Aldebaran Resources Inc.
("
Aldebaran" or the "
Company")
(TSX-V: ALDE) is pleased to announce the discovery
of a new mineralized porphyry centre below the Quebrada De La Mina
(“QDM”) surface gold mineralization at its Altar copper-gold
project in San Juan Province, Argentina ("
Altar"
or the "
Altar project"). The Altar project is a
very large, low grade resource that currently has over 14 billion
lbs of contained copper and 4.8 million ounces of gold on a
measured and indicated basis, plus an additional 3.4 billion lbs
copper and 1.09 million ounces gold on an inferred basis (NI 43-101
resource estimate prepared by IMC effective September 28,
2018). One of our goals is to explore and expand the
higher-grade zones to identify a higher-grade resource within the
project, as well as identify and drill test several new target
areas.
The results from the drill program completed in
2019 are reported below in Table 1. A total of 5,400 m was drilled
in four diamond core holes. Two of the three holes that reached
their target depth intersected long intervals of higher than
current resource grade material, one of which (QDM-19-41) was the
discovery of a new porphyry centre.
Drill campaign highlights – Altar
project:
- QDM-19-041
- An upper zone of gold rich material with 194.00 m of
0.74 g/t Au and 1.1 g/t Ag (0.86 g/t AuEq) from surface
- Including 60.00 m with 1.04 /t Au and 1.7 g/t Ag (1.15
g/t AuEq)
- A lower zone of 789.00 m with 0.41% Cu, 0.09 g/t Au,
1.0 g/t Ag and 126 ppm Mo (0.52% CuEq) from 737.00 m depth
- Including 111.75 m with 0.49% Cu, 0.11 /t Au, 1.4 g/t
Ag and 112 ppm Mo (0.62% CuEq)
- The lower zone represents a new porphyry centre
discovery which is not currently within the 43-101 Altar mineral
resource
- ALD-19-212:
- An upper zone of 80.00 m with 0.99% Cu, 0.11 g/t Au,
2.3 g/t Ag and 8 ppm Mo (1.09% CuEq) from 72.00 m depth (secondary
copper sulphide enrichment blanket)
- Including 28.00 m with 1.63% Cu, 0.11 g/t Au, 1.4 g/t
Ag and 6 ppm Mo (1.71% CuEq)
- A lower zone of 1,141.50 m with 0.47% Cu, 0.04 g/t Au,
1.1 g/t Ag and 75 ppm Mo (0.53% CuEq) from 237.50 m depth
- Including 79.50 m with 0.88% Cu, 0.15 /t Au, 1.7 g/t Ag
and 12 ppm Mo (1.00% CuEq)
- And 146.00 m with 0.61% Cu, 0.03 g/t Au, 0.9 g/t Ag and
41 ppm Mo (0.66% CuEq)
- And 170.00 m with 0.71% Cu, 0.02 g/t Au, 1.7 g/t Ag and
126 ppm Mo (0.77% CuEq)
- A lower zone of higher-grade moly: 943.00 m with 243
ppm Mo from 1,061.00 m depth
- Indicates hole was drilled down the side of the
molybdenite shell of another potential porphyry
centre
John Black, Chief Executive Officer of
Aldebaran, commented as follows: “We are very excited
to report our first drill program at Altar. Two of the three holes
that hit their intended depth intersected long runs of >0.5%
CuEq, which is materially higher grade than the historic resource
estimate at Altar. The discovery of a new porphyry centre below the
QDM gold system opens an entirely new area of exploration for
additional copper-gold resources. As well, the long run of higher
grade molybdenite in hole ALD-19-212 indicates we may be on the
edge of yet another undiscovered porphyry centre. Information from
this drill program, combined with our ongoing detailed relogging of
close to 115,000 m of historical drill core, will help us define
future drill targets, extend known mineralization and allow us to
potentially recast the current low to moderate-grade resource into
a lower tonnage, higher-grade resource.”
