Ongoing Drilling at the El Guaybo Project in Ecuador Confirms the Discovery of a major Au-Cu-Ag Mineralised System

Challenger Exploration (ASX: CEL) (“CEL” the “Company”)”) is pleased to announce results from the Company's next four drill holes from the El Guayabo Gold-Copper Project in El Oro Province, Ecuador. The results build on the results from the first two drill holes and confirm the discovery of a significant intrusion hosted gold-copper-silver-molybdenum system with all holes encountering wide zones of mineralisation associated with intrusives and intrusive breccias.

Highlights

• Most recent four holes in El Guayabo drill program in Ecuador all intersect significant Au-Cu-Ag-Mo mineralisation from near surface with three holes intersecting over 300 metres of mineralisation
• Significant intersections include (Refer Table1):
  • 309.8m at 0.7 g/t AuEq² - 0.2 g/t Au, 6.2 g/t Ag, 0.2 % Cu from 3.3m including
  • 202.1m at 0.8 g/t AuEq² - 0.3 g/t Au, 6.5 g/t Ag, 0.3 % Cu from 74.4m including;
  • 33.0m at 1.3 g/t AuEq² - 0.3 g/t Au, 15.2 g/t Ag, 0.5 % Cu from 74.4m and
  • 53.6m at 1.5 g/t AuEq² - 0.7 g/t Au, 8.8 g/t Ag, 0.4 % Cu from 231.9m (GYDD-21-006);

• 511.7m at 0.3g/t AuEq² 0.3 g/t Au, 0.9 g/t Ag, 0.03% Cu from 16.1m including
• 88.4m at 0.8 g/t AuEq² - 0.6 g/t Au, 1.8 g/t Ag, 0.1% Cu from 389.8mand
• 30.4m at 1.5 g/t AuEq² - 1.4 g/t Au, 0.9 g/t Ag, 0.03 Cu from 567.3m and (GYDD-21-005);

• 338.7m at 0.3 g/t AuEq² - 0.2 g/t Au, 1.0 g/t Ag, 0.03% Cu from 37.1m and
• 33.0m at 0.3 g/t AuEq² - 0.2 g/t Au, 0.5 g/t Ag, 0.1% Cu from 613.5m (GYDD-21-004);

• 119.2m at 0.5 g/t AuEq² - 0.4 g/t Au, 0.8 g/t Ag, 0.02% Cu from 71.9m including
• 26.2m at 1.1 g/t AuEq² - 1.1 g/t Au, 0.9 g/t Ag, 0.02 Cu from 76.4m and (GYDD-21-003)

• Drilling has defined a zone of Au-Cu-Ag-Mo mineralisation covering 500 metres strike and 300 metres wide from near surface which is open in both directions along strike and at depth.
• GYDD-21-006, the only hole optimally sited due to access issues, intercepted 200 metres of higher- grade Cu-Au-Ag mineralisation hosted in intrusive breccia with sheeted veining.
• GYDD-21-008, (assays pending) designed to extend this higher-grade zone of sheeted vein hosted mineralisation in GYDD-21-006 has intercepted similar mineralisation containing more sulphides

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

“Drillhole GYDD-21-006 is the first hole to give us a look at the type of mineralisation we might expect at El Guayabo. The three earlier holes were all drilled from the center of the soil anomaly out due to the topography and we felt they drilled above the main zone of higher-grade mineralisation.

We drilled hole 6 at a different azimuth to target what we now feel is a steep zone of mineralisation and this returned instant rewards. In addition, logging indicates GYDD-21-008, drilled to follow up GYDD-21-006, has intercepted similar mineralisation to GYDD-21-006 with a higher content of sulphides. We have rushed assays for GYDD-21-008 with results anticipated in 2-3 weeks."

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