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CHALLENGER EXPLORATION LIMITED

(CEL)
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Delayed Australian Stock Exchange  -  05/20 02:10:08 am EDT
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05/03Challenger Exploration Achieves High Recovery Rates from Hualilan Project in Argentina
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Challenger Exploration Limited Announces Results from the Company's Hualilan Gold Project in San Juan, Argentina

12/28/2021 | 04:56pm EDT

Challenger Exploration announced results from the Company's Hualilan Gold Project in San Juan, Argentina. The results are from a series of drill holes designed to test for extensions of high-grade mineralisation on the Magnata Fault at depth and along strike. The program was successful, with all 18 drill holes intersecting mineralisation and the footprint of the high-grade Magnata Fault mineralisation extended significantly. Highlights include GNDD-416 (4.0m at 16.9g/t Au from 240.0m and 1.1m at 44.5 g/t Au from 530.7m) and GNDD-422 (29.0m at 5.3g/t AuEq including 2.6m at 24.7 g/t AuEq). Both these holes intersected strong mineralisation below earlier holes which recorded limited intercepts. These holes confirm the Magnata Fault mineralisation remains strong and open at depth with GNDD-416 extending mineralisation to 500 metres below surface. GNDD-370 intersected two zones of mineralisation. The upper zone (18.9m at 3.1 g/t AuEq including 6.6m at 6.6 g/t AuEq) is associated with the Magnata Fault and follows the limestone contact which demarcates the Magnata Fault at that location. The lower zone (4.2m at 16.1 g/t AuEq) is hosted in limestone and is a new domain of massive sulphide (manto) north of the Magnata Fault. GNDD-348, which was collared 120 metres west of previous drilling on the Magnata Fault, successfully extended the Magnata Fault mineralisation 120 metres along strike. GNDD-348 intersected 23 metres of mineralisation from 227 metres until the end of the hole with the last two samples grading 6.0 g/t Au and 0.2 g/t Au. The hole has subsequently been extended with assays for the extension pending. Each of drill holes GNDD-343, GNDD313, GNDD-318, and GNDD-351, all collared west of GNDD-290 (the previous most westerly drill hole on the Magnata Fault), intersected mineralisation confirming the extension of consistent mineralisation another 120 metres west along the Magnata Fault. The mineralisation remains open along strike and at depth. Additionally, drilling intersected a broad zone of near surface mineralisation in intrusive both above and surrounding the high-grade the Magnata Fault mineralisation. Examples include and 21.7m at 1.1 g/t AuEq and 63m at 0.5 g/t AuEq (GNDD-408) and 55.0m at 0.7g/t AuEq (GNDD 343). This confirms earlier intersections of substantial widths of near surface mineralisation above the Magnata Fault. This has the potential to be economically significant in the context of an open pit mining scenario. The Magnata and Sanchez Faults are two large east-west sub-vertical strike strip faults. The faults can be seen in outcrop and in magnetic data extending for tens of kilometres to the east and west of Hualilan. The Magnata Fault Zone is located at Cerro Sur 1.5 kilometres south of the Sanchez Fault and separates into the M1 and M2 Magnata Faults, both of which host high-grade mineralisation. The Magnata and Sanchez Faults were historically recognised as major controls of the mineralisation at Hualilan. The mineralising fluids were interpreted to have migrated from a source below or along strike, forming steeply dipping zones of mineralisation within the Magnata and Sanchez Faults. These fluids migrating up the faults are also responsible for replacement massive sulphide (Manto-style) high grade bodies, oriented parallel to the limestone beds, dipping to the west adjacent to the faults. This program of extension drilling on the Magnata Fault was designed as a series of fences of holes spaced at 40 metres along the Magnata Fault. The holes on each fence were collared to intersect the Magnata Fault approximately 40 metres below the previous hole. The drilling targeted higher grade, thicker shoots within the fault zones. The location of the drill holes is shown in Figure 1.


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Financials
Sales 2021 - - -
Net income 2021 0,60 M 0,42 M 0,42 M
Net cash 2021 44,0 M 30,9 M 30,9 M
P/E ratio 2021 275x
Yield 2021 -
Capitalization 276 M 194 M 194 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees 3
Free-Float 74,6%
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Number of Analysts 1
Last Close Price 0,28 AUD
Average target price 0,60 AUD
Spread / Average Target 118%
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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