Aldebaran Resources Divests Exploration Assets

According to Mining.com, Aldebaran Resources has officially spun off its exploration assets in northern Argentina while continuing to advance its late-stage Altar project in San Juan Province.

The Vancouver-based copper-gold developer first announced its intention to spin off assets in September, stating the move would "create more value" for shareholders by establishing a new company dedicated to advancing exploration projects that had been stalled for years.

The new company, named Centauri Minerals, will hold six greenfield projects covering 430 square kilometers across Salta, Jujuy, and Catamarca provinces. The most advanced project is Rio Grande, located 9 kilometers from Fortuna Mining's Lindero copper-gold project. Based on drilling completed in 2012, the project has estimated indicated resources of 71 million mt of ore grading 0.30% copper and 0.36 g/t gold, and inferred resources of 41 million mt grading 0.23% copper and 0.28 g/t gold.

Another notable project is Aguas Calientes, which shows good surface mineralization but has not been explored since 2019.

The new subsidiary will be led by Sam Leung, a director of Aldebaran who previously worked at Adventus Mining and Lundin Mining, both of which have projects in Argentina.

As part of the spin-off, Aldebaran will "sell" the exploration assets to Centauri in exchange for 40 million shares of the subsidiary, representing 78.1% of its total outstanding shares. The remaining shares will be transferred to investors at C$0.50 per share as part of a private seed financing round of approximately C$5.7 million.

The funds will enable Centauri to execute its exploration plans, including completing a technical report for Rio Grande and field work programs at Rio Grande and Aguas Calientes to prepare for drilling. The company also plans to use part of the proceeds for administrative expenses ahead of a planned IPO in 2026.

Meanwhile, Aldebaran will continue developing its 80%-owned Altar project as its sole asset. Last year's updated resource estimate showed proven and probable reserves of 2.4 billion mt of ore grading 0.42% copper and 0.07 g/t gold, equivalent to 22 billion pounds of copper and 5.1 million ounces of gold. The company plans to advance the project's pre-feasibility study next year.