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. In January 2019 Aldebaran started drilling at Altar and will take time to evaluate the exploration strategy going forward with a relogging program.

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.

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