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Challenger Exploration (ASX:CEL) - Managing Director, Kris Knauer
Managing Director, Kris Knauer
Source: 121 Mining Investment TV
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  • Challenger Exploration (CEL) receives further results from ongoing metallurgical testing at its Hualilan Gold Project in Argentina
  • This testing is continuing to significantly increase the concentrate grade while still maintaining gold recoveries above 90 per cent
  • So far, gold concentrate grades have peaked at 53.6 grams of gold per tonne (g/t) with a peak recovery of 93.4 per cent
  • Exploratory cyanide leach testing has now begun to increase gold recoveries above 90 per cent more often
  • Challenger is down 1.79 per cent on the market with shares trading at 27.5 cents at 12:03 pm AEST

Challenger Exploration (CEL) has received further results from ongoing metallurgical testing at its Hualilan Gold Project.

The Hualilan Project spans 26 square kilometres and lies 120 kilometres north-northwest of San Juan in Argentina.

This testing is continuing to significantly increase the concentrate grade while still maintaining gold recoveries above 90 per cent.

So far, this work has produced a best concentrate grade of 53.6 grams of gold per tonne (g/t) and 284g/t silver at recoveries of 93.4 per cent and 70.4 per cent, respectively.

These results are extremely encouraging for Challenger and are above its expectations.

Exploratory cyanide leach testing has begun and should this process recover 70 per cent of the gold and silver, the potential exists to increase gold recoveries above 90 per cent.

Managing Director Kris Knauer is pleased with the increase in the concentrate grade as it is beneficial for the company and future work.

“The 70 per cent increase in the gold grade of the concentrate from 31.4 g/t to as high as 53.6 g/t provides a material and positive impact on potential economics,” Mr Knauer said.

“It delivers a significant increase in concentrate playability and sizeable reduction in concentrate transport costs for the intrusion-hosted mineralisation we expect will provide the majority of the ounces at Hualilan.”

“The fact that this upgrade can be achieved whilst still maintaining gold recoveries comfortably above 90 per cent has certainly exceeded our most optimistic expectations.”

Challenger was down 1.79 per cent on the market with shares trading at 27.5 cents at 12:03 pm AEST.

CEL by the numbers
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