
June 14, 2023
Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce a first Mineral Resource Estimate (MRE) which is reported according to JORC (2012) for the Company's El Guayabo Gold Copper Project, in El Oro Province, Ecuador.
Highlights
- Initial Inferred Mineral Resource Estimate (MRE) of 270 mt at 0.52 g/t AuEq1 for 4.5 Moz AuEq1 at CEL's 100% owned El Guayabo Project in Ecuador (refer Table 1).
- The 4.5 Moz1 MRE contains a significant higher-grade core of mineralisation (refer Table 2):
- 1.45 Moz at 1.0 g/t AuEq1 (0.65 g/t AuEq cut-off) including;
- 1.01 Moz at 1.2 g/t AuEq1 (0.8 g/t AuEq cut-off) including;
- 0.63 Moz at 1.5 g/t AuEq1 (1.0 g/t AuEq cut-off).
- 1.45 Moz at 1.0 g/t AuEq1 (0.65 g/t AuEq cut-off) including;
- The MRE is predominantly based on drilling at the GY-A and GY-B anomalies and is constrained by drilling with mineralisation remaining open in both directions along strike and at depth.
- MRE does not include drill holes GYDD-23-039 (805.3m at 0.6 g/t AuEq) or GYDD-23-040 to 043 (assays pending) and will be updated upon the receipt of assays for these final five holes.
- Discovery Cost of approximately US$1.202 per ounce.
- Transforms CEL into a two-project company with gold equivalent resources of 2.8 Moz4 in Hualilan and 4.5 Moz1 in Ecuador, both of which remain open.
- Firm commitments received to raise $10 million by way of an institutional placement, with strong support received from domestic and offshore institutional investors
- Funds from the capital raising to be primarily applied to:
- Completion of a Pre-Feasibility Study (PFS) at CEL's Flagship Hualilan Gold Project;
- Regional exploration activities and drilling at Hualilan.
- Completion of a Pre-Feasibility Study (PFS) at CEL's Flagship Hualilan Gold Project;
1Reported as Gold Equivalent (AuEq) values – for requirements under the JORC Code see page 2
2Discovery cost includes cost of drilling, assaying and all GA associated with the MRE
Commenting on the resource, CEL Managing Director, Mr Kris Knauer, said
“I would like to congratulate our Exploration team in Ecuador for this outstanding start. An initial resource of 4.5 million ounces1, particularly given its higher-grade core of 1.5 Moz at 1.0 g/t AuEq, is a great start and has significant value in its own right.
It is, however, only our starting point. This resource is focused on 2 of the 7 targets at El Guayabo that have produced mineralised intercepts greater than 500 metres. Mineralisation on these two targets remains open in all directions along strike and at depth with the resource limited by a lack of drilling. Additionally, the final five holes in the program are yet to be included in the estimate which will be updated when assays for these holes are received."
This 4.5 Moz gold-equivalent1 MRE is based on 34 drill holes, for 22,572 metres, from the Company's Phase 1 and 2 diamond core drill program at its 100% owned El Guayabo concession. The final five holes in the program, including GYDD-23-039 (805.3m at 0.6 g/t AuEq including 546.7m at 0.8 g/t AuEq) and GYDD-23-040, GYDD-23-041, GYDD-23-042 and GYDD-23-043 (all assays pending) have not been included in the MRE. Accordingly, it should be regarded as an interim resource estimate which will be updated upon the receipt of assays for the final 5 holes which comprise 3,423 metres.
This initial resource drilling program, and resultant MRE, focused primarily on the GY-A and GY-B anomalies on the Company's 100% owned El Guayabo concession. Mineralisation remains open in both directions along strike and at depth at both GY-A and GY-B and there is clear potential for the MRE to grow significantly via additional drilling on these two anomalies.
