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CHALLENGER GOLD LIMITED — Capital/Financing Update 2021
Jul 20, 2021
64637_rns_2021-07-20_03ffeb0d-fcf8-40c1-b216-824ab2076c2c.pdf
Capital/Financing Update
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ASX Release 21 July 2021
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Further outstanding metallurgical results from the Hualilan Gold Project
Highlights
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Outstanding results delivered by first tests designed to determine if higher grade concentrate could be produced from the intrusion-hosted mineralisation at the Hualilan Gold Project.
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Concentrate grades were increased from 31.4 g/t gold to as high as 53.6 g/t gold with a modest reduction in gold recovery from 94.9% to 93.4%.
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Increase in concentrate grades of this magnitude can have a significant positive effect on production economics and it is expected to provide:
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an increase concentrate payability to over 90%, and
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a significant reduction in concentrate transport costs.
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Intrusion-hosted mineralisation has demonstrated excellent floatation kinetics, which will likely allow concentrate grades to be controlled to a specific target whilst maintaining high recoveries.
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The testing confirms the excellent metallurgical characteristics of the intrusion hosted material at Hualilan which will result in significant operational benefits and flexibility.
Commenting on the results, CEL Managing Director, Mr Kris Knauer, said;
“Our flagship Hualilan Gold project continues to deliver a pathway to becoming a substantial gold producing business.
The 70% increase in the gold grade of the concentrate from 31.4 g/t to as high as 53.6 g/t provides a material and positive impact on potential economics. It delivers a significant increase in concentrate payability and sizeable reduction in concentrate transport costs for the intrusion-hosted mineralisation we expect will provide the majority of the ounces at Hualilan.
The fact that this upgrade can be achieved whilst still maintaining gold recoveries comfortably above 90%, has certainly exceeded our most optimistic expectations."
Challenger Exploration ( ASX: CEL ) (“ CEL ” or the “ Company ”) is pleased to announce further results from ongoing metallurgical testing at the Company's flagship Hualilan Gold Project in Argentina.
Follow up metallurgical testing on low-grade intrusion-hosted mineralisation, which represents the majority of the gold mineralisation at Hualilan, has significantly increased the concentrate grade whilst still maintaining gold recoveries above 90%. The testing which involved a regrind of the rougher
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Directors Contact Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman
16m perf rights
www.challengerex.com
ASX Release 21 July 2021
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sulphide concentrate followed by two cleaning stages produced a best concentrate grade of 53.6 g/t gold and 284g/t silver at recoveries of 93.4% (gold) and 70.4% (silver) .
Preliminary discussions with potential off-takers confirm that payability of this concentrate will be significantly higher than the 31.4 g/t concentrate produced in the Company's earlier testing and should result in payability above 90%.
The results are extremely encouraging and materially above the Company's expectations. The results demonstrate that the excellent metallurgical characteristics of the lower-grade intrusion-hosted mineralisation provides several significant benefits beyond high payability including, lower concentrate transport costs, a simple flow sheet with the ability to control targeted concentrate grades, and operational flexibility.
Exploratory cyanide leach testing of the cleaner float tails from the intrusion-hosted material has commenced. Should leaching recover 70% of the gold and silver in the tails, achieved in the highgrade mineralisation, the potential exists to increase gold recoveries above 95 percent. Additionally, CEL is waiting on the results from the analysis of the concentrate composition to confirm that, like the concentrate from the high-grade material, is low in arsenic and other deleterious elements
DISCUSSION OF RESULTS
Bulk sample used for testing of the intrusion-hosted mineralisation
The testing was conducted using a 55.6 kg composite bulk sample of the intrusion-hosted mineralisation from the Gap Zone and North Magnata. The bulk sample provides material which has grades and composition representative of the low-grade intrusion-hosted mineralisation intersected to date and was designed to be representative of the intrusion mineralisation. The bulk sample was taken from quarter core from 4 drill holes across the project; GNDD-113, GNDD113A, GNDD155 (Gap Zone) and GNDD157 (North Magnata). As previously reported, core interval assays for holes used for the metallurgical bulk sample are shown in Table 1. The weighted average grade of the bulk sample is 1.1 g/t gold, 7.0 g/t silver, 0.01% copper, 0.03% lead and 0.09% zinc.
| Drill hole From To |
Drill hole From To |
Total | Au | Ag | Zn | Cu Pb weight |
|---|---|---|---|---|---|---|
| (#) (m) (m) |
(m) | (g/t) | (g/t) | (%) | (%) (%) (kg) |
|
| GNDD113 | 154.00 161.50 |
7.50 | 0.86 | 32.0 | 0.18 | 0.06 0.13 10.95 |
| GNDD113A | 352.00 360.00 |
8.00 | 1.06 | 0.90 | 0.02 | 0.00 0.01 12.88 |
| GNDD155 | 195.00 200.00 |
5.00 | 0.92 | 1.26 | 0.10 | 0.00 0.02 10.38 |
| GNDD155 | 248.00 253.00 |
5.00 | 1.39 | 0.95 | 0.07 | 0.00 0.01 10.06 |
| GNDD157 | 345.00 352.00 |
7.00 | 1.27 | 0.53 | 0.11 | 0.00 0.00 11.38 |
Table 1 - Grades and weights of core samples that contributed to metallurgical sample
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street
West Perth WA 6005
Directors Contact Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman
www.challengerex.com
ASX Release 21 July 2021
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Test F8
Test F8 was a repeat of the first test conducted on the intrusion-hosted material Test F7, which involved simple gravity separation followed by single stage sulphide flotation at a P80 = 76 micron grind, with the addition of regrind of the rougher concentrate to P80 = 17 microns followed by two stages of cleaning. The test was undertaken using a 4kg sample of the intrusion hosted composite.
The results were outstanding producing a high-grade concentrate containing 53.6 g/t gold and 284 g/t silver with recoveries of 93.4% (gold) and 70.4% (silver). The fine regrind and addition of the second cleaning stage produced a small (1.4%) reduction in gold recovery at a significantly lower mass pull of 2.1%, down from 3.1% in test F7 where the fine regrind and second cleaning stage were not utilised.
| Product | Weight | Weight | Assays, % | Assays, % | Distribution, % | Distribution, % | Distribution, % | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Au | Ag | Cu | Pb | Zn | S | Au | Ag | Cu | Pb | Zn | S | |||
| g | % | (g/t) | (g/t) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | |
| Gravity Conc | 7.6 | 0.2 | 464 | 71.8 | 0.0 | |||||||||
| 2nd Clnr Conc | 78.1 | 2.0 | 13.6 | 312 | 0.78 | 0.83 | 3.86 | 45.6 | 21.6 | 70.4 | 57.6 | 56.9 | 69.4 | 79.9 |
| 2nd Clnr Tails | 34.1 | 0.9 | 1.57 | 46.3 | 0.05 | 0.062 | 0.43 | 6.28 | 1.1 | 4.6 | 1.7 | 1.9 | 3.4 | 4.8 |
| 1st Clnr Tails | 207.0 | 5.2 | 0.78 | 27.7 | 0.03 | 0.05 | 0.2 | 2.41 | 3.3 | 16.6 | 6.1 | 9.1 | 9.5 | 11.2 |
| Ro Tails | 3662.2 | 91.8 | 0.03 | 0.80 | 0.01 | 0.01 | 0.021 | 0.05 | 2.2 | 8.5 | 34.6 | 32.2 | 17.7 | 4.1 |
| Head (calc) | 3989.0 | 1000 | 1.23 | 8.68 | 0.03 | 0.03 | 0.11 | 1.12 | 100 | 100 | 100 | 100 | 100 | 100 |
| Product | Weight | Assays, % | Distribution, % | |||||||||||
| g | % | Au | Ag | Cu | Pb | Zn | S | Au | Ag | Cu | Pb | Zn | S | |
| Gravity Conc | 7.6 | 0.2 | 464 | 71.8 | ||||||||||
| Gravity Conc & 2nd Clnr Conc |
85.7 | 2.1 | 53.6 | 284.3 | 0.71 | 0.76 | 3.52 | 41.6 | 93.4 | 70.4 | 57.6 | 56.9 | 69.4 | 79.9 |
| Gravity Conc & 1st Clnr Conc |
119.8 326.8 |
3.0 8.2 |
38.8 14.7 |
216.6 96.9 |
0.52 0.21 |
0.56 0.24 |
2.64 1.09 |
31.5 13.1 |
94.5 97.8 |
75.0 91.5 |
59.3 65.4 |
58.8 67.8 |
72.8 82.3 |
84.7 95.9 |
| Gravity Conc & Bulk Ro Conc |
Table 2 -test F8 Metallurgical Balance Table
Similar to all testing at the Hualilan Gold Project, the recovery via simple initial gravity separation was impressive. Gravity separation consisted of a Knelson Concentrator followed by a Mozely Table, recovering 71.8% of the gold in test F8.
The final rougher concentrate tailings grade of 0.03 g/t gold and 0.80 g/t silver are exceptionally low and correspond to a combined gravity and bulk rougher gold recovery of 97.8% (gold) and 91.5% (silver). The bulk of the copper (65.4%), lead (67.8%) and zinc (82.3%) were recovered into the bulk rougher concentrate, however testing is yet to target recoveries of the base metal credits from the
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 838.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 56.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights
www.challengerex.com
ASX Release 21 July 2021
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intrusion-hosted material. The low (8%) mass pull into the bulk rougher concentrate was in line with the earlier testing. Accordingly the regrind of the rougher concentrate to P80 = 17 microns prior to cleaning will only require a small regrind circuit.
The increase in the gold grade of in the concentrate by approximately by 20 g/t is material and preliminary discussions with off-takers have indicated this will increase payability from approximately 80% for the F7 concentrate to above 90% inclusive of all treatment charges and penalties. The 70% increase in the concentrate grade is expected to materially decrease the concentrate transport cost which can be a significant component of cash cost when a concentrate is produced.
The trade-off from the production of a higher grade concentrate is small with a 1.4% reduction in recovery. Additionally, the recovery of residual gold and silver in the cleaner concentrate tails via a cyanide leach has the potential to offset this. Should the cyanide leach testing of the various cleaner float tails from the intrusion hosted material (testing has commenced) return similar results to the high-grade material the theoretical recovery from Test F8 would be 96.4% (gold) and 85.2% (silver).
Test F10
Test F10 was similar to test F8 with a simple gravity separation and single stage sulphide flotation at a P80 = 76 micron grind followed by the regrind of the rougher concentrate to P80 = 19 microns. However, F10 was was undertaken using a larger (12 kg) sample with the 2nd cleaner circuit in F10 set up with three incremental cleaner stages to give a guide to floatation kinetics.
Gravity separation was again impressive with gravity separation recovering 61.7% (gold) , 15.5% (silver) , and 41.4% (lead) into a gravity concentrate grading 418 g/t gold , 1037 g/t silver and 15.5% lead . The rougher concentrate tailings grades of 0.03 g/t gold and 0.80 g/t silver were the same as test F8 which is exceptionally low and corresponds to a combined gravity and bulk rougher gold recovery of 97.4% (gold) and 93.1% (silver). The majority of the copper (64.5%) , lead (84.5%) and zinc (78.2%) credits were recovered into the combination of the bulk rougher and gravity concentrate. The mass pull at 7.6% was slightly lower than the results of F8 and confirmed that should this process route be used the regrind circuit required will be small and relatively inexpensive.
Combining the gravity and final cleaner concentrate after the first increment of the second cleaner stage produced a high-grade concentrate containing 46.8 g/t gold and 375 g/t silver, with recoveries of 91.5% (gold) and 74.2% (silver) at a 2.1% mass pull . Combining the gravity and cleaner concentrate after the second increment of the second cleaner produced a concentrate containing 40.3 g/t gold and 346 g/t silver with recoveries of 94.2% (gold) and 81.8% (silver), at a 2.5% mass pull. The use of all three incremental second cleaner concentrates increased recoveries to 94.6% (gold) and 83.4% (silver) with the higher mass pull from only a single cleaning stage reducing the concentrate grades to 38.6 g/t gold and 337 g/t silver.
Test F10 produced similar recoveries compared to the 4 kg test in F8, although the final concentrate grade was slightly lower in test F10 than in test F8. The bulk sample of the intrusion hosted material has a low head grade and testing is sensitive to the mass recovery, particularly the gravity recovery.
Challenger Exploration Limited ACN 123 591 382
ASX: CEL
Issued Capital Australian Registered Office Directors Contact 838.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 56.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights
www.challengerex.com
ASX Release 21 July 2021
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At this low head grade and a small decrease in gravity recovery will have an impact on the concentrate grade. The finer regrind in test F8 (P80 = 17 microns in F8, P80 = 19 microns In F10) may have resulted in the slightly better recoveries and grade in test F8. this will be evaluated in further testing.
Should the exploratory cyanide leach testing of the various cleaner float tails from the intrusion hosted material, which has commenced, return similar results to the high-grade material the theoretical recovery from Test F10 producing the high-grade (46.8 g/t gold and 375 g/t silver) concentrate, would be 95.6% (gold) and 87.4% (silver).
| Product | Weight | Weight | Assays, % | Assays, % | Distribution, % | Distribution, % | Distribution, % | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Au | Ag | Cu | Pb | Zn | S | Au | Ag | Cu | Pb | Zn | S | |||
| g | % | (g/t) | (g/t) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | |
| Gravity Conc | 18.3 | 0.2 | 418 | 1,037 | 0.13 | 15.5 | 0.18 | 45.9 | 61.7 | 15.5 | 0.8 | 41.5 | 0.3 | 5.8 |
| 2nd Clnr Conc 3 | 224.5 | 2.0 | 16.5 | 321 | 0.71 | 1.08 | 3.01 | 45.1 | 29.9 | 58.7 | 53.6 | 35.5 | 53.6 | 70.2 |
| 2nd Clnr Conc 2 | 47.3 | 0.4 | 6.93 | 197 | 0.32 | 0.48 | 2.86 | 28.9 | 2.6 | 7.6 | 5.1 | 3.3 | 10.7 | 9.5 |
| 2nd Clnr Conc 1 | 13.5 | 0.1 | 3.76 | 148 | 0.21 | 0.30 | 1.95 | 17.3 | 0.4 | 1.6 | 1.0 | 0.6 | 2.1 | 1.6 |
| 2nd Clnr Tails | 86.7 | 0.8 | 1.57 | 30.6 | 0.02 | 0.077 | 0.23 | 2.95 | 1.1 | 2.2 | 0.6 | 1.0 | 1.6 | 1.8 |
| 1st Clnr Tails | 478.7 | 4.2 | 0.46 | 19.3 | 0.02 | 0.037 | 0.26 | 2.03 | 1.8 | 7.5 | 3.4 | 2.6 | 9.9 | 6.7 |
| Ro Tails | 10,559 | 92.4 | 0.03 | 0.80 | 0.01 | 0.01 | 0.026 | 0.06 | 2.6 | 6.9 | 35.5 | 15.5 | 21.8 | 4.4 |
| Head (calc) | 11,428 | 100.0 | 1.09 | 10.7 | 0.03 | 0.06 | 0.11 | 1.26 | 100 | 100.0 | 100.0 | 100 | 100 | 100 |
| Product | Weight | Assays, % | Distribution, % | |||||||||||
| g | % | Au | Ag | Cu | Pb | Zn | S | Au | Ag | Cu | Pb | Zn | S | |
| Gravity Conc | 18.3 | 0.2 | 418 | 61.7 | ||||||||||
| Gravity Conc & Increment #1 of 2nd Clnr |
242.8 | 2.1 | 46.8 | 375.0 | 0.67 | 2.17 | 2.80 | 45.2 | 91.5 | 74.2 | 54.4 | 77.0 | 53.9 | 76.0 |
| Gravity Conc & Increments 1 & 2 of 2nd Clnr |
290.1 | 2.5 | 40.3 | 345.9 | 0.61 | 1.89 | 2.81 | 42.5 | 94.2 | 81.8 | 59.5 | 80.4 | 64.7 | 85.5 |
| Gravity and all 2nd Clnr Concs |
303.6 | 2.7 | 38.6 | 337.1 | 0.59 | 1.82 | 2.77 | 41.4 | 94.6 | 83.4 | 60.5 | 81.0 | 66.7 | 87.1 |
| Gravity Conc & 1st Clnr Conc |
390.3 | 3.4 | 30.4 | 269.1 | 0.47 | 1.43 | 2.20 | 32.8 | 95.7 | 85.6 | 61.1 | 81.9 | 68.3 | 88.9 |
| Gravity Conc & Bulk Ro Conc |
869.0 | 7.6 | 13.9 | 131.5 | 0.22 | 0.66 | 1.13 | 15.9 | 97.4 | 93.1 | 64.5 | 84.5 | 78.2 | 95.6 |
Table 3 -test F10 Metallurgical Balance Table
The results of Test F10, similar to Test F8, are extremely encouraging resulting in high gold recoveries into a high-grade gold concentrate that will have excellent payability. The results suggest that the use of the second cleaner circuit, where adding incremental cleaner flotation stages allows us to increase
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Directors Contact Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman
www.challengerex.com
ASX Release 21 July 2021
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the final concentrate grade with very low changes in overall gold recovery, will be helpful to achieve a specific concentrate grade target. This is likely to allow the Company to optimise Hualilan concentrate gold grades to ensure an optimum economic trade-off between gold payabilities, recovery, and concentrate transportation costs, providing a significant economic advantage in marketing and selling a final concentrate product.
Additionally, the company has been advised by SGS Lakefield that the results suggest that in a closedcircuit operation, the optimal strategy would most likely be to reduce the flotation time in the second cleaner and accept a larger circulating load. This should improve the concentrate grade and overall recovery will likely remain comparable to the recoveries in F10.
The Company is extremely encouraged by the excellent gold and silver recoveries and high concentrate grades that these next stages of testing have demonstrated. These results were achieved from a combination of a gravity, a bulk sulphide float and regrind and cleaning of the sulphide float. The recoveries were significantly better than both the historical recoveries on the high-grade material and the Company's initial expectations. The results provide a material positive impact on potential project economics via significantly increased concentrate payability and a significant reduction in concentrate transport costs for the intrusion-hosted mineralisation that the Company believes will provide the bulk of the gold mineralisation at Hualilan.
Ends
This ASX announcement was approved and authorised by the Board.
For further information contact:
Kris Knauer Scott Funston Media Enquiries Managing Director Chief Financial Officer Jane Morgan +61 411 885 979 +61 413 867 600 + 61 405 555 618 [email protected] [email protected] [email protected]
Previous announcements referred to in this release include:
17 May 2021 - CEL Delivers Exceptional Metallurgical Test Work Results from the Hualilan Gold Project 22 Feb 2021 - Gold recoveries of 91-94% from Phase 1 metallurgical testing at Challenger's Hualilan Gold Project
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street
West Perth WA 6005
Directors
Contact
Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman
www.challengerex.com
ASX Release 21 July 2021
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About Challenger Exploration
Challenger Exploration Limited’s (ASX: CEL) aspiration is to become a globally significant gold producer. The Company is developing two complementary gold/copper projects in South America. The strategy for the Hualilan Gold project is for it to provide a high-grade low capex operation in the near term. This underpins CEL with a low risk, high margin source of cashflow while it prepares for a much larger bulk gold operation in Ecuador.
The Company is fully funded for the next 2 years with cash at bank of $50 million and it has committed to an 8-rig 120,000 metre drill program at its Flagship Hualilan Gold project.
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Hualilan Gold Project , located in San Juan Province Argentina, is a near term development opportunity. It has extensive historical drilling with over 150 drill-holes and a non-JORC historical resource[(1)] of 627,000 Oz @ 13.7 g/t gold which remains open in most directions. The project was locked up in a dispute for the past 15 years and as a consequence had seen no modern exploration until CEL acquired the project in 2019. In the past 20 months CEL has completed 250 drill holes for more than 55,000 metres of drilling. Results have included 6.1m @ 34.6 g/t Au, 21.9 g/t Ag, 2.9% Zn, 6.7m @ 14.3 g/t Au, 140 g/t Ag, 7.3% Zn and 10.3m @ 10.4 g/t Au, 28 g/t Ag, 4.6% Zn. This drilling intersected high-grade gold over almost 2 kilometres of strike and extended the known mineralisation along strike and at depth in multiple locations. Recent drilling has demonstrated this high-grade skarn mineralisation is underlain by a significant intrusion-hosted gold system with intercepts including 116m at 1.0 g/t Au, 4.0 g/t Ag, 0.2% Zn and 39.0m at 5.5 g/t Au, 2.0 g/t Ag, 0.3% Zn in porphyry dacites. CEL's current program which is fully funded includes a 120,000 metres of drilling, metallurgical test work of key ore types, and an initial JORC Compliant Resource and PFS.
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El Guayabo Gold/Copper Project covers 35 sq kms in southern Ecuador and was last drilled by Newmont Mining in 1995 and 1997 targeting gold in hydrothermal breccias. Historical drilling has demonstrated potential to host significant gold and associated copper and silver mineralisation. Historical drilling has returned a number of intersections including 156m @ 2.6 g/t Au, 9.7 g/t Ag, 0.2% Cu and 112m @ 0.6 % Cu, 0.7 g/t Au, 14.7 g/t which have never been followed up. The Project has multiple targets including breccia hosted mineralisation, an extensive flat lying late-stage vein system and an underlying porphyry system target neither of which has been drill tested. CEL's first results confirm the discovery of large-scale gold system with over 250 metres of bulk gold mineralisation encountered in drill hole ZK-02 which contains a significant high-grade core of 134m at 1.0 g/t gold and 4.1 g/t silver including 63m at 1.6 g/t gold and 5.1 g/t silver.
