- Challenger Exploration (CEL) unearths two new gold-copper discoveries at the Colorado V concession within the El Oro Province in Ecuador
- The first two drill holes at Colorado V, where the company is farming in to earn an initial 50 per cent interest, confirmed gold-copper-silver-molybdenum discoveries in the first two regional gold in-soil anomalies
- The company says the new discoveries have significant scale, with both stretching over one kilometre in length and 500 metres in width
- With nine holes completed to date and drill core logging complete, the company is now planning two further holes
- Challenger Exploration is down two per cent, trading at 24.5 cents at 12:32 pm AEST
Challenger Exploration (CEL) has unearthed two new gold-copper discoveries at the Colorado V concession within the El Oro Province in Ecuador.
The first two drill holes at Colorado V, where the company is farming in to earn an initial 50 per cent interest, confirmed gold-copper-silver-molybdenum discoveries in the first two regional gold in soil anomalies.
The company said the new discoveries have significant scale, with both gold-soil anomalies stretching over one kilometre in length and 500 metres in width, lying within a structural corridor over three kilometres strike distance.
Results from the first hole included 528.7 metres at 0.5 grams of gold equivalent per tonne (g/t), including 0.3 g/t gold, two g/t Ag and 0.1 per cent copper from 4.5 metres.
The next three drill holes also recorded intercepts including 107.6 metres at 0.9 grams of gold equivalent per tonne.
Managing Director Kris Knauer said the company has been eagerly awaiting the results from its first holes at Colorado V.
“The anomalies have the same geology and surface footprint as Cangrejos and have now produced the same grades,” he said.
“While Hualilan in Argentina remains our primary focus we are beginning to get excited about Ecuador. We have drilled five of fifteen regional gold-soil anomalies and all five have returned significant mineralisation.”
“Our project lies just across the tenement boundary from one of the largest undeveloped gold projects in the world and we have something I believe has the potential to become a Tier 1 gold asset over time,” continued the Managing Director.
With nine holes completed to date and drill core logging complete, the company is now planning two further holes. This will then be followed by a further four in soil anomalies within the concession over the next two months.
Challenger Exploration was down two per cent, trading at 24.5 cents at 12:32 pm AEST.