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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1h
Legacy Minerals Ramps Up Mt Carrington Exploration Amid Supportive Gold Price Trends
Legacy Minerals (ASX:LGM) said on Monday (August 25) that it has received approval from the New South Wales Government to recommence drilling at its gold and copper battery prospect at the Mt Carrington project.
The approval covers an upcoming program that includes land access in place for up to nine holes at 4,500 meters of diamond drilling. It will also target new areas identified in a recently completed airborne survey.
Historically, Mt Carrington has returned results up to 12.82 meters at 48 grams per tonne (g/t) gold per 2,589 g/t gold from 16 meters over 100,000 meters. It also holds 1.2 million ounces of gold-equivalent resources, with almost half being critical minerals.
“(The upcoming drilling program) will build on the historical data collected by previous companies,” said CEO and Managing Director Christopher Byrne.
Mt Carrington reportedly closed due to low metal prices in 1990, with the last mine at the site closing in 1993.
Byrne added that the company’s ongoing exploration programs are “well-funded,” citing Legacy’s successful AU$7.75 million capital raise announced last May 16.
The upcoming drilling will form part of Phase 1 of the project, which focuses on drill testing the Battery, Mascotte amd Emu prospects in the next few months.
Pending cultural heritage clearances, Legacy also plans to conduct staged drilling at Red Rock, Kylo, Strass and White Rock.
Last August 14, Legacy also announced initial drilling assays and further drilling plans for its Thomson project.
Thomson is also located in New South Wales, with its recent results including 377 meters and 0.1 g/t gold (no cut-off) from 225 meters.
“We are exploring a new frontier, being the first company to drill test some of these large geophysical anomalies and pursue the opportunity for a significant new gold and copper discovery,” Byrne said in the Thomson update.
First testing of select anomalies at Thomson is scheduled for the fourth quarter of 2025, while results from the Mt Carrington surface geochemical campaigns are expected within the next six weeks.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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16h
Tavi Costa: Gold's Next Catalyst, Silver's Path to US$50, Copper Opportunity
Tavi Costa, macro strategist at Crescat Capital, shares his thoughts on gold, including what could unleash the yellow metal's next move higher.
He sees a "major collapse" in the US dollar, saying a break in a key support line could boost gold.
Costa also shares his outlook for silver and copper.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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20h
Earthwise Minerals Completes Phase 1 Field Program at Iron Range Gold Project, BC
Earthwise Minerals Corp. (CSE:WISE)(FSE:966) ("Earthwise" or the "Company") has completed the first part of its two-phase 2025 field program at the Iron Range Gold Project ("the Project") in southeastern British Columbia. The program, led by TerraLogic Exploration Inc., included the collection of 538 soil samples over 13.5 line-km and 15 rock samples, along with structural mapping and prospecting across key target zones. Analytical results are pending and will be released once received, compiled, and interpreted.
Earthwise holds the exclusive option to acquire up to an 80% interest in the Iron Range Gold Project, which is 100% owned by Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains"), with part of the property subject to an underlying 1.0% Net Smelter Royalty.
The 2025 field program advanced geochemical and mapping work across multiple targets at Iron Range:
- Sampling: A total of 538 soil samples were collected along 13.5 line-km, together with 15 rock samples.
- Soil Coverage: Tight-spaced grids were completed within known geochemical anomalies and extended into new areas, including fault splays and gold-in-till anomalies identified by Eagle Plains.
- Mapping & Prospecting: Geological mapping and prospecting were carried out at the Pyromorphite Zone and DIP Zone, with additional sampling at Golden Cap and Star West.
- Next Steps: All samples have been submitted for analysis, with results to be disclosed once received, compiled, and interpreted.
EXPLORATION ZONES - 2025
Pyromorphite Zone (BC MinFile 082FSE141): Mineralization was first discovered in 2009 when logging road construction exposed sheared and brecciated sediments hosting cm-scale quartz veins bearing pyromorphite (lead) mineralization. No significant work has been carried out at the zone since its initial discovery by the previous tenure holder. Historic rock (grab) samples include SK10-207, which reported 27.0 g/t Au, 173.0 g/t Ag, and 13.4% Pb, and MK10-170, which reported 54.7 g/t Au, 42.2 g/t Ag, and 2.8% Pb (BC Assessment Report 31659).
