Ongoing Drilling At Challenger's Hualilan Gold Project Continues To Significantly Extend The High-Grade Mineralisation

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 are primarily targeting extensions to the Verde and Gap Zone mineralisation. The drilling continues to show the presence of coherent zones of significantly higher-grade mineralisation at depth in the Verde Zone.

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Highlights

• Drilling, designed to increase the maiden Hualilan Mineral Resource, at the Verde Zone and Magnata Fault continues to extend mineralisation. Results reported in this release include:
  
  • 18.8m at 6.3 g/t AuEq¹ - 4.5 g/t Au, 22.3 g/t Ag, 3.3% Zn from 344.4m including
    3.4m at 11.5 g/t AuEq¹ - 8.9 g/t Au, 42.5 g/t Ag, 4.5% Zn from 344.4m and
    7.4m at 10.8 g/t AuEq¹ - 7.4 g/t Au, 36.8 g/t Ag, 6.3% Zn from 355.8m (GNDD-642);
  • 11.0m at 9.1 g/t AuEq¹ - 9.0 g/t Au, 5.7 g/t Ag from 356.0m including
    7.8m at 12.6 g/t AuEq¹ - 12.5 g/t Au, 7.9 g/t Ag from 356.0m (GNDD-571);
    
  • 46.0m at 1.7 g/t AuEq¹ - 1.2 g/t Au, 4.4 g/t Ag, 0.9% Zn from 367.0 including.
    3.9m at 7.9 g/t AuEq¹ - 7.3 g/t Au, 18.7 g/t Ag, 0.7% Zn from 380.3m and
    5.1m at 6.6 g/t AuEq¹ - 3.7 g/t Au, 19.7 g/t Ag, 5.9% Zn from 400.8m(GNDD-633)
  • 24.7m at 2.8 g/t AuEq¹ - 2.3 g/t Au, 6.4 g/t Ag, 1.0% Zn from 236.0m including
    1.2m at 45.3 g/t AuEq¹ - 36.2 g/t Au, 92.1 g/t Ag, 17.3% Zn from 259.5m and
    0.9m at 26.7 g/t AuEq¹ - 24.9 g/t Au, 15.3 g/t Ag, 3.5% Zn from 375.0m and
    2.3m at 7.5 g/t AuEq¹ - 3.3 g/t Au, 30.1 g/t Ag, 8.2% Zn from 417.6m (GNDD-604);
  • 18.1m at 2.6 g/t AuEq¹ - 2.3 g/t Au, 2.8 g/t Ag, 0.5% Zn from 281.4m including
    1.0m at 34.0 g/t AuEq¹ - 32.6 g/t Au, 18.1 g/t Ag, 1.9% Zn from 289.7m and
    87.0m at 0.7 g/t AuEq¹ - 0.7 g/t Au, 1.4 g/t Ag, from 314.0m (GNDD-588);
• Drilling continues to show no sign that it is nearing the limits of the mineralisation, which remains open in all directions.
• Additionally, the majority of infill drilling continues to achieve grades either above or in line with the current resource block model.

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

“These results are a prime example of why we have increased the planned drill program at Hualilan by 50,000 metres following last week's $25 million financing by two leading resource investors.

This series of results are from the Verde Zone and Magnata Fault and several of these holes have extended the mineralisation by 200 metres and we are seeing no sign we are getting close to the limits of the deposit.

When we released our maiden Resource Estimate at Hualilan it was very much an interim and we expected it to increase significantly. It was based on 126,000 metres of a planned 254,000 metres of drilling and 2.2 of 3.5 kilometres strike. These results continue to support this expectation."

All results were received after the completion of the Company’s maiden Hualilan Gold Project MRE. These results, and the remaining 29,000 metres of assays that remain pending from the recently completed 204,000 metre drill program, will be included in an updated MRE. The current MRE, which includes a high-grade core of 1.1 Moz at 5.6 g/t AuEq¹, was based on 125,700 metres of the Company's 204,000 metre diamond core drill program. Following the completion of the $24.7 million dollar financing (see ASX release dated 9 September 2022) the Company has committed to a further 50,000 metres of drilling which will take total CEL drill metres at Hualilan to 254,000 metres.

Click here for the full ASX Release

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