Challenger Exploration (ASX:CEL) - Exploration Manager, Stuart Munroe
Exploration Manager, Stuart Munroe
Source: Stuart Munroe/LinkedIn
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  • Challenger Exploration (CEL) has significantly extended mineralisation at the Magnata Fault, located in the Hualilan Gold Project in San Juan, Argentina
  • Mineralisation extended up to 240 metres below previous drilling, which included an intercept of 44.5 grams per tonne (g/t) of gold
  • Magnata Fault mineralisation now covers 520 metres of strike and 500 metres vertically, remaining open in all directions
  • Managing Director Kris Knauer said the company is “seeing no signs that we are approaching the limits of the deposit”
  • On the market this morning, Challenger was up 7.55 per cent and trading at 28.5 cents per share

Challenger Exploration (CEL) has received drilling results from its Hualilan Gold Project in San Juan, Argentina.

These drilling results are from a number of drill holes with an aim of extending high-grade mineralisation on the Magnata Fault.

The program was successful, with all 18 drill holes intersecting mineralisation and the footprint of the high-grade Magnata Fault mineralisation extended significantly.

Mineralisation extended up to 240 metres below previous drilling, which included an intercept of 44.5 grams per tonne (g/t) of gold in the deepest hole drilled on the Magnata fault to date.

Notably, the drilling has intersected new zones of mineralisation, including a new massive sulphide zone which is a possible extension of the Magnata Manto mineralisation north of the Magnata Fault.

Magnata Fault mineralisation now covers 520 metres of strike and 500 metres vertically
remaining open in all directions.

Managing Director Kris Knauer said the company is “seeing no signs that we are approaching the limits of the deposit”.

“The Magnata Fault itself is now a significant body of high-grade mineralisation over 500 metres long extending from surface to 500 metres depth that remains open in all directions,” he said.

“Additionally, with what we have seen in the last few holes drilled on the Magnata Fault, it looks like the western end of the Magnata Fault is going to emerge as an important new high-grade zone.”

On the market this morning, Challenger was up 7.55 per cent and trading at 28.5 cents per share at 11:32 am AEDT.

CEL by the numbers
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