Aldebaran Resources Inc. (TSX-V: ALDE) (OTCQX: ADBRF) is pleased to announce the results of an updated mineral resource estimate for the Altar copper-gold project in San Juan, Argentina. This updated resource estimate includes three main porphyry discoveries (Altar Central, Altar East, and Altar United) reported within a single conceptual open pit. The 2024 Altar Resource Estimate is reported using the same cut-off (US$13.99 NSR/t) as the 2021 mineral resource estimate, to allow for a direct comparison.

Highlights

• Measured & Indicated resource of 2.40 billion tonnes grading 0.42% copper, 0.07 g/t gold, 1.22 g/t silver and 42 ppm molybdenum
  • 22.01 billion pounds of copper, 5.08 million ounces of gold, and 93.76 million ounces of silver
• Inferred resource of 1.22 billion tonnes grading 0.37% copper, 0.04 g/t gold, 1.25 g/t silver and 45 ppm molybdenum
  • 9.83 billion pounds of copper, 1.71 million ounces of gold, and 49.04 million ounces of silver
• Significant increase when compared to the 2021 mineral resource estimate 
  • 100% increase in Measured and Indicated tonnes
  • 542% increase in Inferred tonnes
  • 94% increase in Measured and Indicated copper pounds
  • 462% increase in Inferred copper pounds
  • 48% increase in Measured and Indicated gold ounces
  • 338% increase in Inferred gold ounces
• Mineralization is still open in several directions
• Amenable to open-pit mining

John Black, Chief Executive Officer of Aldebaran, commented: “The 2024 Altar Resource Estimate represents a major milestone for the Altar copper-gold project. Over the past several years we focused on expanding the footprint of the Altar deposit, completing over 63,000 m of drilling since we reported the last mineral resource estimate in 2021. The results reported today demonstrate that Altar is one of the largest undeveloped copper-gold deposits in the world. On the back of this resource estimate, we have begun working towards the first PEA on the Altar project, to be completed in Q2-2025. With our 2024-2025 drill program just underway and lots of catalysts coming, the future is very bright at the Altar copper-gold project.” 

Dr. Kevin B. Heather, Chief Geological Officer of Aldebaran, commented: “The new 2024 Altar Resource Estimate is the validation of an exploration concept we had in 2017, while doing the original due-diligence on the project before acquiring an option to earn-in on the Altar project. We believed there was geological evidence that the gap between Altar Central and Altar East could host significant mineralization that had never been drilled. Fast-forward to today, after seven years of conviction, hard work, and the discovery and definition of the Altar United porphyry, we’re happy to report a very significant increase in the 2024 Altar Resource Estimate. Just as important as the size of the deposit, 66% of the resource tonnes are classified as Measured and Indicated, indicating a very high confidence level in the resource estimate. This will prove very valuable while working towards a PFS on Altar, which we plan to complete in H2-2026. This important milestone clearly adds substantial value and positions Altar as one of the very few truly giant copper-gold projects still in the hands of a junior exploration company.”

The open pit-constrained mineral resources are summarized below in Table 1 while the resources separated by cut-off grade can be found in Table 2.

Average GradeContained MetalMaterial
TypeCategoryTonnes
(000’s)Cu
(%)Au
(g/t)Ag
(g/t)Mo
(ppm)As
(ppm)Cu
(M lbs)Au
(M Ozs)Ag
(M Ozs)SupergeneMeasured121,8840.550.081.07212891,4750.34.2Indicated80,0070.360.060.93191236390.22.4Total M&I201,891    0.470.071.01202232,1140.56.6Inferred24,8500.460.071.01192132510.10.8MixedMeasured109,5100.380.071.22231929130.24.3Indicated19,2080.320.061.11231391360.00.7Total M&I128,718    0.370.071.20231841,0490.35.0Inferred1,3860.290.071.001311190.00.0HypogeneMeasured549,3850.410.100.98201204,9661.717.3Indicated1,517,3390.420.051.335411413,8822.664.9Total M&I2,066,724    0.410.071.244511618,8484.382.2Inferred1,189,5130.370.041.2646969,5721.648.2TotalMeasured780,7790.430.091.03211567,3542.325.8Indicated1,616,5540.410.051.315211514,6572.868.0Total M&I2,397,333    0.420.071.224212822,0115.193.8Inferred1,215,7490.370.041.2545989,8321.749.0See notes at end of release for details 

Cut-off
($ NSR/t)Cut-off
(CuEq%)CategoryTonnes
(000’s)Cu %
(%)Au
(g/t)Ag
(g/t)Mo
(ppm)$5.000.10Measured1,018,7650.370.080.9320Indicated2,530,7750.320.041.0641Inferred2,587,7000.250.040.9233$11.000.19Measured870,9380.400.091.0020Indicated1,917,4750.380.051.2248Inferred1,566,7640.330.041.1542$13.990.24Measured780,779     0.430.091.0321Indicated1,616,554    0.410.051.3152Inferred1,215,749    0.370.041.2645$19.000.31Measured609,2690.470.101.1020Indicated1,210,2210.460.061.4659Inferred784,2200.420.051.4452$25.000.41Measured398,1560.550.121.2218Indicated783,2210.530.061.6271Inferred440,2570.490.051.5363See notes at end of release for details

Altar Resource Estimate

The 2024 Altar Resource Estimate has an effective date of November 25, 2024 and was completed by Independent Mining Consultants, Inc. out of Tucson, Arizona. The 2024 Altar Resource Estimate was prepared and reported in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves. Mr. John Marek and Mr. Jacob Richey are the Qualified Persons for the 2024 Altar Resource Estimate. A supporting NI 43-101 Technical Report will be filed on SEDAR at www.sedarplus.com within 45 days.

The Measured, Indicated, and Inferred Mineral resources reported herein are contained within a floating cone pit shell to demonstrate “reasonable prospects for eventual economic extraction” to meet the definition of Mineral Resources in NI 43-101. Please see notes at the end of the release for more detail on the parameters utilized for constraining the 2024 Altar Resource Estimate.

QDM Gold and Radio Porphyry

The QDM Gold and Radio Porphyry deposits sit approximately 3 km west of Altar Central and thus are not considered in the mineral resource estimate reported today. An updated mineral resource estimate for QDM Gold and Radio Porphyry is underway and is expected to be completed in early 2025.

Webinar 

For more context, please join the Company in a live event on Wed Nov 27 at 11:00 am EST / 8:00 am PST. Q&A will follow the presentation. Click here to register: https://6ix.com/event/aldebaran-resources-presents-corporate-update.

Qualified Person

The scientific and technical data contained in this news release has been reviewed and approved by Dr. Kevin B. Heather, B.Sc. (Hons), M.Sc, Ph.D, 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% interest in the Altar copper-gold project in San Juan Province, Argentina and is proceeding to formalize an earn-in of an additional 20% interest. 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 Pachón (Glencore), and Los Azules (McEwen Copper).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please consult our website at www.aldebaranresources.com