Historical Drilling Data Paves the Way for Blackstone Minerals to Commence Exploration at Mankayan Project

Blackstone Minerals (ASX: BSX) marked the end of the June quarter by completing a merger with unlisted Australian explorer IDM International and acquiring the world-class Mankayan copper-gold project in the Phillipines.

Situated in Northern Luzon, in a region with a pro-mining environment and a long history of successful mining operations, Mankayan represents a compelling investment opportunity for Blackstone, providing exposure to copper and valuable precious metals during a period of record high prices.

The project will allow the company to leverage its extensive expertise, resources and relationships in the energy transition market and base metals mine development, particularly in south-east Asia.

World-Class Intercepts

Mankayan is underpinned by historic world-class drill intercepts, with best assays of 911 metres at 1% copper equivalent (0.51% copper and 0.63 grams per tonne gold) from 156m including 253m at 1.43% CuEq (0.73% copper and 0.89g/t gold) and 754m at 1.03% CuEq (0.49% copper and 0.69g/t gold) from 254m including 430m at 1.21% CuEq (0.58% copper and 0.8g/t gold).

During the quarter, Blackstone reported a best assay from the deepest historical drill hole of 432m at 1.25% CuEq (0.55% copper and 0.89g/t gold) from 692m including 210m at 1.6% CuEq (0.69% copper and 1.16g/t gold).

The hole sought deeper high-grade copper-gold mineralisation and the results confirmed that the porphyry system extends significantly deeper than previously understood.

One of only a few angled drill holes at the project, Blackstone believes this methodology will increase the likelihood of intersecting vertically-oriented mineralisation and intense quartz veining.

First Drill Hole Assays

Blackstone also received assays from the first drill hole completed by IDM for metallurgical and geotechnical testing, which intersected over 300m of high-grade mineralisation at the core of the Mankayan copper-gold porphyry.

Best assays were 608m at 0.89% CuEq (0.48% copper and 0.52g/t gold) from 342m to end of hole including 346m at 1.12% CuEq (0.59% copper and 0.68g/t gold) from 604m.

“This recent drill result highlights its exceptional resource quality and underscores Mankayan’s importance as a strategic asset in a market where demand for copper and gold remains robust,” Blackstone said.

During the period, Blackstone reported numerous occurrences of surface copper-gold mineralisation surrounding the Mankayan project, with the company’s technical team set to commence a mapping and surface sampling program after confirming rock chip samples assaying up to 6g/t gold and 1.9% copper immediately to the north and east of the deposit.

Financial Metrics

Blackstone spent $334,000 on exploration activities at its Ta Khoa nickel-copper-platinum group elements project in Vietnam and made $93,000 in payments including directors’ fees, salaries and superannuation.

It also completed a $22.6 million capital raising to sophisticated and institutional investors through the placement of 289.8 million shares priced at $0.078 each.

The raising was backed by some of the world’s leading investment managers and attracted a cornerstone $5 million investment from Macquarie Bank.

Proceeds will finance an aggressive exploration program, including 50,000m of diamond drilling, focused on expanding the substantial high-grade porphyry system at Mankayan.