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Aldebaran Resources Inc
Symbol ALDE
Shares Issued 169,859,120
Close 2024-05-08 C$ 0.88
Market Cap C$ 149,476,026
Recent Sedar Documents

Aldebaran drills 1,018.6 m of 0.6% CuEq at Altar

2024-05-09 12:20 ET - News Release

Mr. John Black reports

ALDEBARAN INTERCEPTS 649.60 M OF 0.81% CUEQ WITHIN 1,018.60 M OF 0.60% CUEQ, AT THE ALTAR PROJECT

Aldebaran Resources Inc. has released results for four drill holes of the 2023/2024 field campaign at the Altar copper-gold project in San Juan, Argentina. The holes reported herein (ALD-24-074EXT, ALD-24-240, ALD-24-241, ALD-24-238 and ALD-24-242) were all substantial stepouts to the north or south of known mineralization. Hole ALD-24-074EXT was designed to extend mineralization in the Altar United trend. Hole ALD-24-241 was designed to achieve three goals: (1) infill a gap in the company's drilling at the Altar United discovery; (2) drill perpendicular to many of the previous holes within the United area to ensure there is no bias in grades because of hole orientation; and (3) to test for continuity in between the existing fences of drill holes. Hole ALD-24-240 was designed to fill a gap in the existing drilling and hole ALD-24-242 was designed to test the southern extent of the mineralized footprint at the Altar project. All holes successfully hit mineralization and expanded the footprint of the mineralized system, while ALD-24-241 returned one of the highest-grade intercepts from the project to date. All four holes will provide valuable information for the upcoming mineral resource estimate, scheduled for H2 2024.

Highlights:

  • ALD-24-241:
    • 158.80 metres of 0.45 gram per tonne (g/t) gold (Au) in oxide mineralization from 3.40 m depth, including:
      • 90.60 m of 0.52 g/t Au from 3.40 m depth;
      • This area requires follow-up work to see if this style of mineralization is open.
    • 1,018.60 m of 0.60 per cent copper equivalent (CuEq) from 277.40 m depth, including:
      • 797 m of 0.71 per cent CuEq from 499 m depth, including:
        • 649.60 m of 0.81 per cent CuEq from 646.40 m depth, including:
          • 155 m of 1 per cent CuEq from 871 m depth, including:
            • 102.10 m of 0.96 per cent CuEq from 1,064.90 m depth.
    • The hole was lost due to operator error -- the company had intended to drill the hole deeper;
    • Hole ended in mineralization with the final seven m returning 0.80 per cent CuEq.
  • ALD-24-074EXT:
    • 1,199 m of 0.38 per cent CuEq from 128 m depth, including:
      • 82 m of 0.71 per cent CuEq from 130 m depth.
    • Extension of a historic hole, originally terminated at 607.60 m and extended to 1,327 m depth;
    • Hole ended in mineralization with the final 11 m returning 0.62 per cent CuEq.
  • ALD-24-240:
    • 1,085 m of 0.34 per cent CuEq from 187.70 m depth, including:
      • 65 m of 0.55 per cent CuEq from 701 m depth.
  • ALD-24-242:
    • 219.90 m of 0.28 per cent CuEq from 779.50 m depth, including:
      • 116.40 m of 0.36 per cent CuEq from 883 m depth.

John Black, chief executive officer of Aldebaran, commented: "The Altar deposit continues to grow with each drill hole we complete. This batch of drill holes expands the mineralized footprint of the deposit and grows the higher-grade mineralization commonly found at Altar United. Hole 241, which targeted Altar United, represents one of the best holes we've drilled on the project to date, with long runs of very attractive grade mineralization. All this information will be valuable as we move towards a mineral resource update, planned to be completed later this year."

Dr. Kevin B. Heather, chief geological officer of Aldebaran, commented: "All of the holes have provided us with valuable geological information that will be beneficial to the growth of the mineral resource. The oxide-hosted gold mineralization encountered at the top of hole 241 is very intriguing and may offer opportunities to expand this style of mineralization that could be amenable to low-cost heap leaching early in the operation. Holes 240 and 242 expand the known footprint of the mineralization. Hole 241, apart from being one of the better intercepts on the project to date, it also, and importantly, confirms lateral continuity of the higher-grade mineralization perpendicular to the orientation of most of the previous drill holes in the Altar United area -- not to mention filling in a large gap in the previous drilling."

