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    CEL   AU000000CEL8

CHALLENGER EXPLORATION LIMITED

(CEL)
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Challenger Exploration Limited Announces Deeper Drilling at Verde Zone Confirm Higher Grades at Depth

09/29/2021 | 06:40pm EST

Challenger Exploration announced the results from the next three holes from its Verde Zone infill and extension drill program at the Company's Hualilan Gold Project, in San Juan Argentina. The three holes are from 37 Verde Zone drill holes final assays have yet to be received for. This infill and extension drill program is ongoing with 3-rigs currently turning on the Verde Zone. The results from all three holes significantly exceeded the Company's expectations and confirmed: wide zones of higher-grade intrusion-hosted mineralisation at depth; multiple stacked zones of mineralisation; strong mineralisation in the final 200 metres of the 1.5 kilometres strike to be drilled; and earlier drill holes were not deep enough to intersect the main Verde Zone mineralisation which remains strong and open at depth. The Verde Zone is a recent discovery targeted using surface magnetics and IP (Induced Polarization) at the Hualilan Gold Project. The discovery hole returned 125.5 metres at 1.1 g/t AuEq including 71.0 metres at 1.8 g/t AuEq (GNDD-169). The Verde Zone covers 1.5 kilometres strike between the Magnata and Sanchez Faults and mineralisation remains open along strike and at depth. Mineralisation in the Verde Zone is oriented north-south, is 50 to 100 metres wide, and is primarily hosted in steeply dipping intrusives. There is a lower grade halo of mineralisation that extends into the overlying sedimentary rocks which have been brecciated by the intrusion. The overlying mineralisation in the sedimentary rocks dips to the west at 30-40o and is up to 50 metres thick. This overlying halo of lower grade mineralisation is a useful exploration guide to vector to the deeper intrusion-hosted mineralisation. Many early Verde Zone drill holes had not been deep enough to intersect the higher grade intrusion-hosted mineralisation below the sediment hosted mineralisation. The infill and extension drilling at the Verde and Gap Zones is designed as a series of fences of holes spaced at 80 metres along strike with some 40 metre spaced infill drilling. Holes on each fence were collared to intersect the mineralisation 80 metres below the previous hole. The go forward plan is to complete infill drilling over the entire 1.5 kilometre Verde/Gap Zones trend down to 300 metres vertically at 80 metres spacing. This drilling has been designed to allow the calculation of an inferred resource in accordance with the JORC Code along the entire 1.5 kilometre long Verde and Gap Zone trend. In addition to the infill drilling program targeting a resource, a series of holes will be collared to test another 50-100 metres below the existing drilling at Verde and Gap Zones and both north and south along strike where mineralisation remains open. Several drill holes at the Verde Zone that ended in mineralisation will be extended as part of this program.


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Financials
Sales 2021 - - -
Net income 2021 0,60 M 0,43 M 0,43 M
Net cash 2021 44,0 M 31,3 M 31,3 M
P/E ratio 2021 275x
Yield 2021 -
Capitalization 302 M 215 M 215 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees 3
Free-Float 86,6%
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Number of Analysts 1
Last Close Price 0,31 AUD
Average target price 0,60 AUD
Spread / Average Target 93,5%
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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