Aldebaran Resources Inc. announced the results of an updated mineral resource estimate for the Altar copper-gold project in San Juan province. This updated resource estimate includes three main porphyry discoveries (Altar Central, Altar East, and Altar United) reported within a single conceptual open pit. The 2024 Altar Resource Estimate is reported using the same cut-off (US$13.99 NSR/t) as the 2021 mineral resource estimate, to allow for a direct comparison.
By Panorama Minero
Highlights
• Measured & Indicated resource of 2.40 billion tonnes grading 0.42% copper, 0.07 g/t gold, 1.22 g/t silver and 42 ppm molybdenum
• 22.01 billion pounds of copper, 5.08 million ounces of gold, and 93.76 million ounces of silver
• Inferred resource of 1.22 billion tonnes grading 0.37% copper, 0.04 g/t gold, 1.25 g/t silver and 45 ppm molybdenum
• 9.83 billion pounds of copper, 1.71 million ounces of gold, and 49.04 million ounces of silver
• Significant increase when compared to the 2021 mineral resource estimate
• 100% increase in Measured and Indicated tonnes
• 542% increase in Inferred tonnes
• 94% increase in Measured and Indicated copper pounds
• 462% increase in Inferred copper pounds
• 48% increase in Measured and Indicated gold ounces
• 338% increase in Inferred gold ounces
• Mineralization is still open in several directions
• Amenable to open-pit mining
John Black, Chief Executive Officer of Aldebaran, commented:
“The 2024 Altar Resource Estimate represents a major milestone for the Altar copper-gold project. Over the past several years we focused on expanding the footprint of the Altar deposit, completing over 63,000 m of drilling since we reported the last mineral resource estimate in 2021. The results reported today demonstrate that Altar is one of the largest undeveloped copper-gold deposits in the world. On the back of this resource estimate, we have begun working towards the first PEA on the Altar project, to be completed in Q2-2025. With our 2024-2025 drill program just underway and lots of catalysts coming, the future is very bright at the Altar copper-gold project.”
Dr. Kevin B. Heather, Chief Geological Officer of Aldebaran, commented:
“The new 2024 Altar Resource Estimate is the validation of an exploration concept we had in 2017, while doing the original due-diligence on the project before acquiring an option to earn-in on the Altar project. We believed there was geological evidence that the gap between Altar Central and Altar East could host significant mineralization that had never been drilled. Fast-forward to today, after seven years of conviction, hard work, and the discovery and definition of the Altar United porphyry, we’re happy to report a very significant increase in the 2024 Altar Resource Estimate. Just as important as the size of the deposit, 66% of the resource tonnes are classified as Measured and Indicated, indicating a very high confidence level in the resource estimate. This will prove very valuable while working towards a PFS on Altar, which we plan to complete in H2-2026. This important milestone clearly adds substantial value and positions Altar as one of the very few truly giant copper-gold projects still in the hands of a junior exploration company.”
