Ajax Resources (AQSE:AJAX), the AQSE-listed natural resources investment company, has appointed a specialist environmental consultancy to prepare the studies needed to secure exploration permits at its Pereira Velho gold project in Alagoas, Brazil.
The permitting programme covers two priority licences spanning approximately 2,950 hectares and will be submitted to the Institute of the Environment of the State of Alagoas.
Ajax expects the process to take around three months, after which it plans to launch its maiden drilling campaign.
The company acquired Pereira Velho from an affiliate of Appian Capital Advisory in March.
Ajax is preparing a fully funded exploration programme budgeted at approximately $1.5 million, comprising around 3,000 metres of diamond drilling alongside geophysical surveys, metallurgical studies and geological modelling.
That builds on a historic database of 6,363 metres drilled across 47 holes, work estimated to have cost around $5 million.
A previous in-house estimate filed with Brazil's mining regulator put resources at approximately 110,000 ounces of gold, but this is historical, non-JORC compliant, and not treated by Ajax as a current resource. Only approximately 20% of the project area has been systematically explored to date.
Elton Pereira, Ajax's Country Manager for Brazil, said the geology could support "a gold system capable of hosting in excess of one million ounces", though he stressed this remains his geological opinion rather than a resource estimate.
The company's immediate goal is a maiden JORC-compliant Mineral Resource Estimate, with an initial target of at least doubling the historic non-compliant figure.
News Intelligence what this means for the company
Ajax Resources has appointed an environmental consultant to begin permitting for a maiden drilling campaign at its Pereira Velho gold project in Brazil, with approvals expected within three months. The $1.5 million exploration programme targets a JORC-compliant resource estimate, building on a historic non-compliant estimate of approximately 110,000 ounces and management's geological opinion that the system could host over one million ounces; only about 20% of the project area has been systematically explored to date.
This marks the transition from acquisition to active exploration at Pereira Velho, moving the project toward a maiden JORC resource estimate that could validate or challenge the historic 110,000-ounce figure. The outcome of the drilling campaign will be material to the project's value, but permitting and drilling success remain uncertain at this early stage.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
