Overview

The Altar project hosts a large Cu-Au discovery in Argentina which Aldebaran has identified as an opportunity to re-explore and later deliver to the rising copper market. 

Status 

Majority of 2020 field program completed before field camp was closed due to the government's measures against the coronavirus pandemic.
115, 000 m relogging program in progress.
GeologyLarge porphyry Cu-Au system
Also contains Ag and Mo
LocationSan Juan Province, Argentina
10km from Chile-Argentina border
180km from city of San Juan
Nearby MinesPelambres Cu Mine (Antofagasta Minerals)
El Pachon Cu Mine (Glencore Xstrata)
Los Azules Cu Mine (McEwen Mining)
3 Mineralization Zones
(To Date)
Altar East
Altar Central
QDM-Radio Porphyry
Option Agreement
  • The commitment of Aldebaran to carry the next US$30 million of expenditures on Altar over five years (inclusive of 2018 drilling that was conducted between February and May 2018) to earn 60% in the Altar project.
  • An option granted to Aldebaran to earn an additional 20% in the Altar project by spending an additional US$25 million over a three-year period following the initial earn-in.

 

Aldebaran and Sibanye-Stillwater JV Agreement

Aldebaran has entered into a joint venture and option agreement with Sibanye-Stillwater to earn up to an 80% interest in the Altar project.

The consideration to acquire an initial 60% interest comprises:  

  • An upfront cash payment of US$15 million to Sibanye-Stillwater which was paid upon the closing of the Arrangement;
  • The issuance of 19.9% of the shares of Aldebaran to Sibanye-Stillwater upon closing of the Arrangement;
  • Aldebaran commitment to fund the next US$30 million of expenditures on the Altar project over five years (inclusive of 2018 drilling that was conducted between February and May 2018), with a minimum of US$3 million each year;

Aldebaran has the right to earn an additional 20% interest in the Altar project by spending an additional US$25 million over a three-year period following Aldebaran's acquisition of the initial 60% interest.

See the Sibanye-Stillwater webpage for more information here

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