Can Blackstone Navigate Risks to Unlock Value from Mankayan’s Deep Copper-Gold Zones?
Blackstone Minerals has completed its merger with IDM International, acquiring the high-grade Mankayan Copper-Gold Project in the Philippines and reporting promising deep drill results. The company also raised $22.6 million to accelerate exploration.
- Merger completed with IDM International, acquiring 100% of Mankayan Project
- Deepest drillhole BRC-60 reveals 432m at 1.25% copper equivalent from 692m depth
- First IDM drillhole CDH-61 confirms high-grade core with 608m at 0.89% copper equivalent
- Surface rock chips show up to 6g/t gold and 1.9% copper near Mankayan deposit
- Capital raise of $22.6M to fund 50,000m diamond drilling program
Merger Unlocks Strategic Copper-Gold Asset
Blackstone Minerals Limited has marked a pivotal moment with the successful merger of IDM International Limited, acquiring full ownership of the Mankayan Copper-Gold Project in Northern Luzon, Philippines. This all-scrip transaction brings a world-class copper-gold porphyry deposit into Blackstone’s portfolio, aligning with the company’s focus on critical energy transition metals and precious metals exposure.
The Mankayan project is situated in a mining-friendly jurisdiction with a strong history of successful operations, supported by local stakeholder engagement and a renewed 25-year mining license. Blackstone’s expertise in base metals development, particularly from its Ta Khoa Nickel Project in Southeast Asia, positions it well to advance Mankayan efficiently and cost-effectively.
Deep Drilling Confirms Extensive High-Grade Mineralisation
Additionally, the first drillhole completed by IDM (CDH-61) for metallurgical and geotechnical testing intersected 608 metres at 0.89% copper equivalent from 342 metres to the end of the hole, including 346 metres at 1.12% copper equivalent. Although not designed to test the full orebody, this hole confirmed a high-grade core within the deposit, offering potential for a low-capital starter operation targeting selective mining of premium grades.
Surface Sampling Reveals New Exploration Targets
Beyond drilling, Blackstone identified numerous surface occurrences of copper and gold mineralisation surrounding the main Mankayan deposit. Rock chip samples returned assays up to 6 grams per tonne gold and 1.9% copper immediately north and east of the deposit, prompting a comprehensive mapping and sampling program to delineate these promising targets further.
Capital Raising Fuels Aggressive Exploration
To capitalize on these encouraging results, Blackstone successfully raised $22.6 million through a placement of nearly 290 million shares at 7.8 cents each, oversubscribed and supported by major investors including Macquarie Bank. The funds will underpin an ambitious 50,000-metre diamond drilling campaign aimed at expanding and upgrading the resource base at Mankayan.
Alongside the merger, Blackstone welcomed IDM director Geoff Gilmour to its board, while other management changes were made to strengthen the company’s leadership as it integrates the new asset and advances development plans.
A Compelling Growth Story in Critical Metals
The acquisition of Mankayan diversifies Blackstone’s portfolio across copper, nickel, gold, and silver; metals essential to the global energy transition and economic resilience. The project’s dual development potential, combining high-grade selective mining with bulk tonnage scalability, offers flexibility to optimize capital deployment and returns. With ongoing exploration upside and a supportive regulatory environment, Blackstone is well positioned to unlock significant value from this world-class asset.
Bottom Line?
Blackstone’s merger and strong assay results set the stage for a transformative growth phase, but investors will watch closely as drilling and development unfold.
Questions in the middle?
- How will Blackstone prioritize drilling targets to define the full extent of Mankayan’s resource?
- What are the timelines and capital requirements for advancing Mankayan into production?
- How will Blackstone manage geopolitical and regulatory risks in the Philippines mining sector?