Table 1 - 2019 Altar Drill Hole Results |
CuEq (%) Cutoff |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
Ag (g/t) |
Mo (ppm) |
CuEq (%) |
AuEq (g/t) |
QDM-19-041 |
0.2 |
|
0.00 |
194.00 |
194.00 |
0.736 |
0.076 |
1.1 |
3 |
|
0.863 |
0.5 |
incl |
32.00 |
92.00 |
60.00 |
1.040 |
0.062 |
1.7 |
3 |
|
1.153 |
0.5 |
and |
102.00 |
144.00 |
42.00 |
0.931 |
0.141 |
1.0 |
2 |
|
1.151 |
0.2 |
|
737.00 |
1,526.00 |
789.00 |
0.089 |
0.407 |
1.0 |
126 |
0.518 |
|
0.5 |
incl |
1,051.00 |
1,119.10 |
68.10 |
0.099 |
0.463 |
1.1 |
268 |
0.629 |
|
0.5 |
and |
1,176.00 |
1,287.75 |
111.75 |
0.114 |
0.487 |
1.4 |
112 |
0.615 |
|
ALD-19-212 |
0.2 |
|
72.00 |
152.00 |
80.00 |
0.114 |
0.991 |
2.3 |
8 |
1.091 |
|
0.2 |
|
237.50 |
1379.00 |
1,141.50 |
0.043 |
0.465 |
1.1 |
75 |
0.530 |
|
0.5 |
incl. |
237.50 |
317.00 |
79.50 |
0.145 |
0.880 |
1.7 |
12 |
0.998 |
|
0.5 |
and |
561.00 |
601.00 |
40.00 |
0.101 |
0.677 |
0.7 |
16 |
0.758 |
|
0.5 |
and |
749.00 |
895.00 |
146.00 |
0.034 |
0.613 |
0.9 |
41 |
0.657 |
|
0.5 |
and |
995.00 |
1,165.00 |
170.00 |
0.016 |
0.705 |
1.7 |
126 |
0.774 |
|
50 ppm Mo |
1061.00 |
2004.00 |
943.00 |
0.007 |
0.217 |
1.0 |
243 |
0.312 |
|
ALD-19-211 |
0.2 |
|
202.00 |
330.65 |
128.65 |
0.049 |
0.256 |
0.8 |
15 |
0.302 |
|
0.2 |
|
526.00 |
1,368.00 |
842.00 |
0.050 |
0.324 |
1.1 |
56 |
0.386 |
|
0.5 |
incl |
786.00 |
838.00 |
52.00 |
0.098 |
0.480 |
1.4 |
93 |
0.590 |
|
QDM-19-040 |
0.2 |
|
0.00 |
138.00 |
138.00 |
0.637 |
0.041 |
4.9 |
2 |
|
0.761 |
0.5 |
incl. |
0.00 |
36.00 |
36.00 |
1.086 |
0.022 |
8.8 |
2 |
|
1.233 |
0.5 |
and |
88.00 |
110.00 |
22.00 |
0.995 |
0.023 |
3.3 |
4 |
|
1.072 |
The grades are uncut. CuEq and AuEq values were calculated using
copper, gold and silver. Metal prices utilized for the
calculations are Cu = US$3.00/lb, Au = US$1,400/oz, Ag = US$18/oz,
and Mo = US$10. All intervals presented above consist of sulphide
mineralization. No adjustments were made for recovery as the
project is an early stage exploration project and metallurgical
data to allow for estimation of recoveries is not yet available.
The formulas utilized to calculate equivalent values are
CuEq = Cu % + ((Au g/t * 1400) + (Ag g/t * 18) + (Mo ppm * 10
/ 14.5833)) / (22.046226 * 3 * 31.1035) and AuEq =Au g/t + ((Cu % *
3 * 22.046226 * 31.1035) + (Mo ppm / 10000 * 10 * 22.046226 *
31.1035) + ((Ag ppm * 18))) / 1400. |
Discussion of 2019 Results
Table 1 provides more details regarding the
mineralized intercepts encountered in drill holes ALD-19-211,
ALD-19-212, QDM-19-040 and QDM-19-041. The locations of the
reported drill holes are indicated on Figure 1. These holes were
part of the 5,400 m, 2019 Altar drilling campaign carried out by
the Company. During the 2019 campaign, below the QDM surface gold
mineralization, drilling encountered a long interval of copper-gold
mineralized porphyry which constitutes a new porphyry centre
discovery. Additional drill holes were completed at the Altar
Central (ALD-19-212) and Altar East (ALD-19-211) porphyry centres
with a fourth hole at QDM (QDM-19-040) being lost before reaching
its intended target depth.
