Mr. John Black reports

ALDEBARAN INTERCEPTS 769.50 M OF 0.55% CUEQ, INCLUDING 366 M OF 0.65% CUEQ AT ALTAR COPPER-GOLD PROJECT, SAN JUAN PROVINCE, ARGENTINA

Aldebaran Resources Inc. has released additional results from two holes at its continuing drilling campaign at the Altar copper-gold project in San Juan province, Argentina.

Hole ALD-23-224 was drilled in an area with limited previous drilling and was designed to test a coincident MT (magnetotelluric) and DCIP (direct current, induced polarization) resistivity geophysical anomaly while at the same time testing a 500-metre gap between previously released ALD-22-221 (see company news release dated Aug. 19, 2022) and ALD-22-223 (see company news release dated March 1, 2023). Hole ALD-23-224 was terminated at 1,210.50 m and intercepted long runs of mineralization that extend the mineralized footprint well beyond the 2021 resource estimate model.

Hole ALD-23-226 was drilled at the southeastern edge of the resistivity anomaly and was designed to test the southeastern extension of mineralization. The hole was collared approximately 700 m to the south of ALD-22-223 and was topographically quite high up the southern mountainside in relation to hole 223. Hole ALD-23-226 was terminated at 1,146.80 m and intercepted pyritic mineralization throughout the hole but did not return significant assays. Once the hole entered into more favourable host rocks at 1,076 m depth, mineralization improved, as did the assays indicating proximity to the main mineralized porphyry.

Highlights

ALD-23-224:

• 769.50 m of 0.55 per cent copper equivalent:
  • Including 366 m of 0.65 per cent CuEq:
    • Including 76 m of 0.75 per cent CuEq;
    • 87 m of 0.77 per cent CuEq.
• Hole ended in mineralization;
• Significantly expands mineralization both laterally and vertically below the 2021 resource model.

ALD-23-226:

• 27.80 m of 0.28 per cent CuEq;
• Hole ended in mineralization;
• Defined the southeastern limits of the mineralized footprint of the Altar system in this area.

John Black, chief executive officer of Aldebaran, commented as follows: "Hole ALD-23-224 reaffirms our belief that the Altar system is much larger than previously thought. This hole represents another long run of attractive-grade mineralization in an area previously considered barren. Step by step we are expanding the Altar mineralized footprint and with every additional hole we complete, we are gaining more insight into the true size potential of this vast mineralized system."

Dr. Kevin B. Heather, chief geological officer of Aldebaran, commented as follows: "Drill hole ALD-23-224 confirms our belief that the area between Altar Central and Altar East porphyry centres is a strongly mineralized porphyry body that looks to have a west-northwest-east-southeast trend and ultimately may connect the two mineralized and resource bodies into a unified system called Altar United. Although hole ALD-23-226 didn't encounter economic runs of mineralization, it provided valuable geological information that will help us better guide future drilling and also suggested that the bottom of the hole was approaching a mineralized porphyry intrusion."

Discussion of results

ALD-23-224

Drill hole ALD-23-224 was collared approximately 400 m to the west of hole ALD-22-223 and was drilled at a negative-80-degree inclination and 180-degree azimuth to a final depth of 1,210.50 m.

Drill hole ALD-23-224 intersected unfavourable porphyritic rhyolite rocks until approximately 501 m, where it transitioned to a well-mineralized diorite porphyry intrusion until the bottom of the hole.

The top 248 metres of the hole are strongly fractured and oxidized (leached), and from 248 m to 501 m, white sericite-pyrite-tourmaline is the dominant alteration, which is locally overprinted by high-sulphidation structures characterized by the presence of quartz-pyrite-enargite-chalcopyrite. Quartz-pyrite-molybdenite veins occur sporadically in this interval as well. Potassic K-feldspar alteration starts at 437 m and is accompanied by strong quartz-chalcopyrite-pyrite-molybdenite veining. Within the diorite porphyry unit, the potassic alteration is consistently overprinted by halo-style green sericite-chalcopyrite-chalcocite-pyrite-bornite assemblages typically carrying multiple percentage sulphides.

ALD-23-226

Drill hole ALD-23-226 was collared at the southern edge of the Altar East zone and was drilled at a negative-75-degree inclination and 000-degree azimuth to a final depth of 1,146.80 m.

Drill hole ALD-22-226 intersected fragmental dacitic tuffs over the first 191 m, transitioning to crystal tuffs until 733 m. At 733 m the hole transitions to quartz-eye-bearing rhyolite, which continues until 1,076 m depth when more favourable andesite volcanic wall rocks were encountered. Mineralization and alteration increase within the andesite until the end of the hole.

The top 63 metres of the hole were well fractured and oxidized. From approximately 280 m until 1,000 m depth alteration is dominantly sericite-tourmaline and chlorite-anhydrite. Mineralization largely consists of pyrite, which is crosscut locally by quartz-enargite-chalcopyrite veins. Molybdenite is observed with increasing frequency toward the bottom of the hole and at 1,000 m depth strong potassic alteration begins and is overprinted locally by green sericite-quartz-chalcopyrite alteration, which continues until the end of the hole.

Project update

The company is actively drilling with four rigs. Holes ALD-23-225B, ALD-23-227 and ALD-23-228 were recently completed at 1,347.2 m, 1,238.5 m and 1,241.6 m, respectively. Hole 23-189EXT, which recently commenced, is an extension of a historically drilled hole ALD-12-189 which was originally terminated at 592 m depth. At the time of this release, hole 189EXT was at approximately 1,000 m depth and holes ALD-23-229, ALD-23-230 and ALD-23-231 were active and at approximately 950 m, 500 m and 500 m depths, respectively. The company plans to continue drilling until weather permits, which is currently anticipated to be some time in June.

Webinar

For more context, please join CEO Mr. Black and CGO Dr. Heather in a live event on May 15 at 11 a.m. EST/8 a.m. PST. A question-and-answer will follow the presentation.

Qualified person

The scientific and technical data contained in this news release have been reviewed and approved by Dr. Heather, BSc (honours), MSc, PhD, FAusIMM, FGS, chief geological officer and director of Aldebaran, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

About Aldebaran Resources Inc.

Aldebaran is a mineral exploration company that was spun out of Regulus Resources Inc. in 2018 and has the same core management team. Aldebaran has the right to earn up to an 80-per-cent interest in the Altar copper-gold project in San Juan province, Argentina, from Sibanye Stillwater Ltd. The Altar project hosts multiple porphyry copper-gold deposits with potential for additional discoveries. Altar forms part of a cluster of world-class porphyry copper deposits which includes Los Pelambres (Antofagasta Minerals), El Pachon (Glencore) and Los Azules (McEwen Copper). In March, 2021, the company announced an updated mineral resource estimate for Altar, prepared by Independent Mining Consultants Inc. and based on the drilling completed up to and including 2020 (independent technical report prepared by Independent Mining Consultants, Tucson, Ariz., titled "Technical Report, Estimated Mineral Resources, Altar Project, San Juan Province, Argentina," dated March 22, 2021 -- see news release dated March 22, 2021).

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