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    CEL   AU000000CEL8

CHALLENGER EXPLORATION LIMITED

(CEL)
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Challenger Exploration Announces Results from the Company's Flagship Hualilan Gold Project in San Juan, Argentina

08/19/2021 | 07:02pm EDT

Challenger Exploration announced results from the Company's flagship Hualilan Gold Project in San Juan, Argentina. Following last week's release of results from the first 13 holes of the Company's follow up drill program at Sentazon, the Company has received results from GNDD-314, the first of its deep holes at Sentazon. GNDD-314 was drilled on Cross Section 230 to test for extensions to the main Sentazon Manto and the new Footwall Zone beneath GNDD-296. The hole is the first of several holes designed to test for deeper extensions to the high-grade mineralisation at Sentazon. The hole has confirmed that the mineralisation at Sentazon remains open at depth and has returned the best grades recorded at Sentazon to date. GNDD-314 intersected three zones of mineralisation starting with intercepts of 2.7 metres at 1.7 g/t AuEq (1.5 g/t gold, 13.8 g/t silver, 0.1% zinc) from 115.4 m including 1.4 metres at 2.7 g/t AuEq (2.4 g/t gold, 21.3 g/t silver, 0.1% zinc) and 4.0 metres at 0.6 g/t AuEq (0.3 g/t gold, 11.8 g/t silver, 0.2% zinc) from 102.0m. These intercepts are at the shale-limestone contact and at the top of an underlying intrusive unit which is mineralised throughout Cerro Sur. Lower grade mineralisation also extends into the overlying shales which is observed throughout the project including at Verde over 2 kilometres to the north. The hole then intersected 17.5 metres at 1.9 g.t AuEq (0.7 g/t gold, 11.5 g/t silver, 2.4% zinc) from 205.0m including two higher grade sones of 2.2 metres at 9.1 g/t AuEq (3.7 g/t gold, 33.6 g/t silver, 11.4% zinc) and 3.0 metres at 2.7 g/t AuEq (0.8 g/t gold, 14.3 g/t silver, 3.9% zinc). This is interpreted as the main Sentazon Manto mineralisation which was defined historically and is continuous with mineralisation immediately north. The intercept in the main Sentazon Manto extended the mineralisation 75 metres down dip below GNDD-296 (10.0 metres at 0.9 g/t AuEq) to the same level as GNDD-299 (9.9 metres at 6.2 g/t AuEq) collared some 80 metres north along strike. GNDD-314 and GNDD-299 are the two deepest intersections of the main Manto mineralisation at Sentazon for which assays have been received. GNDD-314 then confirmed a significant extension to the new Footwall Zone with an intersection of 2.7 metres at 62.5 g/t AuEq (59.0 g/t gold, 25.8 g/t silver, 7.2% zinc) from 296.9m. This bonanza grade zone occurred within a broader zone of lower grade mineralisation hosted in limestone and intrusives. This intercept extends the new Footwall Zone at Sentazon 75 metres below the two previous deepest intersections in this zone; GNDD-296 (16.9m at 16.9 g/t AuEq on the same section); and GNDD-253 (50.0m at 1.9g/t AuEq including 2.4m at 17.3 g/t AuEq 40 metres to the north). The result confirms that the new Footwall zone has a vertical extent of at least 200 metres with the best grades returned to date in this deepest hole. GNDD-314 was the first in a series of deeper holes targeting the main Sentazon Manto and the new Footwall Zone at depth. GNDD-362 (assays pending) was collared to test 75 metres below GNDD-314. This hole intersected four 1-4-metre-wide zones Of massive sulphides with the shallowest zone at 239 metres downhole and the deepest zone from 425 to 427 metres downhole. These zones of mineralisation are logged as massive sulphides consisting of 10% pyite-5% shalerite-20% pyrrhotite in strong garnet-silica-pyroxene (skarn) alteration. GNDD-352 (assays pending) was collared to intersect the Footwall Zone at the same depth as GNDD-314 some 40 metres north of GNDD-314. The hole has intersected sulphides and skarn alteration from 324 metres to 329.5 metres downhole including a 2 metre interval logged as massive sulphides containing 20% pyite-20% shalerite-5% pyrrhotite in strong garnet-silica-pyroxene alteration. Drill hole GNDD-378 (in progress) was collared to test 40 metres up-dip of GNDD-296 where it is apparent that early CEL drillhole GNDD-013 was not drilled deep enough. The hole has intersected 24 metres of massive sulphides containing 20% pyite-10% shalerite-10% pyrrhotite in strong garnet-silica-pyroxene (skarn) alteration from 113.5 to 137.6 metres and a further 2.9 metres of massive sulphides from 146.5 to 149.4 metres containing 10% pyite-5% sphalerite-3% pyrrhotite in strong garnet-silica-pyroxene alteration. This is interpreted as the main Sentazon Manto. The hole is drilling ahead at 149.4 metres to test the new Footwall Zone, projected at approximately 160 metres downhole, and a potential third deeper zone of mineralisation that was intersected in GNDD-106 located 40 metres up-dip. This skarn alteration and massive sulphide mineralisation intersected in GNDD-362, GNDD-352, GNDD-378 is consistent with mineralised intervals in other drill holes for which high-grade gold assays have been received. These holes indicate that the newly discovered Footwall Zone of mineralization has significant extent down-dip and remains strong and open at depth. Drilling to test the Footwall Zone deeper below GNDD-362 and GNDD-352 is programmed.


© S&P Capital IQ 2021
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Financials
Sales 2021 - - -
Net income 2021 0,60 M 0,45 M 0,45 M
Net cash 2021 44,0 M 32,9 M 32,9 M
P/E ratio 2021 275x
Yield 2021 -
Capitalization 268 M 200 M 200 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees 3
Free-Float 84,7%
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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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