07:52 AM EST, 11/25/2024 (MT Newswires) -- Aldebaran Resources ( ADBRF ) reported Monday a "very significant" increase in resources at the Altar copper-gold project in Argentina.

The company said its updated estimate outlined a 100% increase in measured and indicated tonnes, a 542% increase in inferred tonnes, a 94% increase in measured and indicated copper pounds and a 462% increase in inferred copper pounds.

The estimate also includes a 48% increase in measured and indicated gold ounces and a 338% increase in inferred gold ounces.

The property hosts measured and indicated resources of 2.40 billion tonnes grading 0.42% copper, 0.07 grams per tonne (g/t) gold, 1.22 g/t silver and 42 parts per million (ppm) molybdenum, for 22.01 billion pounds of copper, 5.08 million ounces of gold, and 93.76 million ounces of silver contained.

Inferred resources stood at 1.22 billion tonnes grading 0.37% copper, 0.04 g/t gold, 1.25 g/t silver and 45 ppm molybdenum for 9.83 billion pounds of copper, 1.71 million ounces of gold, and 49.04 million ounces of silver contained.

"Over the past several years we focused on expanding the footprint of the Altar deposit, completing over 63,000 meters of drilling since we reported the last mineral resource estimate in 2021," CEO John Black said. "The results reported today demonstrate that Altar is one of the largest undeveloped copper-gold deposits in the world."

Aldebaran said it expects to complete a preliminary economic assessment on the Altar project in the second quarter of 2025.

The company's share price rose 2.6% and hit near 52-week highs of $2.0 on the TSXV last Friday.