Blackstone Minerals Granted Key Regulatory Approvals to Advance Mankayan Copper-Gold Project

Blackstone Minerals (ASX: BSX) is moving quickly to begin a new exploration program at its world-class Mankayan copper-gold porphyry project after being granted key approvals from Philippines officials.

In a significant milestone for the project development, the Philippines Mines and Geosciences Bureau (MGB) has agreed to a two-year extension of the Mankayan work program.

This extension will allow Blackstone to continue critical exploration, study activities, and community work, ahead of its planned drill campaign of more than 50,000m at the project.

Drill Rig Mobilised

The company has already mobilised a drill rig to site, secured land access for the initial drill pad, and commenced road construction.

It has also initiated engagement with the local community, signing an agreement with Maggangan village in the Barangay of Guinaoang that commits to numerous community projects over the next two years.

The National Commission on Indigenous Peoples has formally ratified the agreement it signed in December 2024, completing Blackstone’s social licence to operate at the site.

This makes Blackstone the first company to receive official consent from the Mankayan people, underscoring the significance of the project for both the company and the region.

Unreleased Assay Results

Blackstone finalised the Mankayan acquisition earlier this year, and has already identified significant upside opportunities after uncovering previously unreleased historical assay results from the deepest hole drilled at the project.

Those results included an intercept of 432m at 1.25% copper equivalent from 692m, and 210m at 1.60% copper equivalent.

The mineralised system at Mankayan remains open at depth, with notable untested potential to the north.

Blackstone considers Mankayan – which sits 2.5 kilometres along strike from the Lepanto gold mine and Far Southeast project on the main Philippines island of Luzon – to be one of the largest, high-grade undeveloped porphyry projects globally.

Refining the Project Design

Managing director Scott Williamson said that the additional two-year work program period would allow the company to refine the project’s design and economics.

These will form the basis of the Declaration of Mining Feasibility and subsequent development decisions.

“These agreements [will] ensure that the development of the Mankayan Project directly benefits the surrounding communities,” he added.

“We remain committed to working closely with the Mankayan community, government regulators, and all stakeholders to responsibly unlock the value of this world-class resource.”