Challenger Exploration (ASX:CEL) - Managing Director, Kris Knauer
Managing Director, Kris Knauer
Source: Challenger Exploration
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  • Challenger Exploration (CEL) drilling extends mineralisation at its Hualilan gold project in Argentina and opens the door to several new high-grade targets
  • Several new zones of mineralisation were intersected at or near the project’s Sanchez Fault and Verde Zone
  • The company says it is fully funded for the next two years with cash at bank of $30 million and has committed to a nine-rig, 120,000 metre drill campaign at Hualilan
  • Managing Director Kris Knauer says latest assay results have considerable potential to add significant ounces to the project
  • CEL shares steady at 29 cents

Challenger Exploration (CEL) diamond drilling has “significantly” extended mineralisation at its flagship Hualilan gold project in Argentina and unveiled several new high-grade targets.

The company said the latest assay results came from a series of exploration drill holes aimed at testing new geological concepts and detecting mineralisation beyond existing resource boundaries.

Notable intersections included 97.8 metres grading 2.2 grams per tonne gold equivalent from 313.5 metres from the Verde Zone and three metres at 14.3 g/t gold equivalent from 224 metres from the Sanchez Fault.

Challenger said both intercepts extend mineralisation by 400 metres.

Managing Director Kris Knauer said the recent round of drill intercepts could potentially add significant ounces to the Hualilan project.

“Beyond the areas where previous drilling has been focused, this series of exploration drill holes demonstrates that Hualilan has a lot more to offer,” he said.

Hualilan hosts a non-JORC historical measured, indicated and inferred mineral resource estimated at 1.42 million tonnes averaging 13.7 g/t gold equivalent for 627,000 ounces of contained gold equivalent.

The company said it was fully funded for the next two years with a bank balance of $30 million and has committed to a nine-rig, 120,000-metre drill program at Hualilan.

CEL shares were flat at 29 cents at 1.03 pm AEDT.

CEL by the numbers
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