Blackstone Minerals PFS Drilling at Mankayan Nears Restart as Cease and Desist Order Lifted

Why It Matters

Resuming exploration reactivates a large, internationally significant copper‑gold deposit, positioning Blackstone to advance a PFS that could unlock substantial value for shareholders and the Philippines’ mining sector.

Key Takeaways

• Cease‑and‑desist order lifted, allowing exploration to resume
• Mankayan holds 793 Mt at 0.65% Cu‑eq, 9.7 Moz gold
• Blackstone will drill up to ten 800‑1,000 m holes for PFS
• Metallurgical tests with Pitch Black Group due by mid‑2026

Pulse Analysis

The Philippines has emerged as a key frontier for copper and gold development, and Blackstone Minerals' Mankayan project sits at the heart of that trend. With a JORC‑registered resource comparable to some of the world’s largest undeveloped deposits, the project’s 793 million‑tonne base provides a solid platform for a pre‑feasibility study. The recent removal of a local cease‑and‑desist order eliminates a major regulatory hurdle, allowing Blackstone to refocus on drilling, geophysical surveys, and detailed engineering work that will define the project's economic viability.

Blackstone’s drilling plan targets up to ten deep holes, each extending 800‑1,000 metres, to test extensions of high‑grade zones and improve the geological model of steeply dipping veins. Complementary technical programs—including LiDAR‑generated 3D models and UAV‑based geophysical surveys—are set to sharpen target selection and reduce exploration risk. Simultaneously, metallurgical testing with the Pitch Black Group is progressing, with results expected by mid‑2026, which will inform processing decisions and potential cost structures for a future mine.

For investors, the restart signals a pivotal moment: a clear pathway to a PFS could translate into a credible development timeline and unlock financing opportunities. Moreover, the project's scale—ranking fourth‑largest undeveloped copper resource in the Philippines—aligns with rising global copper demand driven by renewable‑energy infrastructure. Successful advancement of Mankayan could therefore boost Blackstone’s market profile while contributing to the Philippines’ economic growth and its strategic role in the copper supply chain.