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Blackstone Minerals Ltd (ASX:BSX) has confirmed a rich zone of copper-gold mineralisation at its Mankayan copper-gold project in the Philippines, based on drilling conducted by IDM International.
Assay results from one hole – which was being drilled to collect samples for metallurgical and geotechnical testing – ended in mineralisation, but intersected more than 300 metres of high-grade mineralisation in the centre of the project’s copper-gold porphyry.
This included 608 metres (m) at 0.89% copper equivalent (CuEq) – or 0.48% Cu and 0.52 grams per tonne (g/t) gold (Au) from 342m to end of hole, including 346m at 1.12% CuEq – or 0.59% Cu and 0.68g/t Au from 604m to end of hole.
The drillhole – CDH-61 – was not expected to intersect the full extent of the orebody, which is why it ended in high grade copper-gold mineralisation. On the basis of these results, Blackstone has suggested Mankayan to be one of the most impressive undeveloped copper-gold porphyry projects in the world.
Managing director Scott Williamson said achieving these numbers represented an important step for the company.
“The confirmation of a high-grade core within the system underscores the exceptional quality of this asset and highlights its potential to support a low-capex, high-return development strategy,” he said.
“The ability to initiate a selective mining method, such as Long Hole Open Stoping (LHOS), provides the optionality to minimise upfront capital requirements while maximising value from the high-grade zones.
“This positions Mankayan as a uniquely flexible and scalable project, aligning well with our strategic focus on economically robust copper-gold assets.”
Blackstone has been trading at 6.7 cents.
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