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Finance Investment, Oil Mining Resources

Challenger Gold (ASX: CEL) Potential to Increase High-Grade Core of El Guayabo MRE

Challenger Gold (ASX: CEL) 2 mins read

Challenger Gold (ASX: CEL) (“CEL” the “Company”) is thrilled to announce the first results from the rock saw channel sampling program at the El Guayabo Gold Copper Project in Ecuador. The sampling was designed to support the extension of the high-grade core of the existing mineralization to surface.

Key results include:

  • A significant return of 174.4m at 1.2 g/t AuEq2 - 1.1 g/t Au, 1.9 g/t Ag, 0.04 % Cu, which remains open in both directions. This includes:
    • 6.1m at 13.6 g/t AuEq2 - 13.4 g/t Au, 7.5 g/t Ag, 0.06 % Cu;
    • 9.0m at 12.6 g/t AuEq2 - 12.4 g/t Au, 11.1 g/t Ag, 0.02 % Cu, also open in both directions.

Further highlights from the initial results:

  • The first surface channels up-dip of the high-grade core of the Mineral Resource Estimate (MRE") at GY-A extends this high-grade mineralization 200 metres above the limit of the current MRE to surface.

  • Channel sampling between GY-A and GY-B intersects 174.4 metres at 1.2 g/t AuEq. This channel is located 300 metres east of any drilling, unveiling a significant new target to extend the current MRE.

  • Sampling on the western margin of GY-A has led to the discovery of a new zone of high-grade mineralization with several channels above 5 g/t AuEq including 45.8m at 1.4 g/t AuEq and 17.8m at 2.7 g/t AuEq.

CEL Managing Director, Mr. Kris Knauer, expressed his enthusiasm about the results, stating: “This is an excellent outcome from our first channel sampling program. The results point to the extension of the high-grade component of the El Guayabo MRE two hundred meters above the current drilling to surface. With this high-grade zone covering 250 meters strike and being up to 200 meters true width, a 200-meter extension to surface could materially increase the high-grade core of the MRE. Additionally, the program has extended the mineralization well beyond the limits of the current drilling, including an intersection of 174.4 metres at 1.2 g/t gold equivalent. This intersection extends 300 metres beyond any drilling at El Guayabo and opens a significant new target."

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.

Contact details:

Jane Morgan


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