Start of Drilling at Eureka Gold & Copper Project

Ajax Resources PLC

12 January 2026

 

12 January 2026

AJAX RESOURCES PLC

("Ajax" or the "Company") 

Start of Drilling at Eureka Gold and Copper Project

Ajax [AQSE: AJAX], the natural resources investment company focused on high-impact opportunities in South America, is pleased to announce that drilling activities have now commenced at the Eureka Gold and Copper Project, located in the Province of Jujuy, Argentina.

The fully funded and permitted 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 is being conducted in close proximity to Mina Eureka, the historic copper and gold mine within the Eureka Project area. Mina Eureka has a documented production history spanning approximately 400 years, yet has never been drill tested, presenting a compelling and largely untested exploration opportunity.

The Eureka Project hosts 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 conducting all operational activities in compliance with the highest environmental, health, safety, 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.

Preliminary assay results from the Programme are expected by the end of the first quarter of 2026.

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:

"The commencement of drilling at Eureka represents an important milestone for Ajax. Opportunities to drill test a project with a 400-year history of copper and gold production that has never previously been drilled are uncommon. The presence of strong surface geochemistry, multiple IP anomalies, and the proximity to historic workings provides a compelling technical rationale for this initial programme, while recognising that drilling is required to validate the geological model.

A number of historical third-party studies provide additional context regarding the potential scale of the mineralised system. Minera Peñoles estimated an exploration potential of 61.6 Mt at 1.0% Cu, containing approximately 616,000 tonnes of copper, while work undertaken by Codelco also pointed to the presence of a significant copper system. In addition, Mantos Blancos, now part of Anglo American, carried out underground mapping and bulk sampling and declared a historical, non-NI 43-101 compliant gold resource of approximately 52,000 ounces, based on 600,000 tonnes at 2.7 g/t Au.

This fully funded programme is a key step in systematically assessing the potential of the Eureka Project, and we look forward to keeping shareholders informed as results are received, analysed, and interpreted over the coming months."

Note on Historical Estimates

The historical estimates referred to above are derived from previous operators and do not comply with current reporting standards. These estimates have not been verified or validated by the Company and should not be relied upon as estimates of Mineral Resources or Mineral Reserves. They are disclosed solely for the purpose of providing geological context and to assist in understanding the rationale for the current drilling 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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