Drilling significantly extends the high-grade gold mineralisation in multiple locations at CEL's Hualilan Gold Project

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce the results from recent drilling targeting extensions to the high-grade mineralisation at the Company's flagship Hualilan Gold Project, in San Juan Argentina. A total of 48 of the 58 drill holes (83%) reported significant gold mineralisation demonstrating the Company's ongoing success in extending the high-grade gold mineralisation at Hualilan.

Highlights

• Ongoing drilling at the Company's flagship Hualilan Gold Project has materially extended thehigh-grade mineralisation in multiple zones with results including (refer Table 1):

• GNDD-491 intersection of 27.0m at 8.9 g/t AuEq, opens an exciting new high-grade target belowprevious shallow drilling, being the first deeper hole on the western Magnata Fault.
• GNDD-302(ext) extended the Main Manto and Footwall Zones at Sentazon 250 metres down dipwith several follow up holes confirming significant new high-grade extensions at depth.
• Results extends the Sanchez Fault and Norte Manto and confirm a significant halo around thehigh-grade with results including 63.0m at 1.1 g/t AuEq incl 4.0m at 7.2 g/t AuEq (GNDD-443).
• Drilling with the portable rig continues to intersect high-grade mineralisation up-dip in theHualilan Hills

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

“The results from Hualilan continue to impress with this series of results unlocking several excitingnew high-grade targets. The first deeper hole on the eastern end of the Magnata Fault intersected27 metres at 8.9 g/t, opening up a new high-grade target below previous shallow drilling.

Deeper drilling at Sentazon hasreturned outstanding results extending the high-grade mineralisationmore than 200 metres down dip in multiple locations. Additionally, several deeper holes, for whichassays are pending, are logged as containing zones of massive sulphides within skarn alteration. Thisis typical of other high-grade intercepts at Hualilan and we expect assays to confirm a significantnew zone of high-grade mineralisation down-dip at Sentazon."

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