Challenger Exploration (ASX: CEL) (“CEL” or the “Company”)”) is pleased to provide its Quarterly Activities Report for its Gold and Copper projects in Argentina and Ecuador for the period ended 31 December 2021 (“Quarterly”, “Reporting Period”).

Highlights

  • Hualilan Gold Project - San Juan, Argentina
    • Continued to return outstanding results with 83 holes completed and 10 extended for 30,170 metres during the Quarter with results significantly expanding mineralisation.
      • On track to complete the remaining 67,000 metres of drilling in the next 5 months with 9 rigs programmed to be on site during the remainder of this program.
    • Next round of drilling at Sentazon returned best result received at Hualilan on a gram x metres basis breaking the previous record from DDH-71 (10.0m at 39.7 g/t AuEq), by more than 50%.
      • 63.3m at 9.8 g/t AuEq2 - 8.5 g/t Au, 7.9 g/t Ag, 2.9% Zn from 108.3m including; 24.1m at 23.3 g/t AuEq2 - 20.4 g/t Au, 15.9 g/t Ag, 6.2% Zn from 113.60m and; 1.9m at 17.2 g/t AuEq2 - 13.5 g/t Au, 23.1g/t Ag, 7.8% Zn from 168.7m (GNDD-378).
  • The first holes drilled with the portable rig targeting up-dip extensions of the high-grade mineralisation in the Hualilan Hills returned outstanding results including:
    • 5.0m at 19.9 g/t AuEq2 - 17.3 g/t Au, 30.1 g/t Ag, 5.1% Zn from 15.0m including; 3.0m at 32.5 g/t AuEq2 - 28.2 g/t Au, 49.8 g/t Ag, 8.3% Zn (GNDD-397).
    • 5.4m at 28.7 g/t AuEq2 - 28.6 g/t Au, 11.1 g/t Ag from 24.4m inc 2.4m at 60.2 g/t AuEq2 - 60.0 g/t Au, 20.4 g/t Ag from 26.0m within 67.6m at 2.6 g/t AuEq2 - 2.5 g/t Au, 2.6 g/t Ag from 24.4m (GNDD-434)
  • Drilling on the Magnata Fault extended the high-grade Magnata Fault mineralisation to 520 metres strike and 500 metres vertically with mineralisation still open in all directions.
    • 4.2m at 16.1 g/t AuEq2 - 10.4 g/t Au, 61.5g/t Ag, 11.4% Zn from 330.8m (GNDD-370)
    • 4.0m at 16.9g/t Au from 240.0m (silver and base metal results pending) (GNDD-416).
  • Drillhole GNDD-450 testing the prognosed position of the Verde Zone across the Magnata Fault approximately 400 metres south of the known Verde mineralisation intercepted:
    • 97.8m at 2.2 g/t AuEq2 - 1.7 g/t Au, 11.9g/t Ag, 0.9% Zn from 313.5m including

16.8 at 9.7 g/t AuEq2 - 7.1 g/t Au, 50.7 g/t Ag, 4.4% Zn from 376.2m including

4.8m at 30.0 g/t AuEq2 - 21.6 g/t Au, 9.3 g/t Ag, 0.2% Zn from 376.2 (GNDD-450)

  • El Guayabo/Colorado V Gold/Copper Projects - El Oro, Ecuador
    • First drill hole in 100% owned El Guayabo concession in Ecuador has intersected significant Au-Cu-Ag-Mo mineralisation over 784 metres from 16.2m to the end of the hole at 800.5m.
      • 784.3m at 0.4 g/t AuEq2 - 0.2 g/t Au, 1.6 g/t Ag, 0.1 % Cu from 16.2m including; 380.5m at 0.5 g/t AuEq2 - 0.3 g/t Au, 2.0 g/t Ag, 0.1 % Cu from 167.5m including; 188.5m at 0.6 g/t AuEq2 - 0.4 g/t Au, 2.3 g/t Ag, 0.1 % Cu from 359.5m including; 21.0m at 1.1 g/t AuEq2 - 0.8 g/t Au, 3.0 g/t Ag, 0.2 % Cu, from 403.0m and30.0m at 1.1 g/t AuEq2 - 0.8 g/t Au, 2.6 g/t Ag, 0.2 % Cu, from 468.5m (Drillhole GYDD-21-001 with the hole ending in mineralisation)

CORPORATE

The Company has allotted the final 4 million of the 18 million shares under the acquisition agreement to complete the 100% acquisition of the El Guayabo Project in Ecuador.

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This article includes content from Challenger Exploration, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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