Aldebaran Resources Inc.
("Aldebaran" or the
"Company", ALDE
TSX.V) announces an updated National Instrument 43-101
Mineral Resource Estimate (the “Altar Resource Estimate”) on the
Altar copper-gold project located in San Juan province, Argentina.
Currently, the Altar Resource Estimate is defined by three distinct
deposits: Altar Central, Altar East and QDM Gold. For the purposes
of resource modeling, Altar Central and Altar East are constrained
using a single open pit and therefore are reported together. Altar
Central and Altar East are separated into supergene copper
(secondary sulphide) and hypogene copper-gold (primary sulphide)
mineralization. The QDM Gold deposit is categorized as a separate
resource as it is located approximately 3 km west from Altar
Central and is primarily a gold-silver deposit. The Altar Resource
Estimate is the first estimate completed by Aldebaran (prior
estimates were completed by previous operators) and incorporates
the newly created geological and structural model (see January 19,
2021 press release). Aldebaran has the right to earn up to an 80%
interest in the Altar project; resources reported in this release
are done so on a 100% basis.
Altar Mineral Resource Estimate
Highlights
Altar Central & Altar East:
- Measured &
Indicated resource of 1,198.2 million tonnes grading 0.43% copper,
0.09 g/t gold and 1.00 g/t silver.
- Inferred
resource of 189.2 million tonnes grading 0.42% copper, 0.06 g/t
gold and 0.80 g/t silver.
- Resource was
estimated utilizing a higher cut-off grade (0.30% CuEq) than in
previously reported 2018 estimate with a resulting 41% decrease in
tonnage and a 29% increase in copper grade for Measured &
Indicated resources and a 66% decrease in tonnage and a 48%
increase in copper grade for Inferred resources.
- Sizeable
supergene resource in Altar Central and Altar East, providing a
potential pathway for a smaller, lower capital option for the
project.
- Decrease in
arsenic grades when compared to the 2018 mineral resource estimate:
- 39% arsenic
reduction in Measured & Indicated resources
- 67% arsenic
reduction in Inferred resources
- Separation of
supergene copper (secondary sulphide) and hypogene copper-gold
(primary sulphide) mineralization within Altar Central and Altar
East shows that a high percentage of arsenic is located within the
supergene portion of the deposit, which can potentially be
processed utilizing SX/EW technology where arsenic is not
recovered.
- Significant
potential to expand the higher-grade, copper-gold hypogene zones
within both the Altar East and Altar Central deposits, which could
provide further grade improvements in the future.
- Amenable to open pit mining.
QDM Gold
- Measured &
Indicated resource of 20 million tonnes grading 0.78 g/t gold, 3.62
g/t silver and 0.06% copper.
- Inferred
resource of 1.2 million tonnes grading 0.58 g/t gold, 5.34 g/t
silver and 0.03% copper.
- Stand alone
deposit not associated with other reported resources.
- Approximately
90% sulphide mineralization and 10 % oxide mineralization.
- Potential to
expand QDM Gold resource through additional drilling.
- Amenable to open
pit mining.
The open pit constrained Mineral Resources are
summarized below in Table 1 and Table 2.
Table 1. Altar Central & East - Open Pit Mineral
Resource (0.3 % CuEq cut-off) |
|
|
|
Average Grade |
Contained Metal |
Material Type |
Category |
Tonnes(Mt) |
Cu(%) |
Au(g/t) |
Ag(g/t) |
As(ppm) |
Cu(M lbs) |
Au(M Oz) |
Ag(M Oz) |
Supergene |
Measured |
217.2 |
0.48 |
0.08 |
1.21 |
314 |
2,289 |
0.5 |
8.5 |
Indicated |
68.0 |
0.45 |
0.08 |
0.96 |
156 |
673 |
0.2 |
2.1 |
Total M&I |
285.2 |
0.47 |
0.08 |
1.15 |
276 |
2,962 |
0.7 |
10.5 |
Inferred |
14.6 |
0.45 |
0.08 |
0.74 |
113 |
143 |
0.0 |
0.3 |
Hypogene |
Measured |
404.9 |
0.42 |
0.11 |
0.95 |
114 |
3,785 |
1.5 |
12.4 |
Indicated |
508.1 |
0.41 |
0.08 |
0.96 |
113 |
4,615 |
1.3 |
15.7 |
Total M&I |
913.0 |
0.42 |
0.09 |
0.96 |
113 |
8,400 |
2.7 |
28.0 |
Inferred |
174.7 |
0.42 |
0.06 |
0.80 |
70 |
1,606 |
0.4 |
4.5 |
Total |
Measured |
622.1 |
0.44 |
0.10 |
1.04 |
184 |
6,074 |
2.0 |
20.8 |
Indicated |
576.1 |
0.42 |
0.08 |
0.96 |
118 |
5,288 |
1.4 |
17.8 |
Total M&I |
1,198.2 |
0.43 |
0.09 |
1.00 |
152 |
11,362 |
3.4 |
38.6 |
Inferred |
189.2 |
0.42 |
0.06 |
0.80 |
73 |
1,749 |
0.4 |
4.8 |
See Notes at end of release for details. |
Table 2. QDM Gold - Open Pit Mineral Resource (0.33 - 0.7
g/t AuEq cut-off) |
|
|
Average Grade |
Contained Metal |
Category |
Tonnes (Mt) |
Au(g/t) |
Ag(g/t) |
Cu(%) |
As(ppm) |
Au(M Oz) |
Ag(M Oz) |
Cu(M lbs) |
Measured |
15.8 |