Golden Cap (BC MinFile 082FSE014): Tight-spaced soil sampling in 2025 was designed to test cross-fault intersections along the main Iron Range Fault Zone. Historical soil sampling by Eagle Plains at this area returned values up to 230 ppb Au.
DIP Zone (Dakota - BC MinFile 082FSE023; Idaho - BC MinFile 082FSE024; Pacific - BC MinFile 082FSE025): Soil sampling in 2025 was conducted over an area with a historical multi-element soil geochemical anomaly that had not previously been analyzed for gold.
Star West (BC MinFile 082FSE089): Soil sampling in 2025 was conducted over an area with a historical multi-element soil geochemical anomaly that had not previously been analyzed for gold.
HISTORIC DRILLING & PROJECT OVERVIEW
Drilling at Iron Range in 2010 resulted in the discovery of the Talon Zone, where drill-hole IR10-010 intersected 2 intervals of strong and continuous mineralization including 14.0m grading 5.1g/t gold, 1.86% lead, 2.1% Zinc, 75.3g/t silver and 7.1m grading 8.13g/t gold, 2.84% lead, 3.07% zinc, 86.6g/t silver (Eagle Plains news release December 21st, 2010). Previous drilling 10km north of the Talon Zone in 2008 by Eagle Plains intersected gold mineralization in drill-hole IR08006 which assayed 7.0m grading 51.52g/t (1.50 oz/ton) gold (Eagle Plains news release dated April 20th, 2009).
All of the exploration data collected by Eagle Plains since 2001, as well as all of the available historic data, has been integrated into a GIS database, which is used to prioritize areas for ground follow up. Drill targeting at the Talon Zone discovery in 2010 was based on the presence of an extensive multi-element soil geochemical anomaly associated with a structural splay from the regional Iron Range Fault System. Drill hole locations and depths were successfully refined using Induced Polarization (IP) geophysics.
The 21,437ha Iron Range Project is considered by management of both Eagle Plains and Earthwise to hold excellent potential for the presence of structurally controlled gold-silver mineralization, iron-oxide copper-gold ("IOCG") and Sullivan-style lead-zinc-silver sedimentary-exhalative ("sedex") mineralization. The property is owned 100% by Eagle Plains, with a portion of the property subject to an underlying 1.0% Net Smelter Royalty held by a third party.
IRON RANGE GOLD PROJECT SUMMARY
The Iron Range Project, located near Creston, B.C., is owned 100% by Eagle Plains Resources Ltd., subject to a 1% NSR on a portion of the claim group. A well-developed transportation and power corridor crosses the southern part of the property, including a high-pressure gas pipeline and a high-voltage hydro-electric line, both following the CPR mainline and Highway 3. The rail line provides efficient access to Teck's smelter in Trail, B.C. The project is fully permitted under a Multi-Year Area Based (MYAB) permit issued by the B.C. Ministry of Mining and Critical Minerals. The permit allows for geophysical surveys, mechanical trenching, access trail construction, and diamond drilling.
The property covers an area of approximately 10 km x 32 km, overlying the regional Iron Range Fault System (IRFS). Prior to Eagle Plains' acquisition in 2001, the ground had seen little systematic exploration aside from iron resources documented since the late 1800s. Since 2001, Eagle Plains and its partners have completed:
- 21,593 m of diamond drilling in 87 holes
- 2,482 line-km of airborne and surface geophysical surveys
- 10,053 soil geochemical samples
- 495 rock samples
- 6,955 drill core samples
Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. Some of the above results were taken directly from MINFILE descriptions and assessment reports (ARIS) filed with the BC government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person but form a basis for ongoing work on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
Qualified Person
Charles C. Downie, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and an officer and director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this news release.
