Ajax Resources plc (AQUIS: AJAX) has provided an update on its proposed acquisition of the Paguanta Project in Chile, confirming an extension of the exclusivity agreement with Asara Resources Ltd until 15 May 2026, as both parties work towards completion.
Near-term silver asset with scale
Paguanta, located in Chile’s Tarapacá region within the prolific West Fissure belt, is a former silver mine and advanced-stage exploration project with polymetallic mineralisation.
The asset hosts a JORC-compliant resource at the Patricia Prospect of:
- 6.8 million ounces of silver
- 265 million pounds of zinc
- 74 million pounds of lead
Silver remains the dominant value driver, with mineralisation still open at depth and along strike—supporting further upside potential.
Historical drilling across the project totals approximately 46,700 metres, and previous operators have invested around $31.5 million. Existing infrastructure, including an on-site exploration camp and legacy mine workings, enhances its credentials as a potential near-term production opportunity.
Copper upside and strategic location
Beyond its silver base, Paguanta also offers underexplored copper potential, with surface samples returning grades of 1–5% copper and early drilling intersections supporting further exploration.
The project sits in close proximity to major operations, including BHP’s Cerro Colorado and the Collahuasi district, operated by a joint venture between Glencore and Anglo American, as well as Teck Resources’ Quebrada Blanca.
Notably, the adjacent Loreto Copper Project—also owned by Asara—is subject to a joint venture agreement with Teck, under which Teck can earn up to a 75% interest through staged payments and exploration spend.
Investment case
Ajax views Paguanta as a near-development asset with a defined resource base, historical production and exploration upside across both silver and copper systems.
Completion of the acquisition remains subject to final agreements, technical studies and regulatory approvals.