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street
West Perth WA 6005
Directors
Contact
Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman
www.challengerex.com
ASX Release 21 July 2021
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Hualilan Project Location Map - mineralisation and drilling
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 838.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 56.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights
www.challengerex.com
ASX Release 21 July 2021
==> picture [130 x 66] intentionally omitted <==
Foreign Resource Estimate Hualilan Project
| La Mancha Resources 2003 foreign resource estimate for the Hualilan Project ^ | La Mancha Resources 2003 foreign resource estimate for the Hualilan Project ^ | La Mancha Resources 2003 foreign resource estimate for the Hualilan Project ^ | |
|---|---|---|---|
| Category | Tonnes (kt) |
Gold Grade (g/t) |
Contained Gold (koz) |
| Measured | 218 | 14.2 | 100 |
| Indicated | 226 | 14.6 | 106 |
| Total of Measured & Indicated | 445 | 14.4 | 206 |
| Inferred | 977 | 13.4 | 421 |
| Measured, Indicated & Inferred | 1,421 | 13.7 | 627 |
^ Source: La Mancha Resources Toronto Stock Exchange Release dated 14 May 2003 -Independent Report on Gold Resource Estimate. Rounding errors may be present. Troy ounces (oz) tabled here
#1 For details of the foreign non-JORC compliant resource and to ensure compliance with LR 5.12 please refer to the Company's ASX Release dated 25 February 2019. These estimates are foreign estimates and not reported in accordance with the JORC Code. A competent person has not done sufficient work to clarify the foreign estimates as a mineral resource in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported as a mineral resource. The company is not in possession of any new information or data relating to the foreign estimates that materially impact on the reliability of the estimates that materially impacts on the reliability of the estimates or CEL's ability to verify the foreign estimates estimate as minimal resources in accordance with Appendix 5A (JORC Code). The company confirms that the supporting information provided in the initial market announcement on February 25, 2019 continues to apply and is not materially changed.
Competent Person Statement – Exploration results
The information that relates to sampling techniques and data, exploration results and geological interpretation has been compiled Dr Stuart Munroe , BSc (Hons), PhD (Structural Geology), GDip (AppFin&Inv) who is a fulltime employee of the Company. Dr Munroe is a Member of the AusIMM. Dr Munroe has over 20 years’ experience in the mining and metals industry and qualifies as a Competent Person as defined in the JORC Code (2012).
Dr Munroe has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results. Dr Munroe consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Competent Person Statement – Foreign Resource Estimate
The information in this release provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the material mining project. The information that relates to Mineral Resources has been compiled by Dr Stuart Munroe , BSc (Hons), PhD (Structural Geology), GDip (AppFin&Inv) who is a full-time employee of the Company. Dr Munroe is a Member of the AusIMM. Dr Munroe has over 20 years’ experience in the mining and metals industry and qualifies as a Competent Person as defined in the JORC Code (2012).
Dr Munroe and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration to qualify as Competent Person as defined in the 2012 Edition of the JORC Code for Reporting of, Mineral Resources and Ore Reserves. Dr Munroe consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital Australian Registered Office Directors Contact 838.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 56.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights
www.challengerex.com
JORC Code, 2012 Edition – Table 1 report template
Section 1 Sampling Techniques and Data -Hualilan Project
(Criteria in this section apply to all succeeding sections.)
| Criteria JORC Code explanation |
Commentary |
|---|---|
| Sampling techniques - Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. - Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. - Aspects of the determination of mineralisation that are Material to the Public Report. - In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
For historic exploration data, there is little information provided by previous explorers to detail sampling techniques. Drill core was cut with a diamond saw longitudinally and one half submitted for assay. Assay was generally done for Au. In some drill campaigns, Ag and Zn were also analysed. There is limited multielement data available. No information is available for RC drill techniques and sampling. For CEL drilling, diamond core (HQ3) was cut longitudinally on site using a diamond saw. Samples lengths are from 0.5m to 2.0m in length (average 1m), taken according to lithology, alteration, and mineralization contacts. For CEL reverse circulation (RC) drilling, 2-4 kg sub-samples from each 1m drilled are collected from a face sample recovery cyclone mounted on the drill machine. Core samples were crushed to approximately 85% passing 2mm. A 500g or a 1 kg sub-sample was taken and pulverized to 85% passing 75µm. A 50g charge was analysed for Au by fire assay with AA determination. Where the fire assay grade is > 10 g/t gold, a 50g charge was analysed for Au by Fire assay with gravimetric determination. A 10g charge was analysed for 48 elements by 4-acid digest and ICP-MS determination. Elements determined were Ag, As, Ba, Be, Bi, Ca, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn and Zr. Ag > 100 g/t, Zn, Pb and Cu > 10,000 ppm and S > 10% were re-analysed by the same method using a different calibration. Sample intervals were selected according to geological boundaries. There was no coarse gold observed in any of the core. |
| Drilling techniques - Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). |
Collar details for diamond core drilling (DD) and reverse circulation (RC) historic drilling campaigns is provided below from archival data cross checked with drill logs and available plans and sections where available. Collars shown below are in WGS84, zone 19s which is the standard projection used by CEL for the Project. Collar locations have been check surveyed using differential GPS (DGPS) by CEL to verify if the site coincides with a marked collar or tagged drill site. In most cases the drill collars coincide with historic drill site, some of which (but not all) are tagged. The collar check surveys were reported in POSGAR (2007) projection and converted to WGS84. Hole_id Type East (m) North (m) Elevation (m ASL) Azimuth (°) Dip (°) Depth (m) Date |
Challenger Exploration Limited Issued Capital ACN 123 591 382 838.7m shares ASX: CEL 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Contact
Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman
16m perf rights
www.challengerex.com
| Criteria JORC Code explanation |
Commentary |
|---|---|
| AG01 DD 2504908.0 6602132.3 1807.6 000 -90 84.5 Jan-84 AG02 DD 2504846.5 6602041.1 1803.4 112 -70 60.0 Jan-84 AG03 DD 2504794.5 6601925.6 1803.1 080 -55 110.0 Jan-84 AG04 DD 2504797.1 6602065.5 1806.6 000 -90 168.0 Jan-84 AG05 DD 2504843.5 6601820.3 1798.1 000 -90 121.8 Jan-84 AG06 DD 2504781.9 6601922.8 1803.8 000 -90 182.2 Jan-84 AG07 DD 2504826.3 6601731.0 1796.9 000 -90 111.5 Jan-84 AG08 DD 2504469.8 6600673.7 1779.7 090 -57 80.2 Jan-84 AG09 DD 2504455.7 6600458.5 1772.6 000 -90 139.7 Jan-84 AG10 DD 2504415.5 6600263.9 1767.7 000 -90 200.8 Jan-84 AG11 DD 2504464.8 6600566.5 1775.9 000 -90 141.0 Jan-84 AG12 DD 2504847.6 6602161.7 1808.8 000 -90 171.4 Jan-84 AG13 DD 2504773.6 6601731.3 1798.7 000 -90 159.5 Jan-84 AG14 DD 2504774.7 6601818.8 1801.2 000 -90 150.2 Jan-84 AG15 DD 2504770.7 6601631.4 1796.7 000 -90 91.3 Jan-84 AG16 DD 2504429.5 6600665.8 1779.8 000 -90 68.8 Jan-84 Hole_id Type East (m) North (m) Elevation (m ASL) Azimuth (°) Dip (°) Depth (m) Date MG01 RC 2504825.5 6602755.4 1800.0 100 -60 51.0 Jan-95 MG01A RC 2504810.5 6602755.4 1800.0 100 -60 116.0 Jan-95 MG02 RC 2504835.5 6602805.4 1800.0 100 -60 90.0 Jan-95 MG03 RC 2504853.5 6602880.4 1795.0 100 -60 102.0 Jan-95 MG04 RC 2504843.5 6602975.4 1800.0 100 -60 120.0 Jan-95 MG05 RC 2506130.5 6605055.4 1750.0 85 -60 96.0 Jan-95 MG06 RC 2506005.5 6605115.4 1750.0 100 -60 90.0 Jan-95 MG07 RC 2506100.5 6605015.4 1750.0 100 -60 96.0 Jan-95 MG08 RC 2505300.5 6603070.4 1740.0 95 -70 66.0 Jan-95 MG09 RC 2505285.5 6603015.4 1740.0 0 -90 102.0 Jan-95 MG10 RC 2505025.5 6600225.4 1724.0 100 -60 120.0 Jan-95 MG11 RC 2503380.5 6598560.5 1740.0 100 -60 78.0 Jan-95 MG12 RC 2503270.5 6597820.5 1740.0 100 -60 66.0 Jan-95 Hole_id Type East (m) North (m) Elevation (m ASL) Azimuth (°) Dip (°) Depth (m) Date Hua01 RC 2504845.3 6602041.2 1809.7 117 -50 60.0 1999 Hua02 RC 2504889.5 6602081.1 1809.7 125 -55 45.0 1999 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street
West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director
Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria JORC Code explanation |
Commentary |
|---|---|
| Hua03 RC 2505003.3 6602158.6 1810.7 000 -90 100.0 1999 Hua04 RC 2504873.3 6602169.1 1809.7 000 -90 100.0 1999 Hua05 RC 2505003.2 6602152.6 1810.7 180 -60 100.0 1999 Hua06 RC 2505003.3 6602161.6 1810.7 360 -60 100.0 1999 Hua07 RC 2504967.7 6602153.2 1810.2 000 -90 100.0 1999 Hua08 RC 2504973.2 6602153.7 1810.2 000 -90 13.0 1999 Hua09 RC 2504940.7 6602150.3 1809.7 180 -60 100.0 1999 Hua10 RC 2504941.8 6602156.8 1809.7 360 -60 100.0 1999 Hua11 RC 2504913.3 6602167.4 1809.7 360 -60 88.0 1999 Hua12 RC 2504912.8 6602165.9 1809.7 000 -90 100.0 1999 Hua13 RC 2504912.3 6602156.9 1809.7 180 -60 90.0 1999 Hua14 RC 2504854.3 6602168.2 1809.7 360 -60 100.0 1999 Hua15 RC 2504854.8 6602166.2 1809.7 117 -60 100.0 1999 Hua16 RC 2504834.2 6601877.8 1800.7 000 -90 100.0 1999 Hua17 RC 2504865.9 6602449.8 1814.1 90 -50 42.0 1999 Hua20 RC 2504004.1 6600846.4 1792.7 000 -90 106.0 1999 Hua21 RC 2504552.9 6600795.0 1793.9 000 -90 54.0 1999 Hole_id Type East (m) North (m) Elevation (m ASL) Azimuth (°) Dip (°) Depth (m) Date DDH20 DD 2504977.3 6602133.3 1804.8 116 -54 49.1 1999-00 DDH21 DD 2504978.3 6602118.3 1804.8 000 -90 88.6 1999-00 DDH22 DD 2504762.9 6601587.1 1769.8 116 -65 66.0 1999-00 DDH23 DD 2504920.4 6601994.3 1767.9 000 -90 58.8 1999-00 DDH24 DD 2504821.0 6601938.8 1802.0 116 -80 100.3 1999-00 DDH25 DD 2504862.6 6601964.5 1803.7 116 -74 49.2 1999-00 DDH26 DD 2504920.4 6601975.3 1795.0 312 -60 80.3 1999-00 DDH27 DD 2504752.7 6601565.1 1806.6 116 -60 43.2 1999-00 DDH28 DD 2505003.6 6602174.3 1806.6 116 -50 41.7 1999-00 DDH29 DD 2504964.1 6602136.6 1810.0 350 -52 113.5 1999-00 DDH30 DD 2505004.1 6602156.3 1809.3 059 -85 62.1 1999-00 DDH31 DD 2504897.6 6602112.7 1808.1 116 -75 41.4 1999-00 DDH32 DD 2504939.4 6602139.2 1809.1 350 -51 100.7 1999-00 DDH33 DD 2504939.4 6602139.2 1809.1 350 -65 62.9 1999-00 DDH34 DD 2504826.5 6601920.2 1801.3 116 -70 69.4 1999-00 DDH35 DD 2505003.9 6602156.7 1808.8 310 -85 174.6 1999-00 DDH36 DD 2504637.5 6600777.3 1799.9 330 -50 45.5 1999-00 DDH37 DD 2504826.5 6601920.2 1809.4 000 -90 121.0 1999-00 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1
1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO
Mr Scott Funston, Finance Director
Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | Commentary | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DDH38 | DD | 2504820.8 | 6601912.2 | 1801.1 | 116 | -75 | 67.7 | 1999-00 | ||
| DDH39 | DD | 2504820.8 | 6601912.2 | 1801.1 | 116 | -81 | 90.7 | 1999-00 | ||
| DDH40 | DD | 2504832.3 | 6601928.1 | 1801.7 | 116 | -70 | 85.7 | 1999-00 | ||
| DDH41 | DD | 2504837.8 | 6601937.5 | 1801.6 | 116 | -70 | 64.2 | 1999-00 | ||
| DDH42 | DD | 2504829.2 | 6601952.5 | 1801.8 | 116 | -60 | 65.1 | 1999-00 | ||
| DDH43 | DD | 2504829.2 | 6601952.5 | 1801.8 | 116 | -70 | 70.8 | 1999-00 | ||
| DDH44 | DD | 2504811.3 | 6601895.1 | 1802.0 | 116 | -60 | 102.2 | 1999-00 | ||
| DDH45 | DD | 2504811.3 | 6601895.1 | 1802.0 | 116 | -83 | 95.3 | 1999-00 | ||
| DDH46 | DD | 2504884.4 | 6601976.3 | 1805.9 | 116 | -45 | 71.6 | 1999-00 | ||
| DDH47 | DD | 2504884.4 | 6601976.3 | 1805.9 | 116 | -65 | 71.0 | 1999-00 | ||
| DDH48 | DD | 2504866.9 | 6601962.7 | 1803.1 | 116 | -47 | 30.7 | 1999-00 | ||
| DDH49 | DD | 2504866.9 | 6601962.7 | 1803.1 | 116 | -72 | 41.9 | 1999-00 | ||
| DDH50 | DD | 2504821.4 | 6601913.9 | 1801.1 | 116 | -77 | 87.5 | 1999-00 | ||
| DDH51 | DD | 2504821.4 | 6601913.9 | 1801.1 | 116 | -80 | 87.5 | 1999-00 | ||
| DDH52 | DD | 2504825.5 | 6601901.1 | 1800.9 | 116 | -83 | 74.0 | 1999-00 | ||
| DDH53 | DD | 2504504.1 | 6600714.0 | 1788.7 | 090 | -62 | 85.7 | 1999-00 | ||
| DDH54 | DD | 2504504.1 | 6600714.0 | 1788.7 | 090 | -45 | 69.1 | 1999-00 | ||
| DDH55 | DD | 2504997.9 | 6602163.5 | 1808.6 | 360 | -53 | 63.1 | 1999-00 | ||
| DDH56 | DD | 2504943.1 | 6602171.3 | 1810.5 | 360 | -75 | 50.6 | 1999-00 | ||
| DDH57 | DD | 2504943.1 | 6602171.3 | 1810.5 | 000 | -90 | 66.2 | 1999-00 | ||
| DDH58 | DD | 2504970.3 | 6602153.3 | 1809.1 | 360 | -71 | 62.0 | 1999-00 | ||
| DDH59 | DD | 2504970.3 | 6602153.3 | 1809.1 | 000 | -90 | 66.3 | 1999-00 | ||
| DDH60 | DD | 2504997.9 | 6602162.5 | 1809.0 | 360 | -67 | 59.9 | 1999-00 | ||
| DDH61 | DD | 2504997.9 | 6602162.5 | 1809.0 | 000 | -90 | 58.1 | 1999-00 | ||
| DDH62 | DD | 2504751.4 | 6601602.6 | 1789.2 | 170 | -45 | 68.4 | 1999-00 | ||
| DDH63 | DD | 2504751.4 | 6601602.6 | 1789.2 | 170 | -70 | 131.5 | 1999-00 | ||
| DDH64 | DD | 2504776.3 | 6601596.9 | 1789.1 | 170 | -45 | 66.7 | 1999-00 | ||
| DDH65 | DD | 2504552.7 | 6600792.0 | 1793.8 | 194 | -45 | 124.8 | 1999-00 | ||
| DDH66 | DD | 2504552.7 | 6600792.0 | 1793.8 | 194 | -57 | 117.0 | 1999-00 | ||
| DDH67 | DD | 2504552.7 | 6600792.0 | 1793.8 | 194 | -66 | 126.1 | 1999-00 | ||
| DDH68 | DD | 2504623.9 | 6600779.0 | 1800.7 | 000 | -90 | 79.5 | 1999-00 | ||
| DDH69 | DD | 2504623.9 | 6600779.0 | 1800.7 | 194 | -60 | 101.5 | 1999-00 | ||
| DDH70 | DD | 2504595.5 | 6600797.7 | 1798.1 | 190 | -81 | 128.0 | 1999-00 | ||
| DDH71 | DD | 2504631.6 | 6600797.4 | 1799.0 | 194 | -63 | 136.3 | 1999-00 | ||
| DDH72 | DD | 2504547.2 | 6600764.1 | 1799.6 | 194 | -45 | 75.6 | 1999-00 | ||
| DDH73 | DD | 2504593.4 | 6600766.5 | 1807.5 | 190 | -57 | 70.8 | 1999-00 | ||
| DDH74 | DD | 2504598.2 | 6600831.8 | 1795.3 | 190 | -62 | 190.9 | 1999-00 | ||
| DDH75 | DD | 2504731.2 | 6600784.7 | 1821.4 | 194 | -45 | 40.2 | 1999-00 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO
Mr Scott Funston, Finance Director
Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria JORC Code explanation |
Commentary |
|---|---|
| DDH76 DD 2504731.2 6600784.7 1821.4 180 -60 138.7 1999-00 DDH77 DD 2504734.1 6600785.0 1821.6 000 -90 85.6 1999-00 DDH78 DD 2504731.2 6600784.7 1821.4 180 -75 132.9 1999-00 DDH79 DD 2504721.6 6600790.1 1820.4 060 -70 38.6 1999-00 Hole_id Typ e East (m) North (m) Elevation (m ASL) Azimuth (°) Dip (°) Depth (m) 03HD01A DD 2504627.8 6600800.1 1798.4 180 -60 130.2 03HD02 DD 2504457.9 6600747.8 1782.9 180 -60 130.5 03HD03 DD 2504480.1 6600448.6 1774.0 360 -45 100.2 04HD04 DD 2504436.6 6600439.3 1773.4 360 -60 104.6 04HD05 DD 2504420.9 6600256.8 1769.5 110 -68 122.6 04HD06 DD 2504428.6 6600236.6 1768.1 110 -68 136.0 04HD07 DD 2504415.7 6600277.7 1769.0 100 -63 108.2 04HD08 DD 2504826.5 6601920.2 1801.3 116 -70 70.0 04HD09 DD 2504832.3 6601928.1 1801.7 116 -70 75.9 04HD10 DD 2504648.5 6600788.9 1801.5 205 -60 120.0 04HD11 DD 2504462.0 6600428.3 1773.6 075 -62 95.1 04HD12 DD 2504449.3 6600648.9 1779.6 360 -60 77.4 04HD13 DD 2504434.5 6600646.6 1779.7 360 -60 74.0 04HD14 DD 2504461.1 6600748.4 1783.1 180 -70 130.6 04HD15 DD 2504449.9 6600646.2 1779.6 360 -64 160.0 04HD16C DD 2504457.1 6600311.7 1770.3 195 -65 225.5 04HD17 DD 2504417.5 6600256.6 1769.5 110 -72 213.2 04HD18 DD 2504528.5 6600792.0 1791.9 170 -50 140.7 04HD19 DD 2504648.5 6600788.9 1801.5 205 -77 120.0 04HD20 DD 2504648.5 6600788.9 1801.5 205 -80 120.0 04HD21 DD 2504648.5 6600788.9 1801.5 205 -60 120.0 04HD23 DD 2504441.0 6600456.0 1772.5 075 -82 499.7 04HD24 DD 2504389.0 6600252.0 1766.5 090 -81 188.2 04HD25 DD 2504456.0 6600294.0 1768.5 155 -84 500.8 04HD26 DD 2504424.0 6600409.0 1771.5 180 -69 464.9 04HD27 DD 2504461.0 6600428.0 1773.0 100 -45 60.0 04HD28 DD 2504461.0 6600428.0 1773.0 100 -60 63.7 04HD29 DD 2504438.0 6600087.0 1764.5 108 -45 265.0 04HD30 DD 2504421.0 6600044.0 1764.0 108 -45 128.2 04HD31 DD 2504687.0 6601326.0 1794.0 045 -60 242.9 04HD32 DD 2504828.0 6601916.0 1801.3 116 -70 68.4 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria JORC Code explanation |
Commentary |
|---|---|