0.81 |
3.59 |
0.06 |
168 |
0.41 |
1.83 |
21.0 |
Indicated |
4.2 |
0.68 |
3.74 |
0.06 |
164 |
0.09 |
0.50 |
5.0 |
Total M&I |
20.0 |
0.78 |
3.62 |
0.06 |
167 |
0.50 |
2.33 |
26.0 |
Inferred |
1.2 |
0.58 |
5.34 |
0.03 |
153 |
0.02 |
0.21 |
1.0 |
See Notes at end of release for details. |
John E. Black, Chief Executive Officer
of Aldebaran, commented as follows: “The Company is
pleased to announce a major milestone with the updated Altar
Resource Estimate. The previous 2018 resource estimate utilized a
break-even cut-off grade, which ultimately resulted in a larger,
but lower-grade resource estimate. By utilizing a higher cut-off,
we have been able to show the better grade portions of the
deposits. The result is a higher-grade, reduced tonnage estimate
that we feel is a much more attractive alternative. This resource
estimate only captures three of the many known mineralized zones at
Altar. The Radio copper-gold porphyry, located immediately to the
east of the QDM Gold deposit, currently requires more drilling to
be categorized as resources, but initial drilling has intercepted
some of the highest copper-gold grades encountered on the project
to date. Altar North has shown impressive drill results as well but
requires more drilling to define reportable resources. Directly
beneath the QDM Gold deposit, lies the QDM porphyry, which was
discovered in the last drilling campaign, and only has been tested
with a single drill hole to date. Additionally, we believe there
are other deposits at Altar that have yet to be discovered. With
the resource now re-cast, our focus turns to further exploration to
test the many targets identified on the project. Our primary goal
is to find additional higher-grade mineralization that could
further improve the overall grade profile of the project.”
Dr. Kevin B. Heather, Chief Geological
Officer of Aldebaran, commented as follows: “This
updated resource marks an important stepping-stone towards
unlocking previously hidden value at the Altar project. The
extensive re-logging of over 115,000 m of drill core, geological
and structural mapping, and the numerous other technical studies we
have completed over the past two years is starting to bear fruit;
but there is much more to be done and much more value to be
unlocked through extending the known mineralization and testing the
numerous newly identified targets. These are truly exciting times,
and we look forward to continuing to reveal more hidden value
through good science and the drill bit.”
Altar Resource Estimate
The Altar Resource Estimate has an effective
date of March 22, 2021 and was completed by Independent Mining
Consultants (IMC) out of Tucson, Arizona. The Altar Resource
Estimate is prepared and reported in accordance with the CIM
Definition Standards for Mineral Resources and Mineral Reserves.
Mr. John Marek is the Qualified Person for the Altar Resource
Estimate. A supporting NI 43-101 Technical Report will be filed on
SEDAR at www.sedar.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 Altar Resource
Estimate.
Data Verification and QA/QC
The data described above is supported by using
industry standard QA/QC procedures consisting of the insertion of
certified standards and blanks into the sample stream and utilizing
certified independent analytical laboratories for all assays.
Historical QA/QC data and methodology on the project were reviewed
and will be summarized in the NI 43-101 Technical Report.
Table 3. Altar East & Central Open Pit Mineral Resource
by Cut-off |
$ NSR Cut-off |
CuEq Cut-off |
Category |
Tonnes(M) |
Cu(%) |
Au(g/t) |
Ag(g/t) |
|
|
Measured |
1,026.7 |
0.34 |
0.08 |
0.88 |
4.67 |
0.107 |
Indicated |
1,151.9 |
0.30 |
0.06 |
0.75 |
|
|
Inferred |
528.7 |
0.26 |
0.05 |
0.58 |
|
|
Measured |
846.0 |
0.39 |
0.09 |
0.95 |
9.17 |
0.2 |
Indicated |
849.9 |
0.36 |
0.07 |
0.85 |
|
|
Inferred |
330.0 |
0.34 |
0.05 |
0.67 |
|
|
Measured |
622.1 |
0.44 |
0.10 |
1.04 |
13.99 |
0.3 |
Indicated |
576.1 |
0.42 |
0.08 |
0.96 |
|
|
Inferred |
189.2 |
0.42 |
0.06 |
0.80 |
|
|
Measured |
385.2 |
0.52 |
0.12 |
1.17 |
18.81 |
0.4 |
Indicated |
322.7 |
0.49 |
0.09 |
1.10 |
|
|
Inferred |
97.5 |
0.51 |
0.08 |
0.96 |
|
|
Measured |
222.8 |
0.61 |
0.15 |
1.29 |
23.64 |
0.5 |
Indicated |
188.3 |
0.55 |
0.10 |
1.21 |
|
|
Inferred |
60.8 |
0.57 |
0.09 |
1.05 |
See Notes at end of release for details. |
Table 4. QDM Gold Pit Mineral Resource by
Cut-Off |
$ NSR Cut-off |
Oxide AuEq Cut-off |
Sulphide AuEqCut-off |
Category |
Tonnes(M) |
Au(g/t) |
Ag(g/t) |
Cu(%) |
|
|
|
Measured |
15.8 |
0.81 |
3.59 |
0.06 |
