Mr. John Black reports

ALDEBARAN EXPANDS KNOWN MINERALIZATION AT THE ALTAR COPPER-GOLD PROJECT

Aldebaran Resources Inc. has released results for five drill holes of the 2023/2024 field campaign at the Altar copper-gold project in San Juan, Argentina. The holes reported herein (ALD-24-235, ALD-24-236, ALD-24-237, ALD-24-238 and ALD-24-239) were all substantial stepouts to the north or south of known mineralization. The holes were designed to test the edges of known mineralization and expand the mineralized footprint within the large, conductive MT (magnetotelluric) geophysical anomaly at the Altar project (see June 13, 2022, company press release). All holes hit mineralization and successfully extended the mineralized footprint of the deposit.

Highlights

ALD-24-235:

• 362.50 metres of 0.34 per cent CuEq (copper equivalent) from 3.90 m depth, including:
  • 78 m of 0.54 per cent CuEq from 25 m depth.
• 357.80 m of 0.27 per cent CuEq from 424.20 m depth, including:
  • 110 m of 0.41 per cent CuEq from 428 m depth.
• 410.50 m of 0.36 per cent CuEq from 811.00 m depth, including:
  • 266.50 m of 0.45 per cent CuEq from 955 m depth, including:
    • 182.50 m of 0.52 per cent CuEq from 1,039 m depth;
    • Hole ended in this mineralization.

ALD-24-236:

• 1,133.70 m of 0.23 per cent CuEq from 213 m depth.

ALD-24-237:

• 129.50 of 0.20 per cent CuEq from 95.50 m depth.

ALD-24-238:

• 1,159.50 m of 0.24 per cent CuEq from 42.00 m depth, including:
  • 53.85 m of 0.46 per cent CuEq from 274 m depth;
  • 91.50 m of 0.47 per cent CuEq from 1,110 m depth.

ALD-24-239:

• 77.10 m of 0.19 per cent CuEq from 250.00 m depth:
  • Adds mineralization to an area that was defined as waste in 2021 resource estimate.
• 353 m of 0.46 per cent CuEq from 696.00 m depth, including:
  • 233 m of 0.59 per cent CuEq from 816.00 m depth, including:
    • 122 m of 0.65 per cent CuEq from 927 m depth:
      • Hole ended in mineralization;
      • Mineralization hosted in rhyolite, which historically at Altar has been a poor host rock and only mineralized when it is close to a mineralized porphyry intrusion.

John Black, chief executive officer of Aldebaran, commented as follows: "Drilling at Altar continues to grow the mineralized footprint of the deposit. With the drill holes reported today, we've extended known mineralization substantially to the north and south. To date, most of the reported drilling results from the 2023/2024 campaign have been from holes on the edges of the deposit where there was little to no drilling completed historically. While these holes may not be the most exciting from a grade perspective, they provide valuable information and are necessary to complete a resource update later this year. Moving forward, most of the remaining holes will focus on the core of the deposit, with a particular focus on growing Altar United and Altar East."

Dr. Kevin B. Heather, chief geological officer of Aldebaran, commented as follows: "These results are important for several reasons: extending the mineralized footprint outward to the north and south will allow us to capture better grade mineralization at depth for the upcoming mineral resource update, and at the same time we are converting near-surface rock from waste to mineralization. Hole 239 is interesting as the hole ended due to drill rig depth capacity; however, the grades are increasing with depth, which suggests we may be getting close to an undiscovered mineralized porphyry intrusion."

Discussion of results

ALD-24-235

ALD-24-235 was collared on the northern edge of the Altar Central zone. It was drilled to the south at a minus-79-degree dip and to a final depth of 1,221.50 m. The main purpose of this hole was to test the northern extension of the mineralization at Altar Central.

Lithology: Drill hole ALD-24-235 intersected a medium-sized grain diorite porphyry from surface to 655 m depth, then transitioning into andesite wall rocks and later to rhyolite extending from 732 m to 1107 m depth. The hole continues below that depth into andesitic rocks until the bottom of the hole.

Alteration and mineralization: The base of oxidation in hole ALD-24-235 occurs at 47 m depth. Additionally, a peculiar, oxidized horizon was encountered from 364 m to 426 m. This horizon continues laterally in all directions and can be traced to the surrounding drill holes in the area. All sulphides are leached out in this interval. The dominant alteration assemblages in the upper portion of ALD-24-235 are characterized by the occurrence of moderate white sericite-pyrite-tourmaline/chlorite-green sericite-pyrite-hematite-chalcopyrite overprinting earlier biotite-K-feldspar-magnetite-chalcopyrite potassic alteration. Veining is weak to moderate overall but tends to increase toward the bottom of the hole. Moderate-grade mineralization occurs consistently from near surface and along most of the hole. Starting at 970 m depth, increasing contents of chalcopyrite are observed, along with an increase in the frequency of veining and of the intensity of potassic alteration.