| 05HD33 DD 2505410.0 6601983.0 1765.0 000 -60 81.4 05HD34 DD 2505451.0 6602079.0 1763.0 273 -60 269.0 05HD35 DD 2504905.0 6601689.0 1794.0 140 -65 350.0 05HD36 DD 2504880.0 6601860.0 1802.0 295 -70 130.0 05HD37 DD 2504866.0 6601888.0 1797.0 295 -70 130.0 05HD38 DD 2504838.0 6601937.0 1796.0 115 -70 70.0 05HD39 DD 2504964.0 6602128.0 1814.0 030 -70 217.5 05HD40 DD 2504964.0 6602128.0 1814.0 030 -50 150.0 05HD41 DD 2504931.0 6602125.0 1812.0 022 -60 142.5 05HD42 DD 2504552.7 6600791.5 1797.0 194 -57 120.0 05HD43 DD 2504552.7 6600791.5 1797.0 194 -45 95.5 05HD44 DD 2504603.0 6600799.0 1798.0 190 -61.5 130.5 05HD45 DD 2504362.0 6600710.0 1767.0 088 -60 121.5 05HD46 DD 2504405.0 6600282.0 1766.0 090 -75 130.7 05HD47 DD 2504212.0 6599177.0 1729.0 065 -45 181.5 05HD48 DD 2504160.0 6599164.0 1728.0 065 -60 100.7 CEL drilling of HQ3 core (triple tube) was done using various truck and track mounted drill machines that are operated by various Argentinian drilling companies based in Mendoza and San Juan. The core has not been oriented. CEL drilling of reverse circulation (RC) drill holes is being done using a track-mounted LM650 universal drill rig set up for reverse circulation drilling. Drilling is being done using a 5.25 inch hammer bit. Collar details for DD drill holes and RC drill holes completed by CEL are shown below in WGS84, zone 19s projection. Collar locations for drill holes to GNDD105 are surveyed using DGPS. Collar location for GNDD060 and holes from GNDD106 are surveyed with a handheld GPS to be followed up with DGPS. Hole_id East (m) North (m) Elevation (m) Dip (°) Azimuth (°) Depth (m) GNDD001 504803.987 6601337.067 1829.289 -57 115 109.0 GNDD002 504793.101 6601312.095 1829.393 -60 115 25.6 GNDD002A 504795.405 6601311.104 1829.286 -60 115 84.5 GNDD003 504824.427 6601313.623 1827.768 -70 115 90.2 GNDD004 504994.416 6601546.302 1835.345 -60 115 100.0 GNDD005 504473.042 6600105.922 1806.448 -55 090 110.0 GNDD006 504527.975 6600187.234 1817.856 -55 170 100.9 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD007 | 504623.738 | 6600196.677 | 1823.447 | -68 | 190 | 86.3 | ||
| GNDD007A | 504624.021 | 6600198.394 | 1823.379 | -68 | 190 | 219.0 | ||
| GNDD008 | 504625.047 | 6600198.059 | 1823.457 | -60 | 184 | 109.4 | ||
| GNDD008A | 504625.080 | 6600199.718 | 1823.264 | -60 | 184 | 169.0 | ||
| GNDD009 | 504412.848 | 6599638.914 | 1794.22 | -55 | 115 | 147.0 | ||
| GNDD010 | 504621.652 | 6600196.048 | 1823.452 | -68 | 165 | 146.5 | ||
| GNDD011 | 504395.352 | 6599644.012 | 1794.025 | -64 | 115 | 169.2 | ||
| GNDD012 | 504450.864 | 6599816.527 | 1798.321 | -55 | 115 | 120.0 | ||
| GNDD013 | 504406.840 | 6599613.052 | 1792.378 | -58 | 112 | 141.0 | ||
| GNDD014 | 504404.991 | 6599659.831 | 1793.728 | -59 | 114 | 140.0 | ||
| GNDD015 | 504442.039 | 6600159.812 | 1808.700 | -62 | 115 | 166.7 | ||
| GNDD016 | 504402.958 | 6599683.437 | 1794.007 | -60 | 115 | 172.0 | ||
| GNDD017 | 504460.948 | 6600075.899 | 1806.143 | -55 | 115 | 132.6 | ||
| GNDD018 | 504473.781 | 6600109.152 | 1806.458 | -60 | 115 | 130.0 | ||
| GNDD019 | 504934.605 | 6601534.429 | 1834.720 | -70 | 115 | 80.0 | ||
| GNDD020 | 504463.598 | 6600139.107 | 1807.789 | -58 | 115 | 153.0 | ||
| GNDD021 | 504935.804 | 6601567.863 | 1835.631 | -60 | 115 | 120.0 | ||
| GNDD022 | 504835.215 | 6601331.069 | 1828.015 | -60 | 113 | 100.0 | ||
| GNDD023 | 504814.193 | 6601336.790 | 1828.535 | -55 | 117 | 100.0 | ||
| GNDD024 | 504458.922 | 6600123.135 | 1807.237 | -70 | 115 | 150.0 | ||
| GNDD025 | 504786.126 | 6601137.698 | 1823.876 | -60 | 115 | 141.0 | ||
| GNDD026 | 504813.588 | 6601444.189 | 1831.810 | -55 | 115 | 100.0 | ||
| GNDD027 | 504416.311 | 6599703.996 | 1794.702 | -55 | 115 | 139.2 | ||
| GNDD028 | 504824.752 | 6601321.020 | 1827.837 | -57 | 115 | 100.0 | ||
| GNDD029 | 504791.830 | 6601316.140 | 1829.344 | -71 | 115 | 120.2 | ||
| GNDD030 | 504454.538 | 6599860.757 | 1799.266 | -60 | 115 | 148.0 | ||
| GNDD031 | 504622.013 | 6600198.726 | 1823.191 | -60 | 130 | 149.0 | ||
| GNDD032 | 504619.803 | 6600203.906 | 1822.790 | -55 | 097 | 166.6 | ||
| GNDD033 | 504830.792 | 6601385.842 | 1829.315 | -55 | 115 | 62.0 | ||
| GNDD034 | 504862.613 | 6601524.893 | 1834.263 | -60 | 115 | 60.0 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director
Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD035 | 504782.969 | 6601234.234 | 1827.709 | -78 | 115 | 119.5 | ||
| GNDD036 | 504303.325 | 6599128.637 | 1779.458 | -55 | 115 | 131.0 | ||
| GNDD037 | 504462.875 | 6599831.674 | 1798.456 | -55 | 115 | 83.5 | ||
| GNDD038 | 504465.362 | 6600097.111 | 1806.580 | -55 | 115 | 87.7 | ||
| GMDD039 | 504815.800 | 6601318.000 | 1829.100 | -70 | 115 | 80.0 | ||
| GMDD040 | 504402.100 | 6599641.500 | 1794.800 | -55 | 115 | 135.5 | ||
| GMDD041 | 504473.000 | 6600104.000 | 1806.400 | -55 | 095 | 95.0 | ||
| GNDD042 | 504392.551 | 6599574.224 | 1790.603 | -60 | 115 | 140.0 | ||
| GMDD043 | 504815.800 | 6601320.000 | 1829.100 | -67 | 115 | 80.0 | ||
| GNDD044 | 504380.090 | 6599622.578 | 1791.934 | -65 | 115 | 185.0 | ||
| GNDD045 | 504366.823 | 6599679.058 | 1793.712 | -57 | 115 | 242.0 | ||
| GNDD046 | 504364.309 | 6599702.621 | 1794.533 | -60 | 115 | 191.0 | ||
| GNDD047 | 504459.642 | 6599644.133 | 1793.422 | -60 | 115 | 101.0 | ||
| GNDD048 | 504792.642 | 6601286.638 | 1828.497 | -74 | 115 | 95.0 | ||
| GNDD049 | 504807.030 | 6601419.483 | 1831.588 | -60 | 115 | 90.0 | ||
| GNDD050 | 504826.614 | 6601509.677 | 1833.357 | -60 | 115 | 80.0 | ||
| GNDD051 | 504766.792 | 6601032.571 | 1823.273 | -60 | 115 | 120.0 | ||
| GNDD060 | 504803.0 | 6601065.0 | 1822.0 | -60 | 115 | 200.0 | ||
| GNDD073 | 504367.546 | 6599724.992 | 1795.493 | -57 | 115 | 150.2 | ||
| GNDD074 | 504366.299 | 6599725.496 | 1795.450 | -73 | 115 | 152.0 | ||
| GNDD077 | 504821.005 | 6601145.026 | 1823.951 | -60 | 115 | 222.0 | ||
| GNDD079 | 504636.330 | 6600286.824 | 1823.053 | -60 | 115 | 181.4 | ||
| GNDD082 | 504769.532 | 6601169.127 | 1825.621 | -60 | 115 | 266.0 | ||
| GNDD083 | 504646.604 | 6600336.172 | 1823.893 | -60 | 115 | 181.0 | ||
| GNDD085 | 504456.068 | 6599888.509 | 1799.895 | -60 | 115 | 90.0 | ||
| GNDD088 | 504815.0 | 6601194 | 1825.2 | -60 | 115 | 237.0 | ||
| GNDD088A | 504815.621 | 6601193.811 | 1825.210 | -60 | 115 | 265.0 | ||
| GNDD089 | 504635.811 | 6600285.352 | 1823.032 | -55 | 133 | 200.1 | ||
| GNDD092 | 504839.792 | 6601208.375 | 1824.849 | -60 | 115 | 300.0 | ||
| GNDD093 | 504679.396 | 6600332.075 | 1827.365 | -55 | 115 | 209.0 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director
Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD095 | 504804.597 | 6601219.844 | 1826.834 | -67 | 115 | 203.0 | ||
| GNDD096 | 504666.622 | 6600602.793 | 1820.371 | -60 | 115 | 215.0 | ||
| GNDD099 | 504384.933 | 6599759.693 | 1796.525 | -60 | 115 | 150.0 | ||
| GNDD100 | 504424.250 | 6599784.711 | 1796.728 | -60 | 115 | 120.0 | ||
| GNDD101 | 504781.691 | 6600986.509 | 1821.679 | -60 | 115 | 220.0 | ||
| GNDD102 | 504787.340 | 6601285.049 | 1828.549 | -57 | 115 | 260.0 | ||
| GNDD103 | 504432.004 | 6599482.162 | 1788.500 | -55 | 115 | 299.0 | ||
| GNDD105 | 504701.392 | 6601025.961 | 1824.818 | -60 | 115 | 300.0 | ||
| GNDD106 | 504459.3 | 6599614.7 | 1792.9 | -55 | 115 | 300.0 | ||
| GNDD108 | 504895.0 | 6601154.9 | 1824.0 | -60 | 115 | 200.0 | ||
| GNDD109 | 504792.0 | 6601026.4 | 1822.0 | -60 | 115 | 209.0 | ||
| GNDD112 | 504898.2 | 6601197.6 | 1825.8 | -60 | 115 | 188.0 | ||
| GNDD113 | 504704.7 | 6601067.1 | 1826.3 | -60 | 115 | 230.0 | ||
| GNDD114 | 504436.0 | 6600111.0 | 1808.0 | -50 | 115 | 116.0 | ||
| GNDD115 | 504862.0 | 6601285.0 | 1824.4 | -60 | 115 | 251.0 | ||
| GNDD116 | 504443.7 | 6599555.8 | 1789.5 | -65 | 115 | 269.0 | ||
| GNDD117 | 504436.0 | 6600111.0 | 1808.0 | -60 | 115 | 120.0 | ||
| GNDD118 | 505086.0 | 6601110.0 | 1811.2 | -60 | 295 | 300.0 | ||
| GNDD119 | 504827.0 | 6601540.0 | 1837.6 | -66 | 115 | 115.0 | ||
| GNDD120 | 504408.2 | 6600102.0 | 1808.3 | -60 | 110 | 164.0 | ||
| GNDD121 | 504867.0 | 6601137.0 | 1822.1 | -57 | 115 | 181.0 | ||
| GNDD122 | 504658.0 | 6600647.6 | 1816.8 | -60 | 115 | 250.0 | ||
| GNDD123 | 504822.0 | 6601512.0 | 1835.6 | -63 | 130 | 130.0 | ||
| GNDD124 | 504408.2 | 6600102.0 | 1808.3 | -70 | 115 | 160.0 | ||
| GNDD125 | 505138.0 | 6601130.0 | 1808.4 | -60 | 295 | 300.0 | ||
| GNDD126 | 504719.2 | 6601148.6 | 1828.0 | -60 | 115 | 196.0 | ||
| GNDD127 | 504892.0 | 6601505.0 | 1837.0 | -55 | 115 | 300.0 | ||
| GNDD128 | 504712.3 | 6601108.0 | 1827.1 | -60 | 115 | 230.0 | ||
| GNDD129 | 504636.0 | 6600284.0 | 1820.0 | -55 | 185 | 291.0 | ||
| GNDD130 | 504839.0 | 6601092.8 | 1821.4 | -60 | 115 | 227.0 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD131 | 504655.5 | 6600737.1 | 1818.4 | -60 | 115 | 280.0 | ||
| GNDD132 | 504822.0 | 6601358.0 | 1830.5 | -55 | 115 | 300.0 | ||
| GNDD133 | 504870.3 | 6601640.9 | 1838.5 | -60 | 170 | 182.0 | ||
| GNDD134 | 504636.0 | 6600284.0 | 1820.0 | -55 | 154 | 290.0 | ||
| GNDD135 | 504846.0 | 6601548.7 | 1834.8 | -64 | 350 | 135.0 | ||
| GNDD136 | 504844.5 | 6601443.3 | 1829.3 | -55 | 115 | 310.0 | ||
| GNDD137 | 504650.0 | 6600695.0 | 1818.2 | -60 | 115 | 370.0 | ||
| GNDD138 | 504888.0 | 6601538.0 | 1837.5 | -65 | 350 | 237.0 | ||
| GNDD139 | 504759.7 | 6601085.5 | 1825.3 | -60 | 115 | 200.0 | ||
| GNDD140 | 504994.4 | 6601546.3 | 1835.3 | -60 | 60 | 230.0 | ||
| GNDD141 | 504788.4 | 6601251.8 | 1827.9 | -70 | 115 | 270.0 | ||
| GNDD142 | 504432.8 | 6599627.0 | 1793.2 | -62 | 115 | 360.0 | ||
| GNDD143 | 504898.2 | 6601197.6 | 1825.8 | -20 | 115 | 120.0 | ||
| GNDD144 | 504964.6 | 6601519.7 | 1837.3 | -70 | 40 | 410.0 | ||
| GNDD145 | 504560.7 | 6600224.1 | 1816.1 | -64 | 170 | 200.0 | ||
| GNDD146 | 504776.1 | 6601210.3 | 1827.9 | -70 | 115 | 350.0 | ||
| GNDD147 | 504964.6 | 6601519.7 | 1837.3 | -60 | 355 | 240.0 | ||
| GNDD148 | 504844.5 | 6601443.3 | 1829.3 | -24 | 115 | 85.5 | ||
| GNDD149 | 504844.5 | 6601443.3 | 1829.3 | -5 | 115 | 88.1 | ||
| GNDD150 | 504850.2 | 6601523.3 | 1836.8 | -65 | 350 | 251.0 | ||
| GNDD151 | 504672.6 | 6601214.5 | 1833.6 | -60 | 115 | 430.0 | ||
| GNDD152 | 504893.0 | 6601470.0 | 1835.0 | -15 | 115 | 165.0 | ||
| GNDD153 | 504693.0 | 6600984.0 | 1824.2 | -70 | 115 | 326.0 | ||
| GNDD154 | 504894.3 | 6601504.8 | 1836.3 | -65 | 350 | 212.0 | ||
| GNDD155 | 504780.1 | 6601120.2 | 1824.0 | -60 | 115 | 420.0 | ||
| GNDD156 | 504839.1 | 6601401.6 | 1829.4 | -37 | 115 | 59.0 | ||
| GNDD157 | 504636.0 | 6600284.0 | 1820.0 | -55 | 170 | 527.0 | ||
| GNDD158 | 504807.6 | 6601535.3 | 1837.0 | -60 | 350 | 170.0 | ||
| GNDD159 | 504907.7 | 6601149.3 | 1825.0 | -40 | 115 | 202.0 | ||
| GNDD160 | 504968.0 | 6601543.0 | 1835.4 | -55 | 350 | 170.0 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director
Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD161 | 504667.0 | 6600820.0 | 1819.0 | -60 | 115 | 251.00 | ||
| GNDD162 | 504723.0 | 6601279.3 | 1832.1 | -60 | 115 | 180.00 | ||
| GNDD163 | 504750.3 | 6601575.5 | 1840.3 | -60 | 115 | 180.00 | ||
| GNDD164 | 504673.4 | 6601523.0 | 1840.2 | -60 | 115 | 311.00 | ||
| GNDD165 | 504488.0 | 6599861.0 | 1805.4 | -10 | 115 | 253.80 | ||
| GNDD166 | 504565.3 | 6600337.7 | 1819.6 | -60 | 115 | 327.00 | ||
| GNDD167 | 504730.0 | 6600879.0 | 1818.0 | -60 | 115 | 251.00 | ||
| GNDD168 | 504559.6 | 6600384.5 | 1815.5 | -60 | 115 | 314.00 | ||
| GNDD169 | 504683.8 | 6601562.4 | 1841.0 | -60 | 115 | 416.00 | ||
| GNDD170 | 504663.0 | 6600335.0 | 1822.9 | -60 | 170 | 123.50 | ||
| GNDD170A | 504663.0 | 6600335.0 | 1822.9 | -60 | 170 | 380.00 | ||
| GNDD171 | 504679.0 | 6600903.0 | 1821.0 | -70 | 115 | 350.00 | ||
| GNDD172 | 504488.0 | 6599861.0 | 1805.4 | -45 | 115 | 119.70 | ||
| GNDD173 | 504694.5 | 6601336.6 | 1835.6 | -60 | 115 | 191.00 | ||
| GNDD174 | 504473.0 | 6600105.9 | 1806.4 | -11 | 115 | 329.50 | ||
| GNDD175 | 504650.3 | 6601092.5 | 1829.4 | -60 | 115 | 353.00 | ||
| GNDD176 | 504734.7 | 6600655.9 | 1813.5 | -60 | 115 | 350.00 | ||
| GNDD177 | 504761.8 | 6601481.8 | 1836.2 | -60 | 115 | 160.00 | ||
| GNDD178 | 504626.0 | 6600177.0 | 1823.3 | -60 | 185 | 145.20 | ||
| GNDD179 | 504405.5 | 6600183.0 | 1811.3 | -55 | 170 | 192.10 | ||
| GNDD180 | 504653.1 | 6600782.2 | 1819.1 | -60 | 115 | 341.00 | ||
| GNDD181 | 504678.0 | 6600330.0 | 1824.0 | -60 | 160 | 400.00 | ||
| GNDD182 | 504666.9 | 6601128.9 | 1828.8 | -60 | 115 | 337.00 | ||
| GNDD183 | 504777.0 | 6601519.0 | 1837.3 | -65 | 115 | 146.00 | ||
| GNDD184 | 504672.7 | 6601170.3 | 1830.3 | -60 | 115 | 321.50 | ||
| GNDD185 | 504730.7 | 6601408.1 | 1834.9 | -60 | 115 | 180.00 | ||
| GNDD186 | 504738.8 | 6600742.2 | 1814.0 | -60 | 115 | 208.00 | ||
| GNDD187 | 504620.9 | 6601547.6 | 1843.4 | -67 | 115 | 320.00 | ||
| GNDD188 | 504658.0 | 6601044.8 | 1827.4 | -60 | 115 | 280.00 | ||
| GNDD189 | 504473.0 | 6600105.9 | 1806.4 | -29 | 115 | 320.00 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD191 | 504600.0 | 6601422.7 | 1841.1 | -70 | 115 | 260.00 | ||
| GNDD192 | 504618.4 | 6600577.7 | 1818.6 | -60 | 115 | 260.00 | ||
| GNDD193 | 504689.4 | 6601427.3 | 1837.5 | -60 | 115 | 293.00 | ||
| GNDD194 | 504678.0 | 6600330.0 | 1824.0 | -60 | 140 | 300.00 | ||
| GNDD196 | 504638.4 | 6600391.9 | 1821.4 | -60 | 115 | 296.00 | ||
| GNDD197 | 504860.8 | 6601484.0 | 1831.5 | -68 | 350 | 72.00 | ||
| GNDD198 | 504789.3 | 6601248.3 | 1828.3 | -60 | 115 | 161.00 | ||
| GNDD199 | 504812.0 | 6601476.0 | 1834.9 | -56 | 350 | 266.00 | ||
| GNDD201 | 504307.8 | 6599795.7 | 1800.0 | -65 | 115 | 170.00 | ||
| GNRC052 | 504443.927 | 6599554.145 | 1790.676 | -60 | 115 | 90 | ||
| GNRC053 | 504452.888 | 6599589.416 | 1791.660 | -60 | 115 | 96 | ||
| GNRC054 | 504458.908 | 6599679.484 | 1794.408 | -60 | 115 | 90 | ||
| GNRC055 | 504461.566 | 6599726.253 | 1795.888 | -60 | 115 | 102 | ||
| GNRC056 | 504463.187 | 6599763.817 | 1796.276 | -60 | 115 | 102 | ||
| GNRC057 | 504453.440 | 6599901.106 | 1800.270 | -60 | 115 | 96 | ||
| GNRC058 | 504716.992 | 6600488.640 | 1825.624 | -60 | 115 | 102 | ||
| GNRC059 | 504785.101 | 6600721.845 | 1817.042 | -60 | 115 | 84 | ||
| GNRC061 | 504963.888 | 6601521.567 | 1835.635 | -60 | 115 | 30 | ||
| GNRC062 | 504943.260 | 6601531.855 | 1834.917 | -60 | 115 | 30 | ||
| GNRC063 | 504914.884 | 6601499.583 | 1833.781 | -60 | 115 | 36 | ||
| GNRC064 | 504895.067 | 6601472.101 | 1833.039 | -60 | 115 | 36 | ||
| GNRC065 | 504865.673 | 6601481.570 | 1831.536 | -60 | 115 | 60 | ||
| GNRC066 | 504896.480 | 6601506.894 | 1834.226 | -60 | 115 | 48 | ||
| GNRC067 | 504911.268 | 6601541.124 | 1836.127 | -60 | 115 | 50 | ||
| GNRC068 | 504990.546 | 6601552.694 | 1835.287 | -60 | 030 | 114 | ||
| GNRC069 | 504934.855 | 6601579.782 | 1836.179 | -60 | 115 | 120 | ||
| GNRC070 | 504925.545 | 6601566.505 | 1835.127 | -60 | 350 | 84 | ||
| GNRC071 | 504878.397 | 6601572.030 | 1833.873 | -60 | 350 | 54 | ||
| GNRC072 | 504877.872 | 6601568.814 | 1833.843 | -70 | 350 | 72 | ||
| GNRC075 | 504842.742 | 6601573.984 | 1835.428 | -60 | 350 | 60 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director
Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
www.challengerex.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary | |
|---|---|---|---|---|
| GNRC076 504828.279 6601539.638 1835.244 -60 115 |
76 | |||
| GNRC078 504842.744 6601450.106 1830.180 -60 115 |
70 | |||
| GNRC080 504864.734 6601560.758 1834.333 -60 115 |
86 | |||
| GNRC081 504815.835 6601460.850 1832.033 -73 115 |
86 | |||
| GNRC084 504965.730 6601530.280 1836.056 -55 030 |
145 | |||
| GNRC086 504838.724 6601402.481 1829.645 -60 115 |
60 | |||
| GNRC087 504858.585 6601345.400 1828.417 -60 115 |
30 | |||
| GNRC090 504821.284 6601359.986 1829.379 -60 115 |
60 | |||
| GNRC091 504789.111 6601376.410 1830.448 -60 115 |
80 | |||
| GNRC094 504852.454 6601307.187 1827.304 -60 115 |
60 | |||
| GNRC097 504831.396 6601289.723 1827.153 -60 115 |
70 | |||
| GNRC098 504784.865 6601253.409 1827.869 -76 115 |
96 | |||
| GNRC104 504780.186 6601228.313 1827.663 -64 115 |
150 | |||
| GNRC107 504623.1 6600197.1 1823.3 -60 185 |
120 | |||
| GNRC110 504502.0 6600107.0 1814.0 -62 90 |
60 | |||
| GNRC111 504427.8 6599739.8 1796.4 -60 115 |
120 | |||
| Drill sample recovery | - | Method of recording and assessing core and chip sample | Drill core is placed into wooden boxes by the drillers and depth marks are indicated on wooden blocks at | |
| recoveries and results assessed. | the end of each run. These depths are reconciled by CEL geologists when measuring core recovery. | |||
| - | Measures taken to maximise sample recovery and ensure representative nature of the samples. |
Triple tube drilling has been being done by CEL to maximise core recovery. | ||
| - | Whether a relationship exists between sample recovery | RC sub-samples are collected from a rotary splitter mounted to the face sample recovery cyclone. A 2-4 | ||
| and grade and whether sample bias may have occurred | kg sub-samples is collected for each metre of RC drilling. Duplicate samples are taken at the rate of I | |||
| due to preferential loss/gain of fine/coarse material. | every 25-30 samples using a riffle splitter to split out a 2-4 kg sub-sample. The whole sample recovered is weighed to measure sample recovery and consistency in sampling. |
|||
| A possible relationship has been observed between historic sample recovery and Au Ag or Zn grade | ||||