13.17 |
0.70 |
0.33 |
Indicated |
4.2 |
0.68 |
3.74 |
0.06 |
|
|
|
Inferred |
1.2 |
0.58 |
5.34 |
0.03 |
|
|
|
Measured |
14.8 |
0.84 |
3.61 |
0.06 |
15.00 |
0.80 |
0.38 |
Indicated |
3.5 |
0.73 |
3.79 |
0.06 |
|
|
|
Inferred |
1.0 |
0.64 |
5.77 |
0.03 |
|
|
|
Measured |
12.1 |
0.92 |
3.77 |
0.07 |
20.00 |
1.07 |
0.50 |
Indicated |
2.4 |
0.82 |
3.52 |
0.07 |
|
|
|
Inferred |
0.5 |
0.65 |
5.38 |
0.04 |
See Notes at end of release for details. |
Future Exploration
The Company believes there may be significant
untapped potential to find higher grade mineralization at the Altar
project. Known mineralization at three additional porphyry centres,
Radio porphyry, QDM porphyry, and Altar North, has not been
included in this resource estimate due to insufficient drilling,
but with additional drilling these zones do offer significant
opportunities to contribute to future resource estimates. The
current drill campaign is targeting extensions of known higher
grade mineralization. In addition to these extensions, the Company
believes there may still be additional porphyry discoveries to be
made and have several targets identified to test in the 2021 and
2022 field seasons. Currently, there are two drill rigs on site at
Altar, and the Company is also completing a district-scale 3D IP-MT
geophysical survey and additional talus fine surface geochemistry
sampling to help with future exploration targeting.
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, Chief Geological
Officer (CGO) and director of Aldebaran, who serves as the
qualified person (QP) under the definitions of National Instrument
43-101.
Notes:
- All figures are rounded to reflect
the relative accuracy of the estimate and therefore numbers may not
appear to add precisely.
- Mineral Resources for Altar East,
Altar Central and QDM Gold are based on prices of US$3/lb
copper, US$1,500/oz gold and US$20/oz silver.
- There are no reserves currently at
the Altar project.
- Altar East and Altar Central use a
0.3% CuEq (US$13.99 NSR/t) cut-off grade.
- QDM Gold utilizes a 0.33 AuEq
(US$13.17 NSR/t) cut-off grade for sulphide mineralization and a
0.7 AuEq (US$13.17 NSR/t) cut-off grade for oxide
mineralization.
- NSR value for Altar East and Altar
Central material is as follows: NSR (US$/t) = 28.241 x Cu% +
20.294 x Au ppm + 0.311 x Ag ppm -0.482.
- NSR value for QDM Gold material is
as follows: NSR (US$/t) = 18.733 x Au ppm + 0.311 x Ag in
oxide and 39.808 x Au ppm + 0.311 x Ag ppm in sulphide.
- AuEq and CuEq values are based on
prices of US$3/lb copper, US$1,500/oz gold, US$20/oz
silver, and account for all metal recoveries and smelting/refining
charges. CuEq = Cu% + 0.4207 x Au ppm + 0.0064 x Ag ppm, AuEq = Au
ppm + 0.0166 x Ag ppm in oxide and Au ppm + 0.0078 x Ag ppm in
sulphide.
- Mineral Resources are reported in
relation to a conceptual constraining pit shell in order to
demonstrate reasonable prospects for eventual economic extraction,
as required by the definition of Mineral Resource in NI 43-101;
mineralization lying outside of the pit shell is excluded from the
Mineral Resource.
- Details of NSR and Equivalent
calculations are in the Technical Report.
ON BEHALF OF THE ALDEBARAN
BOARD
“John Black”
John BlackChief Executive Officer and
Director
For further information, please consult our
website at www.aldebaranresources.com or contact:
Laura BrangwinInvestor Relations ManagerPhone:
+1 646 583-1404 Email: laura.brangwin@aldebaranresources.com
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 acquired the Rio Grande copper-gold
project located in Salta Province, Argentina from Regulus along
with several other early-stage projects in Argentina. Aldebaran
also has the right to earn up to an 80% interest in the Altar
copper-gold project in San Juan Province, Argentina from Sibanye
Stillwater. Altar hosts several large porphyry copper-gold systems
with mineralization currently defined in six distinct zones. The
Altar project forms part of a more regional cluster of world-class
porphyry copper deposits, which includes Los Pelambres (Antofagasta
Minerals), El Pachon (Glencore), and Los Azules (McEwen Mining). A
total of 259 drill holes (119,052 m) have been completed at Altar
between 1995 and 2020. Aldebaran’s primary focus is the Altar
project with a view to discovering new zones with higher-grade
mineralization.
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.
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 using 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.
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