Intercept of 67.7m at 7.3 g/t Gold Confirms the Verde Zone as a Continuous 1.5 Kilometre Zone of Mineralisation

Challenger Exploration (ASX:CEL) (“CEL” the “Company”)”) is pleased to announce the results from 64 holes and three drill hole extensions from its Verde Zone extension drill program at the Company's flagship Hualilan Gold Project, in San Juan Argentina. A total of 65 of the 67 drill holes (97%) intersected significant gold mineralisation with 51 of 69 holes (74%) intersecting at least 10 grams x metres of AuEq mineralisation. This infill and extension drill program is ongoing with 4 of 9 drill rigs currently turning on the Verde Zone.

Highlights

• Assays from the next series of Verde Zone drill holes which cover 1.5 kilometres strike return several significant intercepts confirming that the Verde Zone,at the Company's flagship Hualilan Gold Project, is a discovery of scale.

• Results include (refer Table1):

• 67.7m at 7.7g/t AuEq² - 7.3 g/t Au, 5.7 g/t Ag, 0.6% Zn from 300.4m including

32.1m at 15.9 g/t AuEq² - 15.2 g/t Au, 10.9 g/t Ag, 1.2% Zn from 335.9m including;

0.5m at 834g/tAuEq² - 833 g/t Au, 104 g/t Ag, from 335.9m and

1.4m at 24.4g/t AuEq² - 21.0 g/t Au, 84.7 g/t Ag, 5.4% Zn from 362.9m(GNDD-458);

• 51.0m at 1.5g/t AuEq² - 0.9 g/t Au, 15.2 g/t Ag, 0.9% Zn from 141.0m including

4.6m at 14.3g/t AuEq² - 8.3 g/t Au, 162.7 g/t Ag, 9.0% Zn from 187.4mand;

23.6m at 0.7g/t AuEq² - 0.7 g/t Au, 0.9 g/t Ag, from 209.4m(GNDD-376);

• 37.8m at 1.0g/t AuEq² - 0.9 g/t Au, 2.0 g/t Ag, 0.2% Zn from 94.0m including

9.0m at 3.2g/tAuEq² - 2.9 g/t Au, 4.9 g/t Ag, 0.5% Zn from 106.0and;

26.0m at 0.6g/t AuEq² - 0.6 g/t Au, 1.0 g/t Ag, 0.1% Zn from 50.0m(GNDD-439);

• 26.6m at 2.2g/tAuEq² - 2.2 g/t Au, 0.8 g/t Ag from 348.5m including;

4.2m at 12.7g/t AuEq² - 12.6 g/t Au, 2.7 g/t Ag, from 356.8(GNDD-437).

• The intercept of 67.7 metres at 7.7 g/t AuEq was from a 200 metre strike section of undrilled Verde Zone. Follow-up holes targeting strike and dip extensions areunderway.

• In addition to wide zones of Verde style mineralisation drilling intercepted significant zones of high-grade mineralisation at depth with mineralisation remaining open atdepth.

• Many holes continued to encounter multiple stacked zones of mineralisation and intersections of steeper and shallower dipping mineralised zones.

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

“The results from the next series of Verde Zone drill holes have again significantly exceeded our expectations. The intercept of 67.7 metres at 7.3 g/t gold, 5.7 g/t silver and 0.6% zinc is world class. Especially given it comes from the middle of the undrilled section of the Verde Zone. We now have 2 of the 9 drill rigs on site following up this hole.

Additionally, as we drill deeper the results are confirming the presence of stacked zones of mineralisation at Verde and that we are intercepting higher-grade mineralisation at depth."

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