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CHALLENGER EXPLORATION LIMITED

(CEL)
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Challenger Exploration : 784 Metre Intersection in First Hole in Ecuador

01/12/2022 | 05:31pm EDT

ASX Release

13 January 2022

For personal use only

First drill hole in Ecuador confirms the discovery of a major

gold-copper system with a 784 metre1 intersection

Highlights

  • First drill hole in CEL's 100% owned El Guayabo concession in Ecuador has intersected significant Au-Cu-Ag-Mo mineralisation over 784 metres1 from 16.2m to the end of the hole at 800.5m
  • Significant intersections in drillhole GYDD-21-001 include (Refer Table 1):

784.3m at 0.4 g/t AuEq2 - 0.2 g/t Au, 1.6 g/t Ag, 0.1 % Cu, 12 ppm Mo from 16.2m including;

380.5m at 0.5 g/t AuEq2 - 0.3 g/t Au, 2.0 g/t Ag, 0.1 % Cu, 18 ppm Mo from 167.5m including;

188.5m at 0.6 g/t AuEq2 - 0.4 g/t Au, 2.3 g/t Ag, 0.1 % Cu, 30 ppm Mo from 359.5m including;

21.0m at 1.1 g/t AuEq2

-

0.8 g/t Au, 3.0 g/t Ag, 0.2 % Cu, 139 ppm Mo from 403.0m and

30.0m at 1.1 g/t AuEq2

-

0.8 g/t Au, 2.6 g/t Ag, 0.2 % Cu, 25 ppm Mo from 468.5m

  • Confirms the strategy for El Guaybo to provide a second gold-copper opportunity of significant scale that is complimentary to CEL's Hualilan Gold Project in Argentina where 9-rigs are drilling
  • GYDD-21-001was a low priority hole, collared significantly east of the main high-grade section of the 1.8km gold in soil anomaly, on the drill pad providing the best access for this first hole
  • High priority holes GYDD-21-003 to GYDD-21-006 (assays pending) and GYDD-21-008 (in progress) have been targeted to test the main high-grade section of this anomaly
  • A second rig was added at the completion of the third drill hole to expedite the program

Commenting on the results, CEL Managing Director, Mr Kris Knauer, said

"This result is an outstanding start which confirms we have a major gold-copper system at El Guayabo. The intersection of 784 metres at 0.4 g/t gold equivalent, to the end of the hole, including a higher grade core of 380.5 metres at 0.5 or 188.5 metres at 0.6 g/t gold equivalent is comparable with the results from the Tier 1 Cangrejos gold discovery adjacent to our tenement boundary.

The results are even better in the context that these first two holes were drilled on low priority locations. While GYDD-21-001 was drilled to test a 1.8 kilometre gold in soil anomaly, the high-grade core of this anomaly is being targeted in the next four drill holes. Additionally, this is the first of nine geochemical targets within the greater El Guayabo Project with drilling on the highest priority of these targets, located in Colorado V, to start in the current quarter.

1 - the mineralisation is interpreted as steeply dipping and the true width of the mineralised intercept is estimated at 675 metres.

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

ACN 123 591 382

979.4m shares

Level 1

Mr Kris Knauer, MD and CEO

T: +61 8 6380 9235

ASX: CEL

48.0m options

1205 Hay Street

Mr Scott Funston, Finance Director

E: admin@challengerex.com

120m perf shares

West Perth WA 6005

Mr Fletcher Quinn, Chairman

16m perf rights

Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release

13 January 2022

For personal use only

concession Guaybo El the In drilling pending and current, finished, with anomalies soil in Au B-GY and A-GY priority High - 1 Figure

Challenger Exploration

ACN 123 591 382

979.4m shares

Level 1

Mr Kris Knauer, MD and CEO

T: +61 8 6380 9235

ASX: CEL

48.0m options

1205 Hay Street

Mr Scott Funston, Finance Director

E: admin@challengerex.com

120m perf shares

West Perth WA 6005

Mr Fletcher Quinn, Chairman

16m perf rights

Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release

13 January 2022

For personal use only

Challenger Exploration (ASX: CEL) ("CEL" the "Company") is pleased to announce results from the Company's first two drillholes from the El Guayabo Gold-Copper Project in El Oro Province, Ecuador. The results confirm the discovery of a significant intrusion hosted gold-copper-silver-molybdenum system with both holes encountering wide zones of mineralisation associated with intrusives and intrusive breccias. The first two holes have intersected two zones of mineralisation extending over 800 metres of strike on a 1.8 kilometre long gold in soil anomaly.

