Black Canyon (ASX:BCA) Executive Chairman Geoff Gilmour outlined the company’s focus on the Mankayan copper-gold porphyry deposit in the Philippines, describing it as an advanced, brownfields project with an existing JORC resource and a pathway to further technical de-risking through a pre-feasibility study (PFS).
Project overview and location
Gilmour said the company is positioned in the Philippines with the Mankayan copper-gold porphyry deposit, located roughly 250 kilometers north of Manila within what he described as a strongly mineralized belt that hosts other operating companies. He characterized Mankayan as a large-scale porphyry system, outlining dimensions of approximately 1,000 meters of strike, 500 meters in width, and 1,200 meters in height.
JORC resource and high-grade zone
Gilmour highlighted the project’s JORC resource of 793 million tonnes at 0.65% copper equivalent. He translated that into contained metal of about 2.8 million tonnes of copper, 9.7 million ounces of gold, and 20 million ounces of silver. He noted that the bulk of the resource is in the Indicated category, totaling 638 million tonnes.
He also pointed to a higher-grade portion of the deposit: a zone of 170 million tonnes at just under 1% copper equivalent, representing about 15% of total tonnage. According to Gilmour, the presence of this higher-grade zone could provide “dexterity” in development planning.
In discussing historical drill results, he cited long mineralized intervals and said the deposit appears consistent, referencing intersections including:
- 911 meters of mineralization at around 1% copper equivalent, including 253 meters at 1.43% copper equivalent
- Additional long intervals mentioned of 543 meters and 754 meters
Permits and study workstreams
Gilmour said the project’s Mineral Production Sharing Agreement (MPSA) had been “recently renewed” and is valid through 2046, and that “all other permits are in place.” He described the company’s near-term strategy as de-risking the asset and advancing work toward a PFS.
He said metallurgical test work has started at ALS in Perth. He added that the company has established a pre-feasibility committee and is moving environmental work forward alongside the PFS. Additional planned work includes LiDAR and geophysics.
Exploration upside and a local drilling stop order
Beyond the defined porphyry resource, Gilmour said there is exploration potential within the MPSA area. He described Mankayan as a “structural discovery” where historical focus has been on the porphyry, but where the company wants to assess whether additional deposits exist nearby.
He said the company intends to drill eight holes to test nearby geological anomalies, conduct drilling in support of the PFS, and further test the high-grade zone, which he said remains open. He also noted the porphyry is open at depth and that the company expects angled drilling—contrasting with many historical holes drilled vertically—could intersect higher grade across the deposit.
However, Gilmour cautioned that drilling cannot proceed at present due to a stop order issued by the local mayor in Mankayan. He said the company can do other work in the meantime and expressed hope the situation would be resolved “reasonably soon.”
Philippines operating environment and social license
Addressing jurisdictional considerations, Gilmour acknowledged that some investors “get a little bit nervous” about the Philippines, but said the country has a successful mining history, active operations, and what he described as pro-mining regulation. He also said the Philippine government wants to increase GDP and views mining as one avenue to do so.
He emphasized that while the geology is supportive, companies must manage “social issues or community issues” and take the “right steps” above ground. Gilmour said Blackstone Minerals has built a local team of about 30 people, including community relations personnel and geologists, and described infrastructure in the region as strong, citing access to ports, power, water, and a trained workforce.
On social licensing, Gilmour said the company has completed an MoU with Indigenous Peoples across 12 barangays and described the company as among the first in the Philippines to do so. He said an approval and a CP had been issued, providing Indigenous Peoples a 1% gross royalty over the project when in production. He also said the company has an agreement with landowners and stated that the Indigenous Peoples, community, and landowners are supportive of the project.
On the corporate side, Gilmour noted a market capitalization of about A$77 million and said the company holds A$15 million in cash, with institutional shareholders on the register. He also referenced board and team additions, including Mark Williams, whom he said brings Filipino experience, and said a team member named Johann will run the pre-feasibility study.
About Black Canyon (ASX:BCA)
Black Canyon Limited, together with its subsidiaries, focuses on mineral exploration activities in Australia. Its explores for manganese, copper, and cobalt targets. The company's flagship project includes Flanagan Bore Project located in the Pilbara region of Western Australia. The company was incorporated in 2011 and is headquartered in Subiaco, Australia.
