Regulus spin-out Aldebaran Resources starts trading
Regulus Resources’ (TSXV: REG) spin-out Aldebaran Resources (TSXV: ALDE) debuted on the Toronto Venture Exchange at $0.90 before tumbling to $0.59 in mid-afternoon trading.
The company shares the same core management team as Regulus Resources and is focused on projects in Argentina.
The recently formed junior explorer’s primary focus will be the Altar copper-gold project, a large porphyry system in Argentina’s San Juan province. Aldebaran has the right to earn up to an 80% stake in the project from Sibanye-Stillwater (NYSE: SBGL).
John Black, Aldebaran’s CEO, describes Altar as “one of the few large undeveloped copper-gold porphyry projects that is not held by a major mining company.”
In a press release announcing Aldebaran’s listing, Black, who is also CEO of Regulus Resources, said he believes there is “considerable untapped upside in the project in the form of new zones of higher grade mineralization” at Altar, and noted the first drill program is planned to start in January 2019.
The copper-gold-silver-molybdenum deposit is about 10 km from Argentina’s border with Chile and 180 km west of the city of San Juan. Aldebaran says Altar forms part of a cluster of porphyry copper deposits, including Antofagasta Minerals’ Los Pelambres, 25 km to the south, Glencore’s El Pachon, 28 km to the south, and McEwen Mining’s Azules, 50 km to the northeast.
In addition to Altar, Aldebaran owns the Rio Grande copper-gold porphyry project in the Puna region of Argentina’s Salta province, and Aguas Calientes, a gold-silver epithermal vein project in Argentina’s Jujuy province.