CEL extends Colorado V gold target by two kilometres

Challenger Exploration

Challenger Exploration (ASX: CEL) (“CEL” or the “Company”) is pleased to announce the results from first pass detailed geological mapping and rock chip sampling at the Colorado V concession in Ecuador. The surface mapping and sampling was designed to investigate two large soil anomalies believed to be the immediate strike extent of the recently announced bulk gold discovery which returned drill intercepts including 134 metres at 1.0 g/t gold and 4.1 g/t silver.

Highlights:

  • Detailed geologic mapping and rock chip sampling has returned high-grade gold at surface covering almost 2 kilometres of strike at the Company’s Colorado V project in Ecuador.

  • Notable results over this new 2 kilometres of strike include (refer Table 1 and 2 for details):

    • 2.0 g/t Au, 6.5 g/t silver (CV-055);

    • 5.0 g/t gold, 106 g/t silver, 1.2% copper (CV-072);

    • 10.2 g/t gold, 498 g/t silver (CV-092);

    • 14.4 g/t gold, 94.8 g/t silver (CV-096);

    • 1.3 g/t gold, 1.6 g/t silver (CV-101); and

    • 1.4 g/t gold, 55.0 g/t silver (CV-130)

  • Coincides with two large soil anomalies believed to be the immediate strike extent of the bulk gold discovery where CEL reported results including 146m at 1.5 g/t Au, 1.8 g/t Ag.

  • Both of these anomalies are identical to, but significantly larger than, the anomaly immediately along strike where drilling has returned broad gold intercepts.

  • Mapping and sampling identified several mineralised outcrops (both breccia and porphyry mineralisation) and alteration the same as the higher-grade zones seen in drilling immediately along strike.

  • Increases the potential strike extent of CEL’s recently discovered bulk gold system from 500 metres to 2.5 kilometres with mineralisation remaining open along strike.

/Public Release.