Challenger Exploration (ASX: CEL) has reported results from new holes at a Phase 2 drilling program within its wholly-owned El Guayabo copper-gold project in Ecuador.
All holes intersected significant mineralisation with the results extending the mineralisation on the main discovery zone (GY-A) 400 metres down dip and confirming it is continuous over at least 700 metres of strike.
An exploration hole drilled to the north-west of the GY-C anomaly was the first to intersect significant zones of higher-grade mineralisation such as 805.3m at 0.6 grams per tonne gold equivalent including 546.7m at 0.8g/t gold equivalent including 231.2m at 1.5 g/t gold equivalent.
It is believed to be on trend with mineralisation intersected at the GY-B anomaly and confirms the extension of mineralisation along the GY-B trend south-west into GY-C.
The mineralisation remains strong and open in this direction.
Mineral resource estimate
Managing director Kris Knauer said drilling had been designed to allow the reporting of a maiden mineral resource estimate.
“This is another solid set of results which pave the way for our first resource in Ecuador,” he said.
“Of note is drill hole GYDD-23-039 which has opened the potential for the GY-C anomaly to make a significant contribution to a potential resource estimate.”
Drilling at GY-C
GYDD-23-039 was drilled north of the GY-C anomaly and to the west of three previous holes drilled by Challenger to test the anomaly.
The hole was oriented in the same direction as drilling in the GY-B anomaly to best test the potential extensions of the mineralised breccia and porphyry units.
Mr Knauer said GYDD-23-039 appears to confirm that mineralised intrusive breccias mapped at surface in the area are an extension of the breccias intersected at the GY-B anomaly, 200 metres to the northeast.
“These mineralised breccias are on trend with GY-B with mineralisation strong and open along strike suggests that the GY-B and GY-C anomalies join to form one large zone of mineralisation,” he said.
