Challenger Exploration

Drilling confirms significant scale over multiple zones at CEL's 100% owned El Guayabo Au-Cu Project in Ecuador

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from drill holes GYDD-21-007 to GYDD-21-013, the next six drill holes at its 100% owned El Guayabo Gold-Copper Project in El Oro Province, Ecuador. The results follow the first seven drillholes which all recorded significant intersections including 257.8m at 1.4 g/t AuEq including 53.7m at 5.3 g/t AuEq(GYDD-21-008) and 309.8m at 0.7 g/t AuEq including 202.1 metres at 0.8 g/t AuEq (GYDD-21-006).


Highlights
  • Next six holes all intercept over 300 metres of mineralisation, confirming a major Au-Cu-Ag discovery spanning multiple zones. Results include (refer Table 1):

  • Four holes ended in mineralisation, including GYDD-21-011 (307.9m at 0.6 g/t AuEq from surface) stopped at 310m due to drilling problems 300 metres above the main target.
  • GYDD-21-010 extends the main discovery zone 400 metres to 1000 metres of strike and GYDD-21-011 indicates the mineralisation is 1000 metres wide at the centre of this main discovery zone.
  • GYDD-21-009 and GYDD-21-013 tested two new gold in soil anomalies, undrilled by CEL and the discovery of strong mineralisation significantly expands the scale of the discovery.

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

“These results confirm we have made a major discovery, that will significantly exceed our early expectations. We have extended the main discovery zone to over 1km of strike and in the central part of this zone, the mineralisation is 1 kilometre wide and remains open in all directions. Drilling on the first two, of fifteen, targets away from the discovery zone intersected significant mineralisation. Intercepts of 700 metres of gold-copper-silver mineralisation, at the first anomaly and 300 metres in the second,show we have a major system with multiple centers of mineralisation."

Highlights

All six holes reported in this release intercepted at least 300 metres of mineralisation, with two holes intercepting over 600 metres of mineralisation and four of the six holes ending in mineralisation. The results include wide ore grade intercepts from drilling testing the first two of fifteen additional Au soil anomalies, separate from the initial discovery zone in CEL's 100% owned El Guayabo concession.

The drill results and distribution of the mineralisation corelate well with the underlying Au in soil anomalies. The soil anomalies are interpreted as defining the surface outcrop of mineralised intrusive breccia bodies which are sub-vertical, at least 300 metres wide and oriented parallel to the main regional north-east structural control.

Highlights include, drillhole GYDD-21-011 which was designed as test 300 metres downdip of GYDD21-001 (784.3m at 0.4 g/t AuEq including 380.5m at 0.5 g/t AuEq) on the main discovery zone. This hole intersected 307.9m at 0.6 g/t AuEq from surface, including 102.9 metres at 1.2 g/t AuEq some 300 metres above the prognosed target. It confirms that, in this location, the main discovery zone has a true width of 1000 metres (Figure 1). Drillhole GYDD-21-010 (809.9m at 0.3 g/t AuEq including 217.1m at 0.5 g/t AuEq) extends the main discovery zone by 400 metres to 1 kilometre of strike.

Highlights from the Company's initial drilling, targeting the first two of the fifteen separate Au soil anomalies, away from the initial discovery trend included:

  • 692.7m at 0.3 g/t AuEq, including 220.5m at 0.6 g/t AuEq (GYDD-21-009) testing the 800 metre x 200 metre GY-B Au soil anomaly; and
  • 328.3m at 0.4 g/t AuEq to the end of the hole, including 91.0m at 0.6 g/t AuEq plus 130.9m at 0.4 g/t AuEq including 62.2m at 0.5 g/t AuEq (GYDD-21-013) testing the 800 metre x 400 metre GY-C Au soil anomaly.

The results from the next six holes at CEL's 100% owned El Guayabo Project confirm the discovery of a significant intrusion hosted gold-copper-silver-molybdenum system with multiple centers of mineralisation, all of which have returned ore grade intercepts. The mineralisation has a similar scale and tenor to the Tier 1 Cangrejos Gold project located 5 kilometres along strike to north-east.

Mineralisation remains open in all directions with results for a further three holes at El Guayabo pending. An initial 18 hole drill program is underway, on CEL's adjoining Colorado V concession with results for the initial two holes pending. Given the exciting results returned to date, the Company intends to undertake a follow up drill program at El Guayabo immediately upon the completion of the current Colorado V drill program.

Click here for the full ASX Release

This article includes content from Challenger Exploration, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

CEL:AU
The Conversation (0)
Challenger Exploration

Challenger Exploration

Gold and Copper Exploration Across Known and Untapped Sources

Gold and Copper Exploration Across Known and Untapped Sources Keep Reading...
Gold nuggets with text: "5 Top Australian Mining Stocks This Week."

Top 5 Australian Mining Stocks This Week: BPM Minerals Gains 111 Percent

Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks on the ASX.This week's top five gainers includes companies focused on gold, antimony, lithium and more.Read on to discover this week's top gaining Australian mining stocks on the ASX and what drove their... Keep Reading...
World map on red background featuring stock market graphs and numeric data overlays.

Frank Giustra: US Debt, Midterm Elections and Shifting Global Order Highlight Gold and Copper

The US midterm elections may have reshaped the political landscape in Washington, but they are unlikely to change what mining investor and Fiore Group CEO Frank Giustra sees as the country's biggest economic problem: an unsustainable debt burden and a growing loss of confidence in the US... Keep Reading...
Wooden blocks on a gray surface read 2026, with a blue background and a tilted block showing 7 and 6.

Aging Mines, Operational Hurdles Top EY’s 2027 Risk Ranking

The mining industry’s biggest risk for 2027 sits in its own pits, as operational complexity leads EY’s latest ranking of business risks and opportunities for mining and metals, ahead of capital, supply chains and rising costs. According to the consulting firm's recently published report, ore... Keep Reading...
Gold bar with financial graphs overlays.

Gold Price Climbs Above US$4,000 After Democrat Midterm Win

The gold price was on the rise on Wednesday (November 4), climbing above US$4,000 per ounce as the US dollar weakened following midterm elections in the country. Spot gold advanced to US$4,063, while spot silver jumped to US$52.32 per ounce by 4:55 p.m. EST. The US Dollar Index fell around 0.3... Keep Reading...
John Feneck, gold bars.

John Feneck: Gold, Silver, Midterms — Price Impact as US Votes

How will US midterm elections affect gold and silver prices? John Feneck, portfolio manager and consultant at Feneck Consulting, shares his thoughts, saying both precious metals could see further downside in the short term if Republicans lose both the House and Senate; however, the long-term... Keep Reading...
Adrian Day, gold bars.

Adrian Day: Gold Below US$4,000 — Buy Stocks Now or Wait?

Adrian Day, president of Adrian Day Asset Management, shares his thoughts on gold, saying while he's optimistic long term, the price could still fall further. "When do we jump in? You know, if I didn't own a single gold stock today, I would certainly be looking to buy (this) week. But if I've... Keep Reading...

Interactive Chart

Latest Press Releases

Related News