Aldebaran Resources Inc.
("
Aldebaran" or the "
Company")
(TSX-V: ALDE) is pleased to provide an update
regarding ongoing technical work being done in advance of a 2021
drill program at its Altar copper-gold porphyry project in San Juan
Province, Argentina. The Company has completed a variety of
programs and surveys (listed below) that have provided valuable
information and insights into the controls of the copper-gold
mineralization at the Altar project. The culmination of this work
will be the development of a new geological model, which will be
used as the base for an updated resource estimate focussed on
highlighting higher-grade mineralization, as well as the
delineation of areas for possible extensions of the known
higher-grade mineralization and new, previously untested,
exploration targets.
Highlights of
Work Completed (2020) and
Work Planned
(2021)
2020:
• Detailed Core Re-logging Program
- ~115,000 m of historical core completed
• Surface Geological Mapping
- ~3,000 hectares covered (1:10,000 scale)
• Surface Talus Fine Geochemical Sampling Program
- 1,915 of a planned ~3,200 talus fine samples collected to date
over the entire property; program is ongoing and expected to be
completed soon
• Ground Magnetic Geophysical Survey
• Hyperspectral Survey & Structural Analysis
- Aster: Regional 1:50,000 Area 60 x 60 km (3,600 km2)
- Worldview3: Detailed 1:10,000 Area 16 x 24 km (384 km2)
• Creation of a Fault Block Model for the Altar Cluster of
Porphyries
- Definition of syn- & post-mineral faults
• Definition and Modeling of the Supergene Copper Zones
- For future re-evaluation of lower CapEx heap-leach
opportunities
• Definition of Hypogene Copper Grade Shells that Respect
the Fault Blocks
- Helps identify higher-grade copper zones and their possible
extensions
• Definition of Gold Grade Shells that Respect the Fault
Blocks
- Helps identify higher-grade gold zones and their possible
extensions
• Modelling of Arsenic using >300 ppm Grade Shells
- Will better constrain arsenic in the resource block model
2021:
• Updated 43-101 Compliant Resource Statement
- Using geological constraints versus the previous resource model
that only used geo-statistics
- Focus on highlighting the location, geometry, and volume of the
higher-grade copper-gold zones
• Drill Program
- Plan to follow up on higher-grade
intercepts encountered in recent drilling and test newly defined
targets that have never been drilled
• 3D Induced Polarization (IP) & Magneto-Telluric (MT)
Geophysical Survey
• Detailed 1;2,000 Scale Surface Geological Mapping
- To be completed over the principal
mineralized areas
- More detailed definition of
controlling structures and alteration for targeting purposes
• Complete the Surface Talus Fine Geochemical Sampling
Program
- ~1,300 talus fine samples over the
areas not completed during 2020
• Re-evaluation of all the historical metallurgical data in
the context of:
- The new geological/structural model
- Better definition of supergene
copper versus hypogene copper zones
- Better definition of the arsenic
controls and geometries
Dr. Kevin B. Heather, Chief Geological
Officer of Aldebaran, commented
as follows: “We have been extremely
busy over the past year building up important technical information
and data that are critical to move the Altar project forward. The
project is now positioned to be shown in a different light than the
historical perceptions in the marketplace. We strongly believe we
can add significant value by highlighting the existing zones of
higher-grade copper-gold mineralization, as well as testing
multiple new drill targets to either extend those higher-grade
zones or discover completely new zones/deposits. The 2021 field
season should be an exciting time for Aldebaran.”
Overview of Exploration Work Programs
Completed
Detailed Core Re-logging
Program
All of the historical core, totaling ~115,000 m,
has been relogged by Aldebaran geologists using a systematic set of
logging criteria in order to have more consistent definition of the
various rock types, alteration types, veining types and
mineralization types. In addition to now having more consistent and
reliable geological data across all the drill holes, we have also
recognized new geological features that suggest the geological
evolution of the Altar deposits is likely different from previous
interpretations. This new geologic understanding will aid us in the
development of the forthcoming updated resource estimate and the
development of new exploration targets, both extensions of known
high grade mineralization and new undrilled targets.
Surface Geological Mapping
The first-ever surface bedrock geological map
has now been completed over a ~3,000-hectare area covering the
Altar property. At a scale of 1:10,000, the mapping focussed on
defining the major lithological units, the main faults, and
structures, as well as the main alteration and mineralization
types. This work has been rationalized with the sub-surface drill
hole information and incorporated into the new geological
model.
Hyperspectral &
Structural Mapping
Satellite-borne high-resolution imagery and
hyperspectral data were collected over the Altar project area in
early 2020. Two sets of data were collected and analysed: (1) ASTER
regional, 1:50,000 scale satellite data covering an area 60 x 60 km
(3,600 km2) around the Altar project, and (2) WORLDVIEW3
high-resolution 1:10,000 scale satellite data covering an area 16 x
24 km (384 km2) immediately over the areas of known mineralization.
The purpose of these data sets is to give us some regional and more
detailed context of the structural setting and associated
hydrothermal alteration related to the Altar cluster of mineralized
porphyries. This information has been integrated into our new
geological/structural model for the project.
Geophysics – Ground Magnetic
Survey
The first-ever systematic ground magnetics
survey has been completed over most of the Altar property; a total
of 383.4 line-kilometres, on 100m spaced lines, covering ~4,425
hectares. This detailed ground magnetics provides much needed
information regarding structure and locations of potentially
favourable magnetite-bearing potassically-altered porphyry
intrusions.
