Challenger Gold’s (ASX:CEL) Resource Drilling at Colorado-V Project in Ecuador Off to a Strong Start

Perth, Australia – 26 July 2024 | Challenger Gold Limited (ASX: CEL) ("Challenger" or the "Company") is pleased to announce the successful start of its resource drilling program at the Colorado-V Project in Ecuador. Initial drilling results have returned significant mineralisation, underscoring the potential scale and grade of the project. 

Key Highlights:

• Initial Drill Results: The first five drill holes at the CV-A anomaly have returned consistent 500 metre intercepts (up to 599.1 metres), which includes: 

  • CVDD-24-020: 573.7m at 0.4 g/t AuEq, including: 

    • 329.3m at 0.5 g/t AuEq

    • 122.0m at 0.5 g/t AuEq 

  • CVDD-24-022: 599.1m at 0.4 g/t AuEq, including:

    • a combined (four higher grade zones) 212.7m at 0.5 g/t AuEq

  • CVDD-24-019: 496.9m at 0.3 g/t AuEq, including:

    • 213.8m at 0.4 g/t AuEq

    • 52.0m at 0.6 g/t AuEq
      
      

• Expanding Mineralisation: Results from the 125-200 metre step-out holes confirm consistent mineralisation throughout the eastern half of the CV-A anomaly (covering 800x400m), with drilling now extending to the western half. 

• Significant Potential: If further drilling continues to yield positive results, a significant maiden Mineral Resource Estimate (MRE) is anticipated upon completion of the drilling program. 

Comments from Managing Director Kris Knauer: "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.” 

Drilling Program and Ecuador Assets:

• Colorado V Project: The 8,000-metre resource drilling program at Colorado V is designed to fulfil the Company’s earn-in commitments under the farm-in agreement. Challenger is investing US$8 million to earn an initial 50% interest in the project. 

• Previous Drilling Results: Earlier drilling at Colorado V and the adjacent El Guayabo project has demonstrated significant gold and copper mineralisation, with notable results including: 

  • CVDD-22-001: 528.7m at 0.5 g/t AuEq, including 397.1m at 0.6 g/t AuEq

  • CVDD-22-005: 564.1m at 0.4 g/t AuEq, including 278.0m at 0.6 g/t AuEq

  • CVDD-22-007: 732.3m at 0.3 g/t AuEq, including 247.2m at 0.5 g/t AuEq

  • CVDD-22-008: 773.9m at 0.4 g/t AuEq, including 402.8m at 0.6 g/t AuEq

• The Company plans to monetise its Ecuadorian assets to focus on the near-term high-grade production opportunity at its flagship Hualilan Gold project. 

Company Contacts:

Kris Knauer
Managing Director
+61 411 885 979
kris.knauer@challengerex.com

Sergio Rotondo
Chairman
+1 646 462 9273
sergio.rotondo@challengerex.com

About Challenger Gold:
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 the Company's flagship Hualilan Gold Project in San Juan, Argentina containing resources of 2.8 Moz AuEq.

Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au