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Tenajon has a 100% interest in the 1,718 hectare Ajax Property. The property hosts the Ajax Porphyry Molybdenum Deposit. Molybdenite was discovered at Ajax in 1965 by Newmont Mining Corp. Between 1965 and 1967 Newmont completed limited mapping, sampling, and trenching and drilled 26 holes totaling 8,100 metres in length. Based on the results, Newmont concluded the property hosted a sizeable molybdenum resource.
Due to low molybdenum prices, Newmont allowed the claims to lapse in 1996. Believing in its potential, Tenajon immediately staked the property and held it in inventory until 2005 when exploration programs commenced. Since then, Tenajon has completed 4,546 metres of diamond drilling in 9 drill holes and has significantly increased the size of the historic mineral resource completed by Newmont.
The Ajax deposit, occupying a surface area of approximately 600 by 650 metres, is one of North America's largest undeveloped molybdenum deposits. At a 0.040% Mo cut-off the deposit hosts a 43-101 compliant inferred resource of 483.1 million tonnes grading 0.061% Mo (649.80 million pounds) and an indicated mineral resource of 69.0 million tonnes averaging 0.065% Mo (98.9 million pounds).
