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.

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