Challenger Exploration announced 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.