Axo Copper (TSXV AXO / WKN A416BY) has exciting news on its exploration and development plans. Two projects are in focus: the recently acquired San Antonio gold project in the Mexican state of Sonora, and the La Huerta copper project in the state of Jalisco. With the completion of the San Antonio acquisition and the repeatedly upsized financing of CAD 40.25 million—now finally closed—Axo is now in a position to push ahead with its plans for 2026 at full speed.
Axo President and CEO Jonathan Egilo emphasizes that his team has already developed a drilling plan and identified prioritized targets across the entire concession area in the first weeks after acquiring the advanced-stage San Antonio gold project.
Axo’s strategy is now two-pronged: first, to expand the resource potential across the land package through additional drilling and new discoveries. Second, the company aims to advance the work required to bring the Sapuchi oxide resource at the San Antonio project to a “production-ready” stage—explicitly leveraging existing infrastructure.
Axo Copper: First drilling program since 2021 – focus on Sapuchi and resource growth
According to Axo Copper, this is the first drilling program at San Antonio since the 2021 resource definition drilling by Osisko Development, which totaled 27,870 meters at the time. The new program is to be divided into two parts: on the one hand, infill and resource expansion drilling in areas of existing resources; on the other hand, first-pass drilling on prioritized targets along strike of the known mineralization identified through mapping and sampling.
As a starting point, the company cites San Antonio’s total resources (all deposit types: oxide, transition, sulfide), which are reported entirely as “pit-constrained” (only the portion of the resources that lies within a conceptual pit): In the Indicated category, 576,000 ounces of gold and 1.37 million ounces of silver at 1.20 g/t gold and 2.9 g/t silver are reported. In the Inferred category, 544,000 ounces of gold and 1.76 million ounces of silver at 1.02 g/t gold and 3.3 g/t silver are reported.
The resource definition drilling will initially start at the Sapuchi deposit. Axo describes Sapuchi as a candidate for a potential “starter pit,” citing higher-grade oxide portions and, in the company’s view, favorable topography. For the Sapuchi oxide resources, the following figures are reported separately: Indicated comprises 53,000 ounces of gold and 0.22 million ounces of silver at 0.85 g/t gold and 3.6 g/t silver; Inferred totals 75,000 ounces of gold and 0.37 million ounces of silver at 0.74 g/t gold and 3.7 g/t silver.
Axo Copper intends to fast-track this oxide resource toward production, pointing to existing on-site infrastructure—specifically a crusher and a carbon-in-column processing plant that are said to already be in place. According to the company, the Sapuchi drilling program aims to increase resource confidence, define additional ounces by closing “drill gaps” within the current model, and continue tracing mineralization at the margins of the deposit. The planned scope is 25,000 meters—and the program has already begun.
El Tigre as the first step-out target west of Golfo de Oro – drilling start planned from mid-March
In parallel with work in the known resource zones, Axo has identified El Tigre as the first target outside the resources defined to date. El Tigre lies along strike and immediately west of the Golfo de Oro resource. For Golfo de Oro, the company reports Indicated resources of 262,000 ounces of gold and 0.46 million ounces of silver at 1.44 g/t gold and 2.5 g/t silver. In the Inferred category, 254,000 ounces of gold and 0.52 million ounces of silver at 1.24 g/t gold and 2.5 g/t silver are reported.
The El Tigre zone is described as featuring visible surface oxidation and intersecting structures that form a stockwork and, according to Axo, reflect characteristics of nearby known deposits. The company also points to historical small-scale mining activity that is said to be visible in the field. Previous programs reportedly returned, in part, high gold grades in surface samples; according to the company, the target area extends over approximately 1,500 meters in length and 500 meters in width.
Since acquiring San Antonio at the end of January, Axo has been working to restore access roads to bring drill rigs into the zone. The first drill collar at El Tigre is expected in mid-March. For El Tigre and additional targets outside the resource, the company initially cites 5,000 meters as the planned drilling scope, while noting that sufficient financing is available to significantly expand the program if results warrant.
La Huerta in Jalisco: New drill results extend copper-silver zone by around 40 meters at depth
While the focus at San Antonio is on gold and silver, La Huerta is centered on developing a copper discovery. Axo Copper reports new assay results, led by drill hole LHCC-25-043. It returned an interval of 11.4 meters grading 2.26% copper and 6.29 g/t silver, including 4.15 meters grading 3.69% copper and 9.33 g/t silver. According to the company, this result represents a down-dip extension of approximately 40 meters compared with LHCC-25-031, which had previously been reported at 12.4 meters grading 1.64% copper and 7.59 g/t silver.
Other reported intervals along the “La Huerta Trend” include, among others, 3.7 meters grading 2.03% copper and 21.06 g/t silver (LHCC-25-037) as well as 1.6 meters grading 1.77% copper and 8.11 g/t silver (LHCC-25-042). Axo Copper also reports copper-equivalent values (CuEq) and cites the underlying metal prices used of US$9,650 per tonne of copper and US$37.50 per ounce of silver, assuming 100% metallurgical recovery.
Meanwhile, drilling at La Huerta is continuing, according to the release. The current focus is on the down-dip extension in the Las Marias area, which is to be tested with several planned drill holes. The planned holes are each approximately 350 to 450 meters long, according to the company.
For Axo Copper, 2026 is likely to become one of the busiest years in the company’s history. The company intends to advance resource confidence and growth at San Antonio in parallel with expanding copper mineralization at La Huerta. We are particularly looking forward to the first drill results from San Antonio and also to hearing further progress from La Huerta.
