Challenger Gold (ASX: CEL) is pleased to announce significant advancements in its regional exploration program in Hualilan, San Juan, Argentina, along the strike from the current Hualilan Mineral Resource Estimate (MRE) at its flagship 2.8 million-ounce Hualilan Gold project. Notably, the regional stream sediment sampling program, covering a 70km² area, is now 50% complete. The program has successfully identified a new mineralised system 2.5 kilometres west of the Magnata Fault, bolstered by recently discovered historical alluvial workings.
Processing of ASTER satellite data for a 200km² tenement package east of Hualian is complete, revealing several anomalies currently under investigation in the field. Furthermore, a 48 km² ground Magnetic Survey at El Penon is underway, aiming to define drill targets associated with high-grade stream sediment sampling 10 kilometres north of Hualilan.
"The regional exploration program at Hualilan is progressing well," commented CEL Managing Director, Mr Kris Knauer. "We eagerly await the magnetic data at El Penon where we have found plus 50 g/t gold grades, at surface. This should allow us to image the intrusives at depth and plan our first drill program to test El Penon."
In addition, grid mapping and rock chipping/soil sampling, which covers the strike extensions 4 kilometres north and south of Hualilan, is 20% complete. Awaiting assay results, these investigations continue to fuel the exploration for Hualilan repeats along the 30-kilometre strike, confirming multiple new targets including El Penon, Andacollo, Hualilan up dip, and Magnata Fault West.
"Our program is the first detailed exploration focused outside the historical mineralisation conducted at Hualilan so it is not a surprise that it continues to generate several new targets," Mr Knauer added. "The program has identified a new mineralisation center 2 kilometres west of, and on trend with, the Magnata Fault. Stream sediment sampling produced an anomaly up to 100 times background with reconnaissance field work identifying a series of old workings extending over 500 metres which is in the process of being mapped and sampled. Additionally, we have a large backlog of samples for which assay results are pending."
While the exploration program is still less than 40% complete, significant strides have been made over the past ten weeks in targeting the 30 kilometres of prospective strike away from the current MRE, demonstrating that discoveries like Hualilan seldom occur in isolation. Challenger Gold remains committed to its robust exploration program, expecting further promising developments.
About us:
Challenger Gold Limited’s (ASX: CEL) aspiration is to become a globally significant gold producer. The Company is developing two complementary gold/copper projects in South America with am MRE of 2.8 million ounces of gold equivalent recently announced for the Hualilan Gold Project in San Juan, Argentina in 2022.
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Jane Morgan