Challenger Gold Limited (ASX:CEL) Announces Positive Resource Drilling Results from Colorado-V Project in Ecuador

Jane Morgan Management

Perth, Australia – 13 November 2024 – Challenger Gold Limited (ASX:CEL) (“Challenger” or “the Company”) is pleased to announce positive results from the next six holes of its ongoing 15-hole resource drilling program at the Colorado-V Project in Ecuador.

Highlights:

• Drilling Success: Results from the latest six drill holes at the CV-A anomaly continue to yield exceptional intercepts. 

• Key Highlights Include:

  • 701.7m at 0.4 g/t AuEq, with intervals of 461.0m at 0.5 g/t AuEq and 244.8m at 0.6 g/t AuEq (CVDD-24-028).

  • 711.6m at 0.4 g/t AuEq, including 401.1m at 0.5 g/t AuEq and 210.9m at 0.6 g/t AuEq (CVDD-24-024).

  • 537.6m at 0.5 g/t AuEq from surface (CVDD-24-026).

• Anomaly Coverage: The CV-A anomaly spans an area of 400 x 800 metres and is confirmed as mineralized from the surface.

Kris Knauer, Managing Director of Challenger Gold, commented: "Our resource drilling program in Ecuador continues to deliver positive results. These intersections are higher grade and wider than those from the first holes in the program. This round of drilling has produced intersections of over 700 metres and confirms that the entire CV-A anomaly covering an area of 400 metres x 800 metres is mineralised from surface and open at depth. 

“We are excited to see what this will mean in terms of a maiden Colorado V Mineral Resource Estimate when the program is complete.”

Colorado V Drill Program:

The current program is part of a 15-hole campaign, with 11 holes currently completed. The ongoing drilling aims to establish a maiden Mineral Resource Estimate (MRE) in compliance with the JORC (2012) Code. 

Strategic Importance:

The Colorado V Project, adjacent to Challenger’s El Guayabo project with a reported 4.5 Moz AuEq MRE, positions Challenger as a significant player in the Ecuadorian gold sector. This resource drilling program advances Challenger's strategic objective to unlock the full value of its Ecuadorian assets.

Kris Knauer
Managing Director
Challenger Gold Limited
kris.knauer@challengergold.com

Media Enquiries
Jane Morgan
jm@janemorganmanagement.com.au

About Challenger Gold Limited:

Challenger Gold Limited is an Australia-based gold and copper exploration company. The Company’s projects include the Hualilan project, El Guayabo project, and Karoo Basin Gas project. The Hualilan project consists of 15 mining leases and an exploration licence application covering the surrounding area of approximately 26 square kilometres (km2). The Hualilan Project is located approximately 120 kilometres (km) north-northwest of San Juan, the capital of San Juan Province in north-western Argentina. The El Guayabo Gold/Copper project is located within the El Oro Province of southern Ecuador, approximately 35 kilometres south southeast of Machala. The El Guayabo project comprises four contiguous tenement groups, the El Guaybo, El Guaybo 2, Cerro Pelado 1, 2, and 3 tenements, and Colorado V tenement. The Karoo Basin Gas project includes application for the Cranemere project, a shale gas prospect located in the Eastern Cape Province. The application covers approximately 3,500km2.

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