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Challenger Gold (ASX:CEL) has doubled the resource of its El Guayabo and Colorado V to an overall mineral resource estimate (MRE) of 570.3 million tonnes (Mt) at 0.50 grams per tonne (g/t) of gold equivalent (AuEq, equating to 0.36 g/t Au, 2.2 g/t Ag, 0.07% Cu, and 9.7 parts per million- ppm Mo, or molybdenum).
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This yields 9.1 million ounces of AuEq – an increase from 4.5Moz of AuEq.
Specifically, the update comprises an MRE of 4.4Moz gold equivalent at a grade of 0.50 g/t AuEq for the Colorado V project – which Challenger has a 50% stake in, and a 4.7Moz AuEq at 0.50 g/t AuEq for El Guayabo.
Colorado V’s AuEq is estimated to include 0.35 g/t Au, 2.2 g/t Ag, 0.08% Cu, and 14.3 ppm Mo, while El Guyabo’s comprises 0.38 g/t Au, 2.3 g/t Ag, 0.06% Cu, and 7.5 ppm Mo.
“I would like to congratulate our exploration team in Ecuador for their outstanding work in doubling project resources from 4.5Moz to 9.1Moz AuEq, including a high-grade core of 2.1Moz at 1.0g/t AuEq,” managing director Kris Knauer said.
Challenger achieved the MRE upgrade through drilling of five of the 15 regionally significant Au-Cu soil anomalies identified across the territory; of these 13 have been drilled, with all returning significant mineralisation.
“This resource update represents a transformational milestone for Challenger Gold shareholders, enabling us to move forward with unlocking significant value from our Ecuador assets while focusing entirely on bringing our flagship Hualilan project into production,” he added.
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Mr Knauer continued: “This is only the beginning for the asset – the current resource is based on drilling just five of fifteen major anomalies identified across our Ecuador projects, with all thirteen anomalies drilled so far returning significant mineralisation.”
CEL shares were trading at 5.5 cents to close today.
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