Bluestone Resources updates on geothermal activities in Guatemala
Canadian Bluestone Resources reports that flow testing of selected wells of its MIta Geothermal Project in Guatemala have been completed with plans for a staged development approach foreseen.
In a release this week, Canadian company Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) provided a corporate update on the recent progress of the Company.
John Robins, Executive Chairman commented, “In just over 15 months since acquiring the Cerro Blanco Gold and Mita Geothermal projects, Bluestone has advanced from what was effectively a shell company to one that is rapidly advancing these high-quality projects. Bluestone has successfully assembled an executive team with extensive development and Latin American experience; the skills necessary to advance these projects to maximize value for our many stakeholder groups including local communities in Guatemala, government partners, and our supportive shareholders.”
With a focus on its mining projects, the company also updates on the activities for the Mita Geothermal Project.
Flow testing of select geothermal wells was completed at the Mita Geothermal project. Equipment was installed onsite and four geothermal wells were tested for power generation capabilities. Multiple wells were flow tested for extended durations. The data collected fed into a new reservoir calculation that is expected to demonstrate an economic geothermal resource, as well as an estimated power generation capacity for a potential first phase project. Further drilling and follow up on the deeper reservoir, projected beneath the Mita geothermal concession, could have the potential to increase the projected power generation capabilities in the future.
Further studies are ongoing in this area in conjunction with synergies from the Cerro Blanco Gold project. Bluestone envisions a staged approach, with Phase 1 being a smaller operation that could supplement power requirements to the mine or be sold into the privatized national grid. A larger development could then be examined in the future as a Phase 2.
Source: Company release via GeologyforInvestors