Ajax Resources (AQSE:AJAX) has agreed with Asara Resources to extend its exclusivity over the proposed acquisition of the Paguanta Project in Chile until 14 August and said it is finalising the sale and purchase agreement with completion expected no later than that date.
Paguanta, in the Tarapacá Region on the northern extension of the West Fissure, is a former silver mine and an advanced‑stage exploration project with silver‑dominant polymetallic mineralisation across 14 granted exploration licences covering about 7,800 hectares, hosting significant zinc and lead and showing underexplored copper prospectivity, and an adjacent Loreto Copper Project is subject to an option and joint venture under which Teck can earn 75% for US$0.6m in cash and US$17m of exploration, Ajax said.
The core Patricia Prospect hosts a JORC‑compliant mineral resource of 6.8Moz silver, 265Mlb zinc and 74Mlb lead, remains open at depth and along strike, and historical drilling totals about 46,700m with past operators having spent about US$31.5m and a purpose‑built exploration camp on site.
Copper‑porphyry targets are highlighted by a 3km by 1km zone of intense argillic alteration with surface copper oxide assays of 1-5% Cu and shallow drill intercepts including 3m at 1.3% Cu and 1.7m at 2.5% Cu, while Ajax notes any move toward development is subject to further technical studies, permitting and financing.
Both parties have agreed the exclusivity extension to 14 August and expect to complete the transaction within that timeframe as they finalise the sale and purchase agreement.
