Mr. John Black reports

ALDEBARAN INTERCEPTS 649.40 M OF 0.54% CUEQ, INCLUDING 354.00 M OF 0.72% CUEQ AT THE ALTAR COPPER-GOLD PROJECT

Aldebaran Resources Inc. has released results for all unreported drill holes from the 2022/2023 field campaign at the Altar copper-gold project in San Juan, Argentina.

All holes hit mineralization and expanded the mineralized footprint of the Altar project by several hundreds of metres in multiple directions. Planning is currently under way for the 2023/2024 field campaign, with four drill rigs already secured. The road to the project has been cleared of winter snowfall and the camp has been opened and is fully functional. It is anticipated that the company will begin mobilizing drill rigs to the site within the next week, with drilling commencing shortly thereafter.

Highlights

ALD-23-229:

• 649.40 m of 0.54 per cent copper equivalent from 764.20 m depth;
  • Including 354 m of 0.72 per cent CuEq from 928 m depth;
    • Including 139.30 of 0.82 per cent CuEq from 952 m depth;
• Hole ended in mineralization.

ALD-23-228EXT:

• 638.20 m of 0.65 per cent CuEq from 767 m depth;
  • Including 478.30 m of 0.72 per cent CuEq from 912 m depth;
• Hole ended in mineralization;
• Top 1,241.60 m of hole previously reported.

ALD-23-231:

• 558.80 m of 0.44 per cent CuEq from 653 m depth;
  • Including 437.80 m of 0.53 per cent CuEq from 774 m depth;
    • Including 109.80 m of 0.64 per cent CuEq from 1,078 m depth;
• Hole ended in mineralization.

ALD-23-189EXT:

• 972 m of 0.35 per cent CuEq from 274 m depth;
• Hole ended in mineralization;
• Extension of a historic hole, previously terminated at 592 m depth.

John Black, chief executive officer of Aldebaran, commented as follows: "We're very excited by the progress that we've made at the Altar project. The recent drill campaign has substantially increased the mineralized footprint of the Altar project and sets us up for an aggressive drill campaign that will begin shortly. The results reported today confirm that the system has a lot of room to grow in several directions."

Dr. Kevin B. Heather, chief geological officer of Aldebaran, commented as follows: "Our original conceptual idea that additional mineralization may occur between the Altar Central and Altar East mineralized centres has been borne out with the discovery of the Altar United mineralization that appears to connect Altar Central and East together into a very large mineralized system. The fact that we continue to hit copper mineralization with very large 200-metre stepouts is significant even by porphyry copper standards, with the full extent of mineralization remaining to be defined during the upcoming 2023/2024 drill program."

Discussion of results

ALD-23-124EXT

Hole ALD-10-124 was originally drilled in 2010 by Peregrine Metals and collared on the northeastern edge of the Altar Central zone. Drilled originally at a minus-90-degree dip to a final depth of 226.50 m, it was deemed to be too shallow and extended as hole ALD-23-124EXT during Aldebaran's current campaign to 827.20 metres depth. The planned depth for this hole was 1,200 m, but it was shut down prematurely due to bad weather forcing the end of the 2022/2023 drilling campaign.

Lithology: From surface to the bottom of the hole at 827.20 m depth, the hole intersected a rhyolite porphyry wall rock unit, crosscut by over 25 diorite porphyry dike intervals with very variable lengths, from 20 centimetres (cm) to over 210 m of apparent width.

Alteration and mineralization: Oxidation in hole ALD 124 is strong from surface to 14 m depth, and weak to moderate from that depth until the base of oxidation at 30 m. From 14 m to 108 m depth, the drill hole encountered a weakly developed zone of secondary copper enrichment, characterized by the occurrence of traces of chalcocite over pyrite and chalcopyrite. The hole displays moderate to intense pyrite-white sericite-quartz-(tourmaline) as the dominant alteration from surface to the bottom of the hole. This alteration is associated with the occurrence of abundant hairline pyrite veining displaying wide, pervasive halos of pyrite and sericite which completely obliterates the textures of the rock. This phyllic alteration is crosscut along the hole by discrete and scattered high-sulphidation structures and veins, displaying pyrite-enargite-quartz-anhydrite-clay assemblages. Occurrence of pyrite is very strong, grading from 2 per cent to over 10 per cent on field visual estimations from 425 m depth until the bottom of the hole. Within the diorite porphyry dike intervals, some relicts of green sericite-chalcopyrite are preserved, along with patches of strongly chloritized biotite displaying shredded textures, likely related to earlier potassic alteration events which are currently faded by the occurrence of late phyllic assemblages.

