Diversified mining company South32 will invest C$10.3-million by way of a private placement in TSX-V-listed Aldebaran Resources to advance the Altar copper/gold project in San Juan, Argentina.
Aldebaran will issue an aggregate 13.2-million common shares at a price of $0.78 each to South32, which will own about 9.9% of the mineral exploration company.
“The investment by South32, a diversified mining and metals company with operations and projects across the globe, is a strong endorsement of the Altar project. With this financing in place, we are well positioned for a substantial drill campaign at the Altar project starting in the fourth quarter,” said Aldebaran CEO John Black.
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).
Aldebaran has the right to earn up to an 80% interest in Altar from Sibanye-Stillwater.