Exceptional results from sampling designed to allow CEL to include near surface mineralisation

Challenger Exploration

Highlights:

  • Outstanding results from rock saw channel sampling continues to extend the near surface highgrade gold mineralisation with results including (Tables 1 and 2):

    • 12.0m at 16.5 g/t AuEq2 – 13.8 g/t Au, 105.3 g/t Ag, 3.0 % Zn in MGNV10-05; and

    • 22.5m at 12.9 g/t AuEq2 – 9.8 g/t Au, 21.0 g/t Ag, 6.5% Zn in MGNV10-02;

    • Magnata Manto true width is 10-12 metres.

    • 35.0m at 3.3 g/t AuEq2 – 2.5 g/t Au, 41.0 g/t Ag, 0.7 % Zn in MGNV10-03;

    • Magnata M1 Fault true width is 5 – 7 metres;

    • 24.9m at 3.2 g/t AuEq2 – 2.0 g/t Au, 12.1 g/t Ag, 7.4 % Zn in MUNV10-02; and

    • 3.8m at 7.3 g/t AuEq2 – 3.1 g/t Au, 55.2 g/t Ag, 8.0 Zn in MUNV10-03;

    • Muchilera Manto true width is 4 – 8 metres.

  • Channel RNNV11-01 in an access tunnel directly up plunge within one of the high-grade shoots in the Main Manto at Cerro Norte returned 96.5 metres at 15.4 g/t AuEq including:

    • 15.9m at 16.3 g/t AuEq2 – 7.6 g/t Au, 66.7 g/t Ag, 18.02% Zn and;

    • 4.2m at 34.6 g/t AuEq2 – 33.2 g/t Au, 49.2 g/t Ag, 1.9% Zn and;

    • 20.8m at 24.4 g/t AuEq2 – 17.2g/t Au, 63.5g/t Ag, 14.6% Zn including;

    • 2.1m at 104.8 g/t AuEq2 – 103.0 g/t Au, 129g/t Ag, 0.4% Zn;

    • Main Manto Cerro Norte true width is 9 – 10 metres.

  • Results confirm significant high-grade extensions to the mineralisation up-dip from drilling.

  • Channel RNNV11_01 (96.5 metres at 15.4 g/t AuEq) demonstrates the lateral continuity of the mineralisation with only 1 of 49 individual 2-metre splits returning less than 3 g/t AuEq.

  • This is a significant step supporting CEL’s strategy to deliver a high grade shallow resource that the Company hopes will enable a low capex, high margin starter mining operation.

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