Ajax (AQSE: AJAX) has begun drilling at its Eureka Gold and Copper Project in Jujuy Province, Argentina, marking the first time the historic mining area has ever been drill tested despite nearly 400 years of documented production.
The natural resources investment company said the fully funded and permitted initial programme will consist of around 10 diamond drill holes, totaling approximately 1,500 metres. The campaign is designed to test a combination of shallow geochemical and induced polarisation (IP) anomalies, alongside a deeper IP chargeability target highlighted in a 2014 SRK Consulting report. That deeper anomaly is interpreted as a possible transition into a sulphide-rich zone within the broader mineralised system.
Drilling is taking place close to Mina Eureka, a historic copper and gold mine within the project area. Although the mine has a production history stretching back roughly four centuries, it has never been subjected to modern drilling, leaving much of its subsurface potential unexplored.
Previous work at Eureka has identified multiple high-priority targets. Surface sampling has confirmed high-grade copper oxides, including historical results of up to 6.1% Cu, with numerous samples exceeding 0.5% Cu across several earlier exploration campaigns.
Ajax said all work is being carried out in line with stringent environmental, health, safety and community engagement standards. The start of drilling represents a major milestone for the project and a key step in Ajax’s strategy of unlocking value from historically productive but underexplored assets.
Initial assay results from the programme are expected by the end of the first quarter of 2026.
Commenting on the development, Chief Executive Officer Ippolito Ingo Cattaneo said:
“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
Ajax cautioned that the historical estimates referenced were prepared by previous operators and do not comply with current reporting standards. The figures have not been verified by the company and should not be treated as Mineral Resources or Mineral Reserves. They are included solely to provide geological context and to explain the rationale behind the current drilling programme.
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