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Challenger Exploration

Exceptional drilling results extend intrusive-hosted mineralisation at CEL's Hualilan Gold Project

Highlights:

  • New drilling at Hualilan has delivered several significant intersections including: 

    • 69.2m at 3.4 g/t AuEq2 - 3.3 g/t Au, 4.8 g/t Ag, 0.1% Zn from 9.0m including; 12.0m at 1.8 g/t AuEq2 - 1.7 g/t Au, 0.7 g/t Ag, 0.1% Zn from 17.0m and 9.2m at 22.2 g/t AuEq2 - 21.9 g/t Au, 16.0 g/t Ag, 0.4% Zn from 69.0m (GNDD-196)

    • 44.0m at 3.3 g/t AuEq2 - 3.2 g/t Au, 4.5 g/t Ag, 0.1 % Zn from 95.0m including; 20.6m at 6.6 g/t AuEq2 - 6.4 g/t Au, 6.4 g/t Ag 0.1 % Zn from 97.4m within a wider zone of 89 metres at 1.7 g/t AuEq2 (includes 20m of barren limestone) (GNDD-204) 

    • 73.7 m at 0.6 g/t AuEq2 -- 0.5 g/t Au, 1.4 g/t Ag, 0.2 % Zn from 170m including 35.7m at 1.1 g/t AuEq2 - 0.8 g/t Au, 2.6 g/t Ag, 0.4% Zn from 208m including 13.0m at 2.3 g/t AuEq2 - 1.9 g/t Au, 5.0 g/t Ag, 0.8% Zn from 212m (GNDD-208);

    • 66.8m at 0.6 g/t AuEq2 - 0.6g/t Au, 0.6 g/t Ag, 0.1% Zn from 60.8m (GNDD-200); 

    • 59.3m at 0.5 g/t AuEq2 - 0.4g/t Au, 4.7 g/t Ag, 0.2% Zn from 71.8m within a wider 110 metre mineralised zone from near surface (GNDD-202) 

  • GNDD-196 (69.2m at 3.4 g/t AuEq2 ) and GNDD-202 extended the near surface mineralisation at Magnata 200 metres north along strike and open a significant drill target to the north.

  • GNDD-202 defines a zone 100 metres thick down dip to the west of GNDD-196 with GNDD-224 (assays pending) intersecting 130 metres of sulphides further down-dip of GNDD-202

  • Infill holes in the Gap Zone, GNDD-204 and GNDD-208, find unexpected high-grade zones indicating steeply dipping high-grade in the intrusive within an east-dipping mineralised zone. 

  • Drilling results continue to support high grade low capex starter operation consistent with corporate strategy


Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from drilling which targeted the intrusion-hosted mineralisation at the Company's flagship Hualilan Gold project in San Juan, Argentina. The results are from a series of holes designed to test for: 

  • Extensions to the main zone of Intrusion-hosted mineralisation at Magnata, and; 

  • Infill and extend the intrusion-hosted mineralisation in the Gap Zone.


Commenting on the results, CEL Managing Director, Mr Kris Knauer, said:

"Another excellent set of results from our flagship Hualilan Gold project. The intercepts in GNDD196 and 202 open a major target for extension of the intrusion-hosted mineralisation at least 400 metres along strike. Given the significant width of the mineralisation in both holes and the attractive grade success stepping further north along strike has the potential to add ounces very quickly. 


The infill drilling in the Gap Zone mineralisation has also been encouraging. The first holes from a series of holes drilled in the opposite direction to confirm the true width of the mineralisation in the Gap Zone, have intersected mineralisation in intrusives 60 to 80 metres thick. Importantly, this drilling has intersected some unexpected high-grade zones, leading us to believe the high-grade mineralisation in the intrusives is more extensive than we had anticipated."


Attached Figure 1: Cross Section showing drilling north of the Magnata Fault

Attached Figure 2: Section showing the extensions to the intrusion-hosted mineralisation north of the Magnata Fault


ENDS 


For further information please contact:

Jane Morgan 

jm@janemorganmanagement.com.au


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