Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce outstanding results from the ongoing drill program at the Hualilan Gold Project, located in San Juan Argentina, with extension and infill holes from the Verde Zone reported in this announcement.

Highlights

• Extension and infill drilling at the Verde Zone continue to deliver outstanding results including:
  
  • 42.0m at 5.9 g/t AuEq¹ - 5.3 g/t Au, 5.9 g/t Ag, 1.0% Zn from 270.6m including
    1.9m at 124.9 g/t AuEq¹ - 113.0 g/t Au, 117.0 g/t Ag, 21.2% Zn from 357.7m (GNDD-711);
    
    
  • 43.0m at 1.8 g/t AuEq¹ - 1.4 g/t Au, 3.1 g/t Ag, 0.7% Zn from 32.0m including.
    27.0m at 2.6 g/t AuEq¹ - 2.0 g/t Au, 4.2 g/t Ag, 1.0% Zn from 42.0m and
    2.9m at 9.7 g/t AuEq¹ - 0.7 g/t Au, 639 g/t Ag, 2.4% Zn from 97.5m (GNDD-667)
    
    
  • 42.8m at 1.4 g/t AuEq¹ - 1.2 g/t Au, 3.3 g/t Ag, 0.4% Zn from 71.5m including
    5.3m at 6.3 g/t AuEq¹ - 5.4 g/t Au, 6.0 g/t Ag, 1.7% Zn from 109.0m and
    0.5m at 23.0 g/t AuEq¹ - 12.9 g/t Au, 62.1 g/t Ag, 18.4% Zn from 127.9m (GNDD-660);
    
    
  • 70.0m at 1.0 g/t AuEq¹ - 0.9 g/t Au, 1.8 g/t Ag, 0.3% Zn from 196.0m including
    2.7m at 17.0 g/t AuEq¹ - 13.4 g/t Au, 37.2 g/t Ag, 6.4% Zn from 261.7m and
    8.6m at 3.1 g/t AuEq¹ - 2.8 g/t Au, 9.3 g/t Ag, 0.3% Zn from 354.5m including
    2.7m at 9.3 g/t AuEq¹ - 8.6 g/t Au, 29.0 g/t Ag, 0.8% Zn from 354.5m (GNDD-643);
    
    
  • 22.2m at 1.0 g/t AuEq¹ - 0.9 g/t Au, 2.3 g/t Ag, 0.3% Zn from 231.2m and
    9.1m at 5.7 g/t AuEq¹ - 4.6 g/t Au, 9.2 g/t Ag, 2.2% Zn from 378.0m and (GNDD-693);
    
• GNDD-711, drilled 80 metres below previous holes near the northern limit of the Verde Zone, has identified a high grade northern extension of Verde with an intersection of 42.0m at 5.9 g/t AuEq
• GNDD-643 has filled a significant gap in the continuity of a lightly drilled area in the Central Verde Zone with an intersection of 70.0m at 1.0 g/t AuEq and 8.6m at 3.1 g/t AuEq
• Drilling continues to extend the footprint of the Verde Zone mineralisation with several high- grade intersections at depth open and requiring follow-up drilling

“Another excellent set of results as our extension and infill program at Hualilan progresses. We are encouraged by the intersection of new zones of high-grade mineralisation at depth on the northern margin of the Verde Zone as this appears to be a new high-grade target that will require follow up.

Importantly, we continue to see the trend of our infill drill holes generally surprising on the upside both in terms of mineralisation width and grade which is a positive. This often goes the other way in a resource drill out, but this has not been the case at Hualilan."

The highlight from this program was the intersection of 42.0m at 5.9 g/t AuEq in drill hole GNDD-711 which is an extension of the high-grade mineralisation north of the Verde Zone. The drilling continues to show the presence of coherent shoots of significantly higher-grade mineralisation at depth which remain open in several locations.

All results were received after the completion of the Company’s maiden Hualilan Gold Project ("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 drilling and will be updated in coming weeks. The Company is midway through an additional 50,000 metres of drilling which will take total CEL drill metres at Hualilan to 250,000 metres.

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