Several 500 Metre Intersections Continue To Extend CEL's Gold Discoveries In Colorado V And Indicate Significant Scale

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from Phase 1 drilling targeting the CV-A and CV-B Au-Ag-Cu soil anomalies in the Colorado V concession ("Colorado V", the "Project") in El Oro Province, Ecuador. The results build on the first five CV-A and CV-B drill holes, all of which intersected over 450 metres of mineralisation, and confirm two Au-Cu-Ag-Mo discoveries of significance in Colorado V. Three of five drill holes reported in this release intersected over 500 metres of, and ended in, mineralisation.

Highlights

• Next 5 drill holes on the CV-A and CV-B soil anomalies in Colorado V, Ecuador, significantly expand the scale of mineralisation with results including 402.8m at 0.6 g/t AuEq (refer to Table 2).
• Intersection of 62.5 metres at 1.8 g/t AuEq within 181.0 metres at 1.0 g/t AuEq in CVDD-22-010 opens the potential for the Colorado V anomalies to contain significant higher grade zones.
  • 773.9m at 0.4 g/t AuEq²- 0.3 g/t Au, 1.3 g/t Ag, 0.1 % Cu, 11.8 ppm Mo from 114.5m including ;
    402.8m at 0.6 g/t AuEq² - 0.4 g/t Au, 1.7 g/t Ag, 0.1 % Cu, 10.9 ppm Mo from 182.3m including;
    299.8m at 0.7 g/t AuEq² - 0.5 g/t Au, 1.8 g/t Ag, 0.1% Cu, 11.7 ppm Mo from 182.3m including;
    180.9 m at 1.0 g/t AuEq²- 0.7 g/t Au, 2.4 g/t Ag, 0.1% Cu, 9.5 ppm Mo from 182.3m including;
    62.4 m at 1.8 g/t AuEq² - 1.5 g/t Au, 2.7 g/t Ag, 0.1% Cu, 7.0 ppm Mo (CVDD-22-010) (Hole ending in mineralisation)
  • 732.3 m at 0.3 g/t AuEq²- 0.2 g/t Au, 1.2 g/t Ag, 0.04% Cu, 8.0 ppm Mo from 73.9m including;
    247.2m at 0.5 g/t AuEq² - 0.4 g/t Au, 1.7 g/t Ag, 0.1% Cu, 5.8 ppm Mo from 251.0m including
    50.7 m at 0.9 g/t AuEq² - 0.8 g/t Au, 1.8 g/t Ag, 0.1% Cu,5.1 ppm Mo (CVDD-22-007) (Hole ending in mineralisation)
  • 504.3 m at 0.3 g/t AuEq²- 0.3 g/t Au, 1.4 g/t Ag, 0.1% Cu, 1.8 ppm Mo from 96.4m including;
    276.1m at 0.4 g/t AuEq² - 0.25 g/t Au, 1.5 g/t Ag, 0.1% Cu, 1.9 ppm Mo from 97.9m Including
    116.1m at 0.5 g/t AuEq² - 0.4 g/t Au, 2.6 g/t Ag, 0.1% Cu, 2.0 ppm Mo (CVDD-22-006) (Hole ending in mineralisation)
• Confirms both CV-A and CV-B as significant bulk gold discoveries with continuous mineralisation:
  • over a true width of 600 metres in CV-A and 400 metres in CV-B;
  • 500 metres of the 1 kilometre strike drilled to date in both anomalies;
  • from surface to almost 800 metres vertically at CV-A and surface to 500 metres at CV-B.

“These next 5 holes from Colorado V confirm our expectation that these two recent discoveries at the Project have the potential to be significant on the world stage. Three of these five drill holes ended in mineralisation and intersections such as 402.8 metres at 0.6 g/t AuEq, including 62.4 metres at 1.8 g/t AuEq, confirm we have a major gold porphyry system with multiple centers.

This round of results not only significantly extends the mineralisation from the discovery holes at the CV-A and CV-B anomalies, both of which are just a few kilometres along strike from the 17-million ounce Cangrejos Gold Project¹. It confirms both CV-A and CV-B as having the same geology, the same surface footprint, and the same mineralisation as Cangrejos.

The results include an intersection of 181.0 metres at 1.0 g/t AuEq including 62.5 metres at 1.8 g/t AuEq within a broader intersection of 402.8 metres at 0.6 g/t AuEq and 774 metres at 0.4 g/t AuEq to the end of the hole. This intersection confirms that the mineralisation at CV-A has a true width of over 600 metres and extends from surface to almost 800 metres and remains open at depth. Importantly, this is the first indication of wide zones of higher-grade mineralisation in the Company's drilling at Colorado V.

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