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Challenger Exploration (ASX:CEL) - Managing Director & CEO, Kris Knauer
Managing Director & CEO, Kris Knauer
Source: Finance News Network
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  • Challenger Exploration (CEL) believes initial results from assaying historical holes at the Colorado V Project confirm the presence of a large-scale gold system
  • Historical drilling at the project in Ecuador targeted high-grade vein hosted gold mineralisation and the holes were not assessed for bulk tonnage gold or base metal mineralisation
  • Challenger is now logging and assaying 56 historical drill holes and has received results from hole ZK-02, revealing bulk gold mineralisation over 250 metres
  • Managing Director Kris Knauer said these results indicate the potential presence of a large-scale gold system and that assaying of holes along strike from ZK-02 will now be prioritised
  • Challenger Exploration shares are trading flat for 22.5 cents each

Challenger Exploration (CEL) believes initial assay results from the Colorado V Project confirm the presence of a large-scale gold system.

Historical drilling at the project in Ecuador targeted high-grade vein hosted gold mineralisation and the holes were not assessed for bulk tonnage gold or base metal mineralisation.

Challenger is now logging and assaying 56 historical drill holes and has received assay results from hole ZK-02. These revealed that the hole encountered bulk gold mineralisation over 250 metres.

That mineralisation was contained within three broad zones, the frist of which was 95 metres at 0.3 grams per tonne of gold and 1.7 grams per tonne of silver from 13 metres.

The second zone of 20 metres graded 0.3 grams per tonne of gold and 2.1 grams per tonne of silver from 173 metres.

The third zone intersected in ZK-02 extended 151 metres at an average grade of 0.9 grams per tonne of gold and 3.8 grams per tonne of silver.

ZK-02 is located within a 500-strike zone which was defined by small-scale underground mine workings and Challenger Managing Director Kris Knauer said these results indicate the potential presence of a large-scale gold system.

“We are very excited about the initial assay results from our Colorado V Gold Project in Ecuador. We believe that we have a large-scale gold discovery with significant potential,” Kris commented.

“We continue to log and assay the 56 historic drill cores in Ecuador. Holes drilled along strike from ZK0-2 will now be prioritised in the assaying program in addition to those drill holes in which we have logged potential porphyry mineralisation.”

The company is expecting to receive assay results soon from the nearby Zk-01 and ZK1-3 drill holes.

Challenger Exploration shares are trading flat for 22.5 cents each at 1:43 pm AEST.

CEL by the numbers
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