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CHALLENGER GOLD LIMITED — Capital/Financing Update 2021
Jun 15, 2021
64637_rns_2021-06-15_307bf2fd-48bf-4bc3-bdb7-326bc8ca3d9e.pdf
Capital/Financing Update
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ASX Release 16 June 2021
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Challenger continues to receive positive drilling results from its flagship Hualilan Gold Project
Highlights
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Drilling at Verde, discovered 3 months ago, has intersected broad zones of gold mineralisation over 1 kilometre of strike with results including (Refer Tables 1 and 2):
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52.0m at 1.2 g/t AuEq[2] - 1.1g/t Au, 4.1g/t Ag, 0.3% Zn from 175m (GNDD-236)
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155.5m at 0.7 g/t AuEq[2] - 0.6 g/t Au, 2.1 g/t Ag, 0.1% Zn from 201.5m including; 59.0m at 1.0 g/t AuEq[2] - 0.9 g/t Au, 1.0 g/t Ag, 0.1% Zn from 137m (GNDD-237)
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55.5m at 1.2 g/t AuEq[2 ] - 1.0g/t Au, 1.5g/t Ag, 0.4% Zn from 35m and; 24.0m at 0.7 g/t AuEq[2] - 0.2 g/t Au, 6.8 g/t Ag, 1.1% Zn from 112m (GNDD-183)
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146.0m at 0.5g/t AuEq[2] - 0.4 g/t Au, 1.1g/t Ag, 0.2% Zn from 26.0m including; 60.0m at 0.7 g/t AuEq[2] - 0.6 g/t Au, 1.5 g/t Ag, 0.2% Zn from 26.0m (GNDD-199)
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83.5m at 0.8g/t AuEq[2] - 0.7g/t Au, 1.3g/t Ag, 0.2% Zn from 96.3m (GNDD-193)
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60.0m at 0.7 g/t AuEq[2 ] - 0.6g/t Au, 1.5g/t Ag, 0.3% Zn from 59m (GNDD-185)
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63.4m at 0.7 g/t AuEq[2 ] - 0.6g/t Au, 1.8g/t Ag, 0.2% Zn from 41.5m (GNDD-177)
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42.6 metres at 1.0 g/t AuEq (0.9 g/t gold, 4.1 g/t silver, 0.3 zinc ) from 33.4 metres including; 3.5 metres at 10.1 g/t AuEq (9.2 g/t gold, 20.8 g/t silver, 1.5%
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43.7m at 1.1 g/t AuEq[2] - 1.0g/t Au, 1.8g/t Ag, 0.4% Zn from 139m (GNDD-245)
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Step-out drilling another 200 metres south along strike (assays pending) has continued to intersect significant zones of sulphides indicating strong mineralisation continues south
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Major expansion of Verde which appears likely to be a continuous zone of mineralisation at least 1.2 kilometres long and 50-100 metres wide remaining open in all directions
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Drilling at Verde is ongoing with two of the six rigs on site dedicated to extending and infilling Verde and two further rigs to arrive on site during June
Commenting on the results, CEL Managing Director, Mr Kris Knauer, said
“In March three drillholes to test the first conceptual target from our geophysics resulted in the discovery of a repeat zone of mineralisation to the west, we named Verde. These first three holes covered 100 metres of strike, and now, three months later, we have expanded Verde to over one kilometre of strike with no signs of it being closed off.
The first of our new rigs has arrived on site, with two more schedule to be drilling before the end of June, taking us to eight rigs. This is timely with the first drilling on our surrounding Ayen exploration licence starting this week. Additionally, the first couple of new IP lines have thrown up some exciting targets away for the existing mineralisation that we are eager to test. "
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital Australian Registered Office Directors Contact 808.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 86.6m 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 16 June 2021
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Challenger Exploration ( ASX: CEL ) (“ CEL ” the “ Company ”) is pleased to announce the results from drilling targeting the Verde prospect at Cerro Norte. Verde is located in an area of no outcrop, partially under an old waste dump, with no previous drilling west of the existing mineralisation at Hualilan. Verde was the first target generated by the Company's recent geophysics to be drill tested.
The follow-up program at Verde, after the initial discovery 3 months ago, was an overwhelming success. All drill holes intersected mineralisation with highlights listed in Table 1. The current results are from fences of drill holes spaced 40-80 metres apart covering 500 metres strike south of the Verde discovery holes. Additionally, drilling intersected broad zones of mineralisation one kilometre south along strike with several holes in the intervening 500 metres (assays pending) encountering broad zones of sulphide mineralisation. Drillholes GNDD-292 and GNDD-305 (assays pending located another 100 and 200 metres south) both intersected sulphide mineralisation including zones of massive sulphides. This encourages the Company that ongoing extension and infill drilling at Verde will demonstrate that it forms one continuous zone of mineralisation at least 1.2 kilometres in length.
