Mr. John Black reports

ALDEBARAN CONTINUES TO EXPAND MINERALIZATION AT ALTAR COPPER-GOLD PROJECT

Aldebaran Resources Inc. has released results from the first four drill holes of the 2023/2024 field campaign at the Altar copper-gold project in San Juan, Argentina. Due to snow constraints at the time of commencing the current field season, three of the holes (ALD-23-162EXT, ALD-23-166EXT and ALD-23-194EXT) were significant stepouts to test for the southern extension of mineralization within the large, conductive geophysical anomaly at Altar. As expected, those three holes did not intersect the porphyry intrusive rocks typically associated with the higher-grade mineralization at Altar United, however, they did intersect low- to moderate-grade mineralization in wall rocks (andesites and rhyolites) that will add resources to a previously undrilled area. Hole ALD-23-234 was designed to test an area in the current resource model that was defined as waste due to lack of drilling. Hole ALD-23-234 successfully hit mineralization and will likely convert waste to resources in the upcoming mineral resource update for the project.

Highlights:

• ALD-23-194EXT:
  • 878.80 metres of 0.32 per cent copper equivalent (CuEq) from 296 m depth, including:
    • 180 m of 0.42 per cent CuEq from 454 m depth, including:
      • 36 m of 0.77 per cent CuEq from 324 m depth.
• ALD-23-162EXT:
  • 923.10 m of 0.26 per cent CuEq from 356 m depth, including:
    • 431.50 m of 0.31 per cent CuEq from 747 m depth.
• ALD-23-166EXT:
  • 773.80 m of 0.24 per cent CuEq from 364 m depth.
• ALD-23-234:
  • 177.10 m of 0.21 per cent CuEq from 83.40 m depth;
  • 728 m of 0.20 per cent CuEq from 305 m depth.

John Black, chief executive officer of Aldebaran, commented as follows: "These first four holes add valuable information to our geological understanding of the Altar project. Holes ALD-23-162EXT, ALD-23-166EXT and ALD-23-194EXT have helped define the southern extents of the Altar United trend, while still adding substantial mineralization to Altar. Hole ALD-23-234 intersected a long run of mineralization in an area previously thought to be waste. This should add substantial value when we transition to a resource update later this year. When we commenced the field campaign in late 2023, our options for drill pad locations were restricted by several areas of the project still having substantial snowfall. We now have access to the entire project, and we are currently drilling from more opportune locations to test the extent of the higher-grade mineralization previously encountered in the Altar United trend and to continue growing the overall mineralized footprint of the Altar project."

Dr. Kevin B. Heather, chief geological officer of Aldebaran, commented as follows: "The results reported here are important, as they show that the Altar mineralized footprint is much larger and extends mineralization into areas previously not drilled. These drill holes will contribute valuable supporting mineralized blocks to help capture better mineralized drill holes, drilled last year, in the upcoming mineral resource update slated for H2 2024."

The table entitled "Drill hole results" shows detailed assays for all holes.

Discussion of results

ALD-23-162EXT

ALD-23-162EXT is a vertical hole originally drilled to 522.70 m in 2012. This hole was extended during the current campaign to a final depth of 1,279.10 m. The goal of this hole was to test the southern extent of the Altar United trend, within the large conductive geophysical anomaly, and fill a gap in drilling for the future resource update.

Lithology: From surface to 260 m depth, the hole intersected a package of fragmental and porphyritic volcaniclastic rocks before intersecting a long run of a massive rhyolite of early-Miocene age, which extends to a depth of 911 m and is followed underneath by intermixed andesitic and rhyolite units until the bottom of the hole.

Alteration and mineralization: Moderate to strong oxidation occurs up to 360 m depth. Alteration assemblages over the upper portion of the hole are characterized by the occurrence of discrete, pyrite-enargite high-sulphidation structures and weak to moderate quartz-sericite-pyrite-tourmaline, overprinting weak k-feldspar-(biotite-magnetite) potassic alteration. Continuous, moderate copper and molybdenum mineralization occurs below 360 m depth and to the bottom of the hole. Mineralization is mostly associated to the occurrence of increasing magnetite-biotite-K feldspar alteration, quartz-magnetite-chalcopyrite, quartz-pyrite-molybdenite-chalcopyrite and quartz-green sericite-chalcopyrite veining.

