Oct 15, 2026 · 16 min
Ajax advances Macacha’s copper-silver drilling plan
S12 Ep12: Midweek Takeaway with Ippolito Cattaneo, CEO of Ajax Resources plc (AQSE:AJAX) #AJAX
Ajax’s approved 5,000-metre programme could test whether Macacha’s historical resource extends beyond near-surface oxides into deeper sulfides.
- 1Ajax plans 5,000 metres of drilling at Macacha after receiving regulatory approval in Argentina.
- 2The programme will test both near-surface copper oxides and deeper sulfides that earlier work did not fully pursue.
- 3Ippolito Cattaneo links Macacha to Ajax’s broader portfolio strategy and disciplined approach to acquisitions and execution.
Don't miss
Ippolito Cattaneo explains why Ajax is testing Macacha’s deeper sulfides alongside near-surface oxides, broadening the project’s exploration case.
The brief
Ajax Resources CEO Ippolito Cattaneo outlines a newly approved 5,000-metre drilling programme at Macacha, a copper-silver project in Argentina with historical resources and prior investment.
The central geological question is whether Macacha extends beyond near-surface oxides: Ajax plans to test deeper sulfides that the previous operator did not target as broadly.
Cattaneo describes technical support from Leandro Sastre, whose regional geological and exploration experience, including work with Barrick Gold, strengthens the project team.
The conversation places Macacha within Ajax’s diversified copper, silver, gold and uranium portfolio, while treating delayed environmental approval as unresolved rather than negative.
Cattaneo closes on execution and deal discipline, stressing delivery on acquired projects and his commitment as a major Ajax shareholder.
What was said on this episode
12 statements · 12 positive
Macacha’s environmental approval will be granted imminently.
“the EIA will be granted”
Listen at 1:46
Macacha will become an open-pit copper mine within a couple of years.
“within a couple of years, this will be an open pit mine producing copper”
Listen at 3:24
Macacha’s deeper sulfide copper grade may exceed the historical 0.7% oxide grade.
“which we expect might be significantly higher than the 0.7. percent that we've seen in the copper oxide mineralization”
Listen at 5:08
The initial drilling could expand Macacha’s copper oxide resource to 10 million tons.
“taking it from 6.6 to 10 million tons, which would be our kind of best or intermediate case for the 5,000 meters”
Listen at 5:42
Macacha’s silver mineralization potential is significantly understated.
“the silver mineralization potential of the McCatch project is significantly understated”
Listen at 6:15
Macacha’s EIA approval is imminent and certain to occur.
“it's just a question of time before this EIA is approved. It's imminent. There's no doubt in our minds that it will be approved”
Listen at 7:54
Ajax targets 15–20 million tons of Macacha copper oxide mineralization.
“Our target would be 15, 20. million tons in the copper oxide mineralization”
Listen at 8:10
Ajax may run three drilling programs concurrently.
“we've got potentially three job programs that'll be happening all at the same time”
Listen at 10:02
Ajax holds roughly 20% of Revell Resources including warrants.
“we have roughly 20% of that business”
Listen at 10:56
Ajax’s policy is to issue stock at a premium to its previous raise.
“we have a mantra, which is to always issue stock at a premium to the previous raise”
Listen at 11:52
Ajax is optimistic about its portfolio and expects to begin delivering results.
“we're really optimistic. And now it's time to deliver”
Listen at 14:27
Ajax intends to deliver on every project it has acquired.
“We want to deliver on every single project we've acquired”
Listen at 15:29
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.