Challenger Exploration (ASX:CEL) announces that it continues to extend gold mineralisation at the CV-A and CV-B anomalies, as part of its Colorado V Project in Ecuador’s El Oro Province, following a phase one diamond drilling (DD) operation.
The results, generated by 5 diamond drillholes continue to build upon the previously conducted drillholes, which intersected over 450m of mineralisation and two ‘significant’ gold (Au), copper (Cu), silver (Ag) and molybdenum (Mo) discoveries.
Three of the five recently conducted drillholes also intersected over 500m of mineralisation, with all three drillholes being terminated in the mineralisation.
Key intercepts from the recent drilling include, 62.4m at 1.8g/t AuEq – 1.5g/t Au, 2.7g/t Ag, 0.1% Cu, 7.0ppm Mo, including 181.0m at 1.0g/t AuEq within a broader intersection of 402.8m at 0.6g/t AuEq and 774m at 0.4g/t AuEq to end of hole in drillhole CVDD-22-010.
This drillhole also opens the potential for the identified Colorado V anomalies to host ‘significant’ ‘higher grade’ zones of mineralisation.
Speaking on the results, Challenger Exploration Managing Director, Kris Knauer, said: “These next 5 holes from the Colorado V confirm our expectation that these two recent discoveries at the Project have the potential to be significant on the world stage. Three of these five drill holes ended in mineralisation and intersections such as 402.8 metres at 0.6g/t AuEq, including 62.4 metres at 1.8g/t AuEq, confirm we have a major gold porphyry system with multiple centres.
“These next 5 holes from the colorado v confirm our expectation that these two recent discoveries at the project have the potential to be significant on the world stage”
This round of results not only significantly extends the mineralisation from the discovery holes at the CV-A and CV-B anomalies, both of which are just a few kilometres along strike from the 17-million ounce Cangrejos Gold Project. It confirms both CV-A and CV-B as having the saem geology, the same surface footprint, and the same mineralisation as Cangrejos.
The company also notes that these results confirm both the CV-A and CV-B deposits as ‘significant’ bulk gold discoveries that are host to continuous mineralisation and indicate the ‘significant’ scale of the project.
In addition, the results have defined mineralisation over a true width of 600m at CV-A and 400m in CV-B, with drilling to date totalling 500m of the total 1km strike in both anomalies.
Challenger Exploration is an ASX listed company with a goal of becoming a globally ‘significant’ gold producer via its complementary gold/copper projects located in South America. The company’s Colorado V Project/El Guayabo Gold-Copper Project is located in Ecuador’s El Oro Province and comprises a total land holding of 35km-square, with Challenger Exploration owning 100% rights to all associated tenements. The project currently boasts multiple targets, including hydrothermal intrusive breccia hosted mineralisation, extensive shallow dipping vein systems and an underlying Au-Ag-Cu-Mo porphyry system.
With the final drillhole of the current DD program now underway, Challenger Exploration announces that both drill rigs will remain on site to complete the first drillhole of the phase two drilling program, which is expected to usher in a maiden Mineral Resource Estimate (MRE).
Assays for additional drilling conducted at the Colorado V are currently pending.
Images: Challenger Exploration Ltd