Blackstone Minerals (ASX: BSX) and KCA Site Services have agreed to jointly purchase a high-performance diamond drill rig to accelerate exploration at the Mankayan copper-gold porphyry project in the Philippines. Blackstone Minerals is an Australian company focused on developing green metals projects. The company is committed to supplying the growing demand for battery metals.
Under a hire-to-buy arrangement, the partners will acquire the advanced drill rig, which is capable of reaching depths up to 1,800 metres. This enhanced drilling capacity, exceeding current limits by over 300 metres, is deemed essential by Blackstone for fully exploring the world-class project’s potential. The company anticipates deploying the rig to the Mankayan site in the coming weeks, preparing for the next exploration phase.
This acquisition mirrors Blackstone’s approach at the Ta Khoa nickel project in Vietnam, where owning drill rigs and employing local workers led to significant cost savings. Managing director Scott Williamson expects a similar strategy at Mankayan to substantially reduce drilling and related service costs, while also boosting efficiency. The company has received $217,500 in applications for a share purchase plan, in addition to a separate $22.6 million share placement.
The funds raised will support exploration activities at Mankayan, including a 50,000-metre drilling program, geophysical surveys, and metallurgical and geotechnical work. KCA managing director Adam Wilson expressed enthusiasm for supporting Blackstone’s exploration at Mankayan, emphasising their focus on providing tailored solutions.
