- Aldebaran Resources (ALDE) has optioned its 100-per-cent-owned El Camino II claim, located in Salta, Argentina to NOA Lithium Brines S.A
- The El Camino II claim was optioned for total consideration of US$1,200,000 which will be paid over a two-year period
- Also included in the consideration was 1 per cent NSR (net smelter return) on the property and a conditional US$1,000,000 payment
- The El Camino II claim is a part of the El Camino property which consists of two claims covering 4,110 hectares
- Aldebaran is a mineral exploration company that was spun out of Regulus Resources Inc. in 2018 and has the same core management team
- Aldebaran Resources Inc. was unchanged at $0.75 at 11:39 AM ET
Aldebaran Resources (ALDE) has optioned its El Camino II claim, located in Argentina, to NOA Lithium Brines S.A.
The El Camino II claim was optioned for total consideration of US$1,200,000, which will be paid over two years. Also included is a 1 per cent NSR (net smelter return) on the property and a conditional US$1,000,000 payment.
Upon completing the cash payments in the agreed staggered tranches, NOA will grant Aldebaran a 1 per cent NSR overall precious and base metals on the El Camino II claim.
If NOA includes the El Camino II claim in a feasibility study resulting in a construction decision, NOA will make a US$1,000,000 payment to Aldebaran.
The El Camino II claim is a part of the El Camino property which consists of two claims covering 4,110 hectares and is located 380 km northwest of the City of Salta, Salta Province, northwest Argentina. The El Camino claim (northern claim of the El Camino property) is excluded from the agreement with NOA.
The El Camino property had limited exploration and drilling work completed on it during the 1990’s and early 2000’s by Mansfield Minerals Inc. and Teck Corporation.
Mineralization at the property is represented by hematite ± fluorite ± quartz and copper oxides, mainly in hematite-rich breccias, stockworks and sheeted veinlets hosted in felsic volcanic rocks of Permian-Triassic age.
All the known precious and base mineralization on the property occurs on the El Camino claim, which Aldebaran has retained. NOA has indicated that it will be exploring for lithium on the El Camino II claim.
Aldebaran is a mineral exploration company that was spun out of Regulus Resources Inc. in 2018 and has the same core management team.
Aldebaran Resources Inc. was unchanged at $0.75 at 11:39 AM ET.