Ajax Resources Advances Field Operations Following Environmental Approval at Eureka Project

Highlights

• Environmental approval paves the way for new exploration activity at Eureka in northern Argentina.

• Diamond drilling to begin following mobilisation, designed to examine multiple copper and gold horizons.

• Historic technical work outlines several mineralised layers, along with opportunities for expanded geological understanding.

Environmental approval enables new field operations at Eureka, with drilling structured to examine multiple copper and gold horizons across shallow and deeper geological layers.

The natural resources sector continues to observe heightened interest in regions with long histories of mineral extraction. Within this landscape, the Eureka development in northern Argentina has gained further attention following new operational progress. The project spans varied geological terrains with a history of small-scale workings extending across several centuries, reflecting the area's established relationship with copper and gold occurrences. Recent authorisation granted by provincial authorities has moved the project to a phase that enables structured ground operations, with updated field plans now aligned with the approved Environmental Impact Study. Ajax Resources Plc (LSE:AJAX) has outlined its next steps through its team and its local subsidiary, signalling a start to renewed activity at a site that has remained free from modern drilling despite extensive previous surface work.

The approval provides a clear operational framework for field mobilisation. This step follows a long progression of geological observations, trench programmes, mapping studies and technical interpretations completed by earlier operators. The project rises within an established mineral belt across high Andean terrain, a region known for extensive copper-bearing formations and multi-layered mineral systems. With this transition to active on-site work, the company aims to expand geological understanding while advancing exploration across various stratigraphic levels.

Field Mobilisation and Programme Structure

The operational schedule begins with mobilisation of teams, equipment and contractors to the refurbished on-site camp. This phase is designed to support a continuous programme of fieldwork, with activities structured to follow the access conditions and geological priorities of the area. The site’s refurbishment ensures that camp infrastructure is ready to handle extended stays, logistical movement, storage requirements and routine exploration processes.

The opening stage of drilling is set to utilise diamond drilling methods. This approach allows the recovery of intact core samples, facilitating close examination of geological features across both near-surface and deeper horizons. Earlier work across the licence recorded a range of copper oxide occurrences at surface, supported by various historical sample sets, trench lines and small-scale pit exposures. Such data offers context for the first stage of drilling, while the field team intends to expand on earlier interpretations through modern structural and geochemical examination.

The initial drilling allocation forms part of a wider programme designed to examine multiple targets across the licence. Near-surface zones across the Eureka Formation will be addressed first, as historical mapping indicates copper oxide beds developed within fluvial gravels. These gravels host a range of minerals distributed through stratified sedimentary layers deposited by earlier river systems. The basal portion of this formation contains historic references to gold occurrences in conglomeratic horizons. This information, gathered across past campaigns, shapes the early drilling focus.

Geological Layers and Target Horizons

The Eureka area contains a combination of geological layers linked to broader regional mineral systems. The stratigraphy reflects interactions between sedimentary processes, structural features and mineralising events. Across the central section of the project, two principal formations are highlighted within technical descriptions: the Eureka Formation above and the Acoite Formation below. Each presents unique attributes for exploration.

The Eureka Formation consists of unconsolidated to semi-consolidated fluvial deposits. These materials were shaped by dynamic river systems that transported fine and coarse sediments across ancient channels. The copper oxide layers mapped within these gravels have been of interest to earlier researchers, supported by historic trenching. Further, interpretations from past studies suggest the presence of placer-style concentrations of gold along the basal zones, consistent with depositional processes capable of concentrating mineral grains within channel beds.

Beneath this lies the Acoite Formation, an older geological package thought to contain feeder structures associated with deeper mineral systems. Structural interpretations indicate that this unit may host sulphide-rich zones, with earlier geophysical surveys outlining deeper chargeability anomalies. These anomalies appear consistent with buried mineralised bodies and will be examined through deeper phases of drilling. The dual-layer system provides multiple horizons of interest, from shallow sedimentary units with oxide mineralisation to deeper bedrock units with potential sulphide structures.

Geophysical results from past campaigns, including induced polarisation surveys, highlight features of interest across the subsurface. A pronounced chargeability feature beneath the central project area has remained untested by drilling. This feature forms part of the deeper drilling focus once the initial shallow programme is completed. By integrating structural mapping, surface sampling and historical geophysics, the field team aims to assess the relationship between these anomalies and broader mineral systems that may continue at depth.

