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- Challenger Exploration (CEL) has discovered a new high-grade zone of mineralised intrusives at the Hualilan Gold Project in Argentina
- The discovery was made following results from one hole that was drilled as part of an ongoing 45,000-metre drilling program
- This hole targeted high-grade mineralisation at the Magnata Fault and also aimed to test the potential for mineralised intrusives south of the fault
- Pleasingly, Challenger has interpreted the confirmed intrusives north and south of the Magnata Fault as one large zone, extending north-south over 500 metres of strike and remains open in both directions
- Due to this discovery, Challenger has planned to drill a series of new holes and extensions
- Challenger Exploration is up 6.78 per cent, and shares are trading at 31.5 cents
Challenger Exploration (CEL) has received results from a drill hole, which has confirmed the discovery of a new gold zone.
Hole GNDD-157 was drilled as part of an ongoing 45,000-metre drilling program at the Hualilan Gold Project which is located in the San Juan Province, Argentina.
The drill hole aimed to target the high-grade Magnata Fault mineralisation and to test the potential for mineralised intrusives south of the Magnata Fault following the results of hole GNDD-134.
Pleasingly, GND-157 confirmed the discovery of a high-grade zone of mineralised intrusives south of the Magnata fault.
Results include 130.8 metres at 2.5g/t gold equivalent (2.3g/t gold, 1.6g/t silver, 0.5 per cent zinc) from 237.2 metres. This built on a previously announced result of 12 metres at 20.9g/t gold equivalent (20.4g/t gold, 4.8g/t silver, one per cent zinc) from 289 metres.
Before GNDD-134 and GNDD-157 were drilled, mineralised intrusives hadn’t been intersected south of the Magnata fault. However, north of the structure, the mineralised zone in the intrusives extends for 100 metres and has a 50 to 100-metre width.
Challenger now interprets these zones of mineralised intrusives north and south of the Magnata Fault as one large zone, which extends north-south over 500 metres of strike and remains open in both directions. Mineralisation has been defined over 400 metres vertical extent from surface and remains open at depth.
“This is yet another transformational result from our flagship Hualilan Gold project. This intercept of 131 metres at 2.5g/t gold equivalent has confirmed that a known zone of 100 metres length covers at least 500 metres of strike, 400 metres of vertical extent, and remains open in all directions,” said Managing Director Kris Knauer.
Due to this discovery, Challenger has planned to drill a series of new holes and extensions to existing drill holes.
“We are waiting on assays for six more drill holes which were designed to expand this new discovery. Further, we are currently drilling two more holes designed to test the limits of this new zone with a number of follow up holes programmed,” Kris concluded.
Challenger Exploration is up 6.78 per cent, and shares are trading at 31.5 cents at 10:19 am AEDT.
