Alderan Resources Limited announced update on Rio Tinto subsidiary Kennecott Exploration Company's (KEX or Kennecott) drill holes SAWM0010 and SAWM0011 completed on the Copper Gulch and Reciprocity targets at Alderan's Frisco Project in Utah, USA. Assays for 220 samples have been received for Copper Gulch hole SAWM0010 which was drilled to test a coincident magnetic high modelled to a depth of 500m and anomalous copper geochemistry 500m southwest of the historical Cactus copper mine. Sample intervals ranged from 0.52-3.60m down the hole, but most commonly were either two or three metres.

The hole traversed Cactus Stock monzonite over its entire 530m length with alteration consisting dominantly of phyllic quartz-sericite-pyrite veins higher in the hole and increasing potassic biotite-magnetite-sulphide±quartz veins at depth. Mineralisation down the hole is typically low grade. promoted copper assays (>0.1% Cu) are associated with vein controlled potassic and sodic-calcic alteration with the two highest copper assays, 0.41% Cu and 0.51% Cu, occurring in chalcopyrite-pyrite and potassium feldspar-magnetite veins between 414.30 ­ 414.82m and 505.50 ­ 507.00m respectively.

The highest-grade continuous interval of mineralisation intersected down the hole is 22.5m @ 0.15% Cu from 495.0m. KEX's conclusion is that potassic and phyllic veins down the hole and local intervals containing >1% chalcopyrite support being on the periphery of a porphyry system. However, the low vein density and lack of quartz in potassic-sulphide veins suggests that any potential porphyry would be small, deep and low grade.

KEX hole SAWM0011, testing a prominent IP survey conductivity anomaly with associated metal zoning on the margin of the Cactus stock between the historical Washington and Imperial mines, was drilled to a depth of 304.65m. The hole intersected garnet-pyroxene skarn throughout its length with minor monzonite dykes occurring to a depth of 166m. The skarn is mostly un-mineralised with only trace galena-sphalerite-pyrite observed.

Two one metre mineralised intervals with higher contents of pyrite and molybdenite-tennantite- pyrite-galena-sphalerite respectively occur below the monzonite towards the bottom of the hole. Assays for SAWM0011 are expected in first quarter, 2023. KEX's next steps at Frisco will be determined pending drill results for hole SAWM0011.

The Frisco Project lies approximately 300km southwest of Salt Lake City in Utah and contains numerous historical copper-gold and lead-zinc-silver mines such as the Horn Silver mine and the Cactus and Imperial copper mines. Mineralisation at Frisco consists of skarn or carbonate replacement deposits containing copper and other base and precious metals at Accrington, plus breccia-hosted copper-gold-silver mineralisation such as at Cactus Mine. Historical exploration has also intersected copper-molybdenum mineralisation within several deeper holes in Upper Cactus Canyon.

Frisco was explored historically for copper and gold, including by Alderan, prior to signing an agreement with KEX in November 2019. Under the terms of the farm in agreement, KEX can earn up to a 70% interest in the project through spending USD 30 million on exploration in three stages over a total of 10 years. The first stage requires KEX to spend USD 6.0 million by November 2023 to earn a 55% interest.

KEX's exploration target at Frisco is a porphyry copper-gold-molybdenum deposit. KEX completed nine holes at Frisco with results for holes SAWM0001-0004 released by Alderan on 11 March 2021 and results for holes SAWM0005-0009 released on 11 June 2021.