ALD-23-166EXT

ALD-23-166EXT is a vertical hole originally drilled to 401 m in 2012. It is collared 200 m south from ALD-23-162EXT. This hole was extended during the current campaign to a final depth of 1,158.50 m. The goal of this hole was to test the southern extent of the Altar United trend, within the large conductive geophysical anomaly, and fill a gap in drilling for the future resource update.

Lithology: From surface to 307 m depth, the hole intersected a package of fragmental and porphyritic volcaniclastic rocks before intersecting a long run of a massive rhyolite to a depth of 802 m, and followed underneath by andesite, which is crosscut over the last 100 m of the hole by a series of narrow, late-mineral porphyry dikes.

Alteration and mineralization: Rocks are partially oxidized on the upper portion of the hole and up to 401 m depth. This drill hole displays moderate copper and molybdenum mineralization to the bottom, mostly associated to the occurrence of increasing magnetite-biotite-K feldspar alteration, quartz-magnetite-chalcopyrite veining and quartz-green sericite-sulphides veining. Discrete, pyrite-enargite high-sulphidation structures were also intersected.

ALD-23-194EXT

ALD-23-194EXT is a vertical hole originally drilled to 530 m in 2013, collared 200 m west from ALD-23-166EXT. This hole was extended during the current campaign to a final depth of 1,174.80 m. The goal of this hole was to test the southern extent of the Altar United trend, within the large conductive geophysical anomaly, and fill a gap in drilling for the future resource update.

Lithology: The hole intersected 80 m of fragmental and porphyritic volcaniclastic rocks before intersecting a long run of massive rhyolite. The rhyolite continues until 880 m depth, but it is crosscut by several narrow, late mineral porphyry dikes from 484 m to 635 m depth. The drill hole continues below 880 m into andesitic units until the bottom of the hole.

Alteration and mineralization: Rocks are strongly fractured and oxidized from surface and up to 305 m of the hole. From 305 m to 380 m, a well-defined secondary copper-enriched zone was intersected. This zone is characterized by the occurrence of secondary chalcocite, pyrite and chalcopyrite. The hole displays moderate copper and molybdenum mineralization to the bottom of the hole, mostly associated to the occurrence of increasing magnetite-biotite-K feldspar alteration, quartz-magnetite-chalcopyrite veining and quartz-green sericite-sulphides veining. Discrete, pyrite-enargite high-sulphidation structures were also intersected throughout the hole.

ALD-23-234

Drill hole ALD-23-234 is collared to the south of the Altar Central zone, located 200 m south from the last fence of holes in this area. It was drilled at minus-78 degrees dip toward the north, to a final depth of 1,033 m. The main objective of this hole was to test the extension of the mineralization toward the south and targeted an area in the 2019 resource model that was defined as in-pit waste due to a lack of drilling.

Lithology: The hole intersected a fragmental rhyolite unit starting from surface to 260 m depth, before intersecting a long interval of rhyolite followed underneath by a mix of porphyritic and fragmental andesitic units from 712 m until the bottom of the hole.

Alteration and mineralization: Strong oxidation occurs over the first 74 m of the hole. Alteration is weak to moderate over the upper half of the hole. Dominant assemblages include white sericite-quartz-pyrite-(chalcopyrite) associated with hairline veins displaying wide halos overprinting tourmaline-quartz-pyrite-(chalcopyrite), which is widely distributed along the hole, coming in veins and associated locally with strong silicification. Relicts of earlier magnetite-hematite alteration occur from the top of the hole and increase at depth. From 390 m depth, traces of K feldspar-biotite alteration start to occur. This alteration coincides with the occurrence of increasing quartz-pyrite-molybdenite-chalcopyrite and green sericite-quartz-chalcopyrite veining until the bottom of the hole.

Project update

The company is actively drilling with four rigs. Holes ALD-23-235, ALD-23-236, ALD-23-237, ALD-23-238 and ALD-24-239 are completed, and were terminated at 1,221.50 m, 1,346.70 m, 1,040 m, 1,201.50 m and 1,049 m depths, respectively -- all are pending final assays. Holes ALD-24-240, ALD-24-074EXT, ALD-24-241 and ALD-24-242 are active, and currently at 756 m, 1,262 m, 588 m and 90 m depth, respectively. ALD-24-074EXT is an extension of a historic hole, completed by a previous operator and originally terminated at 607.60 m depth.

Webinar

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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 by completing a further $25-million (U.S.) 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 Inc., 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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