Challenger Exploration Limited (CEl) announced that it is making notable progress on its review of the historical exploration data on the Colorado V tenement in Ecuador. Core from 6 of the 56 historical drill holes on the concession have been reviewed with 3 of these drill holes logged in detail. Encouraging intervals of over 300 metres in drill hole ZK1-3 and 150 metres in ZK1-5 that exhibit intrusive breccia-hosted, hydrothermal mineralisation containing pyrite, pyrrhotite and lesser chalcopyrite. Additionally, hole ZK1-6 which contained disseminated pyrite, porphyry-style A and D type veins, and breccias all of which are interpreted as the potential outer halo of a gold-copper porphyry system. CEL announced an agreement to farm-in to the Colorado V tenement in Ecuador on 8 January 2020. The Colorado V tenement covers 2,331 hectares (23.3 sq. kms) and is located on the northern and eastern margins of the El Guaybo Tenement. The farm-in is subject to approval by CEL shareholders in accordance with ASX Listing Rule 11. CEL intends to call a shareholders meeting to approve this farm-in as soon as practical. Under the terms of the farm-in agreement, CEL will fund all exploration for the first 5 years to earn up to a 50% interest in any discovery it makes on the tenement. CEL and the current owner will then jointly fund a Definitive Feasibility Study and the ongoing development. CEL has confirmed core from 56 historical drill holes for a total of 21,472 metres of drilling is available on the Colorado V concession. Of this a total of 5,237 metres of core has now been moved to El Guayabo for logging. At this stage the core is being logged on the basis of availability as the remaining core boxes will need to be replaced before the balance of the core can be transported to El Guayabo for logging. It is anticipated new core boxes will be available on site in the next 1-2 weeks. Once all core has been transported to El Guayabo, core logging will prioritise those intervals where Goldking Geologists had indicated porphyry mineralisation was overlooked. The status of core logging and assaying is shown in Table 1. Detailed core logging of drill holes ZK1-3 ZK1-5 has been completed with logging of ZK1-6 in progress as well as spot examination of core from drill holes ZK13-1, ZK0-1 and ZK2-1 (undertaken during checking to determine which core needed to be re-boxed prior to transport to El Guayabo for logging). Spot sampling of holes ZK13-1, ZK0-1 and ZK2-1 confirmed the presence of various zones of porphyry- style mineralisation and intrusive breccia with examples illustrated in Photos 2-4. Alteration and mineralisation included potassic alteration (with phyllic overprinting) and disseminated pyrite, pyrrhotite, chalcopyrite +/- molybdenite +magnetite with porphyry-style A, B, and D veins observed. In drill hole ZK1-3 logging indicated an interval of over 300 metres of intrusive breccia hosted mineralisation containing disseminated pyrite, pyrrhotite and lesser chalcopyrite. Logging of drill hole ZK1-5 indicated an interval of approximately 150 metres of mineralised intrusive breccia albeit with more abundant sulphides. These intrusive breccias look similar to the mineralised intrusive breccias encountered in drill hole GY- 02 (156m at 2.6 g/t gold, 9.7 g/t silver, 0.2% copper#1) and JDH-13 (64m at 1.4 g/t gold, 2.8 g/t silver, 0.1% copper) at El Guayabo which have a porphyry source. The ZK1-3 and ZK1- 5 mineralised zones will be sampled for assaying as a priority to determine if they contain potentially economic gold and copper mineralisation.