Ajax Resources PLC [AQSE: AJAX] has entered into a conditional Option-to-Purchase Agreement for the Leon Project in Argentina, an advanced copper–silver asset with a substantial exploration and development history.
The project hosts a historical resource estimate of 44.7Mt at 0.8% Cu and 21.8 g/t Ag. A separate JORC (2004) estimate outlines 6.6Mt of Inferred and Indicated resources at 0.62% Cu and 18 g/t Ag within the near-surface oxide zone, while deeper sulphide mineralisation remains largely untested. Previous operators — including Alexander Mining plc — invested roughly US$25 million between 2005 and 2010, demonstrating the potential for open-pit mining and heap-leach processing.
Under the terms of the deal, Ajax will pay US$100,000 in shares for the option. If exercised, the acquisition would require a US$3 million cash payment, with the option period extendable by one year through additional fees. The agreement includes a 90-day due-diligence period.
Should Ajax proceed with the purchase, the vendor will retain a 0.5% Net Smelter Return royalty, which the company can extinguish for US$450,000.
Management said the opportunity positions Ajax to secure a potentially scalable copper–silver project at a time of strengthening long-term demand for critical metals.
