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Challenger Exploration (ASX:CEL) - Managing Director, Kris Knauer - The Market Herald
Managing Director, Kris Knauer
Source: 121 Mining Investment TV
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  • Challenger Exploration (CEL) has received results from its recent drilling program at its flagship Hualilan Gold Project in Argentina
  • This drilling program was designed to test for extensions at the Magnata Fault and infill and extend the mineralisation in the Gap Zone
  • Drilling to the north and the south of the Magnata Fault identified a 300-metre zone of intrusion-hosted mineralisation
  • Up to 21.9g/t gold, 16g/t silver and 0.4 per cent was intersected and mineralisation remains open to the north
  • 16 holes were drilled at the Gap Zone to better define the width of the mineralisation and infill existing mineralisation
  • Additionally, up to 6.4g/t gold, 6.4g/t silver and 0.1 per cent zinc was intersected
  • Challenger is up 1.49 per cent, trading at 34 cents

Challenger Exploration (CEL) has received results from its recent drilling program at its flagship Hualilan Gold Project.

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

This drilling program was designed to test for extensions at the Magnata Fault and infill and extend the mineralisation in the Gap Zone.

Magnata

Drilling to the north and the south of the Magnata Fault identified a 300-metre zone of intrusion-hosted mineralisation.

The mineralisation measures between 50 to 100 metres in width and dips steeply to the west. Additionally, it remains open to the north along strike.

Best results include 9.2 metres at 22.2g/t gold equivalent (21.9g/t gold, 16g/t silver and 0.4 per cent zinc) from 69 metres and 69.2 metres at 3.4g/t gold equivalent (3.3g/t gold, 4.8g/t silver and 0.1 per cent zinc) from nine metres.

Given the results returned, Challenger will test the potential extensions to the north.

Gap Zone

16 holes were drilled at the Gap Zone to better define the width of the mineralisation and infill existing mineralisation.

Better results include 44 metres at 3.3g/t gold equivalent (3.2g/t gold, 4.5g/t silver and 0.1 per cent zinc) containing a higher grade zone of 20.6 metres at 6.6g/t gold equivalent (6.4g/t gold, 6.4g/t silver and 0.1 per cent zinc).

"Another excellent set of results from our flagship Hualilan Gold Project. Given the significant width of the mineralisation and the attractive grade success stepping further north along strike has the potential to add ounces very quickly," Managing Director Kris Knauer said.

"The infill drilling in the Gap Zone mineralisation has also been encouraging. Importantly, this drilling has intersected some unexpected high-grade zones, leading us to believe that high-grade mineralisation in the intrusives is more extensive than we had anticipated," he added.

Challenger is up 1.49 per cent on the market and shares are trading at 34 cents at 12:26 pm AEST.

CEL by the numbers
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