Additional Drill Assays From Cerro Blanco Project

VANCOUVER - Bluestone Resources Inc. reported additional high grade drill assays received from the drilling program currently underway in the South Zone of the Cerro Blanco gold project, where five drill rigs are operational both in the underground workings and on surface. Results continue to confirm the continuity and high grade of the vein style mineralization within and outside of the current reserve envelope, including bonanza grades recently intersected of 674.8 g/t Au and 2,863 g/t Ag over 1.1 meter (true thickness).

Highlights include the following uncapped intercepts representing true widths of the veins: Underground holes - 11.0 meters grading 86.3 g/t Au and 365 g/t Ag including 1.1 meters grading 674.8 g/t Au and 2,863 g/t Ag (UGCB20-179); 13.3 meters grading 24.9 g/t Au and 38.6 g/t Ag including 8.1 meters grading 31.0 g/t Au and 33.5 g/t Ag (UGCB20-176); 13.5 meters grading 4.4 g/t Au and 23.6 g/t Ag (UGCB20-176); and 1.2 meters grading 23.6 g/t Au and 91 g/t Ag (UGCB20-179); Surface Holes - 1.5 meters grading 26.5 g/t Au and 374 g/t Ag (CB20-424); 4.3 meters grading 11.6 g/t Au and 35.7 g/t Ag (CB20-424); and 3.0 meters grading 19.1 g/t Au and 15 g/t Ag (CB20-427).

David Cass, Vice President of Exploration, said, "These latest results continue to highlight the consistency and continuity of the high-grade veins at Cerro Blanco. Results from hole UGCB20-179 represent one of the highest-grade intercepts ever drilled, including the highest-ever gold assay received to date of 675 g/t Au and 2,864 g/t Ag over 1.2 meters. Importantly, this high-grade zone is situated in the upper reaches of the South Zone orebody above the current underground mine infrastructure, and confirms extensions to several veins outside of the current feasibility study mine plan and therefore indicates excellent potential for further growth in that area of the deposit."

The focus of the drill program is to improve the definition of key veins in parallel to expanding the high-grade mineralization for known veins outside of the current resource envelope. The work is expected to build on the infill drill program completed in the North Zone of the deposit in 2019, which resulted in an updated resource estimate of 1.41 million ounces of gold averaging 10.3 g/t in Measured and Indicated categories.

Drill holes UGCB20-175, UGCB20-176, UGCB20-178 were drilled at steep angles from the underground workings with the main objective to infill drill the high-grade portion of the principal feeder vein VS_01 and associated sub-parallel splay VS_21. All three holes were successful in intercepting the target, with a wide zone of high grade mineralization drilled in UGCB20-176 of 13.3 meters true width associated with a thick vein and hanging wall stockworks that assayed 24.9 g/t Au and 39 g/t Ag including 8.1 meters grading 31 g/t Au (VS_01). Several new and wide steeply dipping veins were identified to the east of the main deposit in hole UGCB20-178 (13.5 meters @ 4.4 g/t Au) confirming the potential of this poorly drilled portion of the South Zone for additional resources.

Drill hole UGCB20-179 was a step-out hole drilled +14 degrees (upwards) from the underground workings targeting extensions of several veins in the upper north-east portion of the South Zone. A 11.9 meter intercept grading 86.3 g/t Au and 365 g/t Ag was drilled including vein VS_07 and VS-08, with VS_08 assaying 194 g/t Au and 40.2 g/t Ag over 4.5 meters, which included the highest gold assay ever received at Cerro Blanco of 674.8 g/t Au over 1.2m. The high-grade veins are separated by lower grade middling characterized by stockworks and weak silicification in Mbt sandstones.

Drill holes CB20-424, CB20-426, CB20-427 were drilled from surface as infill and to test extensions to several vein swarms in the north-eastern part of the South Zone, with several new veins intersected, including 3 meters assaying 19.1 g/t Au and 15 g/t Ag in CB20-427 from 215.8 meters.

Precious metal mineralization at Cerro Blanco is associated with classic low sulphidation quartz - adularia epithermal veins and vein swarms hosted in altered sequence of volcanoclastic and sedimentary rocks. Higher grades (>20 g/t Au and >60 g/t Ag) are associated with visible gold, electrum and silver sulphides in ginguro-style colloform-banded veins.