ALD-23-189EXT

Hole ALD-13-189 was originally drilled in 2013 by Stillwater Mining Company as a vertical hole to a depth of 592 m. It was then re-entered and extended as hole ALD-23-189EXT to a final depth of 1,246 m during the current campaign.

Lithology: The hole intersected a package of strongly fragmental dacitic crystal tuffs from surface to 139 m depth. These volcaniclastic rocks overlie a long run of massive rhyolite porphyry extending to a depth of 646 m, followed by a thick interval of andesitic volcanic host rocks until 1,058.25 m depth, which then transitions to a sequence of massive rhyolite porphyry intercalated with minor intervals of andesitic rocks. This sequence is crosscut by a series of late diorite dikes from 1,124.90 m to 1,165.50 m depth.

Alteration and mineralization: Hypogene alteration from surface and up to 420 m depth is characterized dominantly by the occurrence of strong pyrite-sericite-quartz-tourmaline assemblages, crosscut by discrete pyrite-enargite-clay-quartz high-sulphidation veins and by minor green sericite-chalcopyrite-pyrite and quartz-molybdenite-chalcopyrite-pyrite veining. A well-developed copper enrichment zone occurs from the base of oxidation at 274 m to 450 m depth. This zone is characterized by the occurrence of secondary chalcocite rimming on pyrite and chalcopyrite. From 420 m to 646 m depth pyrite-sericite-quartz alteration decreases considerably and relicts of green sericite-chalcopyrite-pyrite and biotite-K-feldspar assemblages become more frequent. From 646 m to 1,111 m depth biotite-K-feldspar-chalcopyrite-magnetite is the dominant alteration assemblage, crosscut by weak pyrite-sericite-quartz, traces of green sericite-chalcopyrite-pyrite and moderate quartz-molybdenite-chalcopyrite-pyrite veining. A decrease in mineralization occurs from 1,111 m to 1,246 m depth associated with the occurrence of late diorite dikes emplaced into the rhyolite porphyry wall rock.

ALD-23-228EXT

The first 1,241.60 m of drill hole ALD-23-228EXT were reported on June 7, 2023. Upon re-entering the hole at 1,241.60 m depth, the hole continued in the favourably mineralized diorite porphyry and stayed in this unit until the end of the hole. The dominant alteration in this interval is characterized by an early, strongly developed biotite-K-feldspar-chalcopyrite potassic assemblage overprinted by a green sericite-quartz-anhydrite-chalcopyrite-(chalcocite) assemblage associated with the halos on hairline veins, both of which are well mineralized. These halo-style veins are pervasive and obliterate the original texture of the rock and are associated with abundant fine-grained sulphides consisting of chalcopyrite-pyrite-bornite-molybdenite. Occurrence of these halo veins also corresponds with an increasing frequency of quartz-chalcopyrite-pyrite-molybdenite veins, which in most cases are crosscutting the halo-style veins.

ALD-23-229

Drill hole ALD-23-229 was collared 150 m north from previously reported drill hole ALD-23-224. It was drilled at an angle of minus 81 degrees and a 185-degree azimuth to a final depth of 1,413.60 m.

Lithology: The hole encountered a strongly fragmental crystal tuff volcaniclastic unit from surface to 68.35 m depth, followed by a very long interval of the massive rhyolite porphyry until 971 m depth, where it intersected the favourable diorite porphyry until the bottom of the hole.

Alteration and mineralization: Supergene oxidation occurs from surface to approximately 91 m depth. Oxidation in this upper portion of the hole is incomplete, characterized by the occurrence of jarosite-hematite in fractures and pervasively staining the rock. Scattered zones with traces of chalcocite, associated with secondary copper enrichment, were described from the base of oxidation until 231 m depth. From surface to 376 m depth strong to intense white sericite-pyrite-tourmaline is the dominant alteration assemblage, crosscut by discrete structures and veins displaying high- and intermediate-sulphidation assemblages characterized by the occurrence of enargite-pyrite-chalcopyrite-clay-anhydrite and minor anhydrite-calcite-sphalerite-galena-chalcopyrite-pyrite. From 376 m to 970 m depth white sericite-pyrite-tourmaline alteration decreases considerably accompanied by the occurrence of increasing green sericite-chalcopyrite-pyrite alteration assemblages and quartz-molybdenite-chalcopyrite-pyrite veining. From 970 m to the bottom of the hole at 1413.60 m, the diorite porphyry unit displays regularly distributed and moderate intensity potassic alteration, characterized by the occurrence of shredded biotite-K-feldspar-quartz-chalcopyrite-bornite, crosscut by moderate green-sericite-chlorite-chalcopyrite-chalcocite halo veins associated with remarkably high copper values, and by quartz-molybdenite-chalcopyrite-pyrite veins.