| whereby low recoveries have resulted in underreporting of grade. Insufficient information is not yet | ||||
| available to more accurately quantify this. Core recovery is influenced by the intensity of natural | ||||
| fracturing in the rock. A positive correlation between recovery and RQD has been observed. The | ||||
| fracturing is generally post mineral and not directly associated with the mineralisation. | ||||
| Logging | - | Whether core and chip samples have been geologically | Detailed logs are available for most of the historical drilling. Some logs have not been recovered. | No |
| and geotechnically logged to a level of detail to support | core photographs from the historic drilling have been found. No drill core has survived due to poor | |||
| appropriate Mineral Resource estimation mining studies | storage and neglect. No RC sample chips have been found. |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO
Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235 E: [email protected]
www.challengerex.com
| Criteria JORC Code explanation |
Commentary |
|---|---|
| and metallurgical studies. - Whether logging is qualitative or quantitative in nature. Core (or costean channel etc) photography. - The total length and percentage of the relevant intersections logged. |
For CEL drilling, all the core is logged for recovery RQD weathering lithology alteration mineralization and structure to a level that is suitable for geological modelling resource estimation and metallurgical test work. RC drill chips are logged for geology, alteration and mineralisation. Where possible logging is quantitative. Geological logging is done in MS Excel in a format that can readily be transferred to a database which holds all drilling logging sample and assay data. |
| Sub-sampling techniques and sample preparation - If core whether cut or sawn and whether quarter half or all core taken. - If non-core whether riffled tube sampled rotary split etc and whether sampled wet or dry. - For all sample types the nature quality and appropriateness of the sample preparation technique. - Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. - Measures taken to ensure that the sampling is representative of the in-situ material collected including for instance results for field duplicate/second-half sampling. - Whether sample sizes are appropriate to the grain size of the material being sampled. |
Competent drill core is cut longitudinally using a diamond saw for sampling of ½ the core. Soft core is split using a wide blade chisel or a manual core split press. The geologist logging the core indicates on the drill core where the saw cut is to be made to ensure half-core sample representivity. Sample intervals are selected based on lithology alteration and mineralization boundaries. Sample lengths average 1.38m. No second-half core samples have been submitted. The second half of the core samples has been retained in the core trays for future reference. From hole GNDD073, duplicate diamond core samples have been collected for every 25-30m drilled. The duplicate diamond core samples are ¼ core samples. Duplicate core sample results and correlation plots (log scale for Au, Ag and Zn) are shown below: n RSQ mean median variance original duplicate original duplicate original duplicate Au (ppm) 288 0.984 0.306 0.332 0.011 0.008 7.012 9.141 Ag (ppm) 288 0.984 0.87 0.84 0.21 0.19 13.37 16.01 Cd (ppm) 288 0.989 4.70 4.16 0.20 0.17 911.95 703.19 Cu (ppm) 288 0.279 30.49 20.26 3.40 3.35 3.6E+04 1.1E+04 Fe (%) 288 0.991 1.406 1.384 1.490 1.445 3.1 2.9 Pb (ppm) 288 0.990 168.6 166.3 15.3 15.0 1.6E+06 2.3E+06 S (%) 288 0.994 0.409 0.401 0.080 0.080 1.867 1.687 Zn (ppm) 288 0.993 771 677 83 79 2.3.E+07 1.6.E+07 n=count RSQ = R squared The correlation for Cu is poor because of 1 pair, where Cu results vary significantly. Removing this outlier provides at RSQ for Cu of 0.977 |
Challenger Exploration Limited ACN 123 591 382
ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street
West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235 E: [email protected]
www.challengerex.com
| Criteria JORC Code explanation |
Commentary |
|---|---|
| RC sub-samples over 1m intervals are collected at the drill site from a cyclone mounted on the drill rig. A duplicate RC sample is collected for every 25-30m drilled. The duplicate RC sample results and correlation plots (log scale for Au, Ag and Zn) are shown below: n RSQ mean median variance original duplicate original duplicate original duplicate Au (ppm) 85 0.799 0.101 0.140 0.017 0.016 0.041 0.115 Ag (ppm) 85 0.691 1.74 2.43 0.59 0.58 13.59 64.29 Cd (ppm) 85 0.989 15.51 16.34 0.41 0.44 4189 4737 Cu (ppm) 85 0.975 47.74 53.86 5.80 5.70 2.4E+04 3.1E+04 Fe (%) 85 0.997 1.470 1.503 0.450 0.410 7.6 7.6 Pb (ppm) 85 0.887 296.0 350.6 26.3 32.4 6.0E+05 7.4E+05 S (%) 85 0.972 0.113 0.126 0.020 0.020 0.046 0.062 Zn (ppm) 85 0.977 3399 3234 158 177 2.5.E+08 2.1.E+08 n=count RSQ = R squared |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street
West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| CEL samples have been submitted to the MSA laboratory in San Juan and the ALS laboratory in Mendoza | |||
| for sample preparation. The sample preparation technique is considered appropriate for the style of | |||
| mineralization present in the Project. | |||
| Sample sizes are appropriate for the mineralisation style and grain size of the deposit. | |||
| Quality of assay data | - |
The nature quality and appropriateness of the assaying | The MSA laboratory used for sample preparation in San Juan has been inspected by Stuart Munroe |
| and laboratory tests | and laboratory procedures used and whether the technique is considered partial or total. |
(Exploration Manager) and Sergio Rotondo (COO) prior to any samples being submitted. The laboratory procedures are consistent with international best practice and are suitable for samples from the Project. |
|
| - | For geophysical tools spectrometers handheld XRF | The ALS laboratory in Mendoza has not yet been inspected by CEL representatives. | |
| instruments etc the parameters used in determining the | Internal laboratory standards were used for each job to ensure correct calibration of elements. | ||
| analysis including instrument make and model reading | |||
| times calibrations factors applied and their derivation etc. | CEL submit blank samples (cobble and gravel material from a quarry nearby to Las Flores San Yuan) to | ||
| - | Nature of quality control procedures adopted (eg standards blanks duplicates external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) andprecision have been established. |
both the MSA laboratory and the ALS laboratory which were strategically placed in the sample sequence immediately after samples that were suspected of containing high grade Au Ag Zn or Cu to test the lab preparation contamination procedures. The values received from the blank samples suggest rare cross contamination of samples during sample preparation. |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235 E: [email protected]
www.challengerex.com
==> picture [740 x 442] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
For GNDD001 – GNDD010 samples analysed by MSA in 2019, three different Certified Standard
Reference pulp samples (CRM) with known values for Au Ag Pb Cu and Zn have been submitted with
----- End of picture text -----
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235 E: [email protected]
www.challengerex.com
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| samples of drill core to test the precision and accuracy of the analytic procedures and determination of | ||
| the MSA laboratory in Canada Two of the standards were only used 4 times each and the third . 26 | ||
| reference analyses were analysed in the samples submitted in 2019. For CRM 1 one sample returned an | ||
| Au value > 2 standard deviations (SD) above the certified value. For CRM 2 one sample returned an Au | ||
| value < 2SD below the certified value. For CRM 3 (graphs below) one sample returned a Cu value > 2SD | ||
| above the certified value. All other analyses are within 2SD of the expected value. The standards | ||
| demonstrate suitable precision and accuracy of the analytic process. No systematic bias is observed. | ||
| For drill holes from GNDD011 and unsampled intervals from the 2019 drilling, six different Certified | ||
| Standard Reference pulp samples (CRM) with known values for Au Ag Fe S Pb Cu and Zn have been | ||
| submitted with samples of drill core to test the precision and accuracy of the analytic procedures of both | ||
| the MSA and ALS. In the results received to date there has been no observed bias in results of the CRM. | ||
| The standards demonstrate suitable precision and accuracy of the analytic process. No systematic bias is | ||
| observed. A summaryof the standard deviations from the expected values for CRM’s used is |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1
1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO
Mr Scott Funston, Finance Director
Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235 E: [email protected]
www.challengerex.com
Criteria JORC Code explanation
Commentary
summarised below. Generally, an average of standard deviations close to zero indicates a high degree of accuracy and a low range of standard deviations with a low fail count indicates a high degree of precision.
==> picture [390 x 99] intentionally omitted <==
==> picture [390 x 99] intentionally omitted <==
==> picture [391 x 99] intentionally omitted <==
==> picture [391 x 99] intentionally omitted <==
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares 16m perf rights
Australian Registered Office
Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235 E: [email protected]
www.challengerex.com
| Criteria JORC Code explanation |
Commentary | Commentary | Commentary |
|---|---|---|---|
| Verification of sampling and assaying - The verification of significant intersections by either independent or alternative company personnel. - The use of twinned holes. - Documentation of primary data entry procedures data verification data storage (physical and electronic) protocols. - Discuss any adjustment to assay data. |
Repeat sampling of 186 coarse reject samples from 2019 drilling has been done to verify sampling. Original samples were from the 2019 DD drilling which were analysed by MSA (San Juan preparation and Vancouver analysis). Repeat samples were analysed by ALS (Mendoza preparation and Vancouver analysis). The repeat analysis technique was identical to the original. The repeat analyses correlate very closely with the original analyses providing a high confidence in the sample preparation and analysis from MSA and ALS. A summary of the results for the 186 sample pairs for key elements is provided below: Mean Median Std Deviation Element MSA ALS MSA ALS MSA ALS Correlation coefficient Au (FA and GFA ppm) 4.24 4.27 0.50 0.49 11.15 11.00 0.9972 Ag (ICP and ICF ppm) 30.1 31.1 5.8 6.2 72.4 73.9 0.9903 Zn ppm (ICP ppm and ICF %) 12312 12636 2574 2715 32648 33744 0.9997 Cu ppm (ICP ppm and ICF %) 464 474 74 80 1028 1050 0.9994 Pb ppm (ICP ppm and ICF %) 1944 1983 403 427 6626 6704 0.9997 S (ICP and ICF %) 2.05 1.95 0.05 0.06 5.53 5.10 0.9987 Cd(ICPppm) 68.5 68.8 12.4 12.8 162.4 159.3 0.9988 |
||
| Au (FA and GFA ppm) 4.24 4.27 Ag (ICP and ICF ppm) 30.1 31.1 Zn ppm (ICP ppm and ICF %) 12312 12636 Cu ppm (ICP ppm and ICF %) 464 474 Pb ppm (ICP ppm and ICF %) 1944 1983 S (ICP and ICF %) 2.05 1.95 Cd(ICPppm) 68.5 68.8 |
0.50 0.49 5.8 6.2 2574 2715 74 80 403 427 0.05 0.06 12.4 12.8 |
11.15 11.00 72.4 73.9 32648 33744 1028 1050 6626 6704 5.53 5.10 162.4 159.3 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares
56.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street
West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235 E: [email protected]
www.challengerex.com
| Criteria JORC Code explanation |
Commentary | |||
|---|---|---|---|---|
| As (ICP ppm)) 76.0 79.5 Fe (ICP %) 4.96 4.91 REE(ICPppm) 55.1 56.2 |
45.8 47.6 2.12 2.19 28.7 31.6 |
88.1 90.6 6.87 6.72 98.2 97.6 |
||
| Location of data points - Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys) trenches mine workings and other locations used in Mineral Resource estimation. - Specification of the grid system used. - Quality and adequacy of topographic control. |
Following completion of drilling collars are surveyed using a differential GPS (DGPS) relative into the Argentinian SGM survey. The locations have been surveyed in POSGAR 2007 zone 2 and converted to WGS84 UTM zone 19s. The drill machine is set-up on the drill pad using hand-held equipment according to the proposed hole design. Diamond core drill holes are surveyed at 30-40m intervals down hole using a Reflex tool. RC drill holes are surveyed down hole every 10 metres using a gyroscope to avoid magnetic influence from the drill rods. All current and previous drill collar sites Minas corner pegs and strategic surface points have been surveyed using DGPS to provide topographic control for the Project. |
|||
| Data spacing and distribution - Data spacing for reporting of Exploration Results. - Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriatefor the Mineral Resource and Ore Reserve |
No regular drill hole spacing has been applied across the Project, although a nominal 40m x 40m drill spacing is being applied to infill and extension drilling where appropriate. The current drilling is designed to check previous exploration, extend mineralisation along strike, and provide some information to establish controls on mineralization and exploration potential. No Mineral Resource Estimate to JORC |
Challenger Exploration Limited Issued Capital Australian Registered Office Directors ACN 123 591 382 838.7m shares Level 1 Mr Kris Knauer, MD and CEO ASX: CEL 56.6m options 1205 Hay Street Mr Scott Funston, Finance Director 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235 E: [email protected]
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| estimation procedure(s) and classifications applied. | 2012 reporting standards has been made at this time. | ||
| - | Whether sample compositing has been applied. | Samples have not been composited. | |
| Orientation of data | - | Whether the orientation of sampling achieves unbiased | As far as is currently understood the orientation of sampling achieves unbiased sampling of structures |
| in relation to | sampling of possible structures and the extent to which | and geology controlling the mineralisation. | |
| geological structure | - | this is known considering the deposit type. If the relationship between the drilling orientation and the |
Drilling has been designed to provide an unbiased sample of the geology and mineralisation targeted. |
| orientation of key mineralised structures is considered to | |||
| have introduced a sampling bias this should be assessed | |||
| and reported if material. | |||
| Sample security | - | The measures taken to ensure sample security. | Samples were under constant supervision by site security, senior personnel and courier contractors prior |
| to delivery to the preparation laboratory in San Juan or Mendoza. | |||
| Audits or reviews | - | The results of any audits or reviews of sampling | There has not yet been any independent reviews of the sampling techniques and data. |
| techniques and data. |
ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO
Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
Challenger Exploration Limited ACN 123 591 382
www.challengerex.com
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria JORC Code explanation |
Commentary | Commentary | Commentary | Commentary | Commentary | Commentary |
|---|---|---|---|---|---|---|
| Mineral tenement and land tenure status - Type reference name/number location and ownership including agreements or material issues with third parties such as joint ventures partnerships overriding royalties native title interests historical sites wilderness or national park and environmental settings. - The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
The current Hualilan project comprises 15 Minas (equivalent of mining leases) and 2 Demasias (mining lease extensions). This covers approximately 4 km of strike and includes all of the currently defined mineralization. There are no royalties on the project. CEL is earning a 75% interest in the Project by funding exploration to a Definitive Feasibility Study (DFS). Granted mining leases (Minas Otorgadas) at the Hualilan Project Name Number Current Owner Status Grant Date Area (ha) Cerro Sur Divisadero 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Flor de Hualilan 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Pereyra y Aciar 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Bicolor 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Sentazon 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Muchilera 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Magnata 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Pizarro 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Cerro Norte La Toro 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 La Puntilla 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 |
