SYDNEY — Blackstone Minerals Ltd. is making a high-stakes wager on a rich copper-gold porphyry system buried beneath the northern Philippines, announcing a significant mineral intercept that could reshape its standing in the global exploration landscape.
The Australia-listed explorer (ASX: BSX) released assay results from its first drillhole at the Mankayan project, revealing a 608-meter stretch grading 0.89% copper equivalent—including a 346-meter interval at 1.12% CuEq. The results, though from a hole primarily designed for metallurgical and geotechnical sampling, offer a tantalizing glimpse into what executives are calling “one of the best undeveloped copper-gold porphyry projects globally.”
“This is a transformational result for us,” said Scott Williamson, Blackstone’s managing director. “It confirms the high-grade core of the Mankayan system and demonstrates its world-class potential.”
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A Long-Delayed Prize
Mankayan, located in the mineral-rich Cordillera region of Luzon, has been a known entity for decades. The deposit was first explored in the 1980s, with historical drilling by Lepanto Consolidated Mining Company and Gold Fields pointing to a large porphyry system. But fluctuating commodity prices, political risk, and limited capital shelved development for years.
Blackstone’s current activity follows a 2023 merger agreement with IDM International Limited, which holds an interest in the Mankayan project through Philippine partner Crescent Mining and Development Corp. The combination gives Blackstone majority control of the asset and the right to fast-track feasibility studies and permitting.
Notably, the hole—designated CDH-61—was terminated while still in mineralization, suggesting the system continues at depth. A second hole, CDH-62A, has been completed and assays are pending. Both holes aim to collect critical data for metallurgical modeling, part of Blackstone’s strategy to de-risk the project ahead of larger-scale development.
An Emerging Copper-Gold Revival
The report comes at a moment when copper is again in the spotlight, fueled by long-term supply concerns and its critical role in electrification. Goldman Sachs recently reiterated its bullish stance on the metal, projecting a structural deficit as early as 2026. Gold, meanwhile, has hovered near record highs on the back of persistent inflation and central bank buying.
Mankayan’s dual exposure to copper and gold makes it particularly attractive. According to a 2010 JORC-compliant resource estimate, the project hosts 619 million tonnes at 0.46% copper and 0.49 grams per tonne gold—numbers that Blackstone intends to update after its current drill campaign. Analysts at Canaccord Genuity estimate that even modest grade improvements could double the project’s net present value.
Challenges Ahead
But building a copper-gold mine in the Philippines remains a formidable task. The country has a checkered mining history, marked by regulatory instability and strong community opposition. In 2017, the government imposed a ban on open-pit mining that was only lifted in 2021. Even now, securing environmental compliance certificates and local government approvals is far from guaranteed.
Still, Blackstone appears undeterred. The company has emphasized a commitment to “responsible development” and says it is engaging closely with national and provincial stakeholders. The potential upside is difficult to ignore: Mankayan sits near existing infrastructure, including roads and power, and is less than 150 kilometers from the major port of San Fernando.
“This is a long game,” said one Sydney-based mining analyst who declined to be named due to client restrictions. “But if Blackstone can thread the regulatory needle, Mankayan could become one of the more valuable copper-gold assets in Southeast Asia.”
A Strategic Pivot
For Blackstone, the project marks a pivot from its earlier focus on battery metals in Vietnam, where it is advancing the Ta Khoa nickel project. The shift toward copper-gold reflects both market demand and strategic necessity: while nickel prices have languished, copper’s long-term fundamentals appear increasingly attractive.
Investors have responded cautiously. Shares of Blackstone are up around 12% year-to-date but remain well below their 2021 highs. The company has a market capitalization of just over A$50 million—modest by industry standards, and a potential lure for larger players seeking to expand their copper exposure.
Williamson hinted that more updates are coming. “We’re just scratching the surface,” he said. “There’s still a lot of drilling to be done.”