Drill hole QDM-19-040 (QDM,
055°/-80°, final depth 468.00 m, see Figure 1) was drilled at an
azimuth of 055° and an inclination of -80° from an old platform
(i.e., QDM-011 & QDM-020) with the objective to test the
possible presence of porphyry style Cu-Au mineralization below the
known gold-rich epithermal system at QDM. Hole QDM-19-040
encountered 138.00 metres grading 0.04 % Cu, 0.64 g/t Au, 4.9 g/t
Ag and 2 ppm Mo (0.76 g/t AuEq) starting at 0.00 metres depth,
however the hole was lost in a fault zone at 486.00 meters before
it reached the targeted depth.
Drill hole QDM-19-041 (QDM,
050°/-80°, final depth 1,526.00 m, see Figures 1 and 2) was drilled
at an azimuth of 050° and an inclination of -80° from an old
platform (QDM-001) designed as a replacement hole for QDM-19-040 to
test the possible presence of porphyry style Cu-Au mineralization
below the known gold-rich epithermal system at QDM. This hole
encountered porphyry-style copper mineralization with high
molybdenum content and moderate gold values, below well-developed
epithermal gold mineralization. The hole encountered an upper
gold-rich zone of 194.00 metres grading 0.08 % Cu, 0.74 g/t Au, 1.1
g/t Ag, and 3 ppm Mo (0.86 g/t AuEq) starting at a depth of 0.00
metres and then encountered 789.00 metres grading 0.41 % Cu, 0.09
g/t Au, 1.0 g/t Ag, and 128 ppm Mo (0.52 % CuEq) starting at a
depth of 737.00 metres. The upper gold-rich zone is hosted by
dacite intrusive rock that is cut by abundant thin
quart-magnetite-pyrite veinlets that have be partially oxidized.
Copper grades pick up downward from 736.00 m related to thin
chalcopyrite veinlets which are intimately associated with the
occurrence of narrow intrusive diorite dykes that intrude massive
andesites. Moderate to high-grade molybdenum commences at this
depth and extends throughout the rest of the hole associated with
abundant molybdenite veinlets. The highest grades of copper
are associated with the local occurrence of bornite with
chalcopyrite which occurs intermittently below 978.00 m depth. From
1140.00 to 1379.00 m depth, arsenic values are occasionally
moderate to high, associated with narrow late-stage irregular
veinlets. The hole finishes in strong copper mineralization with
increasing gold content but was stopped because of drill rig
limitations. This hole constitutes a new porphyry centre discovery
with distinctly different mineralogy and textures from the Radio
porphyry centre to the east. This new zone is not currently
considered within the existing 43-101 resource estimate and
therefore warrants additional follow-up drilling.
Drill hole ALD-19-211 (Altar
East, 090°/-75°, final depth 1,402.00 m) was collared on the
southwestern border of the known Altar East mineralization and was
drilled at an azimuth of 090° and an inclination of -75° to test
the extension to the south of the well-mineralized zone found
during the 2018 drill campaign in hole ALD-18-209. Hole ALD-19-211
encountered a long interval of 842.00 metres grading 0.32 % Cu,
0.05 g/t Au, 1.1 g/t Ag and 56 ppm Mo (0.39 % CuEq) starting at
526.00 metres depth. From surface to its final depth at 1,402.00 m,
hole ALD-19-211 intersected copper mineralization (>0.1 - 0.5 %
Cu) and strongly anomalous molybdenum mineralization hosted in a
mid-Miocene diorite porphyry which is crosscut by several narrow
intervals of magmatic-hydrothermal breccia. The predominance of
higher-grade molybdenum with lower-grade copper mineralization
indicates we are nearing the southern edge of the Altar East
system, although mineralization is still open to the west.
Drill hole ALD-19-212 (Altar
Central, 000°/-85°, final depth 2,004.00 m) (Figure 3) was collared
100 m north of historical drill pad ALD-08-043 and drilled at an
azimuth of 000° and an inclination of -85° to the north in order to
test the extension in this direction and at depth of the main
mineralized zone in Altar Central. Hole ALD-19-212 encountered an
upper zone of 80.00 metres grading 0.99 % Cu, 0.11 g/t Au, 2.3 g/t
Ag and 8 ppm Mo (1.09 % CuEq) starting at 72.00 metres depth and a
lower, long interval of 1141.50 metres grading 0.47 % Cu, 0.04 g/t
Au, 1.1 g/t Ag and 75 ppm Mo (0.53 % CuEq) starting at 237.50
metres depth. The mineralization is hosted within several facies of
mid-Miocene aged, inter-mineral quartz-diorite porphyry intrusions.
