The uncertainty in the markets for investors has led to a steady rise in the price of gold over the course of 2019. As a result, it has also proven to be a great time for gold companies who are involved in gold mining. Over the past few months, many gold mining companies have enjoyed impressive rallies and one of them is Vancouver based Bluestone Resources Inc (OTCMKTS:BBSRF) (CVE:BSR). It is a well known gold mining company and is also involved in a renewable energy project at this point in time. Currently, Bluestone has a gold mining project in Cerro Blanco in Guatemala and it is a project from which gold of the highest quality is mined. The company is blessed with an excellent team of executives and is primed for growth.
Big Financing Done for Fund The Projects
The company has been making important moves in the market in order to grow into one of the leaders of the gold mining industry in Canada. In March this year, the company closed a financing round by way of which it raised $22 million by selling 12,800,000 units of the company. Each unit was equivalent to one common share in Bluestone. The aim of the company is to use the proceeds from this round of financing to further invest in its Cerro Blanco project located in Guatemala. The company also announced that some of the proceeds were going to be used for general expenses.
Key Development in Cerro Blanco project located in Guatemala
Earlier on in July, Bluestone had made another significant announcement. It had started an underground development program in its flagship Cerro Blanco project located in Guatemala and on July 9, the company made an announcement that it had made considerable headway. The company’s efforts revealed that in the North Zone of the Cerro Blanco property, there were high-grade veins and that is, without a doubt, a positive development for Bluestone. The Vice President of exploration at the company stated, “The successful re-opening of this exploration drive has permitted sampling of several key veins within the upper portion of the Cerro Blanco resource and helped validate their importance within the current resource model. “
However, it was on July 3 that the company had delivered particularly positive news with regards to the Cerro Blanco project. Bluestone revealed that the company had made rapid progress in the North Zone of its project and its explorers have been highly consistent in finding the targeted veins in the area. The President of Bluestone, Darren Klinck stated that he is extremely happy with the progress made by the company with regards to its exploration in the North Zone and he believes that the company is moving the desired direction with regards to this project. This is definitely a company one should keep an eye on in the coming months.