EXPLORATION & DEVELOPMENT

Challenger's gold expectations being exceeded in Argentina

Exploration continuing with five rigs in action

 Challenger's Hualilan project in Argentina

Challenger's Hualilan project in Argentina

The explorer has completed 29,100m of a 45,000m, five-rig drill campaign, with recent results undercover in areas previously undrilled said to have "significantly exceeded expectations".

Results are also said to "confirm a large scale intrusion-hosted gold system extending over 2km of strike", with the historical resource at Hualilan being 627,000 ounces at 13.7 grams per tonne.

Challenger's intrusion-hosted gold discovery at the prospect has featured intercepts of around 200m grading 1gpt.

Mineralisation has been found in a zone of 50-100m true width.

Challenger started the current quarter with A$15 million cash, while it also has $3.5 million worth of options ‘in the money'.

Shares in Challenger were up 1.5% to 36.5c in afternoon trade, capitalising the company at $238 million.

The stock was at 18c 12 months ago.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

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