Minas La Escondida & La Norteña – Eureka District Expansion
Ajax continues to expand its land position surrounding the Eureka Project in the Province of Jujuy, Argentina. This expansion is strategic and designed to increase the overall gold and copper resource potential of Eureka, consolidating control over a broader portion of the mineralised corridor that hosts both precious- and base-metal systems.
Since acquiring the Eureka Project in May 2025, the Company has more than doubled its total mining rights, significantly enhancing the long-term growth potential of both its gold and copper exploration targets.
Through the integration of Minas La Escondida, La Norteña, and several completed mineral rights acquisitions, Ajax is positioned to leverage both near-surface alluvial gold opportunities and longer-term hard-rock gold and copper targets. In the current strong gold-price environment, low-capital alluvial production pathways offer compelling early value.
Land
The mining complex has a total area of 2,500 hectares
Strategic
Less than 100 meters from Mina Eureka (West) and Mina El Torno (East)
Location
It is located in the northwest of the province of Jujuy, Argentina
Minas La Escondida
Minas La Escondida comprises two mining licences—La Escondida 1 and La Escondida 2—covering 2,500 hectares and located less than 100 metres from the historical Eureka Mine. The licences sit directly within the same gold–copper mineralised system that defines the Eureka Project.
A significant feature is the historic tailings dam immediately below Mina Eureka. Tailings from historical gold and copper processing may retain recoverable metals, presenting a potential low-cost reprocessing opportunity using modern extraction methods. This complements the broader alluvial gold potential of the area.
La Escondida also hosts widespread alluvial gold systems and vein-hosted gold, silver, and copper mineralisation historically worked across the district. Past operations such as Palca Ingenio and Mina San Francisco highlight the region’s proven gold and copper endowment.
Ajax has exercised the option and completed the acquisition of Minas La Escondida through its wholly owned Argentine subsidiary, Puna Metals S.A. (“Puna”).
La Norteña
Ajax has acquired 100% of the La Norteña Licence Area (“La Norteña”) for US$22,500. Located directly north of the Eureka Project, La Norteña spans 6,300 hectares, meaningfully expanding the Company’s gold and copper exploration footprint along the district’s key mineralised corridor.
The licence area hosts strong potential for shallow alluvial gold extraction, with additional targets for deeper gold–copper structural mineralisation consistent with the broader Eureka system.
Alluvial Gold Extraction Agreement
Under the agreed terms:
- The vendor and Puna will enter an agreement for alluvial gold extraction, limited to material within 6 metres of surface, subject to approvals.
- The vendor will receive 20% of profits from these activities.
- After 24 months, Puna may acquire the vendor’s 20% profit share for US$115,000.
- All setup and operating costs will be funded by Puna.
This structure provides a potential near-term gold production route, complementing deeper-level gold and copper exploration.
Additional Acquisitions
Ajax has completed the acquisition of mineral subsurface rights across three areas of land contiguous to the Eureka Project:
- Two exploration licences (“Cateo”) totalling 118 hectares
- One mining licence, La Piqueta, covering 216 hectares
Together, these 335 hectares expand Ajax’s control into areas where alluvial systems and gold–copper mineralisation are known or inferred to continue. These additions reinforce the Company’s strategy of growing the overall gold and copper resource base of the Eureka district.
Eureka Mining & Exploration S.A.
Ajax has acquired Eureka Mining & Exploration S.A. for a nominal amount. Previously the Argentinian service subsidiary of Bezant Resources plc, this company strengthens Ajax’s capacity to efficiently support, mobilise, and manage alluvial and wider exploration activities across its expanded Jujuy land position.
Eureka Gold & Copper Project
Eureka is located in the Province of Jujuy, northern Argentina. The Project comprises 12 highly prospective gold and copper licences and is fully owned by Puna.