Challenger Exploration Ltd (ASX:CEL) has received positive results from a further eight re-assayed drill holes from the Colorado V Gold Project in Ecuador.
The assay results have been received from drill holes on the margins of a series of gold-copper soil anomalies that are one kilometre long and believed to represent porphyry gold-copper targets.
These drill holes are away from the main discovery zone and adjacent to a series of regionally significant gold and copper soil anomalies.
Drill holes, which intersected the edges of soil anomaly A and B returned significant results including:
- 51 metres at 0.7 grams/tonne (g/t) gold and 1.4 g/t silver within a broader zone of 84 metres at 0.5 g/t gold;
- 63 metres at 0.6 g/t gold, 2.1 g/t silver and 0.1% copper from 67 metres; and
- 84 metres at 0.5 g/t gold and 1.2 g/t silver including 51 metres at 0.7 g/t gold and 1.4 g/t silver.
Investors cheered the results, sending shares in Challenger up 20% to 24 cents in Fridays trade.
Compelling targets of significant scale
The results from the assays demonstrate that these anomalies are compelling targets of significant scale.
Anomaly A and Anomaly B, combined, define an exploration target ranging between 442 to 468 million tonnes grading from 0.5 to 1.0 g/t gold, 1.5 to 2.5 g/t silver, plus copper credits.
Challenger managing director Kris Knauer said: “These results have turned our exploration program on its head.
“We did not expect holes, which only tagged the edges of the anomalies, to return ore grade intercepts.
“These results outline two transformational drill targets we are compelled to evaluate.
“They appear to have the same geology, grades, and footprint as the neighbouring Tier 1 Cangrejos Project only 5 kilometres along strike to the northeast.”
Program to test the exploration targets
Challenger has contracted MPX geophysics to undertake a 50 square kilometre helicopter magnetic survey this month aRead More – Source