In a period of rapid operational expansion, Ajax Resources (AQSE:AJAX) is making significant strides across its South American portfolio. Following a landmark year of acquisitions, the company has officially commenced its maiden drilling program at the historic Eureka Gold and Copper Project in Argentina, while simultaneously laying the groundwork for a “quantum leap” in Brazil.
In a recent sit-down on The Watchlist, Ajax CEO Ippolito Ingo Cattaneo outlined a roadmap that transitions the company from an explorer into a developer with near-term production potential.
Unlocking 400 Years of History at Eureka
The spotlight is currently on the Eureka Project in the Jujuy Province of Argentina. Despite a 400-year history of production, the site has remarkably never been subjected to modern drilling.
Ajax is currently executing an initial 1,500-meter program, the first phase of a planned 5,500-meter campaign. The ultimate goal is to validate historical, non-compliant studies that suggested significant copper mineralization.
- Target: Publishing a JORC-compliant Maiden Mineral Resource Estimate (MRE) by the first half of 2026.
- Potential: Historical data has assessed up to 62 million tonnes of copper at 1% (roughly 600,000 tonnes of copper).
“It’s one of the best times to be drilling a gold and copper project,” Ingo-Cattaneo noted, highlighting the company’s strong funding position and the favourable mining climate in the Jujuy province.
A “Quantum Leap” in Brazil: The Pereira Velho Project
While work intensifies in Argentina, Ajax has shifted its growth trajectory through the acquisition of the Pereira Velho Gold Project in Alagoas State, Brazil.
This deal is more than just an asset acquisition; it is a strategic partnership with Appian Capital Advisory, one of the world’s premier private equity groups in the mining sector. By taking their consideration in equity, Appian will become one of Ajax’s largest shareholders, a major vote of confidence in the junior miner’s management.
“Pereira represents a quantum leap in our company’s development,” said Ingo-Cattaneo. “We are looking to replicate the success of the nearby Serrote mine, which Appian developed and sold for $420 million in 2025.”
The immediate objective at Pereira Velho is to upgrade the current in-house estimate of 110,000 ounces to a JORC-compliant 350,000 ounces, targeting a fast-track to open-pit production.
Expanding the Pipeline: Leon and Beyond
Ajax is also maintaining momentum at the Leon Project in Salta, Argentina. This copper-silver asset comes with over $20 million in historical expenditure and 10,000 meters of previous drilling.
The company has secured an option on highly favorable terms ($100,000 in shares for the option, with a $3 million final payment in four years). Ingo-Cattaneo views Leon as another near-term production story, with a goal to expand the current 6.6 million-tonne resource to a 10 million-tonne milestone.
The Road Ahead
With gold reaching new historical peaks and copper demand surging for the global energy transition, Ajax Resources finds itself at a critical value inflection point.
By targeting under-explored assets with rich historical data and partnering with industry giants like Appian, Ajax is moving quickly to prove up its resources. For shareholders, the next 12 months will be defined by a steady flow of drill results and the transition toward formal resource estimates across two of South America’s most mining-friendly jurisdictions.
For more information on the current drill programs and project updates, visit ajaxresources.com.
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