Drilling Discovers Two New Zones At Magnata And Extends The Mineralisation At Sentazon, Hualilan Gold Project, Argentina

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce outstanding results from the ongoing drill program at the Hualilan Gold Project, located in San Juan Argentina, with extension and infill holes from the Sentazon and Magnata reported in this announcement.

Highlights

• Discovery of two new high-grade zones parallel to the Magnata Fault with results including:
  • 15.2m at 4.7 g/t AuEq¹ - 4.2 g/t Au, 12.0 g/t Ag, 0.7% Zn from 215.0m including,
    8.5m at 8.1 g/t AuEq¹ - 7.3 g/t Au, 17.2 g/t Ag, 1.0% Zn from 219.0m including,
    2.0m at 26.6 g/t AuEq1 - 25.8 g/t Au, 18.8 g/t Ag, 1.2% Zn from 221.0m (GNDD-734),
• Results from ongoing extension and infill drilling at Sentazon include:
  • 4.6m at 44.9 g/t AuEq¹ - 36.2 g/t Au, 433g/t Ag, 7.4% Zn from 293.0m including,
    3.8m at 53.6 g/t AuEq¹ - 43.2 g/t Au, 516 g/t Ag, 8.9% Zn from 293.8m and,
    1.5m at 4.6 g/t AuEq¹ - 2.9 g/t Au, 26.0 g/t Ag, 3.1% Zn from 369.0m (GNDD-705);
  • 4.6m at 6.2 g/t AuEq¹ - 3.1 g/t Au, 43.3 g/t Ag, 5.5% Zn from 386.7m (GNDD-658);
• Results from drilling targeting recently discovered Verde extensions south of Sentazon include:
  • 32.0m at 0.7 g/t AuEq¹ - 0.6 g/t Au, 6.7g/t Ag from 110.0m including,
    3.4m at 2.8 g/t AuEq¹ - 2.4 g/t Au, 26.9g/t Ag from 111.6m and,
    24.0m at 0.5 g/t AuEq¹ - 0.5 g/t Au, 5.8 g/t Ag from 215.0m (GNDD-765);
  • 38.0m at 0.5 g/t AuEq¹ - 0.4 g/t Au, 4.4 g/t Ag from 151.0m (GNDD-769);
• Acquisition of 20,000 Ha containing the project and possible extensions to simplify Permitting
• Updated Mineral Resource Estimate for the Hualilan Gold Project anticipated in March.

“Hualilan continues to surprise us, even as we near hole eight hundred. We have identified two new zones of mineralisation parallel to, and the same orientation as, the existing Magnata Fault mineralisation.

The best result at Magnata was an intersection of 15.2 metres at 4.7 g/t gold equivalent, 175 metres below a mineralised contact mapped at surface and we are eagerly awaiting assays for recent channel sampling of this zones at surface which we hope will demonstrate significant vertical relief.

Additionally, we have entered into an agreement to acquire the land containing the Hualilan Gold Project which significantly simplifies and de-risks the permitting process for the project. The 20,000 hectares we have acquired covers Hualilan and all possible extensions within 5 kilometres of the current mineralisation."

The highlight from this program was the intersection of 15.2m at 4.7 g/t AuEq¹ in drill hole GNDD-734. This hole was drilled at Magnata Alto following the discovery of surface mineralisation, including visible gold, at the contact between limestones and intrusives at the top of the Hualilan Hills. This intersection is a new zone of mineralisation, with the same orientation as the Magnata Fault.

The Company is midway through an additional 50,000 metres of drilling which will take total CEL drill metres at Hualilan to 250,000 metres.

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