Update on Pereira Velho Gold Project, Brazil
Summary by AI BETAClose X
5 August 2026
AJAX RESOURCES PLC
("Ajax" or the "Company")
Update on Pereira Velho Gold Project, Brazil
Ajax [AQSE: AJAX], the natural resources investment company, is pleased to provide an update in respect of the Pereira Velho Gold project in Alagoas, Brazil ("Pereira Velho" or the "Project"), which was acquired from an affiliate of Appian Capital Advisory in March 2026.
Application for Environmental Approvals necessary for exploration activities
The Company is pleased to confirm that it has commenced the environmental permitting process for its planned maiden drilling campaign at Pereira Velho by appointing a specialist environmental consultancy to prepare and submit the environmental studies required to obtain the necessary environmental authorisations.
The initial permitting programme will focus on two priority exploration licences, covering approximately 2,950 hectares, and will support the Company's planned exploration activities, including diamond drilling, geological mapping and associated field programmes.
The environmental studies will be submitted to the Institute of the Environment of the State of Alagoas ("IMA/AL"), the authority responsible for environmental licensing in the State of Alagoas. Subject to regulatory approval, the environmental permitting process is expected to require approximately three months, after which the Company intends to commence its maiden drilling programme at Pereira Velho.
Drilling programme to delineate Mineral Resource Estimate in accordance with JORC 2012
The Company is preparing a fully funded exploration and resource-definition programme with an estimated budget of approximately US$1.5 million. Building upon the extensive historic exploration database, including 6,363 metres of diamond drilling across 47 holes completed at an estimated cost of approximately US$5 million, the programme is expected to comprise approximately 3,000 metres of diamond drilling, together with geophysical surveys, geological modelling, metallurgical and engineering studies, and ongoing ESG initiatives.
The principal objective of the programme will be to deliver a maiden Mineral Resource Estimate prepared in accordance with the JORC Code (2012 Edition) and to further delineate and expand the known gold mineralisation across the Project.
Historic exploration has identified widespread, near-surface oxidised gold mineralisation hosted within fractured quartzite and gneiss units with relatively modest clay content, indicating the potential for a low-strip-ratio gold deposit.
An in-house mineral resource estimate of approximately 110,000 ounces of gold, classified as Measured, Indicated and Inferred, was previously prepared and filed with the Brazilian National Mining Agency (ANM). This estimate is historical in nature and is not reported in accordance with the JORC Code (2012 Edition). A Competent Person has not undertaken sufficient work to classify the historical estimate as a current Mineral Resource and the Company is not treating it as such.
Exploration completed to date has covered only approximately 20% of the Project area, leaving scope for significant resource growth and the testing of multiple untested targets identified across the broader land package.
Elton Pereira, Country Manager - Brazil, commented:
"Pereira Velho has the geological characteristics of a gold system capable of hosting in excess of one million ounces of gold. Whilst that remains my geological opinion rather than a Mineral Resource Estimate, the extensive historic exploration database provides a strong technical foundation from which to build. With only around 20% of the Project area having been systematically explored to date, I believe there is considerable scope for further discoveries and resource growth. Our immediate objective is to establish Ajax's maiden Mineral Resource Estimate in accordance with the JORC Code (2012 Edition) and demonstrate sufficient resource growth to progress towards the Company's first major milestone of at least doubling the existing non-compliant resource."
- ENDS -
For further information:
|
Ajax Resources Plc Ippolito Ingo Cattaneo, Chief Executive Officer |
Tel: + 44 (0) 208 146 6345 info@ajaxresources.com |
|
Allenby Capital Limited (AQSE Corporate Adviser) Nick Harriss / Nick Athanas |
Tel: + 44 (0) 203 328 5656 |
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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