Geological – Structural
Modeling
All the data sets described previously have been
integrated into a new robust geological/structural model that has
changed our understanding of the mineralization in a significant
way. The recognition of discrete fault-bounded structural blocks
that have played a role in controlling mineralization, as well as
potentially subsequently offsetting mineralization, is an important
revelation. This new 3D model will become the backbone for the
re-evaluation of the current resource and targeting for resource
expansion and drill testing of newly identified areas.
Copper (Cu), Gold (Au) and Copper
Equivalent (CuEq) Grade Shell
Modeling
Using the new geological/structural model
described above as a framework, grade shells at different cut-offs
were modeled for copper, gold, and copper equivalent. The purpose
of these grade shells is to better highlight the distribution and
geometry of the higher-grade mineralized zones and will be used as
guides for the upcoming resource re-evaluation. Special attention
was given to modeling supergene secondary copper zones (amenable to
heap leach technology) versus hypogene primary copper zones
(amenable to milling and flotation technology).
Arsenic (As) Modeling
Historically, Altar has been viewed to have an
“arsenic issue” however, based on detailed relogging of the drill
holes, several important observations can be made:
- Arsenic is
associated with enargite (Cu3AsS4).
- Enargite occurs
in centimeter-wide, sheeted veinlets with pyrite.
- The veinlets
are sub-vertical and therefore sub-parallel to the core axis of the
vertically drilled holes (the majority of the historical drill
holes are vertical).
- These sheeted
veinlets form narrow structural corridors which have been now
modeled.
- These narrow
sub-vertical veinlets, and hence arsenic, could be overestimated
within the vertical drill holes.
- A significant
amount of the highest arsenic grade occurs within the supergene
copper region of Altar Central, which could be processed using
heap-leach technology and would not make it to a potential copper
concentrate.
- The current
resource model used no geology or arsenic grade shells and was
based solely on geostatistical modeling; hence it may have
overestimated arsenic and spread it throughout the deposit.
To better constrain the arsenic and consider the
observations above, detailed wireframes/solids of arsenic >300
ppm were constructed to represent the structural corridors of
sheeted veinlets. It is anticipated that these high-arsenic solids
will more realistically show the distribution and geometry of
arsenic and reduce the overall arsenic content of the resource in
future modeling.
Overview of Exploration Work Programs
in Progress
or to Be
Completed in 2021
Resource Modeling
The current 43-101 resource statement for Altar,
completed by the previous operator, shows a very large, low-grade
mineral resource with elevated arsenic content. This is in part due
to no geology being used, the low cut-off grade chosen, and the
emphasis on “make it big” at the expense of grade. Aldebaran’s
approach is very different and focuses on having a robust and
consistent geological/structural model in conjunction with grade
shells at different cut-offs for all the key economic and
deleterious elements in order to highlight the potentially more
economically attractive higher-grade zones and minimize the impact
of the deleterious elements.
Aldebaran is currently working with IMC out of
Tucson Arizona on a re-evaluation and update of the Altar project
resource using our newly developed geological/structural model,
grade shells and incorporation of eight additional new drill holes
completed during 2018 and 2019. The objective is to highlight the
size and geometry of (a) the known higher-grade primary copper-gold
zones at QDM/Radio, Altar Central and Altar East, and (b) the size
and geometry of the supergene copper zones. In addition, this work
will provide valuable information on where additional exploration
drilling should be focussed to extend these higher-grade zones. An
updated resource statement is scheduled for release in Q1 2021.
Talus Fine Geochemistry
The first-ever systematic talus fine geochemical
sampling program has now been completed over ~60% of the main Altar
area, with the remaining ~40% currently in progress. Talus fine
samples were collected on a 100 x 100 m grid pattern covering most
of the Altar property. Approximately 1,915 samples have been
collected and analyzed for multi-element geochemistry. The purpose
of this type of sampling is to identify areas not only with
anomalous Cu, Au, and Ag geochemistry, but also areas with
anomalous geochemistry in the trace elements typically associated
with porphyry copper-gold systems. Processing and analysis of this
data is currently underway and will be used as one integrant for
the generation of drill hole targets.
Geophysics – 3D Induced Polarization
(IP) and
Magneto-Telluric
(MT) Survey
A 3D Induced Polarization (IP) and
Magneto-Telluric (MT) survey is planned to be completed during this
upcoming field season. The survey will cover a 26.5 km2 area (7.8 x
3.4 km) over the main mineralized areas and their surrounds. The
objective of the survey is to provide additional characterization
of the known mineralization and identify possible extensions and/or
new areas for drill testing. Most mineralized porphyry systems have
clear responses to both IP and MT, with IP helping to map out
sulphide distributions and MT helping to identify areas of
favourable alteration such as potassic alteration and
silicification, both typically associated with copper
mineralization in these types of systems.
Metallurgy
An extensive amount of metallurgical test work
has been completed for the Altar project over the last several
years and Aldebaran will be re-evaluating the results of this data,
taking into consideration the new geological/structural model and
the numerous other new data sets to determine if additional, more
focussed metallurgical test work is required.
Drill Program
Aldebaran is currently reviewing all the work
completed to date to define exploration targets and rank them in
terms of priority in advance of a drill program that is expected to
commence in Q1 2021.
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.
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 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
and 2019. In mid-2018 an updated NI 43-101 resource was prepared
for Altar by Independent Mining Consultants Inc. 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 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 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.
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