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Challenger Exploration (ASX:CEL) - Managing Director, Kris Knauer
Managing Director, Kris Knauer
Source: Vimeo
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  • Challenger Exploration (CEL) significantly extends the Magnata Fault at its flagship Hualilan Gold Project in San Juan, Argentina
  • Results have been received from 33 holes which were drilled to test for extensions to the mineralisation on the Magnata Fault at depth and along strike
  • All holes intersected mineralisation and extended the mineralisation at Magnata which now measures 400 metres in strike and 400 metres in depth
  • Overall, up to 49.9g/t gold, 139g/t silver and 11.7 per cent zinc was intersected and further drilling is being undertaken to infill and extend the mineralisation
  • Shares in Challenger are steady on the market and are trading at 27.5 cents at 10:32 am AEST

Challenger Exploration (CEL) has significantly extended the Magnata Fault at its flagship Hualilan Gold Project in San Juan, Argentina.

The Hualilan Project consists of 15 mining leases and covers an area spanning 26 square kilometres.

Results have been received from 33 holes which were drilled to test for extensions to the high-grade mineralisation on the Magnata Fault at depth and along strike.

All holes intersected mineralisation and significantly extended the mineralisation at Magnata which now measures 400 metres in strike and 400 metres in depth.

Best results include 49.4 grams of gold per tonne (g/t), 77.4g/t silver and 7.8 per cent zinc from 412 metres, 23.1g/t gold, 139g/t silver and 11.7 per cent zinc from 116.7 metres; and 10.1g/t gold, 20.6g/t silver and 7.3 per cent zinc from 410 metres.

Managing Director Kris Knauer is excited by the extension to the fault and ready to undertake further drilling.

“The results from our extended program on the Magnata Fault certainly did not disappoint. The Magnata Fault is shaping up a significant body of high-grade mineralisation at least 400 metres long and extending from surface to 400 metres depth,” Mr Knauer said.

“It remains open in all directions and we have yet to drill what we consider the most exciting part of the Magnata Fault which is to the east of the current drilling.”

Given these results, a further 14 holes have been planned to continue to extend and infill the mineralisation to the west.

Seven holes have been drilled with assay results pending.

Shares in Challenger were steady on the market and trading at 27.5 cents at 10:32 am AEST.

CEL by the numbers
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