Historical Context and Previous Work

The area surrounding Mina Eureka contains a lengthy record of small-scale historical operations. Records describe intermittent workings over several centuries, primarily through manual extraction techniques typical of earlier mining periods. Despite this history, the site has never undergone systematic modern drilling. Historical operators relied heavily on surface expressions of mineralisation, such as exposed copper oxides or gold-bearing gravels, leaving deeper zones untouched.

Several technical studies were produced through the past decades, including early resource estimations aligned with standards from previous eras. These estimates outlined quantities of copper and gold within near-surface layers, though these figures are not aligned with modern reporting codes. They serve only as conceptual indicators based on limited data. None of these earlier figures hold classification under contemporary reporting frameworks, and they do not represent defined resources.

Later technical reviews expanded upon this information by conducting more detailed mapping and sampling programmes. These efforts outlined anomalies across multiple areas of the licence, ranging from shallow geochemical patterns to deeper geophysical features. The integration of this legacy dataset forms the foundation for the current drilling strategy. Through diamond drilling, the project team seeks to obtain the core samples needed to support modern geological modelling and potentially establish a contemporary mineral inventory compliant with updated reporting standards.

Across wider comparisons, the region has been referenced in relation to certain well-known red-bed copper systems in other South American locations. Such comparisons are drawn only on geological similarities, such as sedimentary layering, regional structures and copper oxide development patterns. These analogies have been used by earlier researchers as conceptual frameworks to understand the system’s architecture. Current work aims to bring clarity through direct drilling, as the project has not yet undergone subsurface examination with modern tools.

Operational Readiness and Community Integration

With environmental approval granted, preparation expands beyond geological tasks to include administrative, logistical and community-based measures. Coordination with local authorities forms an essential part of the operational framework. The approval reflects collaboration between the project team and provincial offices, ensuring that environmental safeguards, operational conduct and community interests are aligned with provincial requirements.

Field operations are supported by the upgraded on-site facilities, which include accommodation, power generation, water systems and dedicated areas for core logging and storage. These facilities allow sustained exploration activity across the coming seasons. Operational teams will establish a continuous workflow of drilling, core analysis, sampling, mapping and data integration to achieve the objectives outlined in the exploration schedule.

Local community participation has also been emphasised as a guiding principle within the project. The operational plan outlines intentions to involve regional service providers, labour resources and community partnerships wherever feasible. This approach aligns with broader expectations for resource projects within the region, where community engagement is regarded as a central component of long-term operational relationships.

The project’s funding position supports the planned field operations through the upcoming phases. Earlier communications noted a defined exploration budget scheduled to extend across the near-term timeline. This budget covers drilling operations, logistical support, geophysical studies, geological modelling and administrative requirements associated with environmental compliance and reporting activities.

Project Advancement and Technical Framework

As drilling begins, collected core samples will undergo detailed analysis through laboratory and field-based methods. These analyses allow geologists to evaluate lithology, structural features, alteration patterns and mineral occurrences. Combined with earlier datasets, these new results will feed into models that guide subsequent drilling stages. Each phase of drilling allows further refinement of geological interpretations.

The separation between shallow and deeper drilling phases ensures that exploration expands systematically. Shallow drilling is positioned to examine the oxide layers within the Eureka Formation, while deeper drilling is dedicated to evaluating potential sulphide zones in the Acoite Formation. This two-tier approach ensures that each geological level receives appropriate examination without overlapping operational priorities.

Core handling, cataloguing and logging follow structured procedures, enabling consistent analysis throughout the campaign. Sample lines across oriented core will allow geologists to determine structural orientations and interpret deformation events within the rock units. All observations recorded during logging contribute to evolving models of mineral distribution across the licence area.

Geochemistry forms another part of the exploration framework, with samples expected to reveal elemental associations across the mineral system. By analysing copper oxide zones and deeper sulphide signatures, the team can track geochemical patterns that may define clusters or pathways of mineral enrichment. These insights support decisions on future drill hole placement.

Once the first phase of drilling is complete, the results may guide the next tranche of drilling activity. The second programme is shaped around expanding coverage across the most prospective targets identified in earlier work. The integration of geological, geochemical and geophysical datasets provides the foundation for progressively refining exploration priorities.

Although the project remains in early stages of subsurface evaluation, the overall plan forms part of a structured multi-year approach described by the company. This approach includes eventual modelling and independent technical studies subject to results from the ongoing programmes. Each operational stage contributes towards compiling the data required for future technical assessments.