The higher grade mineralisation at Verde is predominantly hosted in intrusives with a lower grade halo extending into the overlying sedimentary rocks. Verde has similar dimensions to the mineralisation in the Gap Zone being 50-100 metres wide, steeply dipping, and starting below the surface cover. Mineralisation has been intersected to 300 metres vertically and remains open at depth. If, as the Company interprets, Verde extends over the 1.2 kilometres of strike that mineralisation has been intersected, Verde has the potential to add material ounces at Hualilan.
The Company will continue extensional drilling at Verde with at least two of the current six drill rigs on site. This program will involve the continuation of 50 metre spaced fences of holes over the remaining 700 metres of strike and step-out drilling north and south along strike where mineralisation remains open. A series of holes will be collared further west to test another 50-100 metres below the existing drilling at Verde.
| Drill Hole | Interval | Gold | Ag | Zn | Au Equiv | Hole Comments |
|---|---|---|---|---|---|---|
| (m) | (g/t) | (g/t) | (%) | (g/t) | (g x m) | |
| GNDD-173 | 66.0 | 0.5 | 3.1 | 0.1 | 0.6 | 40.5 not deep enough to intersect intrusives |
| GNDD-177 | 63.4 | 0.6 | 1.8 | 0.2 | 0.7 | 44.4 up-dip:intersected topof the mineralisation |
| GNDD-183 and |
55.5 24.0 |
1.0 0.2 |
1.5 6.8 |
0.4 1.1 |
1.2 0.7 |
85.5 up-dip :intersected top of the mineralisation |
| GNDD-185 | 60.0 | 0.6 | 1.5 | 0.3 | 0.7 | 55.0 not deepenough to intersect intrusives |
| GNDD-193 | 83.5 | 0.7 | 1.3 | 0.2 | 0.8 | 80.2 drilled underneath GNDD-185 |
| GNDD-199 inc |
146.0 60.0 |
0.4 0.6 |
1.1 1.5 |
0.2 0.2 |
0.5 0.7 |
83.8 north-south oriented drill hole through the topof the mineralised system |
| GNDD-220 inc |
108.0 49.0 |
0.4 0.6 |
1.6 1.3 |
0.1 0.1 |
0.4 0.6 |
45.6 most southerly drill hole. 1-kilomtre to the south of GNDD-226 |
| GNDD-226 and |
16.0 44.0 |
0.5 0.5 |
2.4 0.7 |
0.3 0.1 |
0.7 0.5 |
33.0 most northerly drill hole at Verde which extends Verde across the Sanchez Fault |
| GNDD-234 | 42.6 | 1.0 | 0.9 | 0.3 | 1.0 | 42.6 possible northern extension of GapZone |
| GNDD-236 | 52.0 | 1.1 | 4.1 | 0.3 | 1.2 | 72.8 intersected underlyingintrusives |
| GNDD-237 inc |
155.5 59.0 |
0.6 0.9 |
2.1 1.0 |
0.1 0.1 |
0.7 1.0 |
93.3 intersected the underlying intrusives interpreted as resultingin highergrades |
| GNDD245 | 43.7 | 1.0 | 1.8 | 0.3 | 1.1 | 49.5 up-dip:intersected topof the mineralisation |
Table 1 - Selected new significant intercepts reported from Verde
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Australian Registered Office Level 1 1205 Hay Street
Issued Capital 808.7m shares Level 1 86.6m options 1205 Hay Street 120m perf shares 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
ASX Release 16 June 2021
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Figure 1 - Plan view of Verde showing drill holes reported this release and pending drilling only
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m options 120m perf shares 16m perf rights
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
www.challengerex.com
ASX Release 16 June 2021
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DISCUSSION OF RESULTS
Verde is a recent discovery targeted using the Company's surface magnetics and IP (Induced Polarization) test lines at Cerro Norte. The IP and magnetics indicated a possible second trend of mineralised intrusives under cover with the same north-south orientation as the Gap Zone mineralisation. The three discovery holes (ASX release 2 March 2021) returned 125.5m at 1.1 g/t AuEq including 71.0m at 1.8 g/t AuEq (GNDD-169), 37 metres at 1.0 g/t AuEq (GNDD-164) and 45 metres at 0.5 g/t AuEq (GNDD-163).
