- Challenger Exploration (CEL) says latest results from its Hualilan project in Argentina have “solidified” its outlook for a resource expansion
- The company received assays from the first holes completed after the maiden MRE which include 28.5 metres at 5.3 g/t gold equivalent and 2.4 metres at 64.7 g/t gold equivalent
- Challenger says these intersections, which are outside the current MRE boundary, confirm that mineralisation at Hualilan remains open in all directions
- The company has now completed 197,000 metres of its planned 204,000-metre diamond drilling program with assays to be reported progressively over the next four months
- Company shares are trading steady at 19.5 cents at 2:15 pm AEST
Challenger Exploration (CEL) has received results from the first drillholes completed after the recent mineral resource estimate (MRE) at the Hualilan gold project in Argentina.
These holes weren’t included in the recent maiden 2.1 million ounce gold equivalent MRE and targeted extensions to mineralisation.
Positively for the company, drilling returned significant intersections outside the current MRE boundary.
Highlighted results include 28.5 metres at 5.3 grams per tonne (g/t) gold equivalent, 2.4 metres at 64.7 g/t gold equivalent, 6.6 metres at 6.4 g/t gold equivalent and 15 metres at 3.9 g/t gold equivalent.
Challenger Exploration said the results have exceeded its expectations and confirm that mineralisation at Hualilan remains open in all directions, most of the new mineralisation is high-grade, and there’s “clear potential” to grow the MRE.
“We indicated when we released our maiden resource estimate at Hualilan it was very much an interim and we expect it to increase significantly,” Managing Director Kris Knauer said.
The initial MRE was based on 125,700 metres of drilling and the company has now completed 197,000 metres of its planned 204,000-metre diamond drilling program.
“All the more exciting, is that if assays confirm what we have logged in several recent holes, we have some significant new zones to follow up in addition to the areas we are currently targeting,” Mr Knaur said.
“It now firmly appears that mineralisation at Hualilan will remain open at the end of the current 204,000-metre program.”
Challenger expects to receive results for the next 64,500 metres over the next four months.
Company shares were trading steady at 19.5 cents at 2:15 pm AEST.