Challenger Exploration

Drilling Success Continues At The EL Guayabo Gold Project, Ecuador

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from the remainder of its Phase 1 drilling program which targeted eight of the nine remining regionally significant Au-Ag-Cu soil anomalies in the greater El Guayabo Project area1. Additionally, the Company has received the results from its first four Phase 2 drill holes on the GY-B Anomaly on the 100% owned El Guaybo concession. The results confirm the potential of the greater El Guayabo project to produce one of South America's next significant gold discoveries.


Highlights

  • 11 hole program targeting the next 8 regionally significant Au-soil anomalies in Ecuador completed with all holes intersecting mineralisation and discoveries on 4 of the 8 additional anomalies
  • First Phase 2 drill holes on the GY-B anomaly in the El Guaybo concession significantly upgrade GY- B with results including an intersection of 108.5m at 2.4 g/t AuEq incl 54.2m at 4.0 g/t AuEq.
  • Results from the programs include (refer Table 1 and Table 2):
    • 638.2m at 0.6 g/t AuEq2- 0.3 g/t Au, 2.1 g/t Ag, 0.1 % Cu, 10.5 ppm Mo from 10.1m including;
      304.3m at 1.0 g/t AuEq2 - 0.5 g/t Au, 3.4 g/t Ag, 0.3 % Cu, 14.5 ppm Mo from 344.0m including;
      108.5m at 2.4 g/t AuEq2 - 1.3 g/t Au, 7.8 g/t Ag, 0.6% Cu, 20.0 ppm Mo from 344.0m including;
      54.2m at 4.0 g/t AuEq2-2.2 g/t Au, 12.9 g/t Ag, 1.0% Cu, 24.7 ppm Mo (GYDD-22-024)
      (GY-B Phase 2 drilling - hole ending in mineralisation)
    • 780.1m at 0.3 g/t AuEq2- 0.2 g/t Au, 2.1 g/t Ag, 0.04% Cu, 6.4 ppm Mo from 15.5m including;
      290.2m at 0.5 g/t AuEq2 - 0.3 g/t Au, 2.7 g/t Ag, 0.04% Cu, 5.1 ppm Mo from 15.5m including;
      54.2m at 0.9 g/t AuEq2 - 0.7 g/t Au, 4.7 g/t Ag, 0.1% Cu, 10.7 ppm Mo from 228.8m
      and 116.4m at 0.5 g/t AuEq2- 0.3 g/t Au, 4.0 g/t Ag, 0.1% Cu, 4.4 ppm Mo from 441.5m including;
      32.3m at 1.1 g/t AuEq2 - 0.7 g/t Au, 6.8 g/t Ag, 0.1% Cu, 6.6 ppm Mo (GYDD-22-023)
      (GY-B Phase 2 drilling - hole ending in mineralisation)
    • 778.2m at 0.3 g/t AuEq2- 0.2 g/t Au, 0.6 g/t Ag, 0.01% Cu, 0.8 ppm Mo from 77.3m including;
      171.3m at 0.5 g/t AuEq2 - 0.5 g/t Au, 0.9 g/t Ag, 0.01% Cu, 2.1 ppm Mo from 328.1m including
      98.4m at 0.7 g/t AuEq2 - 0.6 g/t Au, 0.6 g/t Ag, 0.01% Cu, 2.3 ppm Mo from 328.1m and
      150.8m at 0.5 g/t AuEq2 - 0.4 g/t Au, 0.6 g/t Ag, 0.02% Cu, 3.1 ppm Mo from688.2m including
      42.5m at 1.4 g/t AuEq2 - 1.3 g/t Au, 1.2 g/t Ag, 0.1% Cu, 2.4 ppm Mo (GYDD-22-019)
      (First hole CP-A Anomaly - new gold discovery)
  • Phase 2 drilling, designed to allow the reporting of a maiden Mineral Resource Estimate on the main discovery Zone (GY-A anomaly), underway with 6 holes completed (assays pending).

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

“Our El Guayabo project in Ecuador is really shaping up as a potential Tier 1 opportunity. All the 14 regionally significant gold-soil anomalies drilled to date have produced gold intercepts with seven of these now high-priority targets that appear capable of hosting a significant bulk gold resource.

We continue to find zones of high-grade gold mineralisation within a structurally controlled high- grade core to the system. The intersection 108.5m at 2.4 g/t AuEq incl. 54.2m at 4.0 g/t AuEq in hole GYDD-22-024 on the GY-B anomaly extends the historical high-grade intersection of 156m at 3.0 g/t AuEq over 100 metres along strike. Both rigs have now moved to the resource drill out on the main GY-A anomaly discovery zone with results for 5 holes pending and two further holes in progress.


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.

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