Challenger Gold (ASX: CEL) ('CEL' or the 'Company') is pleased to publish the results from the initial five holes of its drilling program at the CV-A and CV-B anomalies.
This program aims to establish a maiden Mineral Resource Estimate ('MRE') in accordance with the JORC 2012 Code. The first five holes were drilled in the eastern half of the CV-A anomaly, covering an area of 800 x 400 metres. These holes represent a series of 125 to 200-metre step-outs from earlier drilling. The results from these initial holes are as follows: CVDD-24-020: 573.7m at 0.4 g/t AuEq, incl. 329.3m at 0.5 g/t AuEq and 122.0m at 0.5 g/t AuEq CVDD-24-022: 599.1m at 0.4 g/t AuEq, incl. a combined 212.7m at 0.5 g/t AuEq CVDD-24-019: 496.9m at 0.3 g/t AuEq, incl. 213.8m at 0.4 g/t AuEq and 52.0m at 0.6 g/t AuEq The company has completed 5100m of the planned 8000m program with the initial five holes representing 2617 metres of drilling. Results confirm the continuity of mineralization within the eastern half of the CV-A anomaly. If further drilling continues to yield expected results, the Company anticipates a significant maiden MRE upon completion of the drilling program.
Managing Director, Kris Knauer commented on the results: 'Our resource drilling program in Ecuador is off to an excellent start with a series of 500 metre intersections. These broad intersections are from holes designed to step the mineralisation out 125-200 metres along strike, up-dip, and down-dip from earlier drilling. The results show, as we had hoped, the entire Eastern half of the CV-A anomaly is consistently mineralised. Drilling Is now extending into the Western half of the anomaly and if further drilling continues to yield expected results, we anticipate a significant maiden Mineral Resource Estimate upon completion of the drilling program.'
Colorado V Drill program and Ecuador Assets
Colorado V adjoins CEL's 100%-owned El Guayabo project, where the Company has reported an MRE of 4.5 Moz AuEq at a grade of 0.5 g/t AuEq, including a high-grade core of 1.45 Moz AuEq at 1.0 g/t AuEq. The Company is earning an initial 50% interest in Colorado V by investing US$8 million. The current 8,000-metre resource drilling program is expected to fulfill the Company's earn-in commitments under the Colorado V farm-in agreement. CEL has previously completed 13,800 metres of drilling at Colorado V, in addition to 29,134 metres of historical drilling, much of which has been re-assayed by CEL. Earlier CEL drilling produced the following notable results: The Company plans to monetize its Ecuadorian assets to focus on the near-term high-grade production opportunity at its flagship Hualilan Gold project, following the release of a maiden MRE at Colorado V. The Company has determined that the market currently attributes little value to the existing 4.5 Moz MRE and the substantial exploration potential of its Ecuadorian assets as they stand. The previous drilling results provide an opportunity to add significant value to the project through a small infill drilling program. This program is expected to enable the estimation of a maiden MRE for CV-A and CV-B prior to monetization.
Contact:
Kris Knauer
Managing Director
Tel: +61 411 885 979
Email: kris.knauer@challengerex.com
COMPETENT PERSON STATEMENT - EXPLORATION RESULTS AND MINERAL RESOURCES
The information that relates to sampling techniques and data, exploration results, geological interpretation and Mineral Resource Estimate has been compiled Dr Stuart Munroe, BSc (Hons), PhD (Structural Geology), GDip (AppFin&Inv) who is a full-time employee of the Company. Dr Munroe is a Member of the AusIMM. Dr Munroe has over 20 years experience in the mining and metals industry and qualifies as a Competent Person as defined in the JORC Code (2012). Dr Munroe has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results and Mineral Resources. Dr Munroe consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
FORWARD LOOKING STATEMENTS
The announcement may contain certain forward-looking statements. Words 'anticipate', 'believe', 'expect', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan', 'potential' and other similar expressions are intended to identify forward-looking statements. Indication of, and guidance on, future costings, earnings and financial position and performance are also forward-looking statements. Such forward looking statements are not guarantees of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Challenger Gold Ltd, its officers, employees, agents and associates, which may cause actual results to differ materially from those expressed of implied in such forward-looking statements. Actual results, performance, or outcomes may differ materially from any projections or forward-looking statements or the assumptions on which those statements are based. You should not place any undue reliance on forward-looking statements and neither. Challenger nor its directors, officers, employees, servants or agents assume any responsibility to update such information. The stated Production Targets are based on the Company's current expectations of future results or events and should not be relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met. Financial numbers, unless stated as final, are provisional and subject to change when final grades, weight and pricing are agreed under the terms of the offtake agreement. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements
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