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Challenger Exploration (ASX:CEL) - Managing Director & CEO, Kris Knauer
Managing Director & CEO, Kris Knauer
Source: Finance News Network
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  • Challenger Exploration (CEL) has restarted work at its projects in Ecuador following the approval of Workplace COVID-19 protocols
  • The company has been re-assaying historical drill cores from the two adjacent tenements to gain a better understanding of the potentially rich gold and base metal systems
  • Challenger’s main focus is to continue the re-assay work on 55 historical drill cores from the Colorado V prospect
  • The first core yielded over 250 metres of gold mineralisation through three zones, including 134 metres at 1.0 grams per tonne (g/t) gold and 4.1 g/t silver
  • The company has now re-assayed around 1000 metres of historical cores from the El Guayabo prospect, with promising results
  • Challenger will continue the re-assaying program to generate targets for further mapping and drilling across the two projects
  • Challenger Exploration closed Wednesday’s session 13 per cent lower at 23.5 cents per share

Challenger Exploration (CEL) has restarted work at its projects in Ecuador following the approval of Workplace COVID-19 Protocols.

The company has been undertaking a re-assaying program of historical drill cores from the two adjacent tenements to gain a better understanding of the potentially rich gold and base metal systems.

Colorado V

Challenger’s main focus at Colorado V is to continue the re-assay work on 55 historical drill cores.

The company estimates it will be able to test two or three historical drill cores per week.

This new focus follows results from the first core submitted for re-assay, which yielded over 250 metres of gold mineralisation through three zones, including 134 metres at 1.0 grams per tonne (g/t) gold and 4.1 g/t silver.

Challenger Managing Director Kris Knauer says the results so far are promising.

“After the assay results from the first drill hole from Colorado V, we can’t wait to test the potential of the project,” he said.

“We will fast track the logging and assaying of the remaining 55 historic drill cores from Colorado V, as we believe that we have a large-scale gold system with significant potential.”

Kris Knauer, Challenger Managing Director

Three more cores were submitted yesterday, with further results expected soon.

El Guayabo

El Guayabo was drilled for over 7000 metres in the mid-90s to test for breccia-hosted mineralisation.

Challenger also believed the site hosts an extensive flat-lying late-stage vein system and an underlying porphyry system which haven’t been drill tested.

The company has now re-assayed around 1000 metres of the historical cores, with promising results.

The original assays are largely consistent with re-assay results, but the new testing involves more multi-element analysis to get a better understanding of the nature of the mineralised systems.

One hole in particular highlights the potential at El Guayabo, with an intercept of 62 metres at 5.2g/t gold, 21.3g/t silver and 0.25 per cent copper.

Interestingly, this result comes from a drill hole with a similar arsenic and antimony profile as the highly promising drill core from Colorado V, which lies around four kilometres along the line of the structure believed to control the mineralisation.

Challenger will further investigate this mineralised trend with detailed mapping once the program of logging and assaying of Colorado V drill cores is complete.

Next steps

It’ll still be a long process to split and sample the remaining cores from Colorado V before further mapping and drilling can be targeted.

While Challenger has been given the green light to resume work at the projects, the pandemic has thrown up a lot of roadblocks worldwide which may have impacts on future work due to logistical and personnel requirements.

Challenger will be hoping its work can continue largely unabated so it can continue to explore the promising prospects.

Challenger Exploration closed Wednesday’s session 13 per cent lower at 23.5 cents per share.

CEL by the numbers
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