as disclosed in the Company's Cerro Blanco Preliminary Economic Assessment which is available at www.sedar.com, and updated mineral resource estimate for Cerro Blanco indicates a robust project with an expected nine-year mine life producing 952,000 ounces of gold and 3,141,000 ounces of silver. Initial capital expenditures estimated in the PEA to fund construction and commissioning is estimated at US$170.8 million with all-in sustaining cash costs (as defined per World Gold Council guidelines, less corporate general and administration costs) estimated to be US$490 per ounce of gold produced. The Company trades under the symbol "BSR" on the TSX Venture Exchange.
