VANCOUVER, BC / ACCESSWIRE / July 22, 2024 / Aldebaran Resources Inc. ("Aldebaran" or the "Company") (TSXV:ALDE)(OTCQX:ADBRF) is pleased to report results for the final holes from the 2023/2024 field campaign at the Altar copper-gold project in San Juan, Argentina. All holes intercepted significant mineralization, expanded the mineralized footprint, and will provide valuable information for the upcoming mineral resource estimate scheduled for H2 2024.
Highlights
ALD-24-150EXT
1,229.50 m of 0.55% CuEq from 10.00 m depth
Including 742.90 m of 0.69% CuEq from 377.10 m depth
Including 345.00 m of 0.85% CuEq from 470.00 m depth
Hole ended in mineralization
Extension of historic hole
ALD-24-245
735.00 m of 0.50% CuEq from 244.00 m depth
Including 202.55 m of 0.66% CuEq from 577.25 m depth
Hole ended (prematurely due to winter weather conditions) in mineralization
ALD-24-062EXT
1,043.00 m of 0.37% CuEq from 118.00 m depth
Including 729.00 m of 0.43% CuEq from 122.00 m depth
Hole ended in mineralization
Extension of historic hole
ALD-24-244
592.00 m of 0.27% CuEq from 469.00 m depth
Hole ended in mineralization
John Black, Chief Executive Officer of Aldebaran, commented: "The Altar project continues to grow. These holes expand the mineralized footprint laterally and at depth, with ALD-24-150EXT demonstrating the higher-grade potential at Altar. With the 2023/2024 field campaign behind us, we're now looking at the next stage for the Altar project. Since the last resource estimate was produced on the project in 2021, we have completed more than 63,000 m of drilling and made a major discovery in the Altar United zone. With all this additional information in hand, we expect a significant increase when we complete a mineral resource update in the second half of 2024. Also, in H2 2025 we plan to produce the first PEA on the project. Both studies will demonstrate the size and scale of the Altar project."
Dr. Kevin B. Heather, Chief Geological Officer of Aldebaran, commented: "The 2023/2024 campaign continues to deliver significantly long runs of interesting mineralization that both fill gaps in our drill hole coverage (ALD-24-150EXT and 245) and expand the mineralized footprint (ALD-24-062EXT and 244). With all drill holes now reported, we have positioned the project to deliver not only a significant increase in the size of the resource but also an increase in the confidence level. The majority of the 2021 mineral resource estimate was already categorized as M&I and, based on the mineralization we've encountered during this and previous field campaigns, combined with the drill spacing, we expect a large portion of new resources from Altar United and other areas to fall into the M&I category as well. This is important because when moving to the PFS stage, only M&I resources can be considered. If a large portion of the Altar deposit is already in the M&I category, that means we will likely avoid large and costly infill drill programs."
Table 1 below shows detailed assays for all holes. Figure 1 displays a plan map of the completed drill hole locations, while Figures 2, 3 and 4 display cross-sections of the holes reported herein.
Table 1 - Drill Hole Results | |||||||||
| From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | Mo (ppm) | As (ppm) | CuEq (%) |
ALD-24-062EXT - (Total depth 1,161.00 m) | |||||||||
Interval | 118.00 | 1,161.00 | 1,043.00 | 0.34 | 0.03 | 1.14 | 24 | 165 | 0.37 |
Incl. | 122.00 | 851.00 | 729.00 | 0.40 | 0.04 | 1.38 | 25 | 206 | 0.43 |
Incl. | 124.00 | 208.00 | 84.00 | 0.69 | 0.04 | 3.25 | 21 | 427 | 0.72 |
And | 260.00 | 332.00 | 72.00 | 0.53 | 0.13 | 2.14 | 29 | 341 | 0.59 |
ALD-24-150EXT - (Total depth 1,239.50 m) | |||||||||
Interval | 10.00 | 1,239.50 | 1,229.50 | 0.47 | 0.18 | 1.79 | 13 | 235 | 0.55 |
Incl. | 377.10 | 1,120.00 | 742.90 | 0.60 | 0.25 | 2.03 | 12 | 280 | 0.69 |
Incl. | 470.00 | 815.00 | 345.00 | 0.71 | 0.36 | 2.59 | 12 | 252 | 0.85 |
ALD-24-244 - (Total depth 1,061.00 m) | |||||||||
Interval | 469.00 | 1,061.00 | 592.00 | 0.24 | 0.05 | 0.79 | 34 | 110 | 0.27 |
