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CEL extends the scale of the intrusion-hosted gold discovery

CEL
Figure 1 - Showing conceptual intrusion-hosted gold target bridging the Gap Zone with the location of GNDD-025 and other drill holes that have intercepted altered dacite with assays pending

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.

Figure 2 – Cross section showing GNDD-025 and GNDD-051
  • 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: 
    •  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

CEL extends high-grade gold at Hualilan 100 metres along strike

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.

Commenting on the results, CEL Managing Director, Mr Kris Knauer, said “Assays from the bottom half of drill hole GNDD-025, which was our discovery hole into the porphyry mineralisation, has extended the mineralisation to the bottom of the hole. The hole returned a complete intercept of 88 metres at 0.94 g/t gold, 2.2 g/t silver and ended in 1.0 g/t gold mineralisation. This builds on CEL’s gold in porphyry target which covers 1 kilometre of strike in the Gap Zone between Cerro Norte and Cerro Sur, and is defined by intersections of 116 metres at 1.2 g/t AuEq and 88 metres at 1.0 g/t AuEq at either end.

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