|||||
| Name | Number | Current Owner | Status | Grant Date | Area (ha) | |
| Cerro Sur | ||||||
| Divisadero | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Flor de Hualilan | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Pereyra y Aciar | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Bicolor | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Sentazon | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Muchilera | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Magnata | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Pizarro | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Cerro Norte | ||||||
| La Toro | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| La Puntilla | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235 E: [email protected]
16m perf rights
www.challengerex.com
| Criteria JORC Code explanation |
Commentary | |||||
|---|---|---|---|---|---|---|
| Pique de Ortega | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| Descrubidora | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| Pardo | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| Sanchez | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| Andacollo | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| Mining Lease extensions (Demasias) at | the Hualilan Project | |||||
| Name | Number | Current Owner | Status | Grant date | Area (ha) | |
| Cerro Sur | ||||||
| North of "Pizarro" Mine |
195-152-C-1981 | Golden Mining S.R.L. |
Granted | 05/12/2014 | 1.9 | |
| Cerro Norte | ||||||
| South of "La Toro" Mine |
195-152-C-1981 | CIA GPL S.R.L. | Granted | 05/12/2014 | 1.9 | |
| Exploration done by other parties - Acknowledgment and appraisal of exploration by other parties. |
Intermittent sampling dating back over 500 years has produced a great deal of information and data including sampling geologic maps reports trenching data underground workings drill hole results geophysical surveys resource estimates plus property examinations and detailed studies by several geologists. Prior to the current exploration no work has been completed since 2006. There is 6 km of underground workings that pass through mineralised zones. Records of the underground |
Australian Registered Office
Challenger Exploration Limited
Issued Capital
ACN 123 591 382 838.7m shares Level 1 ASX: CEL 56.6m options 1205 Hay Street 120m perf shares West Perth WA 6005 16m perf rights
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235 E: [email protected]
www.challengerex.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| geology and sampling are currently being compiled and digitised as are sample data geological mapping trench | |||
| data adit exposures and drill hole results. Geophysical surveys exist but have largely yet to be check located and | |||
| digitised. | |||
| Drilling on the Hualilan Project (Cerro Sur and Cerro Norte combined) extends to over 150 drill holes. The key | |||
| historical exploration drilling and sampling results are listed below. | |||
| - 1984 – Lixivia SA channel sampling & 16 RC holes (AG1-AG16) totalling 2040m |
|||
| - 1995 - Plata Mining Limited (TSE: PMT) 33 RC holes (Hua- 1 to 33) + 1500 samples |
|||
| - 1998 – Chilean consulting firm EPROM (on behalf of Plata Mining) systematic underground mapping and |
|||
| channel sampling | |||
| - 1999 – Compania Mineral El Colorado SA (“CMEC”) 59 core holes (DDH-20 to 79) plus 1700m RC |
|||
| program | |||
| - 2003 – 2005 – La Mancha (TSE Listed) undertook 7447m of DDH core drilling (HD-01 to HD-48) |
|||
| - Detailed resource estimation studies were undertaken by EPROM Ltda. (EPROM) in 1996 and CMEC |
|||
| (1999 revised 2000) both of which were written to professional standards and La Mancha 2003 and | |||
| 2006. | |||
| - The collection of all exploration data by the various operators was of a high standard and had |
|||
| appropriate samplingtechniques intervals and custody procedures were used. | |||
| Geology | - | Deposit type geological setting and style of | Mineralisation occurs in all rock types where it preferentially replaces limestone, shale and sandstone and occurs |
| mineralisation. | in fault zones and in fracture networks within dacitic intrusions. | ||
| The mineralisation has previously been classified as a Zn-Cu distal skarn (or manto-style skarn) with vein-hosted | |||
| Au-Ag mineralisation. It has been divided into three phases – prograde skarn retrograde skarn and a late quartz– | |||
| galena event the evolution of the hydrothermal system and mineral paragenesis is the subject of more detailed | |||
| geometallurgical work. | |||
| Gold occurs in native form and as inclusions with sulphide and pyroxene. The mineralisation also commonly | |||
| contains pyrite, chalcopyrite sphalerite and galena with rare arsenopyrite, pyrrhotite and magnetite. | |||
| Mineralisation is either parallel to bedding in bedding-parallel faults, in veins or breccia matric within fractured | |||
| dacitic intrusions, at lithology contacts or in east-west striking steeply dipping siliceous faults that cross the | |||
| bedding at a high angle. The faults have thicknesses of 1–4 m and contain abundant sulphides. The intersection | |||
| between the bedding-parallel mineralisation and east-striking cross veins seems to be important in localising the | |||
| mineralisation. | |||
| Drill hole | - | A summary of all information material to the | The following significant intersections have been reported by previous explorers. A cut-off grade of 1 g/t Au |
| Information | understanding of the exploration results including a tabulation of the following information for all |
equivalent (calculated using a price of US$1,300/oz for Au, $15/oz for Ag and $2,500/t. for Zn) has been used with up to 2m of internal diltion or a cut-off grade of 0.2 g/t Au equivalent and up to 4m of internal diltion has |
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 838.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 56.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Material drill holes: | been allowed. No metallurcial or recovery factors have | been used. | Drill collar | location is provided in the | |||||
| - | easting and northing of the drill hole collar | previous section. | |||||||
| - | elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar |
Hole_id AG16 |
From(m) 38.6 |
Interval(m) 1.2 |
Au(g/t) 0.1 |
Ag (g/t) 28.6 |
Zn(%) 1.7 |
||
| - - |
dip and azimuth of the hole down hole length and interception depth |
MG10 DDH36 |
108.0 24.7 |
3.0 9.3 |
1.3 1.6 |
No assay 46.3 |
No assay 1.2 |
||
| - | hole length. | DDH53 | 17.3 | 1.4 | 1.0 | 1.7 | 0.00 |
||
| - | If the exclusion of this information is justified on the | DDH53 | 24.0 | 8.9 | 3.7 | 239.5 | 0.03 |
||
| basis that the information is not Material and this | DDH53 | 35.7 | 3.9 | 3.9 | 87.8 | 0.06 |
|||
| exclusion does not detract from the understanding of | DDH53 | 41.0 | 3.0 | 2.6 | 7.6 | 0.20 |
|||
| the report the Competent Person should clearly | DDH54 | 20.0 | 1.1 | 1.2 | 0.7 | 0.00 |
|||
| explain why this is the case. | DDH54 | 31.1 | 8.3 | 3.9 | 32.1 | 0.80 |
|||
| DDH65 | 62.0 | 8.2 | 11.0 | 60.6 | 1.2 |
||||
| DDH65 | 82.0 | 1.0 | 1.8 | 33.4 | 0.30 |
||||
| DDH66 | 83.1 | 7.2 | 23.7 | 42.9 | 2.4 |
||||
| DDH66 | 87.9 | 2.4 | 69.9 | 114.4 | 2.2 |
||||
| DDH66 | 104.9 | 2.8 | 1.8 | 29.0 | 0.10 |
||||
| DDH67 | 98.7 | 1.3 | 0.2 | 7.8 | 1.3 |
||||
| DDH68 | 4.0 | 17.9 | 2.2 | 6.3 | 0.20 |
||||
| DDH68 | 73.7 | 0.5 | 0.8 | 9.0 | 1.2 |
||||
| DDH69 | 4.0 | 16.1 | 2.3 | 1.6 | 0.10 |
||||
| DDH69 | 76.9 | 0.3 | 0.1 | 7.0 | 28.0 |
||||
| DDH69 | 79.7 | 0.8 | 1.3 | 120.0 | 4.5 |
||||
| DDH70 | 84.0 | 7.0 | 5.2 | 13.5 | 0.70 |
||||
| DDH71 | 11.0 | 2.0 | 0.5 | 218.0 | 0.06 |
||||
| DDH71 | 39.9 | 1.0 | 1.3 | 6.0 | 0.03 |
||||
| DDH71 | 45.5 | 1.1 | 0.4 | 22.8 | 0.60 |
||||
| DDH71 | 104.0 | 10.0 | 33.5 | 126.7 | 7.9 |
||||
| DDH72 | 26.0 | 11.7 | 3.8 | 14.1 | 1.3 |
||||
| DDH72 | 52.7 | 6.3 | 1.5 | 30.4 | 0.04 |
||||
| DDH73 | 62.5 | 3.5 | 0.5 | 15.6 | 0.60 |
||||
| DDH74 | 119.9 | 0.5 | 7.3 | 98.5 | 2.6 |
||||
| DDH76 | 61.3 | 0.7 | 4.0 | 11.1 | 0.50 |
||||
| DDH76 | 74.4 | 4.0 | 0.8 | 8.8 | 0.30 |
||||
| DDH76 | 84.8 | 1.2 | 1.4 | 10.9 | 2.0 |
||||
| DDH78 | 109.1 | 0.7 | 1.1 | 13.4 | 1.9 |
||||
| 03HD01A | 90.1 | 1.7 | 2.1 | 37.4 | 2.4 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||
|---|---|---|---|---|---|---|---|
| 03HD03 | 55.0 | 2.4 | 2.5 | 25.6 | 2.3 | ||
| 04HD05 | 80.3 | 2.0 | 0.9 | 42.7 | 0.02 | ||
| 04HD05 | 97.5 | 1.8 | 1.9 | 35.0 | 0.04 | ||
| 04HD05 | 102.0 | 1.0 | 1.3 | 42.1 | 0.01 | ||
| 04HD05 | 106.0 | 1.0 | 0.7 | 28.0 | 0.05 | ||
| 04HD05 | 108.0 | 5.6 | 2.8 | 19.9 | 1.2 | ||
| 04HD06 | 65.4 | 1.2 | 46.6 | 846.0 | 0.50 | ||
| 04HD06 | 75.0 | 1.0 | 1.0 | 2.9 | 0.01 | ||
| 04HD06 | 104.5 | 7.6 | 1.8 | 5.0 | 1.2 | ||
| 04HD06 | 115.1 | 0.9 | 16.4 | 23.1 | 7.7 | ||
| 04HD07 | 98.3 | 2.2 | 1.4 | 32.5 | 0.90 | ||
| 04HD10 | 44.3 | 0.2 | 3.9 | 81.5 | 5.6 | ||
| 04HD10 | 55.5 | 0.5 | 1.3 | 11.5 | 0.46 | ||
| 04HD10 | 78.6 | 1.7 | 4.8 | 93.7 | 2.4 | ||
| 04HD11 | 28.0 | 1.0 | 0.1 | 9.3 | 1.4 | ||
| 04HD12 | 49.3 | 0.7 | 1.5 | 16.1 | 0.10 | ||
| 04HD13 | 61.5 | 1.0 | 0.8 | 7.9 | 0.20 | ||
| 04HD15 | 103.7 | 0.3 | 1.7 | 32.9 | 0.80 | ||
| 04HD16C | 107.5 | 6.8 | 8.6 | 117.1 | 9.1 | ||
| 04HD16C | 111.8 | 2.5 | 7.6 | 75.6 | 11.5 | ||
| 04HD16C | 144.9 | 1.9 | 9.1 | 31.2 | 5.5 | ||
| 04HD16C | 171.1 | 0.4 | 0.5 | 9.4 | 1.7 | ||
| 04HD17 | 134.9 | 0.7 | 2.5 | 14.3 | 4.1 | ||
| 04HD17 | 139.1 | 0.5 | 10.5 | 9.4 | 0.20 | ||
| 04HD17 | 199.6 | 0.2 | 0.8 | 3.5 | 5.9 | ||
| 04HD17 | 202.1 | 1.9 | 4.5 | 1.5 | 0.70 | ||
| 04HD20 | 43.2 | 1.8 | 0.9 | 83.9 | 0.20 | ||
| 04HD21 | 70.1 | 0.2 | 4.8 | 60.6 | 6.4 | ||
| 04HD21 | 141.1 | 0.6 | 12.9 | 105.0 | 4.8 | ||
| 04HD24 | 72.0 | 2.0 | 2.5 | 3.2 | 0.04 | ||
| 04HD24 | 83.0 | 2.0 | 3.1 | 25.3 | 0.04 | ||
| 04HD24 | 94.0 | 4.2 | 0.7 | 21.2 | 0.10 | ||
| 04HD25 | 92.0 | 1.7 | 2.4 | 51.5 | 6.3 | ||
| 04HD26 | 21.7 | 2.3 | 1.5 | 32.5 | 3.0 | ||
| 04HD28 | 42.8 | 0.4 | 1.9 | 4.5 | 0.10 | ||
| 04HD29 | 37.0 | 1.0 | 0.1 | 112.0 | 0.01 | ||
| 05HD42 | 90.5 | 1.0 | 1.9 | 6.1 | 0.03 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria JORC Code explanation |
Commentary | |
|---|---|---|
| 05HD42 115.0 3.0 29.0 103.1 0.20 05HD43 69.0 1.0 1.8 2.3 0.01 05HD43 81.0 3.0 2.8 51.5 0.50 05HD43 90.7 2.3 1.4 29.6 0.30 05HD44 87.5 1.1 3.8 3.4 0.01 05HD44 91.2 1.4 0.0 3.6 2.8 From GNDD001 the following significant assay results have been received reported to a cut-off of 1.0 g/t AuEq (gold equivalent) unless otherwise indicated. Drill collar location is provided in the previous section. Drilling in 2019: Hole_id Interval(m) From Au(g/t) Ag (g/t) Zn(%) AuEq (g/t) |
||
| GNDD001 10.00 27.00 0.94 4.9 0.33 1.1 (2) inc 3.00 32.00 2.3 5.8 0.50 2.6 GNDD002A 5.00 31.00 0.74 2.7 0.67 1.1 and 3.00 81.50 3.1 8.6 5.8 5.7 GNDD003 6.10 55.00 34.6 22 2.9 36.2 (1) GNDD004 20.50 5.50 1.1 5.3 0.45 1.4 (2) inc 8.47 6.03 2.0 7.8 0.68 2.4 and 3.43 18.67 1.2 3.2 0.26 1.3 GNDD005 19.00 29.00 1.3 8.1 0.62 1.6 (2) inc 2.00 29.00 0.79 18 3.3 2.5 and 4.00 43.00 5.1 22 0.49 5.6 and 7.00 59.00 7.8 72 1.4 9.3 inc 3.00 61.00 16.5 135 1.6 18.9 (1) and 10.00 75.00 0.75 38 0.27 1.4 (2) inc 3.00 77.00 1.7 39 0.43 2.3 inc 1.00 83.00 1.2 156 0.72 3.5 GNDD006 6.50 78.50 4.2 21 0.29 4.6 inc 3.80 78.50 6.8 34 0.41 7.4 and 1.45 90.00 2.1 41 0.92 3.1 GNDD007 45.92 13.00 0.43 7.8 0.12 0.58 (2) inc 3.00 45.00 1.9 5.2 0.26 2.0 inc 3.00 55.00 2.3 35 0.54 2.9 GNDD007A 27.00 25.00 0.43 7.2 0.09 0.56 (2) inc 1.80 46.00 2.4 3.1 0.12 2.5 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria JORC Code explanation |
Commentary | |
|---|---|---|
| and 0.70 60.30 0.8 25 0.21 1.2 and 6.70 149.00 14.3 140 7.3 19.3 inc 3.06 150.60 27.5 260 12.9 36.5 (1) and 0.60 176.40 1.9 6.7 0.99 2.4 GNDD008 35.50 16.50 0.33 8.1 0.10 0.47 (2) inc 1.00 36.00 1.7 6.2 0.08 1.9 inc 1.63 43.37 1.7 8.4 0.14 1.9 inc 1.15 47.85 1.2 16 0.56 1.7 and 5.70 91.00 12.3 182 0.67 15.0 (1) and 1.00 99.70 0.93 43 0.52 1.7 and 2.40 107.00 6.3 222 1.9 10.0 GNDD008A 35.50 17.50 0.24 13 0.08 0.43 (2) and 20.00 95.00 3.3 45 0.55 4.1 (2) inc 2.64 96.60 22.8 218 0.68 25.9 (1) inc 10.00 105.00 0.6 28.2 0.71 1.2 GNDD009 7.00 72.00 2.3 102 0.08 3.6 and 3.00 100.00 0.85 50 0.02 1.5 and 10.32 109.10 10.4 28 4.6 12.7 inc 4.22 115.20 21.9 58 8.7 26.4 (1) GNDD010 32.00 27.00 0.29 8.6 0.13 0.46 (2) inc 5.00 30.00 0.65 21 0.09 0.95 and 1.30 55.00 1.1 30 0.80 1.8 and 7.22 136.00 7.5 60 1.1 8.8 (2) inc 3.00 139.00 17.7 143 2.5 20.6 |
||
| (1) cut-off of 10 g/t AuEq (2) cut-off of 0.2 g/t AuEq Drilling in 2020: Hole_id from (m) interval (m) Au (g/t) Ag (g/t) Zn (%) AuEq (g/t) Cu (%) Pb (%) Note GNDD011 81.00 1.00 1.9 43 0.13 2.5 0.01 0.06 and 139.80 4.80 1.4 5.7 2.6 2.6 0.02 0.02 and 147.20 0.70 9.4 13 6.6 12.4 0.07 0.00 1 and 151.40 0.50 1.2 5.5 0.25 1.4 0.00 0.00 GNDD012 40.70 1.00 6.3 290 0.12 10.1 0.18 1.2 GNDD013 116.40 6.93 1.3 12 2.7 2.6 0.05 0.18 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Directors Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| inc | 122.50 | 0.83 | 4.0 | 61 | 10.1 | 9.1 | 0.21 | 1.2 | |||
| GNDD014 | 118.50 | 7.55 | 2.4 | 15 | 3.6 | 4.2 | 0.05 | 0.16 | |||
| GNDD015 | 54.00 | 1.00 | 0.69 | 8.6 | 0.39 | 1.0 | 0.03 | 0.24 | |||
| and | 156.00 | 1.90 | 1.0 | 31 | 2.8 | 2.6 | 0.02 | 0.79 | |||
| GNDD016 | 64.00 | 1.00 | 0.80 | 27 | 0 | 1.1 | 0.02 | 0.06 | |||
| and | 109.50 | 5.00 | 1.8 | 27 | 8.3 | 5.8 | 0.16 | 0.01 | |||
| and | 116.55 | 4.45 | 6.0 | 83 | 3.9 | 8.8 | 0.13 | 0.02 | |||
| GNDD017 | 34.30 | 1.7 | 0.31 | 24 | 2.0 | 1.5 | 0.06 | 1.0 | |||
| GNDD018 | 37.75 | 0.85 | 1.1 | 3.6 | 0.1 | 1.2 | 0.01 | 0.05 | |||
| and | 63.20 | 3.75 | 7.1 | 78 | 3.6 | 9.6 | 0.28 | 3.6 | |||
| inc | 64.40 | 2.55 | 10.3 | 114 | 4.9 | 13.9 | 0.41 | 5.2 | 1 | ||
| GNDD019 | 24.00 | 1.90 | 1.0 | 5.3 | 5.3 | 3.4 | 0.12 | 0.03 | |||
| GNDD020 | 71.25 | 8.25 | 17.7 | 257 | 0.30 | 21.1 | 0.60 | 0.68 | |||
| inc | 74.00 | 5.50 | 26.0 | 355 | 0.42 | 30.7 | 0.05 | 0.21 | 1 | ||
| and | 83.30 | 0.65 | 0.03 | 2.7 | 10.70 | 4.7 | 0.00 | 0.02 | |||
| GNDD021 | 14.80 | 1.20 | 11.0 | 9.0 | 0.39 | 11.3 | 0.01 | 0.08 | 1 | ||
| and | 31.50 | 0.35 | 28.1 | 104 | 5.8 | 31.9 | 0.35 | 0.12 | 1 | ||
| and | 98.20 | 19.80 | 0.29 | 2.2 | 3.4 | 1.8 | 0.01 | 0.04 | 2 | ||
| inc | 98.20 | 9.80 | 0.40 | 4.4 | 6.8 | 3.4 | 0.01 | 0.07 | |||
| inc | 104.20 | 0.80 | 0.88 | 13 | 22.7 | 10.9 | 0.02 | 0.30 | 1 | ||
| GNDD022 | NSI | ||||||||||
| GNDD023 | 58.00 | 5.00 | 0.32 | 3.7 | 0.1 | 0.41 | 0.01 | 0.09 | |||
| GNDD024 | 85.00 | 6.00 | 2.5 | 19 | 0.15 | 2.8 | 0.40 | 1.4 | |||
| inc | 88.00 | 1.00 | 14.9 | 107 | 0.46 | 16.5 | 2.4 | 8.3 | 1 | ||
| GNDD025 | 53.00 | 88.00 | 0.94 | 2.3 | 0.10 | 1.0 | 0.00 | 0.08 | 2 | ||
| inc | 61.00 | 14.00 | 3.1 | 5.3 | 0.19 | 3.2 | 0.01 | 0.11 | |||
| inc | 79.00 | 11.00 | 1.3 | 4.1 | 0.16 | 1.4 | 0.00 | 0.25 | |||
| inc | 93.00 | 1.00 | 1.1 | 2.5 | 0.09 | 1.1 | 0.00 | 0.37 | |||
| inc | 113.00 | 2.00 | 1.2 | 4.4 | 0.02 | 1.2 | 0.00 | 0.01 | |||
| inc | 139.00 | 2.00 | 0.99 | 0.50 | 0.01 | 1.0 | 0.00 | 0.00 | |||
| GNDD026 | NSI | ||||||||||
| GNDD027 | NSI | ||||||||||
| GNDD028 | 41.40 | 18.60 | 0.21 | 3.2 | 2.0 | 1.1 | 0.08 | 0.01 | 2 | ||
| inc | 52.00 | 8.00 | 0.42 | 6.0 | 3.8 | 2.2 | 0.18 | 0.02 | |||
| GNDD029 | 36.00 | 12.00 | 0.17 | 2.1 | 0.39 | 0.36 | 0.01 | 0.16 | 2 | ||
| GNDD030 | 33.00 | 3.00 | 0.95 | 53 | 0.05 | 1.6 | 0.01 | 0.05 | |||
| GNDD031 | 32.00 | 28.00 | 0.43 | 5.7 | 0.15 | 0.56 | 0.01 | 0.04 | 2 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office
Directors
Contact
Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| inc | 48.00 | 1.10 | 3.3 | 17 | 0.34 | 3.7 | 0.02 | 0.33 | |||
| inc | 53.00 | 1.00 | 4.2 | 54 | 0.92 | 5.3 | 0.12 | 0.22 | |||
| GNDD032 | 9.00 | 20.00 | 0.16 | 6.7 | 0.09 | 0.29 | 0.00 | 0.02 | 2 | ||
| and | 49.00 | 116.00 | 1.05 | 4.0 | 0.20 | 1.2 | 0.01 | 0.07 | 2 | ||
| inc | 77.00 | 3.00 | 0.93 | 33.7 | 2.1 | 2.3 | 0.09 | 0.02 | |||
| and | 101.00 | 10.00 | 6.1 | 18.1 | 0.11 | 6.4 | 0.04 | 0.47 | |||
| inc | 101.00 | 6.00 | 9.6 | 18.7 | 0.15 | 9.9 | 0.05 | 0.61 | 1 | ||
| and | 136.00 | 4.00 | 9.8 | 18.5 | 1.5 | 10.7 | 0.06 | 0.27 | |||
| GNDD033 | NSI | ||||||||||
| GNDD034 | 47.60 | 0.30 | 0.03 | 1.4 | 24.4 | 10.6 | 0.34 | 0.04 | |||
| GNDD035 | 88.75 | 5.75 | 9.5 | 28.7 | 3.5 | 11.4 | 0.10 | 0.44 | |||
| inc | 88.75 | 3.15 | 17.1 | 28.8 | 5.6 | 19.9 | 0.14 | 0.56 | 1 | ||
| GNDD036 | NSI | ||||||||||
| GNDD037 | NSI | ||||||||||
| GNDD038 | 71.50 | 2.85 | 0.53 | 15.6 | 2.8 | 1.9 | 0.06 | 0.13 | |||
| GNDD042 | NSI | ||||||||||
| GNDD044 | NSI | ||||||||||
| GNDD045 | 85.90 | 2.10 | 1.4 | 28.8 | 0.1 | 1.8 | 0.01 | 0.02 | |||
| GNDD046 | 82.90 | 0.45 | 4.1 | 27 | 0.06 | 4.5 | 0.01 | 0.03 | |||