ALD-24-236

ALD-24-236 was collared on the northwestern edge of the Altar Central zone. It was drilled to the south at a minus-75-degree dip and to a final depth of 1,346.70 m. The main purpose of this hole was to test the northern extension of the mineralization in Altar Central.

Lithology: From surface to 619 m depth, hole ALD-24-236 intersected rhyolite wall rock, continuing underneath into a long interval of medium-sized grain diorite porphyry unit until the bottom of the hole.

Alteration and mineralization: Alteration in ALD-24-236 is quite homogeneous, characterized by the occurrence of high-sulphidation pyrite-enargite-chalcopyrite structures crosscutting moderate white sericite-pyrite-tourmaline and chlorite-green sericite-pyrite-hematite-chalcopyrite assemblages. Relicts of an earlier biotite-K-feldspar-magnetite-chalcopyrite potassic alteration are regularly found along the hole, increasing its intensity toward the bottom. Moderate copper and molybdenum mineralization appears regularly distributed throughout the hole and occurs as chalcopyrite and molybdenite. Veining is weak overall, dominated by quartz-pyrite-chalcopyrite-molybdenite and less frequent white sericite-pyrite-quartz and quartz-pyrite-chalcopyrite-K-feldspar, these last increasing toward the bottom of the hole.

ALD-24-237

ALD-24-237 was collared 180 m to the southeast from the southernmost drill hole in the Altar Central zone and 210 m west from ALD-24-239. The hole was drilled to the north at a minus-80-degree dip and to a final depth of 1,040 m. The objectives of ALD-24-237 were to test the occurrence of any kind of mineralization in areas where there was no historical information within the conceptual pit shell of the 2021 mineral resource, and to test for the occurrence of mineralization associated with surface geochemical anomalies and alteration encountered immediately to the east of this drill hole (Altar South zone).

Lithology: ALD-24-237 drilled through 30 m of iron oxide cemented breccia, followed by rhyolite up to 235 m depth, then transitioning to a series of dominantly andesitic units with narrow intercalations of rhyolite until the bottom of the hole.

Alteration and mineralization: Alteration in this drill hole is characterized by moderate white sericite-pyrite-quartz-tourmaline and chlorite-hematite-pyrite-chalcopyrite overprinting a weaker biotite-hematite-magnetite assemblage. Structures with high-sulphidation pyrite-enargite-quartz-clay assemblages are scattered throughout the hole.

ALD-24-238

ALD-24-238 is collared on the northern edge of the Altar Central zone. It was drilled to the south at a minus-79-degree dip and to a final depth of 1,201.50 m. The main purpose of this hole was to test the northern extension of the mineralization at Altar Central.

Lithology: From surface and up to 328 m depth, hole ALD-24-238 intersected an intercalation of rhyolite with minor intervals of andesitic units. Below that depth and until the bottom of the hole a log run of medium-sized grain diorite porphyry unit was encountered.

Alteration and mineralization: Alteration in ALD-24-238 is characterized by the occurrence of scattered high-sulphidation pyrite-enargite-chalcopyrite structures, crosscutting moderate white sericite-pyrite-tourmaline, chlorite-green sericite-pyrite-hematite-chalcopyrite and earlier weak biotite-K-feldspar-magnetite-chalcopyrite potassic alteration mineral assemblages. Starting from near surface and along the entire hole, ALD-24-238 displays regularly distributed, moderate-grade copper and molybdenum mineralization associated with the occurrence of chalcopyrite and molybdenite. Veining is weak overall, dominantly sericite-pyrite-quartz in the upper portion of the hole and chalcopyrite-anhydrite/quartz-pyrite-chalcopyrite-molybdenite toward the bottom of the hole.

ALD-24-239

ALD-24-239 is collared within the Altar South zone. This hole is collared 290 m south from the nearest drill hole in Altar Central. It was drilled to the north at a minus-75-degree dip and to a final depth of 1,049 m, which was the depth capacity of the drill rig. The objectives of ALD-24-239 were to test the occurrence of mineralization in areas where there was no information within the conceptual pit shell of the 2021 mineral resource, and to test for the occurrence of a possible mineralized porphyry centre associated with multielement talus fines geochemical anomalies and surface alteration present in the Altar South area.

