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”).


  • 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)


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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