We're going to Philippines now. Would you like to come and join me, sir? This is the Executive Chairman of Blackstone Minerals, Geoff Gilmour. So we're going to investigate a potential of a world-class copper porphyry system that is recognized as being globally significant and high grade. And Geoff, just as you settle yourself, for people as you're coming in the room, we've got reserved seating down the front here. It's not reserved anymore, so if you come in and you'd like to sit down the front, please do. Geoff, welcome, and we're interested to hear your take on the Blackstone Minerals story.
Thank you, Chrissy. Good morning, everyone. Thank you. Blackstone Minerals is positioned in the Philippines with the advanced Mankayan copper-gold porphyry deposit. It's located 250 km north of Manila in a strong mineralized belt, and you can see from the map that there are a lot of other companies in the region operating successfully. This project is a brownfields project. It does have a JORC resource, and there's some beautiful numbers here, 793 million tons, 0.65% copper equivalent. And for us laymen, 2.8 million tons of copper, 9.7 million ounces of gold, and 20 million ounces of silver. There's all... And the JORC resource is, bulk of it is Indicated, 638 million tons.
As mentioned, it's a large-scale porphyry, and a strong orebody , 1,000 meters strike, 500 meter wide, 1,200 meters high. There is extensive drilling on the project, 59,000 meters diamond drilling, and we did drill two holes two years ago, 1,000-meter holes into the deposit. Mineral Production Sharing Agreement, MPSA, which has just been recently renewed and valid till 2046, and all other permits are in place. Little bit of the corporate. Market cap, very low, AUD 77 million. We do have AUD 15 million in the tin, and we do have strong institutional shareholders on the register. We have a strong board, we've recently brought on Mark Williams onto the team, who has Filipino experience, and we have an exceptionally strong team in the Philippines, Joey, Ronnie, and Johann. Johann will be running our pre-feasibility study, which we'll talk about in a minute.
So here's the JORC table. You can see, compliant, as we said, 793 million tons, 0.65. We've mentioned the numbers on the contained metal. There is a high-grade zone of 170 million tons at just under 1 gram copper equivalent, which will allow for some dexterity in development going forward, and that represents 15% of the total tonnage. The focus going forward will be de-risking this asset, and we'll come to that, and you can see the cut-off models there, and you can see the JORC table as mentioned. Some really good numbers here from the historical drilling and intersections. You won't see these too often. 911 meters mineralized dirt, pretty impressive, with a 1-gram copper equivalent, with a high grade, 253 meters at 1.43% copper equivalent.
543 meters, 754 meters. So it's a consistent deposit. Pre-feasibility study preparation. So to move this project forward now, we've started the pre-feas. Metallurgical work has started at ALS in Perth, and there'll be some lucky consultants we'll be speaking to over the next couple of months, but the pre-feasibility committee is together and up and going. And also involved in that is, we've started the environmentals up there, but we're marching those forward along with the pre-feas. We'll be doing LiDAR work coming up and geophysics. There is still exploration potential on the MPSA. This was a structural discovery, so all the focus has been on the porphyry, but this is a very mineralized belt, and we would like to see whether this Mankayan has a small brother or bigger sister still on the deposit.
We will be drilling 8 holes, but that won't happen until my favorite mayor at Mankayan lifts a stop order on us at the present moment of time from drilling. We can do other work, but we cannot do drilling at this stage. But we're hopeful that will change reasonably soon. So as mentioned, and that drilling will test nearby geological anomalies, some drilling for the PFS, and also the high-grade section we mentioned earlier is still open, and we want to test that, and obviously, this porphyry is still open at depth.
We will angle some holes across this deposit, and we believe by angling, because a lot of the holes have just been drilled straight down, that we will pick up a higher grade across this deposit. ... This is the regional potential. You can see there's been some, a little bit of work done, but not a lot.
We're quite excited about what we could find heading north from the Mankayan porphyry. The Philippines. Let's talk about the Philippines. Everyone gets a little bit nervous about it. It's demonstrated successful mining history, and there are operational companies up there, and they're doing exceptionally well. It's a pro-mining regulation up there from the Presidential Office down. The Philippine government wants to see its GDP increase, and mining is one of the areas they'd like to see increase. It's mineral rich, the Philippines, and there's certainly no problems with the rocks. But if you're not careful, you can run into problems above ground, and it's mainly the social issues or community issues. The U.S. has just moved back into the Philippines, and they've just done an MoU with the Philippines government on critical minerals, and obviously, copper is now on that list.
And if you want to find copper, you go to the Philippines. We are in a world-class district. We do have operating mines not too far away from us, and infrastructure is good. You have access to quality people, well-trained people, ports, power, water, and a really strong workforce as well. We have a team of about 30 up there, community relations, geos, all locals, and they're all quality people. So it is a good jurisdiction. It's not for the faint-hearted, and you do have to make sure you do the right steps, and then you'll be fine. This is our social license that we completed, which the big one is to get an MoU with the Indigenous Peoples, which we've done. We're one of the first companies in the Philippines to have done that, operating through 12 different barangays to get approval.
That approval and a CP has been issued, which gives the Indigenous People a 1% gross royalty over the project when it's in production. So the Indigenous People are now supportive of the project, the community is now supportive of the project, and the landowners, we have an agreement with to move the project forward also. So we do have a social license to operate in the Philippines. The value proposition. As we saw earlier, we only have a market cap of AUD 77 million, and we have a work program going forward to the pre-feasibility study, which will start to wrap some hard numbers around this project. We have exploration upside, we have a clear path, and we have a proven board and proven people in the Philippines to walk this project forward. And that is the value proposition.
I'm feeling a little bit undervalued and a little bit small on that chart, so onward and upward. Even though we do have a stop order from our mayor, we will get that cleared, and there is a discount in there for the Philippines, which I think will change over time as people see more and more news coming out of the Philippines of larger companies moving in there. And I've got 47 seconds left, Chrissy.
People wanting more, or you can talk a little bit more about it. Do you go up to the project a lot?
Yes, we do.
Yeah.
Philippines is a great place to go.
Yeah.
It's the same time frame as Perth, which is great to operate. English, speak English, good legal system. As I mentioned, the Mining Act is quality, and very nice people. Philippines hasn't quite got the culinary gene that, say, Vietnam has or, Thailand, but they are very entertaining. They're very cultural people. They're good singers and entertainers, so it's a great spot.
Excellent. It just sounded like you had a nice relationship with the people on the ground, the way you were talking about them and your ESG stuff, which was good.
Pardon?
Yeah, it sounded like, it sounded like you had a very nice relationship with the people.
Yes, we are.
Okay, Geoff, thank you so much.
Thank you.