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.
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Status |
Majority of 2020 field program completed before field camp was closed due to the government's measures against the coronavirus pandemic. Preparing for 2020/2021 field season. See News Release Dec 3, 2020. |
| Geology | Large porphyry Cu-Au system Also contains Ag and Mo |
| Location | San Juan Province, Argentina 10km from Chile-Argentina border 180km from city of San Juan |
| Nearby Mines | Pelambres 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 |
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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.