ALD-24-245 - (Total depth 979.00 m) | |||||||||
Interval | 244.00 | 979.00 | 735.00 | 0.46 | 0.09 | 1.60 | 41 | 190 | 0.50 |
Incl. | 320.00 | 389.00 | 38.00 | 0.81 | 0.06 | 0.82 | 132 | 80 | 0.87 |
And | 431.00 | 519.00 | 88.00 | 0.49 | 0.07 | 1.01 | 75 | 180 | 0.54 |
And | 577.25 | 779.80 | 202.55 | 0.60 | 0.13 | 2.29 | 34 | 263 | 0.66 |
And | 837.70 | 905.90 | 68.20 | 0.52 | 0.12 | 3.03 | 14 | 251 | 0.58 |
The grades are uncut. CuEq values were calculated using copper, gold, silver, and molybdenum. Metal prices utilized for the calculations are Cu = US$3/lb, Au = US$1,400/oz, Ag = US$18/oz, and Mo = US$10/lb. Recoveries used for the supporting metals found in the CuEq equation are as follows: Au = 50%, Ag = 51% (based on historical metallurgical test work) and Mo = 70% (benchmarking from similar deposits). The formula utilized to calculate equivalent values is CuEq % = Cu % + (Au g/t * 0.34025) + (Ag g/t * 0.00446) + (Mo ppm * 0.00023). | |||||||||
Discussion of Results
ALD-24-062EXT
ALD-24-062EXT (Figure 2) is a vertical drill hole collared on the western side of the Altar Central zone. It was drilled in 2008 to a depth of 470 m and was extended during the current campaign to a final depth of 1,161 m. The objective of the hole was to extend the mineralization further to the west, especially at depth.
Lithology: ALD-24-062EXT was drilled entirely into wall rocks, encountering a rhyolite unit from surface to 635 m depth, followed underneath by a massive andesite until the bottom of the hole.
Alteration & Mineralization: ALD-24-062EXT encountered strongly oxidized and leached rocks from surface to 122 m depth, followed by a well-developed secondary copper enriched zone until 230 m depth. Hypogene copper mineralization in ALD-24-062EXT consists mainly of chalcopyrite related to the occurrence of moderate to strong "green sericite-chlorite-chalcopyrite-pyrite" alteration which overprints earlier biotite-k-feldspar-magnetite-chalcopyrite alteration assemblages. In addition, moderate quartz-pyrite-chalcopyrite-molybdenite veining occurs along the entire hole. Scattered and discrete pyrite-enargite-quartz-clay high-sulphidation structures occur as well.
ALD-24-150EXT
ALD-24-150EXT (Figure 3) is a vertical hole collared in the Altar East zone. It was drilled originally in 2012 to a depth of 545 m and was extended during the current campaign to a final depth of 1,239.5 m. The main purpose of ALD-24-150EXT was to fill in a gap in information at depth for the upcoming mineral resource update.
Lithology: ALD-24-150EXT cut through a quartz diorite porphyry from surface and until the bottom of the hole.
Alteration & Mineralization: ALD-24-150EXT encountered only 22 m of partially oxidized rock near the surface, entering underneath into very coherent rock. Mineralization consists of chalcopyrite and lesser amounts of bornite and hypogene chalcocite, which are intimately related with the occurrence of moderate to strong quartz veins stockworks regularly distributed along the entire hole, and to moderate to strong green sericite(-chlorite)-chalcopyrite alteration overprinting earlier biotite-k-feldspar-magnetite-chalcopyrite-(bornite) alteration assemblages. Weaker mineralization in some portions of ALD-24-150EXT is a consequence of the overprinting of moderate to strong intensity "white sericite-pyrite-tourmaline" alteration increasing to the bottom of the hole. Discrete structures with high-sulphidation and intermediate-sulphidation assemblages also occur along the drillhole.
ALD-24-244
ALD-24-244 (Figure 3) is collared in the eastern margin of the Altar East Zone. It was drilled at -79 degrees dip and 310 degrees azimuth to the northeast and a final depth of 1,061 m. The purpose of this hole was to test the extension of the mineralization toward the east and along the main "NWSE" favorable trend defined by drilling along the Altar United and Altar East zones.
Lithology: From surface to the bottom of the hole, ALD-24-244 encountered a dacitic volcaniclastic wall rock unit.