Mineralisation at Verde is primarily hosted in intrusives, however there is a lower grade halo of mineralisation that extends into the overlying sedimentary rocks. The sedimentary rocks above the intrusives has been brecciated by the intrusion creating a second west dipping zone of mineralisation which is also a useful exploration guide to deeper intrusive-hosted mineralisation. The overlying mineralisation in the sedimentary rocks dips to the west at 30-40 degrees and is up to 50 metres thick.
As Figure 1 (over the page) shows, the current results are predominantly from fences of drill holes covering 500 metres strike south of the Verde discovery holes. Mineralisation appears to form one continuous body over this 500 metres. Figure 2, Figure 3, and Figure 4 are representative sections across the mineralisation at Verde in this 500 metres zone where a significant number of holes have been completed. The better grades are encountered where the drilling has been deep enough to intersect the intrusives with several holes (assays pending) confirming the model of deeper intrusive hosted mineralisation underlying the mineralisation in sediments.
Drill hole GNDD-226, was collared 80 metres north of the discovery holes across the Sanchez Fault confirming Verde extends north of the Sanchez Fault. Additionally, drill hole GNDD-220 intersected broad zones of mineralisation one kilometre south along strike with several holes in the intervening 500 metres (assays pending) encountering broad zones of sulphide mineralisation. Drillholes GNDD305, GNDD-292 and GNDD-295 and GNDD-310 (assays pending covering another 200 metres south of GNDD-220) all intersected sulphide mineralisation including zones of massive sulphides.
The intrusives at Verde have similar dimensions to the mineralisation in the Gap Zone being 50-100 metres wide and steeply dipping on the 1.2 kilometres that mineralisation has been intersected over. Additionally, the Verde intrusives have intruded the western 200 metres of the Sanchez fault forming a sub-vertical east-west zone of mineralised intrusives up to 50 metres wide which joins Verde. The eastern limit of these intrusives in the Sanchez fault corresponds to the outcrop of the Hualilan Hills with high-grade Sanchez Fault hosted mineralisation intersected in drilling starting from the Hualilan Hills and mapped over a further 400 metres to the east.
Drilling covering 500 metres strike south of the discovery holes
Figure 2 shows Cross Section 26 on the main GNDD-169 discovery hole. GNDD-245 was drilled to test above GNDD-169 and intersected 43.7m at 1.1 g/t AuEq (1.0 g/t gold, 1.8 g/t silver 0.3% zinc ) from 139 metres with GNDD-183 ( 55.5m at 1.2 g/t AuEq (1.0 g/t gold, 1.5 g/t silver 0.4% zinc ) from 35 metres another 50 metres up-dip. GNDD-183 also encountered a deeper zone of limestone hosted
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 808.7m shares 86.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street
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
ASX Release 16 June 2021
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Figure 2 - Cross Section 26 Main Verde mineralisation across the GNDD-169 discovery hole
mineralisation ( 24 metres at 0.7 g/t AuEq including 1.2 metres at 11.3 g/t AuEq) which correlates with the down-dip position of the main Cerro Norte Manto mineralisation. GNDD-237 was collared to test 50 metres downdip of GNDD-169 and confirmed mineralisation remains strong and open at depth intersecting 155.5 metres at 0.7 g/t AuEq (0.6 g/t gold, 2.1 g/t silver, 0.1% zinc) from 201.6 metres including 59.0 metres at 0.9 g/t AuEq (0.9 g/t gold, 1.0 g/t silver, 0.1% zinc) from 298m. A hole is programmed to extend the Verde mineralisation another 50 metres down-dip of GNDD-237.
Section 21 (Figure 3 over the page) is located south along strike from Section 26 (Figure 2). The mineralisation intersected in GNRC-091 (24.0 metres at 0.5 g/t AuEq and previously announced) is interpreted to be the top of Verde. It Is also possible GNRC-091 was terminated above the high-grade Cerro Norte manto which it was targeting. GNDD-185 was collared to test underneath GNRC-091 and intersected 60.0 metres at 0.7 g/t AuEq (0.6 g/t gold, 1.5g/t silver, 0.3% zinc) from 59 metres in the main Verde zone. GNDD-185 also intersected 7.1 metres at 1.6 g/t AuEq (1.0 g/t gold, 8.9g/t silver, 1.1% zinc) from 138 metres in limestone which, like GND-183 on Section 26, correlates with the down dip position of the main Cerro Norte Manto.
