Two New Gold-Copper Discoveries at Colorado V with 500 Metre Intercepts in First Two Drill Holes.

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from drill holes GYDD-22-014 to GYDD-22-016 in the El Guayabo concession and CVDD-22-001 and CVDD-22- 002, the first two drillholes on the Colorado V concession in El Oro Province, Ecuador.

• First drill holes on the CV-A and CV-B Au-soil anomalies in Colorado V both intercepted 500 metres of mineralisation from surface to the end of the hole with results including (refer Table 1):

• Confirms two Au-Cu-Ag-Mo discoveries of significant scale. Both Au-soil anomalies are 1 kilometre long and 500 metres wide and lie within a structural corridor over a 3 kilometre strike distance.
• CEL has drilled five of fifteen regionally significant Au-soil anomalies with over 500 metres of mineralisation intersected at all anomalies, confirming the potential for a major bulk gold system.
• El Guayabo drilling continues to deliver with the next two drill holes on the main discovery zone confirming at least 1 kilometre of continuous mineralisation which remains open in all directions

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

“We have been eagerly awaiting the results from our first holes testing the CV-A and CV-B soil anomalies at Colorado V. These anomalies are just a few kilometres on strike from the 22 million ounce Cangrejos Gold Project1 . The anomalies have the same geology and surface footprint as Cangrejos and have now produced the same grades.

While Hualilan in Argentina remains our primary focus we are beginning to get excited about Ecuador. We have drilled five of fifteen regional gold-soil anomalies and all five have returned significant mineralisation. Our project lies just across the tenement boundary from one of the largest undeveloped gold projects in the world and we have something I believe has the potential to become a Tier 1 gold asset over time."

The first two drill holes at Colorado V, where the Company is farming in to earn an initial 50% interest, have confirmed significant Au-Cu-Ag-Mo discoveries in the first two regional gold in soil anomalies to be drilled by the Company. The Colorado V concession adjoins CEL's 100% owned El Guayabo concession to the south and the Cangrejos concession which hosts the 17 million ounce Cangrejos Gold Project1 , to the north. The new discoveries have significant scale with both Au-soil anomalies 1 kilometre long and 500 metres wide and lying within a structural corridor with over 3 kilometre strike distance.

The next three drill holes in the 100% owned El Guayabo concession all recorded significant intercepts. Drill holes GYDD-22-015 (305.7m at 0.5 g/t AuEq) and GYDD-22-016 (265.4m at 0.5 g/t AuEq including 107.6 metres at 0.9 g/t AuEq) have confirmed that the mineralisation on the main discovery zone is continuous over 1 kilometre strike and remains open at depth and along strike.

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