Challenger Exploration (ASX: CEL) has extended mineralisation in the Colorado V concession in El Oro Province in Ecuador, Ecuador, where the company is farming in to earn an initial 50% interest.
They latest success follows on from similar drilling results at CVDD-22-001 and CVDD-22-002, both of which intersected significant mineralisation, and confirm Au-Cu-Ag-Mo discoveries in the first two regional gold in soil anomalies in Colorado V to be drilled by the company.
The latest results extend the mineralisation outside the boundary of the CV-A soil anomaly and confirm the CV-A mineralisation has a true width of at least 600 m.
The new discoveries have significant scale with both the CV-A and CV-B Au-soil anomalies one kilometre long and 500 metres wide.
The Colorado V concession adjoins CEL’s 100% owned El Guayabo concession to the south and the Cangrejos concession to the north which hosts the 22- million ounce Cangrejos Gold Project
“These next three holes from Colorado V confirm that we have made two significant discoveries at Colorado V,” Managing Director, Kris Knauer, said.
“The intersections significantly extend the mineralisation in the discovery holes at the CV-A and CV-B anomalies both of which are just a few kilometres on strike from the 22-million ounce Cangrejos Gold Project.
“The anomalies have the same geology and surface footprint as Cangrejos and drilling is showing us they have similar mineralisation. We have drilled five of fifteen regional gold-soil anomalies and all five have returned significant mineralisation.
“The results continue to crystalise our strategy that our high-grade resource of 1.1 million ounces at 5.6 g/t gold equivalent in Argentina, which is continuing to grow, will fund a large bulk gold discovery in Ecuador.”
CVDD-22-003:
CV-A anomaly CVDD-22-003 was the company’s second drill hole targeting the CV-A soil anomaly at Colorado V. The hole was drilled as a follow up to CVDD-22-001 which intersected 528.7m at 0.5 g/t AuEq from surface to the end of the hole including 397.1m at 0.6 g/t AuEq from surface.
CVDD-22-003 was drilled from the same pad as CVDD-22-001 in the opposite direction outwards from the CV-A soil anomaly to test the entire 500 metre width. CVDD-22-003 drilled outside the projected CV-A soil anomaly at approximately 200 metres down hole. This makes the intercept of 509.9m at 0.4 g/t AuEq (0.2 g/t gold, 1.4 g/t silver, 0.1 % copper, 31.3 ppm molybdenum) from surface until the end of the hole more impressive as it confirms that the mineralisation extends significantly beyond the boundary of the CV-A soil anomaly.
The hole intersected a higher-grade zone of 242.5 metres at 0.6 g/t AuEq (0.4 g/t gold, 1.8 g/t silver, 0.1% copper, 44.8 ppm molybdenum) including 156.9 metres at 0.7 g/t AuEq (0.4 g/t gold, 1.8 g/t silver, 0.1% copper, 54.7 ppm molybdenum) and 75.8 metres at 0.8 g/t AuEq (0.6 g/t gold, 1.8g/t silver, 0.1% copper, 59.1 ppm molybdenum), all from surface.
This higher-grade zone correlates with the area below the CV-A soil anomaly, which is an extension of mineralisation intersected in CVDD-22-001 (397.1m at 0.6 g/t AuEq from surface), confirming mineralisation at the CV-A anomaly begins at surface and has higher-grades at surface. The intersection confirms that the CV-A soil anomaly which is a gold, silver, and copper soil anomaly some onr kilometre long and 500 metres wide is mineralised across its entire 500 metre width and beyond.
The mineralisation is consistent and pervasive throughout the hole and appears to have similar paragenetic relationships to mineralisation intersected in the discovery holes three kilometres to the south at El Guayabo, as well as Lumina Gold’s Cangrejos Project six kilometres to the northeast.
CVDD-22-005:
CV-A anomaly CVDD-22-005 was the company’s third drill hole targeting the CV-A soil anomaly. It was drilled from the same pad at CVDD-22-001 and CVDD-22-003 at an azimuth of 030, perpendicular to holes CVDD22-001 and 003, to test mapped stockwork veining at surface in the north of the CV-A anomaly.
The hole intersected 564.1 metres at 0.4 g/t AuEq (0.2 g/t gold, 2.3 g/t silver, 0.1% copper, 44.0 ppm molybdenum) from 8.1m. This included a higher-grade near surface zone of 278.0 metres at 0.6 g/t AuEq (0.3 g/t gold,3.2 g/t silver, 0.1% copper, 68.2 ppm molybdenum) from 8.1m including 146.5 meters at 0.7 g/t AuEq (0.4 g/t gold, 3.2 g/t silver, 0.1% copper, 101.0 ppm molybdenum) also from 8.1m.
The results extend the mineralisation intersected in CVDD-22-001 and CVDD-22-003 some 300 metres to the northern extent of the CV-A soil anomaly. They confirm a continuous zone of mineralisation from surface which is 600 metres wide extending over 400 metres of strike that remains open at depth and to the south along the 600 additional metres of strike of the CV-A soil anomaly. This 600 metres strike extent to the south-west has been tested by drill holes CVDD-22- 007 and CVDD-22-010 (both assays pending).
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