How to copy blob (binary data) from one DB to DB using a script?
I would use the "Generate Scripts" option in SQL Server Management Studio.


In Object Explorer - highlight the database hosting the source
table.
Right-click menu - Tasks | Generate Scripts 
Select specific table object - click Next page
Click Advanced button
Under General Options
    - Change 'Type of data to script' to "Data Only"
Save to file - change folder and filename as required.


I tried a simple test with a table storing a varbinary field.  The output from the Scripting process looked ok:

USE [TestDB]
GO
/****** Object:  Table [dbo].[tjc_blob]    Script Date: 07/04/2017 14:46:23 ******/
INSERT [dbo].[tjc_blob] ([id], [datablob])
VALUES (1, 0x6162636465666768696A6B6C6D6E6F707172737475767778797A)