Blackstone Minerals Secures $22.6M, Uncovers High-Grade Copper-Gold at Mankayan
Blackstone Minerals has secured $22.6 million to accelerate exploration at its Mankayan Copper-Gold Project in the Philippines, revealing promising high-grade surface mineralization and advancing community and regulatory approvals. The company also formed a strategic joint venture to develop its Ta Khoa Nickel Project in Vietnam, positioning itself in the growing battery metals market.
- Completed $22.6 million capital raising backed by institutional investors
- Discovered surface copper-gold mineralization with assays up to 6 g/t gold and 1.9% copper
- Secured indigenous consent and land access for drilling at Mankayan Project
- Partnered with KCA Site Services to acquire a high-performance diamond drill rig
- Entered strategic joint venture with Vietnam’s Xuan Loc Tho Co. Ltd. for Ta Khoa Nickel Project
Capital Raising Fuels Exploration Ambitions
Blackstone Minerals Limited has successfully raised $22.6 million through a single tranche placement, oversubscribed and supported by heavyweight institutional investors including Macquarie Bank. This capital injection is earmarked to fast-track exploration and development at the company’s flagship Mankayan Copper-Gold Project in Northern Luzon, Philippines. The funds will underpin an aggressive drilling campaign, targeting an estimated 50,000 metres of diamond drilling to expand the known high-grade copper-gold porphyry system.
High-Grade Surface Discoveries Bolster Project Potential
During the quarter, Blackstone’s technical team identified multiple surface occurrences of copper and gold mineralization adjacent to the existing Mankayan deposit. Rock chip samples returned impressive grades, with gold assays reaching up to 6 grams per tonne and copper concentrations up to 1.9%. These findings have prompted a comprehensive mapping and sampling program to delineate new exploration targets, alongside planned geophysical surveys including magnetics and induced polarization.
Community Engagement and Regulatory Milestones Achieved
Crucially, Blackstone secured all necessary regulatory approvals to advance on-site exploration, including the Certificate of Precondition from the National Commission on Indigenous Peoples (NCIP), confirming Free, Prior and Informed Consent (FPIC) from the Mankayan Indigenous Peoples. Land access agreements for initial drill holes have been finalized, and ongoing community consultations aim to balance support and concerns within local populations. The company’s commitment to community projects over the next two years underscores its focus on sustainable and responsible development.
Enhanced Drilling Capability Through Strategic Partnership
To improve operational efficiency and reduce costs, Blackstone partnered with KCA Site Services to acquire a high-performance diamond drill rig capable of reaching depths up to 1,800 metres. This hire-to-buy arrangement leverages KCA’s expertise in gold mining operations and mirrors Blackstone’s successful approach in Vietnam, where owning drilling equipment and employing local drillers significantly lowered exploration expenses.
Strategic Joint Venture Advances Ta Khoa Nickel Project
In Vietnam, Blackstone entered a binding strategic agreement with Xuan Loc Tho Co. Ltd. to jointly develop the Ta Khoa Nickel Project and Refinery. This partnership reduces Blackstone’s holding costs while maintaining a strategic stake in nickel and lithium-ion battery metals, sectors poised for growth amid global energy transitions. The multi-stage transaction restructures ownership and funding responsibilities, with Xuan Loc Tho taking a majority interest and funding key permitting and construction milestones. The joint venture also plans to develop an industrial cluster to support refinery operations, enhancing tax benefits and permitting efficiency.
Financial Position and Outlook
Blackstone ended the quarter with approximately A$16.9 million in cash, reflecting the recent capital raise and ongoing disciplined expenditure. Exploration activities accounted for $1.355 million in outflows, while corporate and administrative costs remained controlled. The company’s strong financial footing supports its ambitious exploration and development programs across its Southeast Asian portfolio.
Bottom Line?
Blackstone’s strategic capital raise, regulatory progress, and partnerships set the stage for transformative growth in copper-gold and battery metals markets.
Questions in the middle?
- How will upcoming drilling results at Mankayan influence resource estimates and project valuation?
- What are the timelines and key hurdles for obtaining the construction license for the Ta Khoa Nickel Project?
- How will Blackstone manage community opposition and ensure ongoing social license in the Mankayan region?
