Drilling Significantly Extends the High-Grade Magnata Fault Mineralisation Along Strike and at Depth

Challenger Exploration (ASX: CEL) (“CEL” the “Company”)”) is pleased to announce results from the Company's flagship Hualilan Gold Project in San Juan, Argentina. The results are from a series of drill holes designed to test for extensions of high-grade mineralisation on the Magnata Fault at depth and along strike. The program was successful, with all 18 drill holes intersecting mineralisation and the footprint of the high-grade Magnata Fault mineralisation extended significantly.

Highlights

• High grade Magnata Fault mineralisation extended up to 240 metres below previous drilling including an intercept of 44.5 g/t gold in the deepest hole drilled on the Magnata fault todate.
• Mineralisation extended 130 metres west along strike via several significant intersections with grades appearing to be improving at depth, in the western section of the MagnataFault.
• Drilling intersects new zones of mineralisation, including a new massive sulphide zone which is a possible extension of the Magnata Manto mineralisation north of the MagnataFault.
• All holes intercepted mineralisation with significant intersections including (Refer Table1):
  • 4.2m at 16.1 g/t AuEq² - 10.4 g/t Au, 61.5g/t Ag, 11.4% Zn from 330.8m and;

18.9m at 3.1 g/t AuEq² - 2.7 g/t Au, 9.9 g/t Ag, 0.5% Zn from 245.8m including;

6.6m at 6.6 g/t AuEq² - 5.8 g/t Au, 17.9 g/t Ag, 1.3% Zn from 137.0m (GNDD-370)

• 29.0m at 5.3g/t AuEq² - 3.2 g/t Au, 44.6g/t Ag, 3.6% Zn from 306.0m including;

2.6m at 24.7 g/t AuEq² - 17.6 g/t Au, 218 g/t Ag, 10.1% Zn from 329.0(GNDD-442)

• 4.0m at 16.9g/t Au from 240.0m (silver and base metal results pending) and

1.1m at 44.5 g/t Au from 530.7m (silver and base metal results pending) (GNDD-416);

• Substantial widths of near surface mineralisation intersected above the Magnata Fault, that is potentially economically significant in the context of an open pit with resultsincluding:
  • 63m at 0.5 g/t AuEq² - 0.4 g/t Au, 2.8 g/t Ag, 0.2% Zn from 47.0mand;

21.7 at 1.1g/t AuEq² - 0.9 g/t Au, 9.3 g/t Ag, 0.2% Zn from 13.0m(GNDD408)

• 55.0m at 0.7g/t AuEq² - 0.5 g/t Au, 6.2g/t Ag, 0.2% Zn from 190m(GNDD343)
• 55.0m at 0.5g/t AuEq² - 0.3 g/t Au, 8.3g/t Ag, 0.1% Zn from 15.0m(GNDD354)

• Magnata Fault mineralisation now covers 520 metres of strike and 500 metres vertically remaining open in all directions with mineralisation mapped in outcrop 200 metres to the east.

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

“The footprint of the high-grade mineralisation at Hualilan continues to expand and we are seeing no signs that we are approaching the limits of the deposit.

The Magnata Fault itself is now a significant body of high-grade mineralisation over 500 metres long extending from surface to 500 metres depth that remains open in all directions.

Additionally, with what we have seen in the last few holes drilled on the Magnata Fault, it looks like the western end of the Magnata Fault is going to emerge as an important new high-grade zone."

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