Significant Discovery At "Sentazon Deeps" With Several High-Grade Intersections Including 40 Metres At 4.2 g/t AuEq

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. These results will feed Into a planned mineral resource update in the first quarter of 2023.

Highlights

• Extension drilling at Sentazon delivers outstanding results with the discovery of a significant new zone of mineralisation at depth plus extensions to the south along strike.
  
• Results include:
  • 50.0m at 3.4 g/t AuEq¹ - 2.4 g/t Au, 16.8g/t Ag, 1.8% Zn from 441.0m including,
    40.0m at 4.2 g/t AuEq¹ - 2.9 g/t Au, 20.9 g/t Ag, 2.2% Zn from 441.0m including,
    22.5m at 7.0 g/t AuEq1 - 4.8 g/t Au, 33.5 g/t Ag, 3.8% Zn from 456.5m and,
    
    9.1m at 2.4 g/t AuEq¹ - 2.2 g/t Au, 13.1 g/t Ag, 0.1% Zn from 507.9m including,
    1.8m at 11.7 g/t AuEq¹ - 10.8 g/t Au, 62.3 g/t Ag, 0.3% Zn from 507.9m (GNDD-316ext);
    
    
  • 16.5m at 5.9 g/t AuEq¹ - 4.1 g/t Au, 18.9 g/t Ag, 3.4% Zn from 53.0 including,
    10.5m at 9.3 g/t AuEq¹ - 6.5 g/t Au, 29.6 g/t Ag, 5.3% Zn from 59.1m including,
    4.1m at 18.9 g/t AuEq¹ - 13.8 g/t Au, 58.3 g/t Ag, 9.4% Zn from 59.9 (GNDD-670);
    
    
  • 21.2m at 2.7 g/t AuEq¹ - 2.1 g/t Au, 18.3 g/t Ag, 0.7% Zn from 409.2 including,
    3.8m at 6.5 g/t AuEq¹ - 4.0 g/t Au, 68.9g/t Ag, 3.5% Zn from 409.2m and,
    1.9m at 8.5 g/t AuEq¹ - 8.3 g/t Au, 10.3 g/t Ag, 0.3% Zn from 428.5 (GNDD-675);
    
    
  • 36.0m at 1.0 g/t AuEq¹ - 0.9 g/t Au, 4.5 g/t Ag, 0.2% Zn from 301.0m including,
    
  • 6.5m at 4.0 g/t AuEq¹ - 3.3 g/t Au, 13.8 g/t Ag, 1.0% Zn from 330.5m and (GNDD-628A);
    
    
• GNDD-316e, a 217 metre extension to GNDD-316, in a lightly drilled area on the northern margin of Sentazon discovers a significant new zone of high-grade mineralisation at depth
• GNDD-675 confirms this new zone "Sentazon Deeps" has significant scale
• Several holes extend the mineralisation at Sentazon over 100 metres south of, and 400 metres downdip of, the current mineral resource boundary with mineralisation remaining open

Commenting on the drilling at Sentazon, CEL Managing Director, Mr Kris Knauer, said

“This is an outstanding set of results from our flagship Hualilan Gold project. Not only have we discovered a new zone of mineralisation at depth with an intercept including 22.5 metres at 7.0 g/t gold equivalent, several drill holes into this new discovery zone have confirmed it has significant scale.

Additionally, we have extended the mineralisation another 100 metres past the southern boundary of the resource with multiple ore grade intersections. Indeed, Hualilan looks to be really opening up to the south; which is not a total surprise given Sentazon has highest temperature mineral assemblage at Hualilan which is indicative of it being close to the centre rather than the edge of thedeposit."

The results, from extension drilling at Sentazon which is the southern limit of the current MRE, demonstrate a significant increase in the scale of the mineralisation at Sentazon. The strike extent of Sentazon has been extended from 150 to 250 metres with mineralisation remaining open along strike to the south. Additionally, drilling has confirmed the discovery of a significant new zone of high-grade mineralisation at depth "Sentazon Deeps: which has been intersected in several drill holes.

SENTAZON MINERALISATION

Sentazon is the southernmost mineralisation defined historically at Hualilan and was described historically as;

"Manto-style" high grade lenses, oriented parallel to the limestone beds, caused by the replacement of the limestone beds with massive sulphides. The Sentazon Manto is one of three en-echelon manto zones at Cerro Sur, over a combined strike interval of 330 metres, the others being the Muchilera and Magnata Manto's both to the north. Mineralisation dips 40 to 70 degrees west and is open at depth."

Sentazon continues to grow in importance. It was historically lightly drilled as it was considered to be complex and of limited in extent. Sentazon contributed 333,655 ounces of gold equivalent at a grade of 5.3 g/t AuEq² to the current 2.1 Moz Mineral Resource Estimate and mineralisation at Sentazon remains open along strike and at depth and continues to expand.

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