Challenger Exploration (ASX:CEL) - Managing Director & CEO, Kris Knauer
Managing Director & CEO, Kris Knauer
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  • Challenger Exploration (CEL) has uncovered high-grade gold during step-out drilling at the Hualilan Gold project in San Juan, Argentina
  • The latest results are from the first seven of 26 holes completed on the Magnata Fault
  • Results indicate several significant high-grade gold intersections plus broad zones of near-surface mineralisation
  • In particular, Challenger’s deepest test of the Magnata Fault was drillhole GNDD-203, which intersected 3.6 metres at 16.2 grams per tonne gold equivalent
  • The company believes these results support the theory that there’s a significant amount of high-grade gold mineralisation yet to be discovered at the project
  • Shares are up 3.2 per cent, trading at 32 cents

Challenger Exploration (CEL) has uncovered high-grade gold during step-out drilling at the Hualilan Gold project in San Juan, Argentina.

The latest results are from the first seven of 26 holes completed on the Magnata Fault.

The drillholes were designed to test for extensions to mineralisation in the Magnata fault at depth and in both directions along strike as well as the high-grade Magnata Manto both up and down-dip and along strike, and also the broad zones of intrusive hosted mineralisation north and south of the fault.

The results so far show several significant high-grade gold intersections plus broad zones of near surface mineralisation.

Challenger’s deepest test of the Magnata Fault was drillhole GNDD-203, which increased the vertical extent of the mineralisation on the Magnata Fault from 160 to 260 metres, intersecting 3.6 metres at 16.2 grams per tonne gold equivalent.

A deeper hole below GNDD-203 is planned, with a series of holes to test the Magnata Fault at depth over 200 metres of strike to the west.

Other key results from two other drillholes included 76 metres at 1.8 g/t gold equivalent from 24 metres and 37 metres at 0.5 g/t from 46 metres.

This near-surface mineralisation above the main high-grade zone is said to be extensive and could enhance development options.

CEL Managing Director Kris Knauer commented on the results.

“The results from the first seven holes from the current Magnata Fault drilling at our Hualilan Gold Project, together with our previous drilling confirm, the company’s view that there is a significant amount of high-grade gold mineralisation yet to be discovered due to a lack of drilling.”

“We are waiting on assays for another 19 completed Magnata drill holes and 15 more holes have been programmed to continue to extend and infill the mineralisation at Magnata. We look forward to the next batch of assays from our Magnata drilling which should not be far away,” he continued.

Shares are up 3.2 per cent, trading at 32 cents each at 12:10 pm AEST.

CEL by the numbers
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