Exploration Drilling Significantly Extends Mineralisation At Hualilan Opening Several New High-Grade Drill Targets

Challenger Exploration (ASX: CEL) (“CEL” or 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 exploration drill holes designed to test new targets and geological concepts and extend mineralisation well beyond the existing boundaries.

Highlights

• In conjunction with resource drilling, CEL has completed a series of exploration holes designed to test new concepts and extend mineralisation away from existing boundaries.
• Several significant intersections have extended the existing mineralisation well beyond its current boundaries and opened new drill targets including (refer Table1):
  • 5.4m at 28.7 g/t AuEq² - 28.6 g/t Au, 11.1 g/t Ag from 24.4m inc 2.4m at 60.2 g/t AuEq² - 60.0 g/t Au, 20.4 g/t Ag from 26.0m within 67.6m at 2.6 g/t AuEq² - 2.5 g/t Au, 2.6 g/t Ag from24.4m

Drillhole GNDD-434, the most westerly hole on the Sanchez Fault, drilled with the portable rig, was collared almost 100 metres above the plain up in the Hualilan Hills.

• 97.8m at 2.2 g/t AuEq² - 1.7 g/t Au, 11.9g/t Ag, 0.9% Zn from 313.5mincluding
• 16.8 at 9.7g/t AuEq² - 7.1 g/t Au, 50.7 g/t Ag, 4.4% Zn from 376.2m including 4.8m at 30.0 g/t AuEq² - 21.6 g/t Au, 9.3 g/t Ag, 0.2% Zn from376.2

Drillhole GNDD-450 tested the prognosed position of the Verde Zone across the Magnata Fault approximately 400 metres south of the known Verde mineralisation.

• 4.0mat5.8g/tAuEq²-3.7g/tAu,44.9g/tAg,3.7%Znfrom1009mtoendofholeincluding 3.0m at 7.7 g/t AuEq² - 4.8 g/t Au, 58.9 g/t Ag, 4.9% Zn from 1010m to end ofhole

Drillhole GNDD-308e is the deepest hole drilled at the Hualilan Gold Project and ended in a new zone of high-grade mineralisation below 1000 metres down hole.

• 5.0m at8.7g/t AuEq² - 7.3 g/t Au, 29.4 g/t Ag, 2.4% Zn from 224.0m including 3.0m at 14.3 g/t AuEq² - 12.0 g/t Au, 46.4 g/t Ag, 3.9% Zn from224.0m

Drillhole GNDD-394, a 400-metre step out north of the Sanchez Fault extended the strike extent of the high-grade mineralisation at the Hualilan Gold Project to 3.5 kilometres.

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

“Beyond the areas where previous drilling has been focused, this series of exploration drill holes demonstrates that Hualilan has a lot more to offer . This first series of exploration focused drill holes has significantly extended the mineralisation in multiple locations.

Intercepts such as 97.8m at 2.2 g/t and 3.0m at 14.3 g/t gold equivalent, both of which extend the mineralisation 400 metres, are outstanding. These results open several new areas that have considerable potential to add significant ounces to the Hualilan Gold Project."

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