Challenger Exploration (ASX: CEL) (“CEL” the “Company”)”) is pleased to announce results from drill hole GYDD-21-008 at its 100% owned El Guayabo Gold-Copper Project in El Oro Province, Ecuador. GYDD-21-008 delivered an exceptional wide and high-grade intercept that, coupled with a review of historical drilling, defines a continuous zone of higher-grade gold-copper-silver mineralisation that significantly upgrades the project and confirms CEL has a meaningful second project in South America.


Highlights

  • GYDD-21-008 encounters a significant zone of high-grade Au-Cu-Ag mineralisation intersecting 53.7 metres at 5.3 g/t AuEq2 within a broader zone of 257.8 metres at 1.4 g/t AuEq2 from near surface.
  • Significant intersections in hole GYDD-21-008 include (Refer Table 2):
    • 257.8m at 1.4 g/t AuEq2 - 0.8 g/t Au, 7.9 g/t Ag, 0.3 % Cu from 5.3m including;
    • 79.0m at 3.8 g/t AuEq2 - 2.4 g/t Au, 17.4 g/t Ag, 0.7 % Cu from 184.1m including;
    • 53.7m at 5.3 g/t AuEq2 - 3.5 g/t Au, 23.9 g/t Ag, 0.9 % Cu from 209.4m including;
    • 6.8m at 20.6 g/t AuEq2 - 16.9 g/t Au, 50.1 g/t Ag, 1.8 % Cu from 248.8m (GYDD-21-008).
  • Core logging confirms correlation with several historical holes into the same Au-Cu-Ag rich intrusive breccia containing extensive sheeted veining with historical intersections including:
    • 111.7m at 1.9 g/t AuEq2 - 0.7 g/t Au, 14.6 g/t Ag, 0.6 % Cu from 10.3m (JDH-009);
    • 116.2m at 1.4 g/t AuEq2 - 0.6 g/t Au, 8.9 g/t Ag, 0.4% Cu from 164.8m including 53.3m at 2.4 g/t AuEq2 - 1.2 g/t Au, 13.2 g/t Ag, 0.6% Cu from 227.8m and (JDH-006);
    • 150.0m at 1.0 g/t AuEq2 - 0.4 g/t Au, 11.0 g/t Ag, 0.4% Cu from 12.0m including 40.0m at 2.0 g/t AuEq2 - 0.6 g/t Au, 25.5 g/t Ag, 0.6% Cu from 14.0m (GY-005);
    • 215.0m at 0.9 g/t AuEq2 - 0.2 g/t Au, 9.6 g/t Ag, 0.4% Cu from 14.0m including 83.0m at 1.3 g/t AuEq2 - 0.2 g/t Au, 14.9 g/t Ag, 0.5 Cu from 14.0m and (GY-011).
  • CEL drillholes GYDD-21-006, GYDD-21-008 and the historical drilling define a consistent body of higher-grade Au-Cu-Ag mineralisation 100-150 metres true width, covering at least 150 metres of strike, starting at surface, and remaining open at depth and in both directions along strike.
  • Adds a significant second project to accompany CEL's flagship Hualian Gold Project.

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

“Drillhole GYDD-21-008 could be a watershed for our El Guayabo gold-copper Project in Ecuador. One of the most important factors in determining the success of any bulk style deposit is the presence, or not, of a high-grade zone of starter mineralisation.

GYDD-21-008's intersection of 53.7m at 5.3 g/t within a wider zone of 257.8 metres at 1.4 g/t coupled with historical intersections such as 111.7m at 1.9 g/t and 116.2 metres at 1.4 g/t, both from near surface, and now recognised as intersecting the same continuous zone as GYDD-21-008, leave us confident we have this high-grade zone of starter mineralisation at our El Guayabo Project."

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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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