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

Discussion of results

ALD-24-074EXT

ALD-24-074EXT is a historical hole collared in the western edge of the Altar United trend. It is a vertical hole originally drilled in 2010 to a depth of 607.60 metres. ALD-24-074 was extended during the current campaign to a final depth of 1,327 m. The main purpose of this hole was to fill a gap in the previous drilling and test for the extension of mineralization at Altar United.

Lithology: Drill hole ALD-24-074EXT intersected diorite porphyry units from surface to the end of the hole (cutting a minor interval of rhyolite between 1,118 m and 1,160 m depth).

Alteration and mineralization: ALD-24-074EXT encountered strongly oxidized and leached rocks from surface to 130 m depth, followed by a well-developed secondary copper enrichment zone until 220 m depth. Moderate quartz-pyrite-chalcopyrite-molybdenite veining occurs along the entire hole, with increasing intensity over the last 500 m of the hole. Hypogene copper mineralization in ALD-24-074EXT consists of chalcopyrite, and lesser amounts of bornite and hypogene chalcocite, which are intimately related with the occurrence of moderate to strong green sericite(-chlorite)-alteration that is overprinting earlier, biotite-k-feldspar-magnetite alteration, both of which increase in intensity down the hole. Weaker mineralization from 510 m to 840 m depth is a consequence of the overprinting by moderate to strong intensity white sericite-pyrite alteration, which appears to be copper destructive on this portion of the hole.

ALD-24-240

ALD-24-240 is collared at the eastern edge of Altar Central. This hole was drilled at minus-85 degrees dip to the north and to a final depth of 1,273.2 m. The main purpose of ALD-24-240 was to test an area with limited drilling to date.

Lithology: Drill hole ALD-24-240 intersected dominantly wall rock rhyolite and andesite volcanic rocks from top to bottom. The hole intersected rhyolite from surface until 620 m depth, before entering an intercalation of dominantly andesitic rocks and minor rhyolitic units. Two short intervals of diorite intrusive rocks (dikes) were encountered; the first of these from 922 m to 931 m depth and the second from 1,263 m until the bottom of the hole at 1,273.2 m.

Alteration and mineralization: Drill hole ALD-24-240 encountered strongly oxidized and leached rocks over the initial 138 m, before entering a weakly developed secondary copper enrichment zone up to 320 m depth. Copper mineralization in the hypogene zone is mainly associated with the occurrence of chalcopyrite associated with moderate to strong green sericite-(chlorite) alteration and to k-feldspar-biotite potassic assemblages. These early alteration assemblages are overprinted in the upper portion of the hole by weak to moderate white sericite-pyrite alteration and by discrete structures with pyrite-enargite. Molybdenum mineralization is associated with the occurrence of moderate quartz-pyrite-chalcopyrite-molybdenum veining from the initial metres of the hole and progressively increasing at depth.

ALD-24-241

ALD-24-241 is collared in the Altar United trend. The hole was drilled at minus-85 degrees dip and to the southeast at 110 degrees azimuth. Hole ALD-24-241 was designed to achieved three goals: (1) infill a gap in the company's drilling at the Altar United discovery; (2) drill perpendicular to many of the previous holes within the United area to ensure there is no bias in grades because of hole orientation; and (3) to test for continuity in between the existing fences of drill holes. The targeted depth for ALD-24-241 was at least 1,500 m depth, however, the hole was lost prematurely at 1,296 m depth due to operator issues.

Lithology: From surface to 162 m depth, drill hole ALD-24-241 intersected diorite porphyry displaying intense quartz stockwork veining, followed underneath by a likely younger diorite porphyry displaying identical textural characteristics, but lower frequency of quartz veining. The nature of the contact between these two units is uncertain due to the strong oxidation and fracturing at those depths.

