The S&P/ASX Small Ordinaries Index (ASX: XSO) is up a solid 1.4% today, but that’s nothing compared to the gains rolling in for investors in this junior ASX mining stock.
The surging ASX share in question is Blackstone Minerals Ltd (ASX: BSX).
Blackstone Minerals shares closed yesterday trading for 3.5 cents. In late morning trade on Tuesday, shares are changing hands for 6.3 cents apiece, up a jaw-dropping 80%.
Here’s what’s got investors fired up.
ASX mining stock rockets on Philippines green light
In late October last year, the Municipal Mayor of Mankayan issued a Cease and Desist Order, halting exploration activities at Blackstone’s Mankayan Copper-Gold Project, located in the Philippines.
That decision followed concerns from some local residents and government officials about the potential environmental impacts of the copper-gold mine.
As you’d expect, the ASX mining stock came under heavy selling pressure in late October following this news.
Today, Blackstone Minerals shares are shaking off those headwinds and rocketing higher after the company reported that the Cease and Desist Order has been lifted. Meaning exploration activities can now resume at the Mankayan project.
The ASX mining stock said that its affiliate, Crescent Mining & Development Corporation, has been working with local community groups, including indigenous peoples and regional and national government bodies, to achieve this positive outcome.
Blackstone Minerals said it expects to commence drilling at the Mankayan project in the “near future”. The miner plans to drill up to 10 holes, averaging between 800 metres and 1,000 metres each.
Mankayan is reported to be the fourth largest undeveloped copper project in the Philippines. The project hosts a Mineral Resource of 2.8 million tonnes of copper, 9.7 million ounces of gold, and 20.4 million ounces of silver.
What did management say?
Commenting on the regulatory green light sending the ASX mining stock surging today, Blackstone Minerals executive chairman Geoff Gilmour said:
On behalf of Blackstone and CMDC, I would like to thank all our staff, community members and Regional and National Government departments for their constructive engagement and actions in achieving the lifting of the Order. With this behind us, there is a clear pathway forward to advance the Mankayan Project for the benefit of all stakeholders.
A project of Mankayan’s size and international importance cannot be underestimated and I look forward to updating shareholders and stakeholders as the Pre-Feasibility Study work and associated drilling activities progresses.
Judging by today’s price action, investors are expecting some materially positive updates from the resumption of those drilling activities.
The post Guess which ASX mining stock is rocketing 80% today on huge Philippines news appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.