The Company now has two HC 5000 drill rigs on site with a depth capacity of 1,200 metres using NQ core rods. The second rig was mobilised to site after the completion of the third drill hole, GYDD-21- 003, due to the broad and consistent zones of mineralisation noted during logging. The Company is currently completing GYDD-21-007 and GYDD-21-008 with average drill metres per shift steadily increasing. Additionally, assay turn-around times in South America have improved significantly since December.

GYDD-21-001

GYDD-21-001 was collared to test a 1.8 kilometre long gold in soil anomaly defined in the Company's 100% owned El Guayabo concession. The hole encountered a significant zone of mineralisation from near surface to the end of the hole intersecting 784.3 metres at 0.4 g/t AuEq (0.2 g/t Au, 1.6 g/t Ag,

0.1 % Cu, 12 ppm Mo) from 16.2m. This mineralisation is hosted in intrusives and intrusive breccia and is consistent and pervasive throughout the length of the drill hole. The mineralisation included a higher grade core of 380.5 metres at 0.5 g/t AuEq (0.3 g/t Au, 2.0 g/t Ag, 0.1 % Cu, 18 ppm Mo) from 167.5m including 188.5 metres at 0.6 g/t AuEq (0.4 g/t Au, 2.3 g/t Ag, 0.1 % Cu, 30 ppm Mo) from 359.5m. This 188.5 metres central core containing higher-gradecomponents of 21.0 metres at 1.1 g/t AuEq (0.8 g/t Au, 3.0 g/t Ag, 0.2 % Cu, 139 ppm Mo) from 403.0m and 30.0 metres at 1.1 g/t AuEq (0.8 g/t Au, 2.6 g/t Ag, 0.2 % Cu, 25 ppm Mo) from 468.5m.

As Figure 1 (previous page) shows GYDD-21-001 was located in a lower priority section of a 1.8 km long gold in soil anomaly with the high-grade 550 metre core of the anomaly starting 100 metres to the south-west of GYDD-21-001. The high-priority section of this 1.8 kilometre anomaly is being tested in following drillholes GYDD-21-003,GYDD-21-004,GYDD-21-005,GYDD-21-006 (assays pending) and GYDD-21-007 and GYDD-21-008 (in progress). The Company took the decision to start the program with two lower priority drill holes given these pad location provided the easiest access. Additionally, the geochemical anomaly currently being tested is the first of nine similar anomalies which will be tested. Drilling on the highest priority of these targets, located in Colorado V, is programmed to start in the current quarter.

In the context of its location, off the main high-grade section of the underlying gold in soil anomaly, drill hole GYDD-21-001 delivered an outstanding result. The mineralisation reflects the underlying soil geochemistry with consistent mineralisation across the hole and a higher-grade core that correlates with the central part of the soil anomaly in this location. The gold in soil values on the GDDD-21-001 location is approximately 30ppb with drill holes GYDD-003 and GYDD-004 (assays pending located 200 metres south-west along strike) and GYDD-005 and GYDD-006 (assays pending located a further 250 metres south-west along strike) all collared over gold in soil values near double that of GYDD-21-001.