About Earthwise Minerals
Earthwise Minerals Corp. (CSE: WISE; FSE: 966) is a Canadian junior exploration company focused on advancing the Iron Range Gold Project in southeastern British Columbia near Creston, B.C. The Company holds an option to earn up to an 80% interest in the fully permitted project, which is road-accessible and situated within a prolific mineralized corridor. The property covers a 10 km x 32 km area along the Iron Range Fault System and hosts multiple high-grade gold showings and large-scale geophysical and geochemical anomalies.
For more information, review the Company's filings available at www.sedarplus.ca.
EARTHWISE MINERALS CORP.,
ON BEHALF OF THE BOARD
"Mark Luchinski"
Contact Information:
Mark Luchinski
Chief Executive Officer, Director
Telephone: (604) 506-6201
Email: luch@luchccorp.com
Forward Looking Statements
This news release includes statements that constitute "forward-looking information" as defined under Canadian securities laws ("forward-looking statements") including, without limitation, statements respecting the Offering and the intended use of proceeds therefrom. Statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in its forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and actual outcomes may differ materially from those in forward-looking statements. Additional information regarding the various risks and uncertainties facing the Company are described in greater detail in the "Risk Factors" section of the Company's annual management's discussion and analysis and other continuous disclosure documents filed with the Canadian securities regulatory authorities which are available at www.sedarplus.ca. The Company undertakes no obligation to update forward-looking information except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements.
For more information, please contact Mark Luchinski, Chief Executive Officer and Director, at luch@luchccorp.com or (604) 506-6201.
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25 August
Reward Gold Mine Production Update
Vertex Minerals (VTX:AU) has announced Reward Gold Mine Production Update
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24 August
Drilling Commences at Mt Hope Project
Mount Hope Mining Limited (ASX: “MHM” or the “Company”) is pleased to announce its maiden drill program has commenced at its 100%-owned Mt Hope Project in New South Wales (Figure 1).
Highlights:
- Inaugural drill program comprises ~4,800m of Reverse Circulation (“RC”) and Air Core (“AC”) drilling across four priority targets.
- Drill campaign includes high-confidence infill and extensional drilling at Mt Solitary, which boasts an Exploration Target range of 1.32 to 1.87Mt of 1.0 to 1.35 g/t Au for 42.5 to 81.4 Koz (Table 1).
- The new Blue Heeler prospect, hosting coincident MLTEM conductors, is located approximately 200m west of historical drill hole GCS-1, which included a historical intercept of 31m @ 0.42% Zn, 0.26% Pb, 117 ppm Cu and 4.8 ppm Ag from 56m
- The Mt Hope East and Black Hill prospects, hosting coincident geochemical and geophysical anomalies, have never been tested by drilling.
The inaugural drilling campaign will test four priority targets for a total of ~4,800m of Reverse Circulation (RC) and Air Core (AC) drilling, including the recently added Blue Heeler target (see ASX announcement, 15 July 2025 &22 August 2025).
Mount Hope Mining Managing Director & CEO Fergus Kiley commented:
“Mount Hope Mining is excited to commence its maiden drill program at the Mt Hope Project - a significant milestone in our journey towards unlocking the potential of the southern Cobar Basin.
“Each priority prospect represents a high conviction drill target, backed by high-quality geological science, and we look forward to exploring these areas further.
“We believe these four priority areas represent a good opportunity to create shareholder value via true greenfield exploration success or by delineating valuable ounces for future development.
“We look forward to keeping shareholders updated with strong news flow throughout the remainder of Q3 and into Q4 with the results from the exploration drilling, along with the metallurgical test work for Mt Solitary, and with our other early-stage exploration programs.”
