Challenger Exploration (ASX:CEL) - Managing Director & CEO, Kris Knauer
Managing Director & CEO, Kris Knauer
Source: Challenger Exploration
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  • Challenger Exploration (CEL) unearths a gold-copper system with a 784-metre intersection at its El Guayabo Gold-Copper Project in Ecuador
  • Results from Challenger’s first two drill holes confirmed the discovery of a significant intrusion hosted gold-copper-silver-molybdenum system, with both holes encountering wide zones of mineralisation
  • The company says the results are “outstanding” considering the drilling took place in low priority locations
  • Challenger Exploration last traded at 30 cents on January 12

Challenger Exploration (CEL) has unearthed a gold-copper system with a 784-metre intersection at its wholly-owned El Guayabo Gold-Copper Project in El Oro Province, Ecuador

Results from Challenger’s first two drill holes confirmed the discovery of a significant intrusion hosted gold-copper-silver-molybdenum system, with both holes encountering wide zones of mineralisation associated with intrusives and intrusive breccias.

The drilling also intersected two zones of mineralisation extending over 800 metres of strike on a 1.8-kilometre-long gold-in-soil anomaly.

Results included intersections such as 784.3 metres at 0.4 grams per tonne (g/t) gold equivalent and 380.5 metres at 0.5 g/t gold equivalent.

The company now has two HC 5000 drill rigs on-site with a depth capacity of 1200 metres.

Challenger said the results confirm its strategy for El Guaybo to offer a second gold-copper opportunity of significant scale that is complementary to the company’s Hualilan Gold Project in Argentina, where nine rigs are drilling.

CEL Managing Director, Kris Knauer, said this result is an outstanding start which confirms the company have a major gold-copper system at El Guayabo.

“The results are even better in the context that these first two holes were drilled on low priority locations,” said Mr Knauer.

“Additionally, this is the first of nine geochemical targets within the greater El Guayabo Project with drilling on the highest priority of these targets, located in Colorado V, to start in the current quarter.”

Challenger Exploration last traded at 30 cents on January 12.

CEL by the numbers
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