Mobilisation of Drilling Rig to Eureka Project

Ajax Resources PLC

06 January 2026

 

6 January 2026

AJAX RESOURCES PLC

("Ajax" or the "Company") 

Mobilisation of Drilling Rig to Eureka Project

Ajax [AQSE: AJAX], the natural resources investment company focused on high-impact opportunities in South America, is pleased to announce that mobilisation of a drilling rig and associated ancillary equipment to the Eureka Gold and Copper Project, located in the Province of Jujuy, Argentina, will commence today.

Drilling activities are expected to begin later this week. The initial drilling programme (the "Programme") will comprise approximately 10 diamond drill holes for a total of approximately 1,500 metres of diamond drilling.

The Programme will target a series of shallow geochemical and induced polarisation ("IP") anomalies, as well as a deeper IP chargeability anomaly identified in a 2014 report authored by SRK Consulting. This deeper anomaly may represent the transition to a sulphide-rich zone within the mineralised system.

Drilling will be conducted in close proximity to Mina Eureka, the historic copper and gold mine within the Eureka Project area. Mina Eureka has a documented 400-year production history yet has never been drill tested, representing a compelling exploration opportunity.

The Eureka Project is drill-ready, with multiple highly prospective anomalies previously identified by earlier operators. High-grade copper oxides have been confirmed at surface, with historical samples reporting grades of up to 6.1% Cu, and numerous samples exceeding 0.5% Cu across several historical exploration programmes.

Ajax is committed to performing operational activities in compliance with the highest environmental and community engagement standards.

The commencement of drilling activities represents a highly significant milestone for the Eureka Project, which has never been drilled in its approximately 400-year history of production, marking a key step towards determining its untapped copper and gold potential and advancing the Company's strategy of transforming historically productive yet underexplored assets into value-generating opportunities for shareholders.

The Company expects to receive preliminary assay results by the close of the first quarter of 2026. Further updates will be provided in due course once drilling activities commence.

Underexplored Gold Potential

A historic, non-JORC compliant estimate indicates approximately 52,000 ounces of gold hosted by a basal conglomerates unit, with a 2007 NI 43-101 report suggesting placer potential may be several times greater, associated with a broader paleo channel. Ordovician quartz veins present a separate hard rock gold target. Codelco did not evaluate gold during previous work, leaving this upside untested across the district.

Red Bed Analogues: Additional Scale Potential

Eureka shares key geological traits with the Corocoro red bed copper system in Bolivia, which hosts approximately 80 million tonnes at 0.6% Cu.

While there can be no assurance that Eureka hosts mineralisation of comparable scale or grade, these geological similarities suggest potential for a larger stratabound copper system. These concepts will be further evaluated through the upcoming Programme.

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For further information: 

Ajax Resources Plc Ippolito Ingo Cattaneo, Chief Executive Officer	Tel: + 44 (0) 208 146 6345 [e-mail]
Allenby Capital Limited (Corporate Adviser) Nick Harriss / Nick Athanas	Tel: + 44 (0) 203 328 5656 [e-mail] [e-mail]

About Ajax Resources Plc

Ajax Resources Plc is a UK natural resources investment company listed on the Aquis Stock Exchange (AQSE: AJAX). The Company was previously listed on the FCA Official List of the Main Market of the London Stock Exchange as a Special Purpose Acquisition Company (SPAC) before transitioning to its current strategy as an operational natural resources investment vehicle.

Ajax is focused on identifying, acquiring and advancing assets containing copper, gold, silver, zinc, uranium and lead - commodities supported by strong long-term demand fundamentals. The Company's strategy centres on the acquisition and development of assets with historical production, significant untapped or latent potential, and substantial exploration upside, typically secured on highly advantageous terms. Ajax aims to progress these assets through development and into production, with the objective of generating revenue and long-term shareholder value.

 

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