Challenger Exploration (ASX: CEL) (“CEL” or the “Company”) is pleased to announce the results received for a further three drill holes from the Colorado V concession in Ecuador. These three drill holes have each intersected over 100 metres of mineralisation, including 146m at 1.5 g/t gold, 1.8 g/t silver in hole ZK1-5. The results follow our discovery hole, ZK0-2, which intersected over 250 metres of mineralisation including 134m at 1.0 g/t gold and 4.1 g/t silver and reinforce the discovery of a significant large-scale gold system in the Colorado V concession in Ecuador.
- Drill hole ZK1-5 returned 146 metres at 1.5 g/t gold and 1.8 g/t silver including a significant high-grade core of 87 metres at 2.1 g/t gold and 1.9 g/t silver.
- All three drill holes encountered over 100 metres of mineralisation with hole ZK1-3 intercepting a total of 225 metres of significant gold mineralisation
- Results include (refer Table 1 for details):
- 146m at 1.5 g/t gold, 1.8 g/t silver from 211 metres (ZK1-5) (including 87m at 2.1 g/t gold, 1.9 g/t silver from 253 metres)
- 58m at 0.5 g/t gold, 1.9 g/t silver from 46 metres (ZK1-3) and (including 30m at 0.8 g/t gold, 3.1 g/t silver from 86 metres)
- 131m at 0.5 g/t gold, 3.1 g/t silver from 291 metres (ZK1-3) (including 78m at 0.7 g/t gold, 3.5 g/t silver from 303 metres)
- Results reinforce the presence of a significant large-scale gold system at the Colorado V Project in Ecuador
- The four holes with assays returned all contain mineralisation and cover 80 metres of a 500 metre long trend defined by small scale underground mine workings
- Mineralisation starts at surface along the 500 metre zone outcropping in a small open pit
- An additional 5 drill holes have now been sampled and submitted for assay
Commenting on the results, Challenger Exploration Managing Director, Mr Kris Knauer, said “Results from these three drill holes are important as they further confirm our discovery of a significant large-scale gold system. We were very pleased with drill hole ZK1-5. Not only did it deliver a significant intersection of 146m at 1.5g/t gold with a high grade interval of 87m a 2.1g/t gold it correlates well with the high grade portion of our discovery hole 80m along strike. Our strategy of focusing on Argentina to deliver a high-grade low capex gold mine that can be used to finance large-scale mining in Ecuador is certainly emerging nicely.”
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