Alteration & Mineralization: ALD-24-244 cut through 29 m of partially oxidized and fractured rock in the upper portion of the hole, before entering weakly altered rock underneath. Weak clay alteration accompanied by moderate "clay-chlorite-pyrite-hematite-(epidote)" propylitic assemblages are the dominant alteration from surface to 450 m depth.
Copper-molybdenum-(gold) mineralization in ALD-24-244 is associated with the occurrence of weak "green sericite-chlorite-pyrite-(chalcopyrite)" starting at 315 m depth and increasing its intensity to moderate/strong towards the bottom of the hole. This alteration is spatially related to the occurrence of "quartz-molybdenite-pyrite" veining increasing towards the bottom of the hole. Weak to moderate "K feldspar-biotite-magnetite" occurs below 625 m depth in the hole. Additionally, weak "white sericite-pyrite-tourmaline" alteration overprints all the other assemblages starting from the surface until the bottom of the hole.
ALD-24-245
Drillhole ALD-24-245 (Figure 4) is collared at the southern edge of the Altar United Zone. It was drilled to a final depth of 979 m at -80 degrees dip and 170 degrees azimuth. This drillhole was stopped prematurely within mineralization due to a heavy snowfall that led to the end of the 2023/2024 field season.
Lithology: ALD-24-245 was drilled entirely within volcanic wall rock units, cutting through a long interval of rhyolite unit from surface until 656 m depth before entering an intercalation of andesitic and rhyolitic units until 780 m depth. The sequence is crosscut at that depth by a diorite porphyry dyke and then by 35 m of a polymictic breccia unit until 872 m depth. After the breccia, the hole remains in andesite until the end of the hole.
Alteration & Mineralization: ALD-24-245 drilled through strongly oxidized and fractured rocks from surface and until 242 m depth. Even though copper mineralization was completely leached out from this upper portion of the hole, strongly anomalous molybdenum mineralization is encountered. Below 242 m and until 367 m depth, a zone of secondary copper enrichment, characterized by chalcocite, pyrite and chalcopyrite, occurs.
Hypogene copper mineralization in this hole relates to chalcopyrite and lesser amounts of bornite associated primarily to "k feldspar-biotite-magnetite-quartz-chalcopyrite-bornite" potassic alteration assemblages, which are overprinted locally by week to moderate "green sericite-chlorite-chalcopyrite" alteration. Anomalous gold mineralization encountered from 570 m to 915 m depth is spatially associated with the occurrence of increasing "quartz-biotite-k feldspar-anhydrite" veining. Moderate "quartz-molybdenite-pyrite-chalcopyrite" veining is frequently distributed along the hole increasing its intensity from 280 m to 780 m depth. Additionally, weak "white sericite-pyrite-tourmaline" is encountered from surface and until 640 m depth.
Project Update
The Company has completed its 2023/2024 field campaign and the Altar camp is now closed for winter. Preparation for the next field season is underway.
Webinar
For more context, please join the Company in a live event on Tuesday, July 23, at 11:00 am EDT / 8:00 am PDT. Q&A will follow the presentation. Click here to register: https://events.6ix.com/preview/aldebaran-presents-exploration-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.
ON BEHALF OF THE ALDEBARAN BOARD
(signed) "John Black"
John Black
Chief Executive Officer and Director
Tel: +1 (604) 685-6800
Email: info@aldebaranresources.com
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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 can earn an additional 20% 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 Pachón (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, Arizona, 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 at www.aldebaranresources.com.
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 1- to 2-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 pre-labelled plastic bag, sealed with a two plastic security zip ties, and labeled 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 30g fire assay with an atomic absorption (AA) finish analysis for gold and a full multi-acid digestion (4-acid) with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for gold are re-analyzed by fire assay with a gravimetric finish and other elements of interest are re-analyzed using precise ore-grade ICP analytical techniques. Aldebaran independently inserts certified control standards (Super Certified Reference Materials (SCRM's), coarse field blanks, and duplicates into the sample stream to monitor data quality. These control samples represent 10-12% of the total samples submitted and are inserted "blindly" to the laboratory in the sample sequence prior to departure from the Aldebaran facilities.
Forward-Looking Statements
Certain statements regarding Aldebaran, including management's assessment of future-plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Aldebaran's control. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Aldebaran expects or anticipates will or may occur in the future, including the proposed exploration and development of the Altar project described herein, and management's assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Aldebaran's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Aldebaran believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Aldebaran does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.
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.
SOURCE: Aldebaran Resources, Inc.
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