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

ACN 123 591 382

979.4m shares

Level 1

Mr Kris Knauer, MD and CEO

T: +61 8 6380 9235

ASX: CEL

48.0m options

1205 Hay Street

Mr Scott Funston, Finance Director

E: admin@challengerex.com

120m perf shares

West Perth WA 6005

Mr Fletcher Quinn, Chairman

16m perf rights

Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release

13 January 2022

For personal use only

GYDD-21-002

GYDD-21-002 was drilled targeting underground workings in the Salinas Mine adit, where underground sampling of the historical workings has returned a channel sample interval of 69.4 metres at 0.3g/t AuEq (0.2 g/t Au, 8 g/t Ag, 0.1 % Cu, 4 ppm Mo), including 31.6 metres at 0.6g/t AuEq (0.3 g/t Au, 14 g/t Ag, 0.1 % Cu, 5 ppm Mo) with a central core of 10 metres at 0.9g/t AuEq (0.2 g/t Au, 36 g/t Ag, 0.2 % Cu, 4 ppm Mo).

GYDD-21-002 intersected several zones of mineralisation including 46.5 metres at 0.4 g/t AuEq (0.3 g/t Au, 4.0 g/t Ag, 0.04 % Cu, 6 ppm Mo) from 85.0m and 27.1 metres at 1.5 g/t AuEq (1.5 g/t Au, 0.8 g/t Ag, 0.02 % Cu, 2 ppm Mo) from 279.5m including 1.5 metres at 19.2 g/t AuEq (19.1/t Au, 1.9 g/t Ag, 0.03 % Cu, 3 ppm Mo) within a greater mineralised interval of 320.0 metres at 0.3 g/t AuEq (0.3 g/t Au, 1.2 g/t Ag, 0.02 % Cu, 2 ppm Mo) from 83.5m. This represents a new zone of mineralisation and is interpreted to lie stratigraphically above the mineralisation intersected in GYDD-21-001.

The decision was made to extend GYDD-21-002 to 650 metres to collect stratigraphic and structural information on the north-eastern extension of zone drilled in GYDD-21-001 (Figure 1). The extension of GYDD-21-002 was prognosed to intersect this zone 800 metres north-east of GYDD-21-001 at the extreme north-eastern end of the greater 1.8 kilometre long gold in soil anomaly tested in GYDD-21-

001. Importantly, this extension of GYDD-21-002 encountered a zone of mineralisation hosted in intrusive breccia intersecting 58.0 metres at 0.2 g/t AuEq (0.1 g/t Au, 0.3 g/t Ag, .01 % Cu, 2 ppm Mo) from 499.8m containing several splits greater than 0.5 g/t AuEq.

This intercept near the end of hole in GYDD-21-002 is highly encouraging. Both holes drilled on the eastern half of this 1.8 kilometre gold in soil anomaly intersected mineralisation with the much higher- grade western half of the 1.8 kilometre gold in soil anomaly to be tested in drillholes GYDD-21-003,GYDD-21-004,GYDD-21-005,GYDD-21-006 (assays pending), and GYDD-21-007 and GYDD-21-008 (in progress).

Ends

This ASX announcement was approved and authorised by the Board.

For further information contact:

Kris Knauer

Scott Funston

Media Enquiries

Chief Financial Officer

Jane Morgan

Managing Director

+61 413 867 600

+ 61 405 555 618

+61 411 885 979

jm@janemorganmanagement.com.au

kris.knauer@challengerex.com scott.funston@challengerex.com

Previous announcements referred to in this release include:

27 May 2020 - CEL Confirms Discovery of Large-Scale Gold System

6 Jul 2020 - Colorado V Gold Project Assay Results Reinforce the Discovery of a Large-Scale Gold System 21 Aug 2020 - CEL identifies transformational drill targets at Colorado V Gold Project

11 Dec 2020 - Significant intersections reinforce potential for a gold porphyry discovery at Colorado V 29 Oct 2021- Quarterly report for the period ending September 30 2021

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

ACN 123 591 382

979.4m shares

Level 1

Mr Kris Knauer, MD and CEO

T: +61 8 6380 9235

ASX: CEL

48.0m options

1205 Hay Street

Mr Scott Funston, Finance Director

E: admin@challengerex.com

120m perf shares

West Perth WA 6005

Mr Fletcher Quinn, Chairman

16m perf rights

Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release

13 January 2022

For personal use only

Table 1: New intercepts reported.