Figure 1: RC Drill rig commences drilling the Mt Solitary Program
Mt Solitary Exploration Target
Table 1: Mt Solitary Exploration Target2
The potential quantity and grade of the Exploration Target are conceptual in nature. As such, there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in a Mineral Resource. The Exploration Target has been prepared by the JORC Code 2012.
Maiden drilling campaign at the Mount Hope Project
The inaugural Mt Hope maiden drill program has commenced drilling, starting at the Mt Solitary prospect to convert the existing Gold Exploration Target (Table 1) to a JORC (2012) Mineral Resource Estimate (MRE).
The initial phase 1 RC program at Mt Solitary will consist of ~1,500m (Figure 2). The drill rig will then mobilise to test the greenfield polymetallic drill targets at Blue Heeler and Black Hill before finishing the program at Mt Hope East.
The Company has engaged ALS Laboratories in Orange, NSW, for analytical work. Samples from the maiden drilling campaign will be sent to Orange throughout the program, with sample preparation analysis to be completed at the same facility.
Click here for the full ASX Release
This article includes content from Mount Hope Mining, 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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22 August
Gold Price Rises as Powell Boosts Rate Cut Expectations in Jackson Hole Speech
Citing a shifting economic situation in the US, Federal Reserve Chair Jerome Powell indicated that the central bank is ready to adjust interest rates during his speech at the Jackson Hole Economic Policy Symposium.
Powell indicated that the Fed’s dual mandate goal is essentially in balance, saying the labor market remains close to maximum employment and that inflation has eased from post-pandemic highs, although it remain elevated.
However, the Fed head also noted that “the balance of risks appears to be shifting,” with significant uncertainty in the economy as a result of higher tariffs, tighter immigration and a slowdown in the pace of growth in the labor market.
“Over the longer run, changes in tax, spending, and regulatory policies may also have important implications for economic growth and productivity,” Powell added in his Friday (August 22) address.
The biggest challenge for the Fed is maintaining its dual mandate of ensuring too much slack doesn’t enter the labor market, which Powell said could happen quickly, while also attempting to ease inflation to the target 2 percent.
In an email to the Investing News Network (INN), Blerina Uruci, chief economist with T. Rowe Price, suggested that the unemployment rate, rather than the employment rate, may be a key indicator that dictates the Fed's direction.
“A material slowing in employment growth may not be a signal that the economy is entering a downturn, but a symptom of structural shifts in the economy. For this reason, Powell and others in the Federal Open Market Committee (FOMC) have pointed to the unemployment rate as a more useful indicator of the health of the labor market,” she said.
Although tariffs are likely to take some months to work their way through the economy, with Powell suggesting there is still high uncertainty, he also indicated that “the shifting balance of risks may warrant adjusting our policy stance.”
His remarks are in line with analysts' expectations of a 25 basis point cut to the benchmark rate in September.
“The FOMC will vote to cut rates by 25 basis points in September and cut 50 basis points in total this year. With regards to the next meeting, we could get a hawkish outcome (no cut) if inflation surprises significantly to the upside and or the labor market rebounds sharply,” Uruci commented to INN. She also suggested that the Fed could make a more dovish 50 basis point cut if August payroll growth slows below 50,000 per month and unemployment increases.
In 2024, the Fed made three cuts: a 50 basis point cut in September, followed by two 25 basis point cuts in October and November. So far, it has not made reductions in 2025; however, it faced dissent from two committee members at its July meeting, the first time more than one member has voted against the committee since December 1993.
The gold price jumped following Powell’s remarks on Friday, gaining nearly 1 percent in morning trading, reaching US$3,370 per ounce by 1:00 p.m. EDT. Silver rose more than 2 percent to hit US$38.94 per ounce.
Equity markets were also in positive territory during morning trading.
The S&P 500 (INDEXSP:INX) climbed 1.49 percent to 6,465 points, and the Nasdaq 100 (INDEXNASDAQ:NDX) rose 1.48 percent to 23,485 points. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) surged 2 percent to trade in record territory at 45,687 points.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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