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Challenger Exploration (ASX:CEL) - Managing Director & CEO, Kris Knauer
Managing Director & CEO, Kris Knauer
Source: Challenger Exploration
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  • Conceptual target drills at Challenger Exploration’s (CEL) Hualian Project in Argentina have indicated further base and precious metal mineralisation trends
  • The three-hole drill effort was undertaken in a bid to test targets generated by the company’s recent geophysics programme and returned notable findings like 1.1 /t gold equivalent 3.6g/t silver and 0.1 per cent zinc
  • In a broader context, Challenger says it represents a new mineralisation trend at the prospect and marks the first of several similar geophysical targets set to be drill tested at the project
  • According to CEL, induced polarisation coverage will now be extended to cover the remainder of Hualilan
  • Challenger shares are trading flat at 31.5 cents

Conceptual target drills at Challenger Exploration’s (CEL) Hualian Project in Argentina have indicated further base and precious metal mineralisation trends.

Based on CEL’s recent geophysical analysis, three holes were executed in an area with no previous drilling to expand the prospect and test a target generated by its recent geophysics programme.

The drills were undertaken 200 metres west and 500 metres north of the currently defined mineralisation in the “Gap Zone”, with all three holes intersecting broad zones of mineralisation.

Notable results include 125.5 metres at 1.1 g/t gold equivalent of 1.1g/t gold, 3.6g/t silver and 0.1 per cent zinc, including 29 metres at 4.0g/t gold equivalent.

This new “Western Zone” is interpreted as a new trend of mineralisation by Challenger and appears to have the same north-south orientation as the known
zone of intrusive-hosted mineralisation in the “Gap Zone”.

These drills marks the first of several similar geophysical targets set to be drill tested, with the results upgrading the additional targets situated to the east and west of existing mineralisation.

More broadly, Challenger affirms it indicates the potential that this new zone and the existing zones of mineralisation in intrusives join to form one potentially much larger zone at depth.

According to CEL, induced polarisation coverage will now be extended to cover the remainder of Hualilan.

Challenger’s Exploration Managing Director, Kris Knauer, said it’s an exciting time to be a Challenger shareholder.

“The fact that they were the first holes to test one of many similar conceptual targets generated by our surface magnetics and geophysics is even more encouraging,” he commented.

“Hualilan keeps on delivering and expanding,” he concluded.

Challenger shares are trading flat at 31.5 cents at 11:52 am AEDT.

CEL by the numbers
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