CEL extends scale of intrusion-hosted gold discovery at Hualilan Gold Project

Challenger Exploration (ASX: CEL)

Challenger Exploration (ASX: CEL) (CEL or the Company) is pleased to announce that assays for the bottom half of the discovery drill hole GNDD-025 have extended the scale of the discovery of a new style of intrusion-hosted gold mineralisation at the Company’s Hualilan Gold Project.

  • Assays for the bottom half of discovery drill hole GNDD-025 increase the scale of the new intrusion-hosted gold discovery

  • Extends the mineralisation to the bottom of the hole with the last 2 metres of the hole returning 1.0 g/t gold ▪

  • GNDD-025 returned a complete intercept of (refer Table 1):

    • 88 metres at 0.94 g/t gold, 2.2 g/t silver, 0.10% zinc (ending in mineralisation)

    • including 37 metres (surface oxidised) at 1.8 g/t gold, 4.2 g/t silver from 53 metres

  • CEL’s 1 kilometre intrusion-hosted discovery is now defined by intersections of 116 metres at 1.2 g/t AuEq and 88 metres at 1.0 g/t AuEq at either end of this undrilled target

  • Major synergies from an exploration and mine development perspective with the porphyry hosted gold contiguous to, and underlying, the existing high-grade mineralisation

Drill hole GNDD-025 has returned a complete intersection of 88 metres at 0.94 g/t gold, 2.2 g/t silver, 0.1% zinc from 53 metres to the end of the hole in dacite porphyry containing iron oxide, silica, and pyrite alteration (previously 50 metres at 1.4 g/t gold, 3.4 g/t to 103 metres). Importantly, mineralisation remains strong and open at depth, with the final two metres of the hole grading 1.0 g/t gold and 0.5 g/t silver. The top of the intercept includes a higher-grade zone of 37 metres at 1.8 g/t gold, 4.2 g/t silver down to the base of oxidation which occurs at 90 metres downhole, which is potentially related to supergene enrichment.

/Public Release.