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    CEL   AU000000CEL8

CHALLENGER EXPLORATION LIMITED

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

08/11/2021 | 06:45pm EDT

Challenger Exploration announced results from the Company's Hualilan Gold Project in San Juan, Argentina. The results are from the first 13 holes of the Company's follow up drill program at Sentazon which has now been expanded to 32 holes. These early results contain a number of high-grade intersections such as 16.9 metres at 16.9 g/t AuEq including two higher grade zones of 7.1 metres at 32.2 g/t AuEq and 2.9 metres at 18.8 g/t AuEq (GNDD-296) and 3.8 metres at 24.8 g/t AuEq (GNDD-214). This drilling has doubled the dip extent of the high-grade mineralisation at Sentazon to 200 metres with mineralisation remaining open both up-dip into the Hualilan Hills and at depth. The program confirmed the intercept in GNDD-142 as a significant new zone of high-grade gold mineralisation in the footwall below the existing high-grade mineralisation at Sentazon. Intercepts in intrusive such as 50.0 metres at 1.9g/t AuEq including 2.4 metres at 17.3 g/t AuEq (GNDD-253) demonstrate this new zone of footwall mineralisation below Sentazon has significant true width. In GNDD-253 the Footwall Zone has a true width of 93 metres, including a 17m zone of internal waste. This new Footwall Zone of mineralisation has substantial down-dip extent, with a number of deeper drill holes in the program (assays pending) intercepting zones of massive sulphides in limestone containing pyrite-sphalerite-galena-pyrrhotite with garnet-silica-pyroxene (skarn) alteration up to 200 metres below the current results. This alteration style and mineral assemblage is consistent with other mineralised intervals in the limestone where high-grade gold results were received. Previous drilling by CEL intersected mineralisation over 150 metres of strike and 100 metres of dip at Sentazon with the mineralisation open along strike, at depth, and up-dip into the Hualilan Hills. Additionally, GNDD-142 had intersected a broad zone of high-grade mineralisation 50 metres below the Sentazon Manto returning an intercept of 40.0 metres at 6.2 g/t AuEq in limestones and intrusives. To date the current round of drilling at Sentazon has completed 5,120 metres for 23 drill holes with further holes in progress and nine additional holes programmed. It was designed to test for: extensions to the Sentazon Manto along strike, up-dip, and down-dip of the existing mineralisation; and follow the GNDD-142 discovery to the east to determine if this was a new zone of mineralisation below the Sentazon Manto or a third potential east-west fault analogous to the Magnata Fault. Section 230 (GNDD-296, GNDD-314, GNDD-362) Cross Section 230. It contains GNDD-296 and deeper holes GNDD-314 and GNDD-362 for which assays are pending. GNDD-296 intersected almost 30 metres of mineralisation including 10.0 metres at 1.0 g.t AuEq (0.4 g/t gold, 1.6 g/t silver, 1.2% zinc) from 173m which is interpreted as the main Sentazon Manto mineralisation which was defined historically. The intercept in the main Sentazon Manto extended the mineralisation 60 metres down dip below GNDD-013 (7.0 metres at 2.7 g/t AuEq). It confirmed that earlier CEL drill hole GNDD-044 was not drilled deep enough to reach the main Sentazon Manto or the underlying footwall mineralisation. GNDD-296 then intersected 16.9 metres at 16.9 g/t AuEq (14.1 g/t gold, 18.3 g/t silver, 5.8% zinc) from 193.0m including 7.1 metres at 32.2 g/t AuEq (28.1 g/t gold, 36.1 g/t silver, 8.3% zinc) and 2.9 metres at 18.8 g/t AuEq (13.1 g/t gold, 13.0g/t silver, 12.6% zinc). This deeper intercept correlates to the new zone of Footwall mineralisation at Sentazon. This intercept extends the new Footwall Zone 100 metres down-dip from GNDD-106 (25 metres at 0.7 g/t AuEq including 4.0 metres at 2.6 g/t AuEq) and 35 metres along strike from GNDD-142 (40.0 metres at 6.1 g/t AuEq). It demonstrates higher grades and confirms that several earlier holes were not drilled deep enough to intersect this new Footwall Zone at Sentazon. A new hole is planned to extend GNDD-013 deeper to reach the Footwall Zone. GNDD-314 (assays pending) was collared 100 metres west of GNDD-296 to test 75 metres below GNDD-296. The hole intersected four 2-4 metre wide zones of massive sulphides and surrounding disseminated mineralisation with the shallowest zone at 115 metres and the deepest 297 metres downhole. The massive sulphide zones of mineralisation (Photo 1 ­ 297-300m GNDD-314) are logged as containing 20% pyrite-15% shalerite-30% pyrrhotite in strong garnet-silica-pyroxene alteration. Following the strong mineralisation intersected in GNDD-314 a second hole 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 (Photo 2 ­ 425-427m GNDD-362) are logged as massive sulphides consisting of 10% pyite-5% shalerite-20% pyrrhotite in strong garnet-silica-pyroxene alteration. This skarn alteration and massive sulphide mineralisation intersected in GNDD-314 and GNDD-362 (both assays pending) 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 mineralisation has significant extent down-dip and remains strong and open at depth. This Footwall Zone dips more steeply than the historical limestone hosted manto mineralisation. Drilling to test the Footwall Zone deeper below GNDD-314 and GNDD-362 is programmed after assays have been received for both these drill holes. Additionally, GNDD-296 intersected a third zone of lower grade mineralisation in shale overlying the limestone and at the shale/limestone contact intersecting 13.0 metres at 0.4 g/t AuEq including 2.0 metres at 2.0 g/t AuEq. This is consistent with the zones of lower grade mineralisation seen above the main high-grade mineralisation throughout the Hualilan Gold Project. Section 223 (GNDD-253, GNDD-205): Section 223 is located approximately 40 metres north of Section 230. Drillhole GNDD-253 on the section was drilled as an up-dip test of GNDD-142 which intersected 11.5 metres at 6.5 g/t AuEq in the main Sentazon Manto and was the discovery hole for the Footwall Zone at Sentazon. GNDD-253 intersected 50.0 metres at 1.9g/t AuEq (1.8g/t gold, 1.0g/t silver, 0.1% zinc) from 133.0m including a higher grade zone of 2.4 metres at 17.3 g/t AuEq (17.2 g/t gold, 3.76 g/t silver, 0.3% zinc). Additionally, the hole intersected more of the same style of mineralisation 17 metres deeper intersecting 25.1 metres at 0.9 g/t AuEq including 3.6 metres at 2.4 g/t AuEq and 2.0 metres at 3.4 g/t AuEq.


© 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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