Bluestone to progress studies on geothermal project, Guatemala

Cerro Blanco gold project, Guatamala (source: Bluestone Resources)

Reporting on the progress on the company’s Cerro Blanco gold mining project in Guatemala, Bluestone Resources Inc. announced plans for an open pit gold mine development. Proceeding with a feasibility study, permitting, and capacity building in the communities within the area of influence, the element of “responsible development” is highlighted by Bluestone.

In line with the commitment to responsible development by Bluestone and reducing its carbon footprint with the development of the mine, so the company, Bluestone has undertaken additional work on the Mita Geothermal project, which we have been reporting on before. The Company completed a scoping study that incorporated a review of the historical data and test work completed on the project. An updated reservoir calculation was completed that estimated a reserve capacity of over 20 MW. The scoping study focused on several different sizing scenarios ranging from 5 MW to 20 MW, and the results highlighted an economic project with an after-tax IRR of over 15%. Next steps include geological and geophysical surveys to further refine injection well locations alongside the proven production wells, followed by a feasibility study.

Peter Hemstead, CFO, commented, “The geothermal project represents a unique opportunity that supports our goal to reduce our carbon footprint alongside the development of the mine. We feel this separates us from our peers and adds value to a great gold project. Over the course of the next six months, we will continue to de-risk the geothermal project in anticipation of a potential power call in Guatemala.”

Source: company release