Private Declare Function TransparentBlt Lib "msimg32.dll" _
    (ByVal hdc As Long, ByVal x As Long, _
     ByVal y As Long, ByVal nWidth As Long, _
     ByVal nHeight As Long, _
     ByVal hSrcDC As Long, _
     ByVal xSrc As Long, ByVal ySrc As Long, _
     ByVal nSrcWidth As Long, ByVal nSrcHeight As Long, _
     ByVal crTransparent As Long) As Boolean
 
Private Sub Form_Load()
 
    Picture1.ScaleMode = vbPixels
    Picture2.ScaleMode = vbPixels
 
End Sub
 
Private Sub Picture2_Paint()
   TransparentBlt Picture2.hdc, 0, 0, Picture2.ScaleWidth, _
       Picture2.ScaleHeight, Picture1.hdc, 0, 0, Picture1.ScaleWidth, _
       Picture1.ScaleHeight, vbBlack
End Sub