Hualilan Drilling Continues To Extend Mineralisation Well Beyond The Limits Of The Current Mineral Resource Estimate

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from drilling at its flagship Hualilan Gold Project, San Juan Argentina. The results are from the Company's ongoing drill program targeting extensions to the current 2.1 million ounce AuEq1 Mineral Resource Estimate ("MRE")2. The holes reported in this release primarily focus on extensions to the Verde Zone and Magnata Fault mineralisation. The drilling continues to show the presence of coherent zones of significantly higher-grade mineralisation at depth in the Verde Zone.

• Extension drilling at Hualilan continues to deliver outstanding results including:
  • 65.3m at 2.4 g/t AuEq1 - 2.3 g/t Au, 1.7 g/t Ag, 0.2% Zn from 209.0m and
  • 12.2m at 11.0 g/t AuEq1 - 10.1 g/t Au, 11.7 g/t Ag, 1.5% Zn from 324.9m including
  • 8.3m at 16.0 g/t AuEq1 - 14.8 g/t Au, 17.1 g/t Ag, 2.2% Zn from 324.9m (GNDD-684);

• 8.4m at 5.5 g/t AuEq1 - 4.5 g/t Au, 5.3 g/t Ag, 2.0% Zn from 362.4 including.
• 2.6m at 17.4 g/t AuEq1 - 14.3 g/t Au, 16.1 g/t Ag, 6.3% Zn from 362.4m and
• 20.0m at 1.1 g/t AuEq1 - 1.0 g/t Au, 0.9 g/t Ag, 0.2% Zn from 409.0m including
• 5.5m at 2.6 g/t AuEq1 - 2.4 g/t Au, 1.1 g/t Ag, 0.4% Zn from 413.0m and;
• 1.9m at 23.3 g/t AuEq1 - 20.0 g/t Au, 8.3 g/t Ag, 6.8% Zn from 651.2m(GNDD-685)

• 94.0m at 0.7 g/t AuEq1 - 0.6 g/t Au, 1.2 g/t Ag, 0.1% Zn from 17.0m including
• 2.0m at 8.8 g/t AuEq1 - 8.8 g/t Au, 0.2 g/t Ag, 0.1% Zn from 109.0m and
• 45.0m at 0.7 g/t AuEq1 - 0.5 g/t Au, 6.3 g/t Ag, 0.2% Zn from 314.0m (GNDD-661);

• Drilling extends the Magnata Fault mineralisation significantly deeper and defines a new zone, with the same orientation as the Magnata Fault, 200 metres south of the Magnata Fault.

• Several holes extend the Verde Zone mineralisation up-dip to near surface

• Exploration holes up to 1 kilometre west of the resource boundary intersect mineralisation

• Drilling continues to point to a significant increase in the footprint of the mineralisation with the mineralisation at Hualilan remaining open in all directions

Commenting on the first drilling results after the resource, CEL Managing Director, Mr Kris Knauer, said

“These results continue to give us confidence that our maiden resource estimate for Hualilan will increase significantly as we continue to drill.

The high-grade intercept near the bottom of hole GNDD-685 opens an exciting drill target that covers at least 700 metres vertically. We are also continuing to find new zones of mineralisation above and below the existing mineralisation and importantly, the majority of this is within the current Mineral Resource Estimate pit shell.

Our infill drill holes are generally surprising on the upside both in terms of mineralisation width and grade which should positively impact on the resource upgrade. At this stage the size of Hualilan is only limited by the amount of drill metres"

Click here for the full ASX Release

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