VANCOUVER, CANADA (May 27, 2022) – Aldebaran Resources Inc. (“Aldebaran” or the “Company”) (TSX-V: ALDE, OTCQX: ADBRF) announces that it has optioned its 100% owned El Camino II claim, located in Salta, Argentina to NOA Lithium Brines S.A (“NOA”), a private company based in Argentina, for total consideration of US$1,200,000 to be paid over a two year period, a 1% NSR on the property and a conditional US$1,000,000 payment.
NOA will have the right to earn a 100% interest in the El Camino II claim by completing the following:
- Cash payments by NOA to Aldebaran:
- Upon signing – US$75,000
- 6-month anniversary - US$100,000
- 12-month anniversary - US$150,000
- 18-month anniversary - US$350,000
- 24-month anniversary - US$525,000
- Upon completing the cash payments, NOA will grant Aldebaran a 1% NSR over all precious and base metals on the El Camino II claim: and
- If NOA includes the El Camino II claim in a feasibility study (either by itself or incorporating nearby claims) resulting in a construction decision, NOA will make a US$1,000,000 payment to Aldebaran.
The El Camino II claim is a part of the El Camino property (see Figure 1) which consists of two claims covering 4,110 hectares and is located 380 km northwest of the City of Salta, Salta Province, northwest Argentina. The El Camino claim (northern claim of the El Camino property) is excluded from the agreement with NOA.
The El Camino property had limited exploration and drilling work completed on it during the 1990’s and early 2000’s by Mansfield Minerals Inc. and Teck Corporation. Mineralization at the property is represented by hematite ± fluorite ± quartz and copper oxides, mainly in hematite-rich breccias, stockworks and sheeted veinlets hosted in felsic volcanic rocks of Permian-Triassic age. All the known precious and base mineralization on the property occurs on the El Camino claim, which Aldebaran has retained. NOA has indicated that it will be exploring for lithium on the El Camino II claim.
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.
For further information, please consult our website at www.aldebaranresources.com or contact:
Phone: +1 604 685-6800
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 Limited. 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. Aldebaran’s primary focus is the Altar project with a view to discovering new zones with higher-grade mineralization.
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.