The Challenger Exploration Ltd (ASX: CEL) share price is 5% higher after releasing outstanding gold sampling results
The post Challenger Exploration (ASX:CEL) delivers exceptional gold results appeared first on The Motley Fool Australia. –
Challenger Exploration Ltd (ASX: CEL) has announced that it has hit outstanding sampling results at its flagship Hualilan Gold Project in Argentina. A positive stream of high-grade mineralisation news has pushed the Challenger Exploration share price up almost 50% this year. Although the company is in its early exploration days, the positive news continues to add to its overall growth strategy. With this in mind, Challenger aims to become a globally significant gold producer.
Challenger Exploration share price up 5% on sampling results
Challenger Exploration revealed its first results from its Main Manto rock saw channel within the Hualilan project. The results include the following:
- 71.0m at 10.8 g/t AuEq2 – 9.2 g/t Au, 22.5 g/t Ag, 3.0% Zn in combined Zone 1 and Zone 2
Commenting on the results, Challenger Explorer Managing Director, Mr Kris Knauer said:
These near surface results are exceptional and continue to reinforce our belief we have a significant gold system at our flagship Hualilan Gold Project in Argentina. We can see that mineralisation is wider than expected near surface and has A strong correlation with high-grade drill hole results down dip and Historical sampling based on the presence of visual sulphides missed broader near surface zones. This is a further important step in delivering on our strategy to become a globally significant gold producer initially targeting high grade shallow mineralisation.
Challenger Exploration possesses two gold projects, the Hualilan Gold project in Argentina and El Guayabo/Colorado V Project in Ecuador.
The Hualilan project was previously locked up in a dispute 15 years prior to Challenger’s ownership. The company believes there is a historical resource of 627,000 ounces of gold at 13.7 g/t. Albeit a non-JORC compliance resource. Continued sampling and drilling are expected to extend the project’s existing mineralisation. Additionally, it will support multiple resource upgrades in the near term.
Challenger Exploration has undertaken extensive exploration over the past 12 months. The intention behind the exploration is to generate targets for drilling and land acquisition at El Guayabo. The project is a step behind the Hualilan project with ongoing channel sampling and assaying. The company is looking to finalise its targets for the upcoming drilling program.
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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.