ALD-23-230

Drill hole ALD-23-230 was collared 195 m south from previously reported drill hole ALD-23-225B. It was drilled on an azimuth of 180 degrees and at a minus-80-degree angle to a final depth of 611.40 m. This hole was stopped early for operational reasons.

Lithology: From surface to 366.60 m depth, the hole intersected the favourable diorite porphyry, thereafter entering into a massive rhyolite porphyry wall rock until the bottom of the hole.

Alteration and mineralization: The base of oxidation was found at approximately 323 m depth. The upper portion of the hole above that depth is characterized by the occurrence of strongly fractured and partially oxidized rocks displaying strong stockwork of quartz veining. Two zones of secondary copper enrichment characterized by the occurrence of chalcocite-covellite on pyrite and chalcopyrite occur from 168 m to 235 m depth and from 323 m to 374 m depth. Moderate quartz-molybdenite-pyrite-chalcopyrite veining is regularly distributed throughout the hole and moderate quartz-sericite-pyrite-tourmaline is the dominant alteration assemblage, overprinted by minor pyrite-enargite-clay high-sulphidation structures. Some relicts of green sericite-chalcopyrite alteration occur on the upper portion of the hole, increasing its intensity over the last metres.

ALD-23-231

Drill hole ALD-23-231 was collared 175 metres northwest from previously reported drill hole ALD-23-224 and at 380 m from hole ALD-22-221. It was drilled to a final depth of 1,211.80 m on an azimuth of 180 degrees and at a minus-80-degree dip.

Lithology: The hole intersected the favourable diorite porphyry from 843.55 m depth and until the bottom of the hole, after a very long interval of the massive rhyolite porphyry wall rock encountered from surface.

Alteration and mineralization: The base of oxidation in the hole was found at approximately 144 m depth. Oxidation is weak over all, characterized by the occurrence of jarosite and hematite in fractures. Alteration from surface to 800 m depth is characterized dominantly by moderate white sericite-pyrite-tourmaline and moderate pyrite-enargite-clay assemblages overprinting traces green sericite-chalcopyrite-pyrite alteration. Additionally, weak to moderate quartz-molybdenite-chalcopyrite-pyrite veining regularly occurs from 230 m to 800 m depth. From 800 m to the contact between the diorite porphyry and the rhyolite wall rock, at approximately 850 m, white sericite-pyrite alteration intensity decreases considerably and an increase in the frequency of quartz-molybdenite-chalcopyrite-pyrite veining is observed, accompanied by an increment in the frequency of the green sericite-chalcopyrite-pyrite-chalcocite halo veins. Potassic alteration is dominant within the diorite porphyry until the bottom of the hole, and characterized by the occurrence of K-feldspar-biotite-magnetite replacing the groundmass and associated with the occurrence of quartz-K-feldspar-chalcopyrite-(bornite) veins. Potassic assemblages in this interval are overprinted by moderate quartz-molybdenite-chalcopyrite-pyrite veining and by green sericite-chalcopyrite-chalcocite halo veins.

ALD-23-232

Drill hole ALD-23-232 was collared 315 m west from drill hole ALD-22-220, dipping minus 85 degrees and a zero-degree azimuth, and drilled to a final depth of 1,111 m.

Lithology: The hole intersected dominantly wall rock, starting with a long interval of massive rhyolite porphyry from surface to 658.20 m depth and followed down hole by an interval of andesitic and rhyolitic rocks intercalation until 910 m. From this depth, the drill hole continues in massive porphyritic rhyolite until the bottom of the hole at 1,111 m depth. Two zones with swarms of narrow dikes of the favourable diorite porphyry crosscut the wall rock from 903 m to 906 m and from 1,013 m to 1,029 m.

Alteration and mineralization: A mixed zone occurs from surface to the base of oxidation at 205.50 m depth, where jarosite-hematite fills fractures and stains the rocks and traces of preserved pyrite-chalcopyrite are regularly present. Traces of chalcocite occur until 260 m depth, but overall secondary copper is barely incipient. From surface to approximately 600 m depth, the dominant alteration is characterized by moderate to intense white sericite-pyrite-quartz-tourmaline assemblages, crosscut by discrete high-sulphidation, pyrite-enargite-clay-rich structures and veins. Weak, early-stage quartz-molybdenite-chalcopyrite-pyrite veining occurs along this interval.

Webinar

For more context, please join the company in a live event on Oct. 5, 2023, at 11 a.m. EST/8 a.m. PDT. 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 holds a 60-per-cent interest in the Altar copper-gold project in San Juan province, Argentina, and can earn an additional 20-per-cent interest in the project from Sibanye-Stillwater by completing a further $25-million in expenditures at Altar over the next three years. 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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