Challenger Exploration (ASX: CEL) (“CEL” or the “Company”) is pleased to announce the discovery of a new style of Intrusion-hosted gold mineralisation contiguous to the Company’s Hualilan Gold Project, located in San Juan Province Argentina.
- Drill hole GNDD-025, located in the Gap Zone between Cerro Sur and Cerro Norte, 300 metres along strike from prior CEL drilling, has returned:
- 50m at 1.4 g/t gold, 3.4 g/t silver in altered dacite porphyry which remains open with assays pending, including a higher-grade zone in oxides
- 37 metres at 1.8 g/t gold, 4.2 g/t silver from 53 metres
- This is a new type of mineralisation hosted in dacite porphyry with significant tonnage potential. The historical mineralisation at Hualilan occurs in faults or limestone units
- A conceptual, near surface, target covering 1-kilometre in strike, up to 100 metres wide, has been defined by historical drilling and altered surface exposure
- Whilst the high-grade mineralisation remains the focus, CEL is now extending exploration to this dacite porphyry given it is adjacent to the historical higher-grade mineralisation
- Drill hole GNDD-051 (assays pending) was completed to test this conceptual target and successfully intersected altered dacite under cover from 69 metres to the end of hole
- The recently completed IP Survey conducted at Cerro Norte shows an interpreted dacite intrusion of significant scale underlying the mineralisation
- GNDD-047,GNDD-052, and GNDD-053 (assays pending) have intersected significant widths to the end of hole of strongly altered dacite porphyry at Sentazon over 1.5 km south of GNDD-025, and outside the conceptual target
- As this new discovery in dacite intrusives is contiguous to, and underlies, the existing high- grade mineralisation it will have significant synergies from a mine development perspective
Commenting on the results, CEL Managing Director, Mr Kris Knauer, said “We are excited by this development at our flagship Hualilan Gold Project. Whilst the high-grade mineralisation will remain the Company’s main focus, uncovering a new, large-tonnage target, which is expected to substantially increase scale significantly enhances the project and adds to its robust nature.”
“In the context of what now appears to be extensive near-surface high-grade historical mineralisation at Cerro Norte, the discovery of 37 metres of oxide material grading 1.8 g/t gold, over a potential strike length of 1 kilometre, is material and we simply cannot ignore the optionality to quickly add significant ounces to the project”
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