Alderan Resources Limited announced a UAV (drone) magnetic survey completed by Rio Tinto subsidiary Kennecott Exploration Company (KEX or Kennecott) at Alderan's Frisco Project in Utah, USA has identified three new targets. The survey aimed to identify new magnetic targets and provide better resolution of existing targets. In addition to identifying the new magnetic low targets, it has better defined the Cactus Porphyry, Reciprocity and North Carbonate anomalies which have been the subject of previous exploration.

KEX plans to undertake field inspections and surface sampling over the targets in first quarter of 2022 ahead of a decision on drilling. Frisco is located in western Utah, USA and is the subject of an option agreement between KEX and Alderan's 100% subsidiary Volantis Resources Corp. KEX can earn up to a 70% interest in Frisco by spending USD 30 million in three stages over 10 years.

Drilling completed by KEX at Frisco in 2020 returned results including: SAWM0001: 41.0m at 1.9% Cu, 0.62g/t Au, 7.1g/t Ag, 62.8ppm Mo, SAWM0002: 12.0m at 0.23g/t Au, SAWM0004: 34.0m at 0.99% Cu, 0.14g/t Au, 13.3g/t Ag, SAWM0005: 16.7m at 0.29% Cu, 1.6g/t Au. Frisco Exploration Update: KEX completed UAV (drone) orthophoto and magnetic surveying over the Frisco project area in June 2021. The orthophoto survey enabled the development of a high-quality digital elevation model which was used to enable safe low altitude flying of the magnetics survey in rugged terrain.

The surveys were flown by MWH Geo-Surveys International Inc. and involved collecting 1,435 line kilometers of UAV magnetics data at a line spacing of 25m over an area of 34.4km square. Processing of the magnetic data produced total magnetic intensity, reducti on to pole and first vertical derivative of reduction to pole images. Following modelling and interpretation, KEX identified three new magnetic low anomalies and better resolved known anomalies at the Cactus mine and Reciprocity prospects and east of the historical Mountain Queen mine in the Northern Carbonates zone.

KEX is planning field inspections and surface sampling over the new anomalies during first quarter, 2022 to determine their potential to host porphyry copper mineralisation. KEX will make a decision on drilling pending results of the surface exploration. Frisco Project: 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 mineralization 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 exploration targets at Frisco are: Porphyry copper-gold-molybdenum deposits, and High-grade copper deposits associated with known breccias such as Cactus.