A major change occurs at 1,165.00 m depth where an abrupt drop in
copper grades (i.e., >0.1 - <0.3 % Cu) and a significant
increase in molybdenum grades (i.e., 100 - >400 ppm Mo) occurs
over the last 950 m of the hole. This long intercept of Mo at the
bottom of drill hole ALD-19-212 suggests we have drilled down the
side (“shoulder”) of a molybdenite-shell of a potential new
porphyry centre.
2018 Program
During 2018, Sibanye-Stillwater completed a
4,923m diamond drill program (3 holes plus one extension of
previous hole) on the Altar project, which was directed and paid
for by Aldebaran as part of the earn in agreement (announced by
Regulus Resources Inc. on June 29, 2018). Results from that program
were never formally released, however details can be found on the
Sibanye-Stillwater website. This program was successful in defining
long intercepts of higher than current resource grade
mineralization and provided follow up targets for future programs.
Highlights can be seen below in Table 2.
Table 2 - 2018 Altar Drill Hole Highlights |
CuEq (%) Cutoff |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
Ag (g/t) |
Mo (ppm) |
CuEq (%) |
ALD-18-190 |
0.2 |
|
458.00 |
1,532.80 |
1,074.80 |
0.127 |
0.466 |
1.3 |
22 |
0.572 |
0.5 |
incl |
822.00 |
1,034.00 |
212.00 |
0.222 |
0.576 |
1.7 |
10 |
0.745 |
ALD-18-209 |
0.2 |
|
482.00 |
1,536.50 |
1,054.50 |
0.149 |
0.492 |
1.5 |
28 |
0.616 |
0.5 |
incl. |
738.00 |
1,168.00 |
430.00 |
0.278 |
0.639 |
1.7 |
9 |
0.847 |
ALD-18-210 |
0.2 |
|
206.00 |
734.00 |
528.00 |
0.026 |
0.303 |
0.5 |
28 |
0.335 |
0.2 |
|
856.00 |
1,263.50 |
407.50 |
0.012 |
0.460 |
2.2 |
71 |
0.511 |
0.5 |
incl |
924.00 |
1,086.00 |
162.00 |
0.015 |
0.610 |
3.2 |
71 |
0.672 |
QDM-18-039 |
0.2 |
|
184.00 |
992.00 |
808.00 |
0.190 |
0.384 |
1.7 |
11 |
0.532 |
0.5 |
incl |
334.00 |
474.00 |
140.00 |
0.097 |
0.584 |
1.8 |
11 |
0.669 |
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.
For Further Information, please
contact:Aldebaran Resources Inc.
John E. Black CEO / DirectorPhone: +1 303 618-7797
mobile +1 720
514-9036 officeEmail:
john.black@aldebaranresources.com
Adam Greening Vice President, Corporate
DevelopmentPhone: +1 647 923
7799Email:
adam.greening@aldebaranresources.com
Laura BrangwinManager, Investor RelationsPhone:
+447517313833 Email:
laura.brangwin@aldebaranresources.com
About Aldebaran Resources Inc. and the Altar
Project
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 a large porphyry copper-gold system
with mineralization currently defined in three distinct zones. The
Altar project forms part of a 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 (124,701 m) have been completed at Altar
between 1995 – 2019. In mid-2018 an updated NI 43-101 resource was
prepared for Altar by Independent Mining Consultants Inc (IMC)
based on the drilling completed up to 2017. The updated Altar NI
43-101 report is available on Aldebaran's SEDAR profile at
www.sedar.com. Aldebaran’s primary focus is on the Altar project
with a view to discovering new zones with higher-grade
mineralization.
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 photographed
and geological quick log produced. The 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 plastic zip tie, and
identified with a unique sample number. The core is typically
sampled over a systematic 1 to 2 metre sample intervals unless the
geologist determines the presence of an important geological
contact, which should not be crossed. The bagged samples are then
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 fire assay – AA
finish analysis for gold and a full multi-acid digestion 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, coarse
field blanks, and duplicates into the sample stream to monitor data
quality. These standards 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.
Photos accompanying this announcement are
available at:
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