Challenger Exploration (ASX: CEL) (“CEL” or the “Company”) is pleased to announce the results received for a further 8 re-assayed drill holes from the Colorado V concession in Ecuador. These drill holes are located away from the main discovery zone and adjacent to, but off-target from, a series of regionally significant gold and copper soil anomalies (see Figure 1).
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Highlights:
- Assay results have been received from drill holes located on the margins of a series of goldcopper soil anomalies, 1 kilometre long, believed to represent porphyry Au-Cu targets
- All drill holes which penetrated the edges of these anomalies returned ore grade intersections which significantly upgrade these large targets.
- Interpretation suggests the mineralisation has similar geology, grades, and surface footprint as the Tier1 Cangrejos Gold Project1 located five kms to the northeast.
- To assist shareholders, appreciate the scale of the opportunity CEL presents an Exploration Target reporting according to the JORC Code (2012). Highlights include:
- Anomaly A
- Drill hole ZK0-5, drilled across the extreme south-eastern margin of the anomaly returned 51 m at 0.7 g/t gold, 1.4 g/t silver within a broader zone of 84 metres at 0.5 g/t gold
- This anomaly is one kilometre long and only tested by ZK0-5, ZK10-1 (pending) and panel sampling in the main adit, which averaged 1.5 g/t gold and 0.15% copper.
- Anomaly B:
- SAZK2-1 returned 63m at 0.6 g/t gold, 2.1 g/t silver, 0.1% copper to the edge of the anomaly and SAK0-2 (located so the bottom 50 metres of the hole penetrated Anomaly B) returned 55m at 0.7 g/t gold, 1.5 g/t silver, 0.1% copper with grade increasing at depth
- The anomaly is almost one kilometre in length and tested by only three drill holes, all located near its edge, all of which encountered significant mineralisation
Commenting on the results, Challenger Exploration Managing Director, Mr Kris Knauer, said “These results have turned our exploration program on its head. We did not expect holes, which only tagged the edges of the anomalies, to return ore grade intercepts. These results outline two transformational drill targets we are compelled to evaluate. They appear to have the same geology, grades, and footprint as the neighbouring Tier 1 Cangrejos Project only 5 kilometres along strike to the northeast. We have moved to quickly start an airborne magnetic survey, which will help to better define the porphyries. Infill and extensions of the soil survey will tighten the known Au-Cu anomalies. This will culminate in the planning of a high impact drill program to properly test these targets.
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