Results Reinforce Large Scale Ecuadorian Gold System
Challenger Exploration’s(ASX: CEL) latest three drill holes at the Colorado V concession in Ecuador have each intersected over 100 metres of mineralisation, including 146m at 1.5 g/t gold, 1.8 g/t silver.
CEL Managing Director, Kris Knauer, said The results follow the company’s discovery hole, ZK0-2, which intersected over 250 metres of mineralisation including 134m at 1.0 g/t gold and 4.1 g/t silverand reinforce the discovery of a significant large-scale gold system in the Colorado V concession.
Highlights include: 146m at 1.5 g/t gold, 1.8 g/t silver, that contains a higher-grade core of 87m at 2.1 g/t gold, 1.9 g/t silver. Drill hole ZK1-5 is located 80 metres along strike from the ZK0-2 discovery hole which returned 151m at 0.9 g/t gold and 3.8 g/t silverand also contained a higher-grade core of 63m at 1.6 g/t gold and 5.1 g/t silver.
Drill Hole ZK1-3 – intersected 225 metres of mineralisation comprising 58m at 0.5 g/t gold, 1.9 g/t silverfrom near surface (including 30m at 0.8 g/t gold, 3.1 g/t silver), plus a zone of 131m at 0.5 g/t gold, 3.1 g/t silver(including 78m at 0.7 g/t gold, 3.5 g/t silver). ZK1-3 Is located on the same section as ZK1-5 and is believed to have been drilled nearer the margins of the mineralised domain.
The drill holes are from a series of 60 historical holes drilled by CEL’s farm-in partner targeting extensions to narrow high-grade vein hosted gold mineralisation they are currently exploiting. These historical drill holes were not systematically logged or assayed for bulk tonnage gold or base metal mineralisation. The majority of the holes, including the first four holes assayed by the Company, were drilled on a 500m northwest-southeast trend defined by under-ground mine workings.
“Results from these three drill holes are important as they further confirm our discovery of a significant large-scale gold system,” Mr Knauer said.
“We were very pleased with drill hole ZK1-5. Not only did it deliver a significant intersection of 146m at 1.5g/t gold with a high grade interval of 87m a 2.1g/t gold it correlates well with the high grade portion of our discovery hole 80m along strike.
“Our strategy of focusing on Argentina to deliver a high-grade low capex gold mine that can be used to finance large-scale mining in Ecuador is certainly emerging nicely.”