| and | 124.15 | 2.85 | 29.5 | 522 | 10.8 | 40.8 | 0.41 | 0.25 | 1 | ||
| GNDD047 | 61.00 | 38.50 | 1.3 | 1.2 | 0.04 | 1.3 | 0.00 | 0.02 | 2 | ||
| inc | 62.50 | 6.00 | 6.3 | 3.5 | 0.15 | 6.4 | 0.01 | 0.10 | |||
| and | 74.10 | 1.50 | 1.0 | 1.9 | 0.00 | 1.0 | 0.00 | 0.00 | |||
| and | 83.55 | 0.45 | 7.3 | 12.2 | 0.00 | 7.5 | 0.00 | 0.00 | |||
| and | 98.50 | 1.00 | 1.2 | 0.8 | 0.00 | 1.2 | 0.00 | 0.00 | |||
| GNDD048 | 36.00 | 19.00 | 0.6 | 5.0 | 0.25 | 0.81 | 0.01 | 0.06 | 2 | ||
| inc | 38.00 | 3.15 | 2.7 | 12.1 | 0.09 | 2.9 | 0.03 | 0.14 | |||
| GNDD049 | NSI | ||||||||||
| GNDD050 | 21.00 | 22.00 | 0.21 | 2.9 | 0.53 | 0.48 | 0.01 | 0.15 | 2 | ||
| inc | 21.00 | 2.00 | 1.4 | 4.8 | 0.07 | 1.5 | 0.01 | 0.07 | |||
| GNRC051 | NSI | ||||||||||
| GNRC052 | 69 | 6 | 1.7 | 4.4 | 0.32 | 1.9 | 0.03 | 0.00 | |||
| GNRC053 | NSI | ||||||||||
| GNRC054 | 13 | 7 | 0.22 | 3.9 | 0.03 | 0.28 | 0.00 | 0.01 | 2 | ||
| and | 66 | 15 | 0.53 | 4.0 | 0.66 | 0.87 | 0.01 | 0.13 | 2 | ||
| inc | 77 | 3 | 1.3 | 8.5 | 1.9 | 2.3 | 0.02 | 0.31 | |||
| GNRC055 | 18 | 7 | 0.28 | 6.9 | 0.04 | 0.38 | 0.00 | 0.01 | 2 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office
Directors
Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GNRC056 | 56 | 1 | 2.3 | 138 | 0.08 | 4.1 | 0.01 | 0.07 | ||||
| GNRC057 | 37 | 12 | 0.06 | 2.4 | 0.58 | 0.34 | 0.01 | 0.06 | 2 | |||
| GNRC058 | NSI | |||||||||||
| GNRC059 | NSI | |||||||||||
| GNDD060 | NSI | |||||||||||
| GNRC061 | NSI | |||||||||||
| GNRC062 | 17 | 3 | 3.8 | 7.9 | 2.7 | 5.0 | 0.24 | 0.17 | ||||
| GNRC063 | 19 | 1 | 0.01 | 0.46 | 2.8 | 1.2 | 0.04 | 0.01 | ||||
| GNRC064 | 22 | 1 | 0.01 | 4.2 | 3.8 | 1.7 | 0.00 | 0.00 | ||||
| and | 27 | 1 | 0.69 | 27 | 1.2 | 1.6 | 0.35 | 0.23 | ||||
| GNRC065 | 33 | 6 | 0.00 | 2.1 | 4.9 | 2.1 | 0.05 | 0.01 | ||||
| GNRC066 | NSI | |||||||||||
| GNRC067 | NSI | |||||||||||
| GNRC068 | 9 | 69 | 3.4 | 8.3 | 2.8 | 4.7 | 0.23 | 0.08 | 2 | |||
| inc | 9 | 27 | 7.9 | 16 | 7.0 | 11.2 | 0.59 | 0.16 | ||||
| and | 51 | 1 | 1.0 | 40 | 0.93 | 1.9 | 0.08 | 0.12 | ||||
| and | 59 | 1 | 1.3 | 4.9 | 0.09 | 1.4 | 0.00 | 0.02 | ||||
| and | 66 | 2 | 1.6 | 1.2 | 0.02 | 1.7 | 0.01 | 0.00 | ||||
| and | 72 | 4 | 1.9 | 3.0 | 0.06 | 1.9 | 0.01 | 0.04 | ||||
| GNRC069 | 18 | 7 | 0.62 | 3.0 | 0.11 | 0.71 | 0.01 | 0.16 | 2 | |||
| inc | 19 | 1 | 2.2 | 8.6 | 0.15 | 2.4 | 0.03 | 0.59 | ||||
| and | 53 | 10 | 0.65 | 5.7 | 0.37 | 0.88 | 0.01 | 0.03 | 2 | |||
| inc | 59 | 3 | 1.7 | 11 | 0.84 | 2.3 | 0.03 | 0.07 | ||||
| and | 84 | 15 | 0.54 | 2.4 | 0.13 | 0.63 | 0.01 | 0.00 | 2 | |||
| inc | 84 | 4 | 0.90 | 5.2 | 0.36 | 1.1 | 0.02 | 0.01 | ||||
| and | 96 | 1 | 1.0 | 1.4 | 0.06 | 1.0 | 0.03 | 0.00 | ||||
| GNRC070 | 41 | 1 | 6.6 | 3.1 | 0.36 | 6.8 | 0.02 | 0.21 | ||||
| GNRC071 | 48 | 2 | 0.45 | 5.4 | 2.1 | 1.4 | 0.01 | 0.12 | ||||
| GNRC072 | 43 | 19 | 0.16 | 4.9 | 0.13 | 0.28 | 0.00 | 0.09 | 2 | |||
| GNDD073 | NSI | |||||||||||
| GNDD074 | 41 | 2 | 1.2 | 20.5 | 0.04 | 1.4 | 0.00 | 0.02 | ||||
| and | 47 | 2 | 0.8 | 16.7 | 0.13 | 1.1 | 0.03 | 0.03 | ||||
| GNRC075 | 31 | 18 | 0.78 | 1.6 | 0.07 | 0.83 | 0.01 | 0.22 | 2 | |||
| inc | 37 | 2 | 2.2 | 1.6 | 0.08 | 2.2 | 0.01 | 0.32 | ||||
| and | 46 | 2 | 1.8 | 2.4 | 0.08 | 1.9 | 0.00 | 0.07 | ||||
| GNRC076 | 35 | 5 | 12.2 | 7.2 | 0.02 | 12.3 | 0.01 | 0.10 | ||||
| inc | 35 | 1 | 53.1 | 18 | 0.00 | 53.3 | 0.00 | 0.02 | 1 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office
Directors
Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| GNDD077 | 168.50 | 14.00 | 0.68 | 5.9 | 0.64 | 1.0 | 0.01 | 0.01 | 2 | ||
| inc | 168.50 | 1.00 | 1.5 | 59.3 | 6.6 | 5.2 | 0.13 | 0.08 | |||
| inc | 180.60 | 1.90 | 1.8 | 4.9 | 0.78 | 2.2 | 0.02 | 0.01 | |||
| and | 192.90 | 1.10 | 0.70 | 5.5 | 0.61 | 1.0 | 0.02 | 0.00 | |||
| GNRC078 | 11 | 17 | 0.13 | 1.7 | 0.43 | 0.34 | 0.01 | 0.09 | 2 | ||
| inc | 12 | 1 | 0.74 | 4.8 | 0.91 | 1.2 | 0.03 | 0.33 | |||
| GNDD079 | 21.00 | 61.00 | 1.1 | 1.1 | 0.11 | 1.1 | 0.00 | 0.02 | 2 | ||
| inc | 21.00 | 9.00 | 1.9 | 1.9 | 0.09 | 2.0 | 0.00 | 0.02 | |||
| inc | 40.00 | 2.00 | 2.7 | 1.7 | 0.08 | 2.8 | 0.00 | 0.06 | |||
| inc | 46.00 | 6.00 | 5.0 | 1.2 | 0.07 | 5.1 | 0.00 | 0.01 | |||
| inc | 74.00 | 3.00 | 1.0 | 0.86 | 0.17 | 1.1 | 0.00 | 0.12 | |||
| GNRC080 | NSI | ||||||||||
| GNRC081 | 23 | 30 | 0.28 | 2.0 | 0.33 | 0.45 | 0.01 | 0.10 | 2 | ||
| inc | 32 | 5 | 1.0 | 3.6 | 0.73 | 1.4 | 0.01 | 0.20 | |||
| GNDD082 | 168.00 | 15.00 | 0.68 | 0.39 | 0.04 | 0.70 | 0.00 | 0.01 | 2 | ||
| inc | 168.00 | 1.00 | 2.4 | 0.46 | 0.11 | 2.4 | 0.00 | 0.02 | |||
| inc | 175.00 | 0.50 | 10.0 | 5.6 | 0.44 | 10.2 | 0.01 | 0.20 | |||
| and | 193.40 | 34.10 | 1.45 | 1.0 | 0.25 | 1.6 | 0.02 | 0.13 | 2 | ||
| inc | 193.40 | 1.00 | 2.2 | 7.9 | 1.6 | 3.0 | 0.14 | 1.7 | |||
| inc | 203.50 | 0.90 | 2.6 | 10.6 | 2.9 | 4.0 | 0.16 | 1.4 | |||
| inc | 209.80 | 2.20 | 0.59 | 4.5 | 0.74 | 1.0 | 0.03 | 0.25 | |||
| and | 235.00 | 31.00 | 0.4 | 0.6 | 0.08 | 0.43 | 0.00 | 0.00 | |||
| inc | 242.50 | 1.50 | 1.0 | 2.1 | 0.21 | 1.1 | 0.01 | 0.01 | |||
| GNDD083 | 11.00 | 21.00 | 0.22 | 10.0 | 0.15 | 0.41 | 0.00 | 0.01 | 2 | ||
| inc | 19.20 | 1.80 | 1.0 | 6.1 | 0.10 | 1.1 | 0.00 | 0.00 | |||
| and | 170.00 | 1.00 | 1.3 | 3.6 | 0.22 | 1.4 | 0.02 | 0.26 | |||
| GNRC084 | 4 | 1 | 1.2 | 2.0 | 0.07 | 1.2 | 0.00 | 0.06 | |||
| and | 41 | 3 | 5.2 | 6.4 | 5.0 | 7.5 | 0.08 | 0.14 | |||
| and | 60 | 4 | 3.6 | 11.6 | 5.0 | 6.0 | 0.02 | 0.05 | |||
| and | 78 | 21 | 0.81 | 2.6 | 0.08 | 0.88 | 0.00 | 0.00 | 2 | ||
| inc | 91 | 1 | 6.7 | 10.7 | 0.42 | 7.0 | 0.01 | 0.00 | |||
| and | 97 | 2 | 1.6 | 1.2 | 0.03 | 1.6 | 0.01 | 0.00 | |||
| and | 143 | 2 | 0.67 | 4.9 | 0.87 | 1.1 | 0.00 | 0.01 | |||
| GNDD085 | 22.50 | 1.30 | 5.47 | 75.6 | 0.08 | 6.5 | 0.01 | 0.09 | |||
| and | 39.30 | 2.20 | 2.11 | 2.4 | 0.55 | 2.4 | 0.01 | 0.24 | |||
| GNRC086 | 3 | 21 | 0.38 | 1.5 | 0.33 | 0.55 | 0.01 | 0.08 | 2 | ||
| inc | 4 | 1 | 0.85 | 3.4 | 0.89 | 1.3 | 0.03 | 0.27 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Directors Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| and | 22 | 2 | 2.9 | 1.9 | 0.08 | 3.0 | 0.01 | 0.03 | |||
| GNRC087 | 22 | 4 | 0.65 | 15.9 | 0.26 | 1.0 | 0.00 | 0.04 | |||
| GNDD088 | 45.05 | 23.45 | 0.07 | 0.23 | 0.53 | 0.31 | 0.00 | 0.01 | 2 | ||
| and | 90.50 | 1.50 | 1.8 | 0.10 | 0.01 | 1.8 | 0.00 | 0.00 | |||
| and | 224.00 | 39.00 | 5.5 | 2.0 | 0.30 | 5.6 | 0.01 | 0.00 | 2 | ||
| incl | 231.50 | 14.40 | 14.4 | 3.3 | 0.67 | 14.8 | 0.00 | 0.00 | |||
| incl | 238.50 | 7.40 | 23.4 | 5.7 | 1.27 | 24.1 | 0.01 | 0.01 | 1 | ||
| GNDD089 | 20.00 | 30.00 | 0.95 | 1.69 | 0.09 | 1.0 | 0.00 | 0.02 | 2 | ||
| inc | 22.00 | 2.00 | 1.4 | 2.7 | 0.18 | 1.5 | 0.00 | 0.00 | |||
| inc | 30.50 | 1.70 | 2.9 | 2.3 | 0.12 | 3.0 | 0.00 | 0.01 | |||
| inc | 40.00 | 10.00 | 1.4 | 0.55 | 0.09 | 1.4 | 0.00 | 0.02 | |||
| and | 94.50 | 21.70 | 0.88 | 1.59 | 0.43 | 1.1 | 0.00 | 0.04 | 2 | ||
| inc | 94.50 | 5.10 | 2.4 | 1.6 | 0.06 | 2.4 | 0.01 | 0.07 | |||
| inc | 102.50 | 1.50 | 1.9 | 1.5 | 0.15 | 2.0 | 0.01 | 0.03 | |||
| inc | 109.00 | 1.50 | 1.8 | 11.3 | 0.32 | 2.1 | 0.01 | 0.16 | |||
| GNRC090 | 7 | 13 | 0.35 | 2.7 | 0.25 | 0.49 | 0.01 | 0.07 | 2 | ||
| inc | 14 | 1 | 1.1 | 7.3 | 0.45 | 1.4 | 0.02 | 0.21 | |||
| GNRC091 | 30 | 24 | 0.38 | 3.7 | 0.20 | 0.51 | 0.01 | 0.10 | 2 | ||
| inc | 43 | 4 | 1.4 | 3.5 | 0.40 | 1.6 | 0.01 | 0.36 | |||
| GNDD092 | 164.50 | 9.00 | 0.29 | 0.72 | 0.12 | 0.35 | 0.00 | 0.05 | 2 | ||
| and | 213.00 | 17.00 | 0.23 | 0.63 | 0.06 | 0.26 | 0.00 | 0.04 | 2 | ||
| and | 257.50 | 1.00 | 3.6 | 5.9 | 0.60 | 3.9 | 0.05 | 0.21 | |||
| GNDD093 | 75.30 | 1.40 | 2.1 | 10.6 | 7.8 | 5.6 | 0.18 | 0.22 | |||
| and | 153.65 | 0.50 | 1.4 | 7.3 | 0.17 | 1.6 | 0.11 | 0.03 | |||
| GNRC094 | 13 | 12 | 0.83 | 4.6 | 0.44 | 1.1 | 0.01 | 0.06 | 2 | ||
| inc | 13 | 1 | 1.1 | 6.3 | 0.17 | 1.2 | 0.02 | 0.12 | |||
| inc | 17 | 1 | 8.3 | 20.6 | 0.27 | 8.7 | 0.06 | 0.52 | |||
| inc | 23 | 1 | 0.21 | 4.5 | 3.8 | 1.9 | 0.01 | 0.03 | |||
| GNDD095 | 47.00 | 17.47 | 0.28 | 1.0 | 0.44 | 0.49 | 0.02 | 0.09 | 2 | ||
| inc | 50.00 | 1.30 | 1.0 | 0.92 | 2.8 | 2.3 | 0.18 | 0.61 | |||
| and | 121.00 | 1.00 | 2.6 | 1.7 | 0.01 | 2.6 | 0.00 | 0.00 | |||
| GNDD096 | NSI | ||||||||||
| GNRC097 | 49 | 8 | 0.39 | 2.2 | 0.04 | 0.44 | 0.00 | 0.02 | 2 | ||
| inc | 50 | 1 | 1.1 | 2.8 | 0.03 | 1.2 | 0.00 | 0.03 | |||
| GNRC098 | 40 | 19 | 0.21 | 1.8 | 0.19 | 0.32 | 0.01 | 0.16 | 2 | ||
| and | 88 | 8 | 4.9 | 4.5 | 0.76 | 5.3 | 0.02 | 0.07 | 2 | ||
| inc | 88 | 2 | 15.6 | 15.9 | 2.8 | 17.0 | 0.07 | 0.20 | 2 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Directors Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| inc | 94 | 2 | 2.6 | 1.2 | 0.13 | 2.7 | 0.00 | 0.03 | |||
| GNDD099 | 53.00 | 2.80 | 0.42 | 19.8 | 2.0 | 1.5 | 0.09 | 0.33 | |||
| and | 64.00 | 0.90 | 3.1 | 9.7 | 0.22 | 3.3 | 0.01 | 0.01 | |||
| and | 101.00 | 1.00 | 2.9 | 64.4 | 0.04 | 3.7 | 0.01 | 0.04 | |||
| GNDD100 | NSI | ||||||||||
| GNDD101 | NSI | ||||||||||
| GNDD102 | 36.00 | 11.00 | 0.59 | 3.2 | 0.18 | 0.71 | 0.01 | 0.11 | 2 | ||
| inc | 36.00 | 2.00 | 1.5 | 5.9 | 0.13 | 1.6 | 0.01 | 0.14 | |||
| and | 77.40 | 8.90 | 0.10 | 2.5 | 0.82 | 0.49 | 0.01 | 0.06 | 2 | ||
| inc | 84.30 | 0.90 | - | 1.3 | 3.3 | 1.4 | 0.02 | 0.03 | |||
| GNDD103 | NSI | ||||||||||
| GNRC104 | 141 | 1 | 45.6 | 40.0 | 2.6 | 47.2 | 0.25 | 3.4 | 1 | ||
| GNDD105 | NSI | ||||||||||
| GNDD106 | 100.00 | 25.00 | 0.66 | 0.29 | 0.01 | 0.67 | 0.00 | 0.00 | 2 | ||
| inc | 114.00 | 1.50 | 1.8 | 1.7 | 0.01 | 1.8 | 0.00 | 0.00 | |||
| inc | 121.00 | 4.00 | 2.6 | 0.34 | 0.01 | 2.6 | 0.00 | 0.00 | |||
| and | 141.35 | 1.05 | 1.2 | 2.8 | 0.84 | 1.6 | 0.01 | 0.01 | |||
| and | 205.00 | 8.00 | 0.48 | 1.0 | 0.02 | 0.50 | 0.00 | 0.00 | 2 | ||
| inc | 211.00 | 2.00 | 1.1 | 2.2 | 0.03 | 1.1 | 0.00 | 0.00 | |||
| GNRC107 | 16 | 27 | 3.6 | 14.8 | 0.25 | 3.9 | 0.01 | 0.1 | 2 | ||
| inc | 23 | 1 | 0.17 | 74.4 | 0.07 | 1.1 | 0.01 | 0.1 | |||
| inc | 29 | 2 | 1.2 | 12.2 | 0.06 | 1.3 | 0.01 | 0.1 | |||
| inc | 35 | 7 | 13.3 | 12.6 | 0.80 | 13.8 | 0.02 | 0.3 | |||
| and | 52 | 1 | 0.18 | 73.2 | 0.11 | 1.2 | 0.00 | 0.1 | |||
| and | 93 | 1 | 0.12 | 51.2 | 3.1 | 2.1 | 0.03 | 0.65 | |||
| GNDD108 | NSI | ||||||||||
| GNDD109 | NSI | ||||||||||
| GNRC110 | 11 | 44 | 2.8 | 62.7 | 0.05 | 3.7 | 0.01 | 0.25 | 2 | ||
| inc | 12 | 1 | 1.7 | 1.0 | 0.00 | 1.7 | 0.00 | 0.04 | |||
| inc | 20 | 11 | 1.8 | 37.2 | 0.02 | 2.3 | 0.01 | 0.37 | |||
| inc | 36 | 12 | 8.3 | 190 | 0.12 | 10.7 | 0.02 | 0.51 | |||
| inc | 41 | 3 | 27.3 | 613 | 0.05 | 35.1 | 0.03 | 0.87 | 1 | ||
| GNRC111 | 31 | 18 | 0.31 | 12.2 | 0.13 | 0.52 | 0.01 | 0.03 | 2 | ||
| inc | 33 | 1 | 1.3 | 59.4 | 0.02 | 2.1 | 0.01 | 0.27 | |||
| inc | 41 | 1 | 2.1 | 82.7 | 0.01 | 3.2 | 0.01 | 0.10 | |||
| GNDD112 | 95.00 | 0.40 | 0.5 | 26.6 | 6.0 | 3.5 | 0.10 | 1.9 | |||
| GNDD113 | 149.50 | 37.50 | 0.59 | 17.0 | 0.12 | 0.86 | 0.01 | 0.08 | 2 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office
Directors
Contact
Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| inc | 151.00 | 9.00 | 1.3 | 56.2 | 0.17 | 2.1 | 0.05 | 0.11 | |||
| inc | 170.50 | 1.50 | 1.7 | 5.7 | 0.33 | 2.0 | 0.01 | 0.11 | |||
| and | 219.00 | 11.00 | 0.79 | 2.2 | 0.08 | 0.86 | 0.00 | 0.08 | 2 | ||
| inc | 223.00 | 7.00 | 1.1 | 2.5 | 0.09 | 1.1 | 0.00 | 0.05 | |||
| GNDD113A | 61.00 | 2.00 | 0.59 | 2.6 | 0.74 | 0.95 | 0.03 | 0.07 | |||
| and | 139.00 | 107.00 | 0.30 | 3.0 | 0.09 | 0.37 | 0.00 | 0.04 | 2 | ||
| inc | 185.00 | 1.40 | 1.6 | 2.5 | 0.07 | 1.7 | 0.00 | 0.05 | |||
| inc | 197.00 | 2.00 | 1.2 | 0.94 | 0.17 | 1.3 | 0.00 | 0.04 | |||
| inc | 202.00 | 1.50 | 3.2 | 2.4 | 0.90 | 3.6 | 0.02 | 0.16 | |||
| inc | 209.00 | 2.00 | 1.2 | 1.9 | 0.25 | 1.3 | 0.01 | 0.25 | |||
| and | 262.00 | 104.00 | 1.5 | 2.7 | 0.39 | 1.7 | 0.01 | 0.12 | 2 | ||
| inc | 266.00 | 2.00 | 1.0 | 1.8 | 0.22 | 1.1 | 0.00 | 0.02 | |||
| inc | 274.00 | 2.00 | 1.3 | 1.4 | 0.06 | 1.3 | 0.00 | 0.01 | |||
| inc | 280.00 | 15.00 | 3.6 | 6.9 | 0.56 | 3.9 | 0.04 | 0.73 | |||
| inc | 289.45 | 3.65 | 6.7 | 20.2 | 1.5 | 7.6 | 0.15 | 2.6 | 1 | ||
| inc | 298.65 | 7.45 | 2.9 | 3.7 | 0.63 | 3.2 | 0.02 | 0.01 | |||
| inc | 315.50 | 1.20 | 1.0 | 1.4 | 0.13 | 1.1 | 0.00 | 0.02 | |||
| inc | 333.80 | 4.20 | 11.3 | 22.8 | 5.3 | 13.9 | 0.12 | 0.04 | |||
| inc | 333.80 | 0.70 | 60.8 | 133 | 31.4 | 76.1 | 0.70 | 0.22 | 1 | ||
| inc | 354.00 | 4.00 | 1.4 | 0.8 | 0.02 | 1.4 | 0.00 | 0.00 | |||
| 274.00 | 84.00 | 1.7 | 3.3 | 0.48 | 2.0 | 0.02 | 0.14 | 4 | |||
| and | 390.00 | 30.00 | 0.35 | 0.36 | 0.05 | 0.38 | 0.00 | 0.00 | 2 | ||
| inc | 394.00 | 2.00 | 1.2 | 0.33 | 0.04 | 1.2 | 0.00 | 0.00 | |||
| 139.00 | 227.00 | 0.83 | 2.7 | 0.22 | 1.0 | 0.01 | 0.07 | 3 | |||
| 139.00 | 281.00 | 0.71 | 2.2 | 0.19 | 0.82 | 0.01 | 0.06 | 3 | |||
| 106.00 | 314.00 | 0.65 | 2.1 | 0.17 | 0.75 | 0.01 | 0.05 | ||||
| GNDD114 | 64.00 | 14.70 | 3.2 | 3.3 | 0.08 | 3.3 | 0.01 | 0.06 | |||
| inc | 77.80 | 0.90 | 50.3 | 27.2 | 0.18 | 50.7 | 0.03 | 0.65 | |||
| GNDD115 | 68.70 | 1.10 | 0.62 | 9.2 | 2.0 | 1.6 | 0.04 | 0.36 | |||
| and | 144.00 | 2.00 | 0.30 | 16.2 | 1.2 | 1.0 | 0.07 | 0.38 | |||
| and | 176.50 | 34.50 | 0.28 | 0.68 | 0.01 | 0.29 | 0.00 | 0.03 | 2 | ||
| GNDD116 | 27.50 | 4.50 | 1.3 | 14.6 | 0.06 | 1.5 | 0.00 | 0.02 | 2 | ||
| inc | 27.50 | 1.00 | 3.7 | 41.4 | 0.13 | 4.3 | 0.01 | 0.05 | |||
| and | 73.70 | 0.80 | 2.4 | 3.9 | 0.26 | 2.5 | 0.00 | 0.00 | |||
| GNDD117 | 30.00 | 54.80 | 0.58 | 4.2 | 0.13 | 0.69 | 0.01 | 0.07 | 2 | ||
| inc | 61.00 | 10.00 | 2.5 | 10.2 | 0.16 | 2.7 | 0.01 | 0.14 | |||
| inc | 84.20 | 0.60 | 1.4 | 4.1 | 0.11 | 1.5 | 0.01 | 0.02 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Directors Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| and | 106.70 | 0.40 | 8.5 | 43.4 | 3.3 | 10.5 | 0.25 | 2.92 | 1 | ||
| GNDD118 | NSI | ||||||||||
| GNDD119 | 52.40 | 0.80 | 0.21 | 17.4 | 4.2 | 2.3 | 0.03 | 0.25 | |||
| GNDD120 | NSI | ||||||||||
| GNDD121 | NSI | ||||||||||
| GNDD122 | 11.50 | 18.10 | 0.64 | 2.2 | 0.03 | 0.68 | 0.00 | 0.01 | 2 | ||
| inc | 21.00 | 6.00 | 1.1 | 3.2 | 0.04 | 1.2 | 0.00 | 0.01 | |||
| and | 54.00 | 21.00 | 0.41 | 0.80 | 0.12 | 0.47 | 0.00 | 0.04 | 2 | ||
| inc | 71.00 | 2.00 | 1.2 | 1.0 | 0.14 | 1.2 | 0.00 | 0.09 | |||
| and | 191.00 | 1.50 | 1.6 | 24.4 | 0.95 | 2.3 | 0.10 | 1.24 | |||
| and | 213.80 | 3.20 | 1.7 | 2.1 | 0.23 | 1.8 | 0.01 | 0.02 | |||
| and | 236.00 | 1.50 | 4.8 | 4.9 | 0.63 | 5.1 | 0.03 | 0.16 | |||
| GNDD123 | 21.00 | 30.00 | 0.11 | 1.6 | 0.32 | 0.27 | 0.01 | 0.04 | 2 | ||
| GNDD124 | 44.00 | 7.00 | 0.08 | 3.6 | 0.65 | 0.40 | 0.02 | 0.13 | 2 | ||
| GNDD125 | NSI | ||||||||||
| GNDD126 | 107.30 | 1.10 | 12.8 | 10.3 | 0.74 | 13.3 | 0.00 | 0.16 | 1 | ||
| and | 120.00 | 2.00 | 3.2 | 3.6 | 0.16 | 3.4 | 0.01 | 0.00 | |||
| and | 157.30 | 0.50 | 1.0 | 22.1 | 2.2 | 2.2 | 0.11 | 2.3 | |||
| and | 179.00 | 2.00 | 1.7 | 0.62 | 0.01 | 1.7 | 0.00 | 0.00 | |||
| GNDD127 | NSI | ||||||||||
| GNDD128 | 63.00 | 20.00 | 0.49 | 0.42 | 0.02 | 0.50 | 0.00 | 0.00 | 2 | ||
| inc | 77.50 | 1.50 | 4.1 | 0.36 | 0.04 | 4.1 | 0.00 | 0.00 | |||
| GNDD129 | 15.00 | 21.00 | 0.72 | 1.8 | 0.10 | 0.79 | 0.00 | 0.05 | 2 | ||
| inc | 24.00 | 10.00 | 1.0 | 2.1 | 0.13 | 1.1 | 0.00 | 0.04 | |||
| and | 132.50 | 0.70 | 6.7 | 14.1 | 0.15 | 7.0 | 0.01 | 0.12 | |||
| GNDD130 | NSI | ||||||||||
| GNDD131 | NSI | ||||||||||
| GNDD134 | 17.70 | 15.30 | 0.80 | 7.5 | 0.07 | 0.92 | 0.00 | 0.11 | 2 | ||
| inc | 19.00 | 10.00 | 1.04 | 9.9 | 0.08 | 1.2 | 0.01 | 0.12 | |||
| and | 47.00 | 39.75 | 0.26 | 0.5 | 0.10 | 0.31 | 0.00 | 0.04 | 2 | ||
| and | 129.50 | 7.50 | 0.45 | 0.5 | 0.06 | 0.48 | 0.00 | 0.02 | 2 | ||
| and | 161.00 | 20.00 | 0.29 | 3.6 | 0.23 | 0.44 | 0.01 | 0.03 | 2 | ||
| inc | 177.50 | 0.50 | 3.79 | 29.8 | 5.23 | 6.4 | 0.16 | 0.10 | |||
| and | 196.00 | 4.00 | 5.3 | 86.2 | 10.60 | 11.0 | 0.24 | 0.57 | |||
| and | 240.00 | 2.00 | 6.2 | 1.3 | 0.02 | 6.2 | 0.00 | 0.00 | |||
| and | 272.00 | 50.00 | 0.22 | 0.5 | 0.14 | 0.28 | 0.00 | 0.00 | 2 | ||
| and | 500.10 | 0.95 | 2.3 | 8.1 | 0.16 | 2.5 | 0.21 | 0.00 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| and | 519.00 | 20.00 | 0.73 | 0.7 | 1.80 | 1.5 | 0.02 | 0.00 | 2 | ||
| inc | 529.50 | 2.90 | 4.7 | 3.6 | 11.6 | 9.8 | 0.12 | 0.00 | |||
| and | 560.25 | 17.75 | 0.20 | 0.7 | 0.38 | 0.37 | 0.01 | 0.00 | 2 | ||
| inc | 560.25 | 0.75 | 0.09 | 2.0 | 4.94 | 2.3 | 0.05 | 0.00 | |||
| inc | 570.20 | 0.50 | 1.22 | 9.6 | 2.36 | 2.4 | 0.17 | 0.02 | |||
| and | 630.30 | 0.70 | 0.9 | 1.6 | 0.21 | 1.0 | 0.18 | 0.00 | |||
| GNDD137 | 27.00 | 38.00 | 0.38 | 1.1 | 0.05 | 0.42 | 0.00 | 0.02 | 2 | ||
| inc | 33.00 | 4.00 | 1.70 | 1.2 | 0.13 | 1.8 | 0.00 | 0.02 | |||
| and | 186.25 | 1.35 | 8.12 | 29.5 | 7.3 | 11.6 | 0.12 | 0.03 | |||
| GNDD139 | 80.00 | 207.50 | 0.75 | 1.7 | 0.10 | 0.82 | 0.00 | 0.02 | 2 | ||
| inc | 80.00 | 32.00 | 1.6 | 2.5 | 0.06 | 1.6 | 0.00 | 0.03 | |||
| inc | 148.00 | 4.25 | 1.2 | 3.8 | 0.15 | 1.3 | 0.00 | 0.09 | |||
| inc | 167.00 | 14.00 | 1.5 | 0.32 | 0.01 | 1.5 | 0.00 | 0.01 | |||
| inc | 243.00 | 9.00 | 2.4 | 3.7 | 0.62 | 2.8 | 0.00 | 0.01 | |||
| inc | 266.00 | 6.00 | 1.6 | 0.61 | 0.01 | 1.6 | 0.00 | 0.00 | |||
