Challenger Exploration (ASX:CEL) - Managing Director, Kris Knauer
Managing Director, Kris Knauer
Source: Challenger Exploration
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  • Challenger Exploration (CEL) confirms gold, copper and silver mineralisation over multiple zones at its El Guayabo project in Ecuador
  • The company received assay results for a further six holes from its recent drilling program, with two holes intercepting over 600 metres of mineralisation
  • Managing Director Kris Knauer says the results confirm a “major discovery” and believes that it will “significantly exceed…early expectations”
  • While assays are pending for a further three drill holes, the company plans to undertake follow up drilling immediately
  • Challenger was down 1.49 per cent and trading at 33 cents

Challenger Exploration (CEL) has confirmed gold, copper and silver mineralisation over multiple zones at its El Guayabo project in Ecuador.

The company has received results for a further six holes from its recent drilling program, with two holes intercepting over 600 metres of mineralisation.

Four of the six holes ended in mineralisation, which included hole GYDD-21-011 that stopped drilling at 310 metres due to drilling problems 300 metres above the main target.

Results include 307.9 metres at 0.6 grams per tonne (g/t) gold equivalent, 809.9 metres at 0.3 g/t gold equivalent and 692.7 metres at 0.3 g/t gold equivalent.

The company said the results confirm the discovery of a significant intrusion hosted gold-copper-silver-molybdenum system with multiple centres of mineralisation, all of which have returned ore grade intercepts.

Mineralisation at the project remains open in all directions and Challenger is awaiting assay results from a further three holes.

Managing Director Kris Knauer said the results have confirmed the company has made a major discovery that he believes will significantly exceed early expectations.

“We have extended the main discovery zone to over one kilometre of strike and in the central part of this zone, the mineralisation is one kilometre wide and remains open in all directions,” he said.

“Drilling on the first two of fifteen targets away from the discovery zone intersected significant mineralisation…”

“Intercepts of 700 metres of gold-copper-silver mineralisation, at the first anomaly and 300 metres in the second, show we have a major system with multiple centres of mineralisation.”

This follows the first seven drill holes which recorded “significant” intersections including 257.8 metres at 1.4 grams per tonne g/t.

The company plans to undertake follow-up drilling immediately, once its drilling program at the adjoining Colarado V concession is completed.

On the market this afternoon, Challenger was down 1.49 per cent and trading at 33 cents per share at 1:06 pm AEST.

CEL by the numbers
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