Significant extensions to high-grade mineralisation in multiple drill holes at Challenger’s Hualilan Gold Project

Challenger Exploration

Significant extensions to the high-grade mineralisation in multiple drill holes at Challenger’s Hualilan Gold Project

Highlights

· Step out drilling at Magnata has delivered several significant high-grade gold intersections plus broad zones of near surface mineralisation including (Refer Table 1):

▪ 5.2m at 21.0 g/t AuEq2 – 16.7 g/t Au, 128.9 g/t Ag, 6.1% Zn from 56.8m including; 3.8m at 25.8 g/t AuEq2 – 21.1 g/t Au, 147.5 g/t Ag, 6.6% Zn from 60m (GNDD-189)

▪ 21.8m at 4.5 g/t AuEq2 3.6m – 2.4g/t Au, 22.2 g/t Ag, 4.0% Zn from 299m including 3.6m at 16.2 g/t AuEq2 – 9.3 g/t Au, 96.8 g/t Ag, 13.1% Zn from 302.3m,(GNDD-203);

▪ 3.1m at 10.2 g/t AuEq2 – 6.1g/t Au, 52.0 g/t Ag, 8.1% Zn from 60.8m and (GNDD-195);

▪ 76.0m at 1.8g/t AuEq2 – 1.0g/t Au, 31.0g/t Ag, 0.9% Zn from 24m including; 11.3m at 9.7 g/t AuEq2 – 6.4 g/t Au, 64.1 g/t Ag, 5.3% Zn from 60.9 including 6.0m at 15.5 g/t AuEq2 – 10.7 g/t Au, 109 g/t Ag, 7.9% Zn from 60.9 and 4.0m at 4.9 g/t AuEq2 – 0.2 g/t Au, 359 g/t Ag, 0.3% Zn from 96 (GNDD-174)

▪ GNDD-203 is the deepest hole drilled on the Magnata Fault and extends mineralisation 100 metres below the previous deepest intersection with mineralisation strong and open at depth.

▪ GNDD-203 also encountered a wide zone of near surface mineralisation which significantly expands the footprint of the bulk mineralisation that lies above the main high-grade zone.

▪ GNDD-174 intersected 6.0m at 15.5 g/t AuEq2 plus an unexpected broad zone of mineralisation above the high-grade zone returning 76.0m at 1.8g/t AuEq2 from near surface.

▪ GNDD-174 also extended the intrusive hosted mineralisation encountered in GNDD-157 south along strike and up-dip intersecting 40 metres of mineralisation in intrusives.

▪ GNDD-189 (5.2m at 21.1 g/t AuEq2) and GNDD-195 (3.1m at 10.2 g/t AuEq2) both extended the high-grade mineralisation encountered in GNDD-174 down-dip.

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