| 243.00 | 29.00 | 1.2 | 1.6 | 0.24 | 1.3 | 0.00 | 0.00 | 4 | |||
| GNDD141 | 101.50 | 6.50 | 14.3 | 43.6 | 3.4 | 16.3 | 0.15 | 1.6 | 2 | ||
| inc | 101.50 | 2.50 | 36.8 | 111 | 8.6 | 41.9 | 0.30 | 4.2 | 1 | ||
| GNDD142 | 55.8 | 0.7 | 0.7 | 13.3 | 4.0 | 2.7 | 0.05 | 0.03 | |||
| and | 81.5 | 27.5 | 2.4 | 11.1 | 0.9 | 2.9 | 0.03 | 0.06 | 2 | ||
| inc | 92.0 | 11.5 | 5.4 | 19.9 | 2.0 | 6.5 | 0.08 | 0.13 | |||
| inc | 107.0 | 2.0 | 0.9 | 5.3 | 0.2 | 1.0 | 0.00 | 0.03 | |||
| and | 125.0 | 11.0 | 0.3 | 3.2 | 0.1 | 0.39 | 0.00 | 0.01 | 2 | ||
| inc | 132.9 | 1.1 | 1.6 | 4.6 | 0.1 | 1.7 | 0.01 | 0.08 | |||
| and | 152.0 | 40.0 | 5.1 | 11.7 | 1.9 | 6.1 | 0.05 | 0.12 | 2 | ||
| inc | 153.1 | 1.0 | 23.4 | 40.1 | 13.5 | 29.8 | 0.34 | 0.00 | 1 | ||
| inc | 160.0 | 10.7 | 10.7 | 28.4 | 4.9 | 13.2 | 0.13 | 0.15 | |||
| inc | 166.2 | 4.5 | 23.9 | 41.3 | 11.0 | 29.2 | 0.29 | 0.27 | 1 | ||
| inc | 177.2 | 12.8 | 5.2 | 9.3 | 0.7 | 5.6 | 0.02 | 0.24 | |||
| inc | 187.1 | 1.0 | 44.0 | 53.8 | 6.5 | 47.5 | 0.15 | 2.1 | 1 | ||
| and | 237.0 | 0.5 | 1.1 | 2.7 | 0.1 | 1.2 | 0.01 | 0.17 | |||
| 81.5 | 110.5 | 2.5 | 7.4 | 0.9 | 3.0 | 0.03 | 0.06 | 3 | |||
| GNDD143 | NSI | ||||||||||
| GNDD145 | NSI | ||||||||||
| GNDD148 | 16.00 | 7.00 | 0.14 | 1.7 | 0.43 | 0.35 | 0.01 | 0.18 | 2 | ||
| and | 59.00 | 2.00 | 0.00 | 1.0 | 2.7 | 1.2 | 0.01 | 0.01 | |||
| GNDD149 | 8.00 | 4.00 | 0.63 | 1.5 | 0.28 | 0.77 | 0.01 | 0.07 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 838.7m shares ASX: CEL 56.6m options 120m perf shares
Australian Registered Office
Directors
Contact
Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights
www.challengerex.com
| Criteria JORC Code explanation |
Commentary |
|---|---|
| GNDD151 379.75 0.50 0.71 18.6 8.9 4.8 0.17 0.17 GNDD155 59.00 209.00 1.0 1.4 0.09 1.1 0.00 0.02 2 inc 59.00 34.00 3.8 4.6 0.20 3.9 0.02 0.03 inc 81.00 4.00 13.4 10.5 0.06 13.5 0.05 0.02 inc 102.00 6.00 1.2 1.1 0.10 1.2 0.00 0.03 59.00 49.00 2.8 3.6 0.16 3.0 0.01 0.02 4 inc 151.55 0.45 7.7 2.9 4.5 9.6 0.00 0.10 inc 182.00 1.00 8.8 17.1 2.2 10.0 0.07 0.89 inc 224.00 2.00 2.0 0.29 0.01 2.0 0.00 0.00 inc 244.00 11.00 1.1 0.56 0.04 1.1 0.00 0.00 inc 266.00 0.55 1.8 1.2 0.02 1.8 0.00 0.00 and 338.00 9.00 0.41 0.33 0.05 0.43 0.00 0.00 2 GNDD156 5.00 7.00 0.68 3.0 0.70 1.0 0.02 0.15 GNDD157 20.00 66.00 0.52 1.1 0.08 0.57 0.00 0.07 2 inc 54.00 10.00 2.2 1.8 0.14 2.3 0.00 0.24 and 132.90 10.00 0.18 6.6 0.52 0.48 0.01 0.08 2 inc 132.90 0.50 0.88 13.1 1.4 1.6 0.03 0.67 inc 142.30 0.60 1.0 29.1 6.6 4.2 0.11 0.33 and 237.20 130.80 2.3 1.6 0.37 2.5 0.00 0.01 2 inc 237.20 0.80 1.7 59.1 5.6 4.9 0.18 1.2 inc 255.80 1.20 0.63 5.3 9.4 4.8 0.01 0.01 inc 289.00 12.00 20.4 4.8 1.0 20.9 0.00 0.00 inc 290.50 4.06 55.7 12.9 2.1 56.8 0.01 0.01 1 inc 321.00 2.00 1.3 0.6 0.01 1.3 0.00 0.00 inc 331.00 6.00 2.5 1.9 0.61 2.8 0.01 0.01 inc 343.00 9.00 1.7 0.6 0.10 1.7 0.00 0.00 and 407.50 0.50 2.2 1.2 0.37 2.4 0.00 0.00 GNDD159 NSI Holes for metallurgical test sample material: GMDD039 18.00 8.00 0.15 1.9 0.60 0.43 0.01 0.07 2 GMDD039 67.60 1.00 24.5 58 3.9 26.9 0.27 1.8 1 GMDD040 116.72 8.68 5.5 12 2.2 6.7 0.06 0.00 inc 122.50 2.90 11.8 24 4.2 14.0 0.14 0.00 1 GMDD041 31.00 16.0 2.6 4.9 0.27 2.8 0.01 0.25 2 inc 41.70 2.0 20.0 29 1.2 20.8 0.06 1.7 GMDD041 63.50 5.1 7.9 83 7.9 12.3 0.47 0.21 GMDD043 18.00 10.00 0.09 1.7 0.48 0.32 0.01 0.10 2 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Directors Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria JORC Code explanation |
Commentary |
|---|---|
| GMDD043 70.50 0.30 25.9 81 9.4 31.0 0.33 3.1 1 (1) cut off 10 g/t Au equivalent (2) cut off 0.2 g/t Au equivalent (3) combined zones with 0.2 g/t Au cut off (grades include internal dilution from between zones) (4) combined zones with 1.0 g/t Au cut-off (grades include internal dilation from between zones) NSI: no significant intersection |
|
| Data aggregation methods - In reporting Exploration Results weighting averaging techniques maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. - Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. - The assumptions used for any reporting of metal equivalent values should be clearly stated. |
Weighted average significant intercepts are reported to a gold grade equivalent (AuEq). Results are reported to cut-off grade of a 1.0 g/t Au equivalent and 10 g/t Au equivalent allowing for up to 2m of internal dilution between samples above the cut-off grade and 0.2 g/t Au equivalent allowing up to 6m of internal dilution between samples above the cut-off grade. The following metals and metal prices have been used to report gold grade equivalent: Au US$ 1780 / oz Ag US$24 /oz and Zn US$ 2800 /t. Metallurgical recoveries for Au, Ag and Zn have been estimated from metallurgical test work completed by SGS Metallurgical Operations in Lakefield, Ontario using a combination of gravity and flotation of a combined metallurgical sample from 5 drill holes. Using data from the test results, and for the purposes of the AuEq calculation gold recovery is estimated at 89%, silver at 84% and zinc at 79%. Accordingly, the formula used is AuEq (g/t) = Au (g/t) + [Ag (g/t) x (24/1780) x (0.84/0.89)] + [Zn (%) x (28.00*31.1/1780) x (0.79/0.89)]. Metallurgical test work and geological and petrographic descriptions suggest all the elements included in the metal equivalents calculation have a reasonable potential of eventual economic recovery. While Cu and Pb are reported in the table above, these metals are not used in the Au equivalent calculation at this early stage of the Project. No top cuts have been applied to the reported grades. |
| Relationship between mineralisation widths and intercept lengths - These relationships are particularly important in the reporting of Exploration Results. - If the geometry of the mineralisation with respect to the drill hole angle is known its nature should be reported. - If it is not known and only the down hole lengths are reported there should be a clear statement to this effect (eg ‘down hole length true width not known’). |
The mineralisation is moderately or steeply dipping and strikes NNE and ENE. For some drill holes, there is insufficient information in most cases to confidently establish the true width of the mineralized intersections at this stage of the exploration program. Apparent widths may be thicker in the case where bedding-parallel mineralisation may intersect ENE-striking cross faults and veins. Cross section diagrams have been provided with release of significant intersections to allow estimation of true widths from individual drill intercepts. |
| Diagrams - Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
Representative maps and sections are provided in the body of report. |
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 838.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 56.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman
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| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| Balanced reporting | - |
Where comprehensive reporting of all Exploration | All available data have been reported. |
| Results is not practicable representative reporting of | |||
| both low and high grades and/or widths should be | |||
| practiced to avoid misleading reporting of | |||
| Exploration Results. | |||
| Other substantive | - | Other exploration data if meaningful and material | Geological context and observations about the controls on mineralisation where these have been made are |
| exploration data | should be reported including (but not limited to): | provided in the body of the report. | |
| geological observations; geophysical survey results; | |||
| geochemical survey results; bulk samples – size and | 229 specific gravity measurements have been taken from the drill core recovered during the drilling program. | ||
| method of treatment; metallurgical test results; bulk | These data are expected to be used to estimate bulk densities in future resource estimates. | ||
| density groundwater geotechnical and rock | |||
| characteristics; potential deleterious or | Eight Induced Polarisation (IP) lines have been completed in the northern area. Each line is approximately 1 | ||
| contaminating substances. | kilometre in length lines are spaced 100m apart with a 50m dipole. The initial results indicate possible extension | ||
| of the mineralisation with depth. Data will be interpreted including detailed re-processing and drill testing. | |||
| A ground magnetic survey and drone magnetic survey have been completed. The results of these data are being | |||
| processed and interpreted with the geological information provided from surface and in the drilling and will be | |||
| used toguide future exploration. | |||
| Further work | - | The nature and scale of planned further work (eg | • CEL Plans to undertake the following over the next 12 months |
| tests for lateral extensions or depth extensions or | • Additional data precision validation and drilling as required; |
||
| large-scale step-out drilling). | • Detailed interpretation of known mineralized zones; |
||
| - | Diagrams clearly highlighting the areas of possible | • Geophysical tests for undercover areas. |
|
| extensions including the main geological interpretations and future drilling areas provided this information is not commercially sensitive. |
• Structural interpretation and alteration mapping using high resolution satellite data and geophysics to better target extensions of known mineralisation. |
||
| • Field mapping program targeting extensions of known mineralisation. |
|||
| • Investigate further drilling requirements to upgrade both the unclassified mineralisation and |
|||
| mineralisation in the existing historical resources to meet JORC 2012 requirements; | |||
| • Initial drill program comprising verification (twin holes) and targeting extensions of the historically |
|||
| defined mineralisation; | |||
| • Further metallurgical test work on lower grade mineralisation in the intrusions and oxidised |
|||
| mineralisation. |
Challenger Exploration Limited
ACN 123 591 382
ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office
Level 1 1205 Hay Street
West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO
Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
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Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Database integrity | - Measures taken to ensure that data has not been corrupted by for |
Geological logging completed by previous explorers was done on paper copies and transcribed into |
| example transcription or keying errors between its initial collection and | the drill hole database. The data was checked for errors. Checks can be made against the original | |
| its use for Mineral Resource estimation purposes. | logs and core photographs. | |
| - Data validation procedures used. |
||
| Assay data is received in digital format. Backup copies are kept and the data is copied into the drill | ||
| hole database. | ||
| The drill hole data is backed upand is updatedperiodicallybya CompanyGIS and data team. | ||
| Site visits | - Comment on any site visits undertaken by the Competent Person and |
Site visits have been undertaken from 3 to 16 October 2019 15 to 30 November 2019 and 1-19 |
| the outcome of those visits. | February 2020. The performance of the drilling program collection of data and sampling procedures | |
| - If no site visits have been undertaken indicate why this is the case. |
were initiated duringthese visits. | |
| Geological | - Confidence in (or conversely the uncertainty of) the geological |
The interpretation is considered appropriate given the stage of the project and the nature of |
| interpretation | interpretation of the mineral deposit. | activities that have been conducted. The interpretation captures the essential geometry of the |
| - Nature of the data used and of any assumptions made. |
mineralised structure and lithologies with drill data supporting the findings from the initial | |
| - The effect if any of alternative interpretations on Mineral Resource |
underground sampling activities. | |
| estimation. | ||
| - The use of geology in guiding and controlling Mineral Resource |
The most recent resource calculation (2006 and 2003 – La Mancha) used all core drilling at the time | |
| estimation. | and detailed underground channel sampling collected by EPROM CMEC and La Mancha. Overlying | |
| - The factors affecting continuity both of grade and geology. |
assumptions included a reduction of the calculated grade in each resource block by a factor of 10% to | |
| account for possible errors in the analyses and samples. An arbitrary reduction factor was applied to | ||
| the 2006 resource whereby the net reported tonnage was reduced by 25% for indicated resource | ||
| blocks 50% for inferred resource blocks and 75% of potential mineral resource blocks. The reason for | ||
| the application of these tonnage reduction factors was not outlined in the resource report. It is noted | ||
| that at the time of this report La Mancha was in a legal dispute concerning the project with its joint | ||
| venture partner and given the acquisition of a 200000 Oz per annum producing portfolio the project | ||
| was likely no longer a core asset for La Mancha at that time. Additionally under the original | ||
| acquisition agreement La Mancha had to issue additional acquisition shares based on resource | ||
| targets. | ||
| The effect of removing the assumptions relating to application of the arbitrary tonnage reduction | ||
| factors applied increases the overall resource tonnage by in excess of 50%. Removing these | ||
| correction factors would bringthe overall tonnage andgrade close the earlier(2003 1999 and 1996) |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO
Mr Scott Funston, Finance Director
Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
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| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| tonnage and grade estimates albeit in different categories (lower confidence) which are considered | |||
| more appropriate. | |||
| The mineralisation is defined to the skarn and vein bodies detailed cross section and plan maps were | |||
| prepared for these bodies with their shapes used in controlling the resource estimate. | |||
| The structure of the area is complex and a detailed structural interpretation is recommended as this | |||
| may provide a better understanding of the continuity of mineralisation and possible extensions to it. | |||
| The deposit contains bonanza gold values and while very limited twinning has indicated acceptable | |||
| repeatability a rigorous study of grade continuity needs to be undertaken as part of future resource | |||
| calculations. | |||
| Dimensions | - | The extent and variability of the Mineral Resource expressed as length | For the historic resource no reliable information has been provided to the owner however through |
| (along strike or otherwise) plan width and depth below surface to the | further ongoing investigation is being conducted by the owner to address this information gap. | ||
| upper and lower limits of the Mineral Resource. | |||
| Estimation and | - | The nature and appropriateness of the estimation technique(s) applied | The historic resource estimation techniques are considered appropriate. The 2003 and 2006 |
| modelling | and key assumptions including treatment of extreme grade values | resources used a longitudinal section polygonal method was used for estimating resources with | |
| techniques | domaining interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation |
individual blocs representing weighted averages of sampled underground and/or areas of diamond drill pierce points with zones of influence halfway to adjacent holes. The area of the block was |
|
| method was chosen include a description of computer software and | calculated in AutoCad directly from the longitudinal sections. | ||
| parameters used. | |||
| - | The availability of check estimates previous estimates and/or mine | Check assaying by PG Consulting returned values in the check assay sample which were 3.4% and | |
| production records and whether the Mineral Resource estimate takes | 13% greater for Au and Ag than the original assays. A number pf previous resource estimates were | ||
| appropriate account of such data. | available to check the 2006 resource estimate when the arbitrary tonnage reduction factors are | ||
| - | The assumptions made regarding recovery of by-products. | removed brings the overall tonnage and grade close the earlier (2003 1999 and 1996) tonnage and | |
| - | Estimation of deleterious elements or other non-grade variables of | grade estimates albeit indifferent categories which are considered more appropriate. | |
| economic significance (eg sulphur for acid mine drainage | |||
| characterisation). | It was assumed only gold silver and zinc would be recovered and that no other by products would be | ||
