Challenger Exploration’s (ASX: CEL) main focus is the development of its Hualilan Gold Project in San Juan Argentina where a maiden resource of 2.1 million ounces was announced last year. This resource contains a high-grade core of 1.1 million ounces at 5.6 g/t gold and remains open in all directions.
The program at Hualilan over the next 12 months is designed to move the project towards production and includes:
- a resource upgrade, anticipated next month, which will incorporate an additional 75,000 metres of drilling
- a PEA, which has commenced and is due in Q2, incorporating the planned resource update
- a PFS which will start in the second half of 2023.
Challenger’s second project is located 5 kilometres along strike from the 17 million ounce Cangrejos Project in Ecuador Initial drill results have confirmed the discovery of a major gold-copper-silver-molybdenum system spanning multiple zones. Recent results include intersections such as
- 258m at 1.4 g/t AuEq including 53.7m at 5.3 g/t AuEq
- 529m at 0.5 g/t AuEq from surface to the end of the hole including 397.1m at 0.6 g/t AuEq
- 638m at 0.6 g/t AuEq from surface including 108.5m at 2.4 g/t AuEq
The Company is targeting a maiden Mineral Resource Estimate at El Guayabo in Q2 2023.