Lithology: Drill hole ALD-24-239 remained entirely within the wall rock units for the entirety of the hole, encountering a rhyolite from surface until 447 m depth, followed underneath by predominately andesitic units with some minor intervals of rhyolite until the bottom of the hole. Interestingly, from 702.30 m to 709.90 m depth, hole ALD-24-239 crosscut a polylithic breccia body with fragments of potassically altered andesitic rocks and a mineralized porphyry unit previously not seen to date in drilling. The porphyry unit displayed K-feldspar-biotite-magnetite potassic alteration and quartz-chalcopyrite veins.

Alteration and mineralization: From surface to 700 m depth white sericite-pyrite-tourmaline-quartz and scattered high-sulphidation structures displaying pyrite-clay-enargite-quartz-chalcopyrite-carbonates are the dominant alteration assemblages. A substantial change in mineralization and alteration is noted below 700 m depth, where the dominant alteration assemblages are characterized by the occurrence of biotite-magnetite/hematite-K-feldspar-quartz-chalcopyrite and green sericite-chlorite-chalcopyrite-pyrite minerals, increasing from weak to moderate at the bottom of the hole. This interval encountered moderate copper and molybdenum mineralization, associated with the occurrence of chalcopyrite-molybdenite and with the increment on the frequency of quartz-pyrite-chalcopyrite-molybdenite veining, which are dominant over the last 300 m of the hole.

Project update

The company is actively drilling with four rigs. Holes ALD-24-240, ALD-24-241, ALD-24-242, ALD-24-074EXT and ALD-24-165EXT were recently completed and terminated at 1,273.20 m, 1,296.00 m, 999.40 m, 1,327 m and 1,208 m depth, respectively; all pending final assays. Holes ALD-24-074EXT and ALD-24-165EXT are extensions of historic drill holes that were originally terminated at 607.60 m and 484.50 m depth, respectively. Hole ALD-24-241 was lost due to operator error; the company had intended to let this hole continue deeper.

Holes ALD-24-243, ALD-24-244, ALD-24-062EXT and ALD-24-150EXT are active and currently at 954.80 m, 720.20 m, 713.75 m and 1,108.40 m depth, respectively. ALD-24-062EXT and ALD-24-150EXT are extensions of historic holes, originally terminated at 470 m and 548 m depth.

Webinar

For more context, please join the company in a live event on Thursday, March 28, at 12 p.m. EDT/9 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 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).

Sampling and analytical procedures

Altar follows systematic and rigorous sampling and analytical protocols which meet and exceed industry standards. These protocols are summarized below and are available on the Aldebaran website.

All drill holes are diamond core holes with PQ-, HQ- or NQ-core diameters. Drill core is collected at the drill site where recovery and RQD (rock quality designation) measurements are taken before the core is boxed and transported to the Altar camp facilities, a short distance away, where the whole core is photographed under more optimum lighting conditions and geological quick log is produced. The whole core is then marked and sampled into geological defined, systematic one- to two-metre sample intervals, unless the geologist determines the presence of an important geological contact, which should not be crossed. The whole core is then cut in half with a diamond saw blade, with half the sample retained in the core box for future reference and the other half placed into a prelabelled plastic bag, sealed with a two plastic security zip ties, and labelled with a unique sample number. The bagged samples are then placed into larger plastic sacks and those sacks are sealed with another plastic security zip tie and labelled for shipment. The sacks are then placed onto wooden pallets and wrapped in plastic shrink wrap and stored in a secure area pending shipment to a certified ALS laboratory sample preparation facility located in Mendoza, Argentina, where the samples are dried, crushed and pulverized. The resulting sample pulps are sent by batch to the ALS laboratory in Lima for geochemical assay analysis, including a 30-gram fire assay with an atomic absorption (AA) finish analysis for gold and a full multiacid digestion (four-acid) with inductively coupled plasma atomic emission spectroscopy analysis for other elements. Samples with results that exceed maximum detection values for gold are reanalyzed by fire assay with a gravimetric finish and other elements of interest are reanalyzed using precise ore-grade ICP analytical techniques. Aldebaran independently inserts certified control standards (supercertified reference materials (SCRMs), coarse field blanks and duplicates into the sample stream to monitor data quality. These control samples represent 10- to 12 per cent of the total samples submitted and are inserted blindly to the laboratory in the sample sequence prior to departure from the Aldebaran facilities.

We seek Safe Harbor.