Alteration and mineralization: ALD-24-241 displays strong oxidation from surface and until 300 m depth. Copper mineralization was completely leached in this upper portion of the hole due to weathering. On the other hand, gold mineralization occurs from surface to 162 m depth, spatially associated with strong to intense quartz stockwork veining present within that interval. A poorly developed supergene copper enrichment zone occurs from the base of oxidation until 375 m depth and is characterized by the occurrence of secondary chalcocite coatings on pyrite and chalcopyrite. Copper mineralization below 375 m depth is hypogene, and consists mainly of chalcopyrite and locally bornite. A background of moderate intensity, early biotite-k-feldspar-magnetite-chalcopyrite potassic alteration is overprinted by variable amounts of hair-wide veinlets displaying several centimetre-wide halos of green sericite-(chlorite)-chalcopyrite-greater-than-pyrite alteration, which are crosscut by younger white sericite-pyrite veins. A clear zonation is observed between these alteration events along ALD-24-241, with the upper portion of the hole dominated by white sericite-pyrite alteration, which decreases in intensity until approximately 600 m depth. On the other hand, green sericite-chlorite-chalcopyrite-greater-than-pyrite progressively increases toward the bottom, becoming dominant below 600 m depth and displaying strong intensity over the last 600 m of the hole. Molybdenum mineralization is associated with the occurrence of molybdenite-quartz-pyrite-chalcopyrite veining. These veins crosscut the green sericite-chlorite halo veins, displaying also a remarkable spatial association with copper mineralization.

ALD-24-242

ALD-24-242 was collared well south of any previous drill holes on the project. The hole was collared 285 m to the southeast from hole ALD-24-239 and 335 m away from hole ALD-23-222, the two closest holes in this area. ALD-24-242 was drilled at minus-75 degrees dip to the north and to a final depth of 999.4 m. The main objective of this hole was to test the extension of the mineralization encountered at depth in hole ALD-24-239. The hole was stopped due to hitting the depth capacity of the drill rig.

Lithology: Drill hole ALD-24-242 intersected a long interval of rhyolite until 768 m depth and thereafter encountered intercalations of dominantly andesitic volcanic rocks crosscut by minor rhyolite dikes.

Alteration and mineralization: From surface to 770 m depth, alteration within the rhyolite is characterized by the occurrence of moderate chlorite-hematite-magnetite-pyrite and white sericite-pyrite-tourmaline assemblages crosscut by discrete high-sulphidation pyrite-enargite and intermediate-sulphidation base metal carbonate epithermal structures. Chalcopyrite increases steadily below 770 m depth, coincident with the occurrence of weak biotite-k feldspar-magnetite potassic alteration which increases toward the bottom of the hole.

Project update

The company is winding down the 2023/2024 field program with one drill rig currently active. Holes ALD-24-062EXT, ALD-24-129EXT, ALD-24-243, ALD-24-165EXT, ALD-24-150EXT and ALD-24-244 are complete, and were terminated at 1,161 m, 1,211 m, 1,842 m, 1,208 m, 1,239.50 m and 1,061.00 m depth, respectively -- all are pending final assays. Holes ALD-24-062EXT, ALD-24-129EXT, ALD-24-165EXT and ALD-24-150EXT are all historic drill holes that were originally terminated at 470 m, 513 m, 484.50 m and 548 m depth, respectively, but that were extended during the current drilling campaign to 1,161 m, 1,211 m, 1,208 m and 1,239.50 m depths, respectively. Hole ALD-24-243 deviated significantly from its originally intended target due to operator error, however, the company elected to let the hole continue to a final depth of 1,842 m due to encouraging visuals. ALD-24-245 is currently active and at approximately 820 m depth, and will be the final hole of this field season.

Webinar

For more context, please join the company in a live event on Friday, May 10, at 11 a.m. Eastern Time/8 a.m. Pacific Time. A question-and-answer session will follow the presentation. Register on-line.

Investor day

Aldebaran will host an investor day in Toronto, Ont., Canada, on May 29, 2024, at 10:30 a.m. ET. Analysts, investors and investment advisers who would like to attend in person, please contact Ben Cherrington at 1-347-394-2728 or 44-7538-244-208, or e-mail ben.cherrington@aldebaranresources.com.

The event will be simultaneously webcast. Register for the webcast on-line.

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.

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