Drill Hole

From

To

Interval

Au

Ag

Cu

Mo

AuEq

Comments

(#)

(m)

(m)

(m)

(g/t)

(g/t)

(%)

(ppm)

(g/t)

GYDD-21-001

16.15

800.46

784.31

0.24

1.57

0.06

11.95

0.36

0.1 g/t AuEq cut off

inc

167.50

548.00

380.50

0.32

1.97

0.07

18.41

0.47

1.0 g/t AuEq cut off

inc

359.50

548.00

188.50

0.40

2.35

0.10

29.50

0.61

1.0 g/t AuEq cut off

inc

403.00

431.00

28.00

0.54

6.90

0.15

104.40

0.95

1.0 g/t AuEq cut off

inc

403.00

424.00

21.00

0.77

2.98

0.20

138.91

1.09

1.0 g/t AuEq cut off

and

468.50

498.50

30.00

0.76

2.61

0.15

24.80

1.06

1.0 g/t AuEq cut off

GYDD-21-002

85.00

131.50

46.50

0.32

3.99

0.04

5.72

0.43

0.1 g/t AuEq cut off

incl.

112.00

114.30

2.30

1.33

33.17

0.12

5.10

1.95

1.0 g/t AuEq cut off

incl.

129.75

131.50

1.75

2.05

7.36

0.01

1.29

2.16

1.0 g/t AuEq cut off

and

279.45

306.50

27.05

1.49

0.82

0.02

2.21

1.53

0.1 g/t AuEq cut off

incl.

305.00

306.50

1.50

19.16

1.89

0.03

3.21

19.23

10 g/t AuEq cut off

and

378.50

392.00

13.50

0.44

0.21

0.01

1.45

0.46

0.1 g/t AuEq cut off

and

447.90

448.80

0.90

0.74

4.85

0.06

1.92

0.89

0.1 g/t AuEq cut off

and

499.80

557.80

58.00

0.14

0.30

0.01

1.53

0.16

0.1 g/t AuEq cut off

incl.

547.80

554.80

7.00

0.39

0.21

0.01

1.74

0.41

0.5 g/t AuEq cut off

incl.

554.10

554.80

0.70

1.06

0.20

0.01

1.08

1.09

1.0 g/t AuEq cut off

See below for information regarding AuEq's reported under the JORC Code.

  • 2 Gold Equivalent (AuEq) values - Requirements under the JORC Code

  • Assumed commodity prices for the calculation of AuEq is Au US$1780 Oz, Ag US$22 Oz, Cu US$9,650 /t, Mo US$40,500 /t.
  • Metallurgical recovery factors for gold, silver, copper, and molybdenum are assumed to be equal. No metallurgical factors have been applied in calculating the Au Eq.
  • The formula used: AuEq (g/t) = Au (g/t) + [Ag (g/t) x (22/1780)] + [Cu (%) x (9650/100*31.1/1780)] + [Mo (%) x (40500/100*31.1/1780)].
  • CEL confirms that it is the Company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

ACN 123 591 382

979.4m shares

Level 1

Mr Kris Knauer, MD and CEO

T: +61 8 6380 9235

ASX: CEL

48.0m options

1205 Hay Street

Mr Scott Funston, Finance Director

E: admin@challengerex.com

120m perf shares

West Perth WA 6005

Mr Fletcher Quinn, Chairman

16m perf rights

Mr Sergio Rotondo, Exec. Director

www.challengerex.com

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Challenger Exploration Ltd. published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 22:30:13 UTC.


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Financials
Sales 2021 - - -
Net income 2021 0,60 M 0,42 M 0,42 M
Net cash 2021 44,0 M 31,1 M 31,1 M
P/E ratio 2021 275x
Yield 2021 -
Capitalization 271 M 192 M 192 M
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Managers and Directors
Kris David Knauer Chief Executive Officer, MD & Executive Director
Francis Scott Funston CFO, Secretary & Executive Director
Fletcher Christeson Quinn Non-Executive Chairman
Stuart Munroe Exploration Manager
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