Blackstone Minerals confirms high-grade copper-gold zone at Mankayan project in the Philippines

Results from Blackstone Minerals’ (ASX: BSX) initial drilling program at the Mankayan copper-gold porphyry project seem to vindicate the company’s recent move into the Philippines.

Best known for its nickel work in Vietnam, Blackstone acquired 100% of IDM International earlier this year in an all-scrip transaction that included the purchase of the Mankayan project.

The company has now received assay results from IDM’s first drill hole at Mankayan, which successfully intersected more than 300 metres of high-grade mineralisation at the project’s core.

Undeveloped project

Managing director Scott Williamson said the result further reinforces Mankayan’s standing as one of the best undeveloped copper-gold porphyry projects globally.

“The confirmation of a high-grade core within the system underscores the exceptional quality of this asset and highlights its potential to support a low-capex, high-return development strategy,” Mr Williamson said.

“The ability to initiate a selective mining method such as long hole open stoping provides the optionality to minimise upfront capital requirements while maximising value from the high-grade zones.”

“This positions Mankayan as a uniquely flexible and scalable project, aligning well with our strategic focus on economically robust copper-gold assets.”

Growth potential

Mr Williamson said the results show that the mineralised system is still open at depth and along strike to the north, providing multiple opportunities for significant future resource growth.

“With copper and gold remaining critical global commodities, the Mankayan project represents a strategic and timely asset in our portfolio, reinforcing our broader growth ambitions.”

Assays are now pending for a second IDM hole at Mankayan, which was also drilled for metallurgical and geotechnical testing purposes.

Ideal neighbourhood

Mankayan is located just 2.5 kilometres along strike from the renowned Lepanto gold mine and the Far Southeast project, providing proximity to established mining infrastructure and operations.

Mr Williamson said the confirmation of the high-grade core provides Blackstone with significant optionality for development strategies.

“A low-capex starter operation could generate strong returns while minimising upfront capital expenditure compared to conventional bulk mining methods.”

“Such an approach would allow for an economically efficient entry into production, capitalising on the high-grade portions of the orebody.”