| - | In the case of block model interpolation the block size in relation to the | recovered. This is viewed as conservative given metallurgical data pointing to the production of a | |
| average sample spacing and the search employed. | saleable zinc concentrate. | ||
| - | Any assumptions behind modelling of selective mining units. | ||
| - | Any assumptions about correlation between variables. | Based on the preliminary metallurgy estimation of deleterious elements or other non-grade variables | |
| - | Description of how the geological interpretation was used to control the | of economic significance was not required. |
|
| resource estimates. | |||
| - | Discussion of basis for using or not using grade cutting or capping. | The minimum mining width of 0.8m was assumed for veins less than 0.6m and for wider widths a | |
| - | The process of validation the checking process used the comparison of | dilution of 0.2m was used to calculate the grade. | |
| model data to drill hole data and use of reconciliation data if available |
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 838.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 56.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights
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| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| No assumptions were made regarding correlation between variables. | |||
| The mineralisation is defined within skarn and associated vein deposits. Detailed cross section and | |||
| plan maps were prepared for these domains with their shapes used in controlling the resource | |||
| estimate. Long sections of the veins and skarn were taken and sampling was plotted and the blocks | |||
| outlined considering this. | |||
| Grade cutting was not used in the calculation of the resource and no discussion was given as to why | |||
| it was not employed. It is recommended that a study be undertaken to determine if an appropriate | |||
| top cut need be applied | |||
| No data is available on theprocess of validation. | |||
| Moisture | - | Whether the tonnages are estimated on a dry basis or with natural | No data is available. |
| moisture and the method of determination of the moisture content. | |||
| Cut-off | - | The basis of the adopted cut-off grade(s) or quality parameters applied. | The Mineral Resource Estimate is above a cut-off grade of 3.89 g/t Au. This is based on the assumed |
| parameters | mining cost at the time of the estimate. | ||
| Mining factors or | - | Assumptions made regarding possible mining methods minimum | The Mineral Resource Estimate considered the assumptions outlined below which are considered |
| assumptions | mining dimensions and internal (or if applicable external) mining | appropriate; | |
| dilution. It is always necessary as part of the process of determining | - Metal prices: Au US$550 Oz Ag US$10 Oz |
||
| reasonable prospects for eventual economic extraction to consider | - Metallurgical Recovery; Au – 80% Ag – 70% Zn - nil |
||
| potential mining methods but the assumptions made regarding mining | - Operating cost: US$55t based on underground cut and fill mining and flotation and |
||
| methods and parameters when estimating Mineral Resources may not | cyanidation combined | ||
| always be rigorous. Where this is the case this should be reported with | The minimum mining width of 0.8m was assumed for veins less than 0.6m and for wider widths a | ||
| an explanation of the basis of the mining assumptions made. | dilution of 0.2m was used to calculate the grade. | ||
| Metallurgical | - | The basis for assumptions or predictions regarding metallurgical | Historical metallurgical test-work assumptions were 80% recovery for Au, Ag and Zn. |
| factors or | amenability. It is always necessary as part of the process of determining | - The most recent historic test work was conducted in 1999 by Lakefield Research |
|
| assumptions | reasonable prospects for eventual economic extraction to consider potential metallurgical methods but the assumptions regarding |
(cyanidation) and CIMM Labs (flotation) in Chile on 4 samples which all contain primary sulphide minerals and so can be considered primary, partial oxide or fracture oxide |
|
| metallurgical treatment processes and parameters made when | samples. | ||
| reporting Mineral Resources may not always be rigorous. Where this is | - The test work was conducted using a 150 micron grind which would appear to coarse based |
||
| the case this should be reported with an explanation of the basis of the | on petrography conducted by CEL which shows that the gold particles average 30-40 | ||
| metallurgical assumptions made. | microns. | ||
| - Rougher flotation tests were performed with a 20 minute and 30 minute flotation time. |
|||
| Generally, the longer residence time improved recovery. Recoveries to concentrate for | |||
| gold range from 59.6% - 80.6% and for silver from 63.1% – 87.2%. |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 838.7m shares 56.6m options
120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director
Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
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Criteria JORC Code explanation Commentary
| - | Knelson concentrate tests with flotation of tailings were also completed. Applying a joint | |||
|---|---|---|---|---|
| process Knelson concentrator and flotation of the tailings of the concentrator it is found | ||||
| that the global recovery is approximately 80% for gold. | ||||
| - | While the testwork was focused predominantly on gold recovery some rougher flotation | |||
| testwork was undertaken targeting Zn recovery producing up to 85% recoveries. In | ||||
| sulphide samples this produced a Zn concentrate containing 42% Zn with grades in excess | ||||
| of 50% Zn in concentrate expected with additional flotation stages. | ||||
| - | The report concluded that it was possible to produce a commercial Au-Ag concentrate and | |||
| a Zn concentrate. | ||||
| - | Extraction of gold and silver by cyanidation was tested on 3/8 and ¾ inch (9.525mm and | |||
| 19.05mm) crush sizes that are designed to test a heap leach processing scenario. Bottle roll | ||||
| of these crush size resulted in 41-39% gold recovery and 31-32% silver recovery with high | ||||
| cyanide consumption. No tests have been done on material at a finer grind size. | ||||
| More recently, CEL has completed initial metallurgical test work on a 147 kg composite sample | ||||
| of drill core from GMDD039, GMDD040, GMDD041, GNDD043, GNDD003 and GNDD018. The | ||||
| sample is of skarn mineralisation in limestone that has a weighted average grade of 10.4 g/t Au, | ||||
| 31.7 g/t Ag, 3.2 % Zn, 0.15 % Cu and 0.46 % Pb. Separate tests on 2 kg sub-samples were done | ||||
| with differing grinding times, Knelson and Mosley table gravity separation techniques and | ||||
| flotation techniques to provide a series of gravity and flotation concentrates. Key results are: | ||||
| - | Combined gravity and flotation concentration process resulted in recoveries 85-94% for Au, | |||
| 82-86% for silver and 77-80% for zinc. Cu had similar recoveries to Ag and Pb had similar | ||||
| recoveries to Zn. | ||||
| - | A simple gravity separation followed by a sulfide flotation process when re-combined | |||
| produced a single product with a median grade of 47 g/t Au, 120 g/t Ag and 13% Zn with a | ||||
| recovered weight of 24-33% of the sample weight. | ||||
| - | Tailings fragment analysis indicates a grind of (p80) 72-106m. Generally, a coarser grind | |||
| resulted in a higher % weight recovered to the concentrate with a corresponding lower | ||||
| grade without significantly impacting recovery. | ||||
| - | QEMSCAN analysis of the sample indicates much of the Zn not recovered is due to the | |||
| presence of Zn oxide (franklinite) and silicates (hemimorphite). | ||||
| - | Sulphides present are dominated by pyrite and sphalerite. Also present are chalcopyrite, | |||
| pyrrhotite,chalcocite,bornite andgalena. | ||||
| Environmental | - | Assumptions made regarding possible waste and process residue | It is considered that there are no significant environmental factors which would prevent the eventual | |
| factors or | disposal options. It is always necessary as part of the process of | extraction of gold from the project. Environmental surveys and assessments will form a part of future | ||
| assumptions | determining reasonable prospects for eventual economic extraction to consider thepotential environmental impacts of the mining and |
pre-feasibility. |
Issued Capital Australian Registered Office 838.7m shares Level 1 56.6m options 1205 Hay Street 120m perf shares West Perth WA 6005
Challenger Exploration Limited
ACN 123 591 382 838.7m shares ASX: CEL
Directors
Contact
Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman
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| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| processing operation. While at this stage the determination of potential | |||
| environmental impacts particularly for a greenfields project may not | |||
| always be well advanced the status of early consideration of these | |||
| potential environmental impacts should be reported. Where these | |||
| aspects have not been considered this should be reported with an | |||
| explanation of the environmental assumptions made. | |||
| Bulk density | - | Whether assumed or determined. If assumed the basis for the | Densities of 2.7 t/m3 were used for mineralised veins and 2.6 t/m3 for wall rock. |
| assumptions. If determined the method used whether wet or dry the | |||
| frequency of the measurements the nature size and representativeness | No data of how densities were determined is available. | ||
| of the samples. | |||
| - | The bulk density for bulk material must have been measured by | The bulk densities used in the evaluation process are viewed as appropriate at this stage of the | |
| methods that adequately account for void spaces (vugs porosity etc) | Project. | ||
| moisture and differences between rock and alteration zones within the | |||
| deposit. | CEL is collecting specific gravity measurements from drill core recovered in 2019 and 2020 drilling | ||
| - | Discuss assumptions for bulk density estimates used in the evaluation | programs, which it is expected will be able to be used to estimate the block and bulk densities in | |
| process of the different materials. | future resource estimates. | ||
| For RC drilling, the weights of material recovered from the drill hole is able to be used as a measure | |||
| of the bulk density. | |||
| Classification | - | The basis for the classification of the Mineral Resources into varying | The Mineral Resource Estimate has both Indicated and Inferred Mineral Resource classifications |
| confidence categories. | under the National Instrument 43-101 code and is considered foreign. These classifications are | ||
| - | Whether appropriate account has been taken of all relevant factors (ie | considered appropriate given the confidence that can be gained from the existing data and results | |
| relative confidence in tonnage/grade estimations reliability of input | from drilling. | ||
| data confidence in continuity of geology and metal values quality | |||
| quantity and distribution of the data). | The reliability of input data for the 2003 and 2006 resources is acceptable as is the confidence in | ||
| - | Whether the result appropriately reflects the Competent Person’s view | continuity of geology and metal values quality quantity and distribution of the data. Appropriate | |
| of the deposit. | account has been taken of all relevant factors with the exception of studies into the appropriateness | ||
| of the application of a top cut. | |||
| The reported 2006 NI43-101 (non-JORC Code compliant Measured and Indicated) estimate for the | |||
| Hualilan Project is measured resource of 164294 tonnes averaging 12.6 grams per tonne gold and | |||
| 52.1 g/t silver and 2.5% zinc plus an indicated resource of 51022 tonnes averaging 12.4 grams per | |||
| tonne gold and 36.2 g/t silver and 2.6% zinc plus an inferred resource of 213952 tonnes grading 11.7 | |||
| grams per tonne gold and 46.6 g/t silver and 2.3% zinc. (Source La Mancha resources Toronto Stock | |||
| Exchange Release April 7 2007 - Interim Financials) – See Table 1. |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office
Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
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www.challengerex.com
| Criteria JORC Code explanation |
Commentary |
|---|---|
| The 2006 estimate did not include the east-west mineralised Magnata Vein despite the known mineralisation in the Magnata Vein being drilled on a 25 x 50-metre spacing. The 2003 NI43-101 (non-JORC Code compliant) estimate attributed approximately half of its measured and indicated tonnage to the Magnata Vein. The 2006 estimate also included arbitrary tonnage reduction factors of 25% for indicated category 50% for inferred category and 75% for potential category. The 2006 estimate also included a significant tonnage of Potential Category Resources which have not been reported. The reported 2003 NI43-101 (non-JORC Code compliant) estimate for the Hualilan project is a measured resource of 299578 tonnes averaging 14.2 grams per tonne gold plus an indicated resource of 145001 tonnes averaging 14.6 grams per tonne gold plus an inferred resource of 976539 tonnes grading 13.4 grams per tonne gold representing some 647809 ounces gold. (Source La Mancha resources Toronto Stock Exchange Release May 14 2003 - Independent Report on Gold Resource Estimate) – See Table 1. The 2003 Mineral Resource classification and results appropriately reflect the Competent Person’s view of the deposit and the current level of risk associated with the project to date. Historic 2003 NI43-101 (non-JORC Code compliant): CATEGORY TONNES Au(g/t) Ag (g/t) Zn% Measured 299578 14.2 Indicated 145001 14.6 Inferred 976539 13.4 Historic 2006 NI43-101 (non-JORC Code compliant) CATEGORY TONNES Au(g/t) Ag (g/t) Zn% Measured 164294 12.5 52.1 2.5 Indicated 51022 12.4 36.2 2.6 Inferred 213952 11.7 46.6 2.3 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| Audits or reviews | - | The results of any audits or reviews of Mineral Resource estimates. | The historic resource estimate has not been audited. |
| The earlier (1996 and 2000) Mineral Resource Estimates were audited and re-stated in a 2003 | |||
| resource report. This independent report was done to NI-43-101 standard and the results of this | |||
| report were released to the TSX. This report concluded that “Detailed resource calculations made by | |||
| three differentgroups are seen to be realistic. | |||
| Discussion of | - | Where appropriate a statement of the relative accuracy and confidence | There is sufficient confidence in the data quality drilling methods and analytical results that they can |
| relative accuracy/ | level in the Mineral Resource estimate using an approach or procedure | be relied upon. The available geology and assay data correlate well. The approach or procedure are | |
| confidence | deemed appropriate by the Competent Person. For example the application of statistical or geostatistical procedures to quantify the |
deemed appropriate given the confidence limits. The main two factors which could affect relative accuracy is grade continuity and top cut. |
|
| relative accuracy of the resource within stated confidence limits or if | |||
| such an approach is not deemed appropriate a qualitative discussion of | Grade continuity is variable in nature in this style of deposit and has not been demonstrated to date | ||
| the factors that could affect the relative accuracy and confidence of the | and closer spaced drilling is required to improve the understanding of the grade continuity in both | ||
| estimate. | strike and dip directions. It is noted that the results from the twinning of three holes by La Mancha | ||
| - | The statement should specify whether it relates to global or local | are encouraging in terms of grade repeatability. | |
| estimates and if local state the relevant tonnages which should be | |||
| relevant to technical and economic evaluation. Documentation should | The deposit contains very high grades and there is a potential need for the use of a top cut. It is | ||
| include assumptions made and the procedures used. | noted that an arbitrary grade reduction factor of 10% has already been applied to the resource as | ||
| - | These statements of relative accuracy and confidence of the estimate | reported. | |
| should be compared with production data where available. | |||
| Noproduction data is available for comparison |
Issued Capital
838.7m shares 56.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact
T: +61 8 6380 9235
16m perf rights
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
www.challengerex.com