VANCOUVER, British Columbia, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Aldebaran Resources Inc. (“Aldebaran” or the “Company”) (TSX-V: ALDE, OTCQX: ADBRF) is pleased to announce that field activities are underway and drilling has commenced at the Altar project in San Juan, Argentina. The Company has secured five drill rigs for the 2024/2025 field program, with an option on a sixth, and is targeting approximately 25,000 m of drilling.
Much of the information required to complete a Preliminary Economic Assessment (“PEA”) is already available except for results from the Phase 1 Nuton column leach testing, which is well underway. The 2024/2025 field program will focus primarily on collecting information required to complete a Pre-Feasibility Study (“PFS”) in H2-2026. The primary goals of the 2024/2025 field program are as follows:
Complete drilling for metallurgical samples required for Phase 2 Nuton sulphide leaching program (see Company news release dated November 7, 2024)
Complete infill drilling to upgrade resources from Inferred to Measured & Indicated where appropriate
Complete holes to collect geotechnical and hydrogeological data
Complete drilling into areas classified as waste due to lack of drilling (undefined waste)
Where possible, the Company will attempt to complete two or more of these goals with a single drill hole. The start of the season will be focused on delivering the metallurgical samples to Nuton, and thereafter will shift to the other stated goals.
John Black, Chief Executive Officer of Aldebaran, commented: “The last several years of work on the Altar project have focused on expanding the footprint of the deposit. Before the end of November, we will release an updated mineral resource estimate that will quantify a significant increase in the size of the Altar deposit since the last resource estimate in 2021. Work is underway on a PEA that we anticipate completing by the end of Q2-2025. The 2024/2025 field season will shift from resource expansion to more feasibility-level work. We will complete infill drilling where required, however, our focus this field season will be collecting data and preparing for a PFS that we anticipate will be completed towards the end of 2026. We feel that de-risking the project through PEA and PFS will add substantial value to an already impressive deposit.”
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
Ben Cherrington Manager, Investor Relations Phone: +1 347 394-2728 or +44 7538 244 208 Email: ben.cherrington@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 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). 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).
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 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.
