Blackstone Minerals (ASX: BSX) concluded the June quarter by merging with IDM International and acquiring the Mankayan copper-gold project in the Philippines. Blackstone Minerals is an Australian company focused on developing resources, particularly those involved in the energy transition. The acquisition of the Mankayan project provides Blackstone with a significant copper and precious metals asset during a period of high prices for these commodities.
Mankayan, located in Northern Luzon, is situated in a pro-mining region with a history of successful mining operations. The project boasts historical drill intercepts, including assays of 911 metres at 1% copper equivalent (0.51% copper and 0.63 grams per tonne gold) from 156m, and 754m at 1.03% CuEq (0.49% copper and 0.69g/t gold) from 254m.
Assays from IDM’s first drill hole for metallurgical and geotechnical testing intersected over 300m of high-grade mineralisation at the core of the porphyry, with best assays revealing 608m at 0.89% CuEq (0.48% copper and 0.52g/t gold) from 342m to the end of the hole. Blackstone’s technical team will commence a mapping and surface sampling program after confirming rock chip samples assaying up to 6g/t gold and 1.9% copper surrounding the Mankayan project.
During the quarter, Blackstone spent $334,000 on exploration activities at its Ta Khoa project in Vietnam. The company also completed a $22.6 million capital raising to fund exploration at Mankayan, supported by investment managers and a $5 million cornerstone investment from Macquarie Bank. The funds will finance a 50,000m diamond drilling program aimed at expanding the porphyry system at Mankayan.