GNDD-193 was collared to test 50 metres down-dip of GNDD-185 and successfully extended the Verde mineralisation down dip returning 83.5 metres at 0.8 g/t AuEq (0.7 g/t gold, 1.3g/t silver, 0.2% zinc) from 96.3 metres including four higher-grade zones averaging 1.5 g/t AuEq. The hole also intersected mineralisation deeper in the hole in the downdip location of the main Cerro Norte manto. GNDD-298 (assays pending) has been completed downdip of GNDD-193 and encountered sulphides.
| Challenger Exploration Limited | Issued Capital | Australian Registered Office | Directors | Contact |
|---|---|---|---|---|
| ACN 123 591 382 | 808.7m shares | Level 1 | Mr Kris Knauer, MD and CEO | T: +61 8 6380 9235 |
| ASX:CEL | 86.6m 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 16 June 2021
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Figure 3 - Cross Section 21 Main Verde mineralisation
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Figure 4 - Cross Section 19 Main Verde mineralisation GNDD-236 and GND-173
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 808.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 86.6m 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 16 June 2021
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Cross Section 19 (Figure 4 previous page) illustrates the lower grade mineralisation hosted in sedimentary rocks which was encountered in GNDD-173 and returned 66.0 metres at 0.6 g/t AuEq (0.5 g/t gold, 3.1 g/t silver, 0.1 zinc) from 83.0 metres. Drill hole GNDD-236 was collared to test 100 metres downdip of GNDD-173 and confirmed the Company's model intersecting the underlying intrusives returning 52.0 metres at 1.2 g/t AuEq (1.1 g/t gold, 3.1 g/t silver, 0.3% zinc) from 175.0 metres including 4.4 metres at 8.9 g/t AuEq (8.4 g/t gold, 33.6 g/t silver, 0.2% zinc).
Drillhole GNDD-234 on Section 26 returned 42.6 metres at 1.0 g/t AuEq (0.9 g/t gold, 4.1 g/t silver, 0.3 zinc) from 33.4 metres including 3.5 metres at 10.1 g/t AuEq (9.2 g/t gold, 20.8 g/t silver, 1.5% zinc) hosted in intrusives. This is interpreted as the northern extension of the intrusion-hosted mineralisation in the Gap Zone and extends the Gap Zone mineralisation 50 metres north along strike.
GNDD-229 was collared 50 metres south of section 19 and intercepted 38.3 metres at 0.9 g/t AuEq (0.7 g/t gold, 6.5 g/t silver, 0.3% zinc) from 167 metres. The mineralisation occurred in sedimentary rocks and is interpreted as being above the main zone of Verde intrusives. Drilling is programmed to test underneath GNDD-229. Drillhole GNDD-162 was collared up dip of GNDD-229 too far to the east to intersect the Verde Zone. The hole encountered mineralisation in limestone and intersected 14.8 metres at 2.2 g/t AuEq (2.0 g/t gold, 3.5 g/t silver, 0.3% zinc) from 98.0 metres including 6.9 metres at 4.2 g/t AuEq (3.9 g/t gold, 6.4 g/t silver, 0.5% zinc) in the down-dip position of the main Cerro Norte manto mineralisation. This continues the drilling at Verde intercepting deeper limestone hosted mineralisation in the down-dip position of the high-grade skarn mineralisation.
GNDD-177 (Figure 5 Plan view over the page) was collared between Section 26 and Section 21 up-dip of GNDD-164 (22 metres at 0.5 g/t AuEq, 10.0 metres at 0.5 g/t AuEq, and 37.0 metres at 1.0 g/t AuEq). GNDD-177 extended the Verde zone 50 metres up-dip intercepting 63.4m at 0.7 g/t AuEq (0.6g/t gold, 1.8g/t silver, 0.2% zinc) from 41.5 metres including 11.2m at 2.4 g/t AuEq (2.1 g/t gold, 3.0g/t silver, 0.6% zinc) in sediments and intrusives. GNDD-187 intersected a combined 37 metres of mineralisation in three zones hosted in sediments and limestones downdip of GNDD-164 and is interpreted as not extending deep enough to intersected the underlying intrusives. The same is believed to have occurred with GNDD-233 on the same section. GNDD-254 (assays pending), which was collared to test downdip of GNDD-187 and GNDD-233 appears to have successfully penetrated the underlying intrusives with the hole logged as encountering over 150 metres of sulphide mineralisation in intrusives and thin interbedded sediments.
Analogous to GNDD-177, drill hole GNDD-225 ( 9.2 metres at 0.2 g/t AuEq, 2 metres at 4.3 g/t AuEq, and 9.2 metres at 1.0 g/.t AuEq) predominantly encountered sediments and limestone with the mineralisation interpreted as being the halo above the main intrusion-hosted system. This appears to have been confirmed by and GNDD-285 (assays pending). GNDD-285 was drilled at a higher angle to test below GNDD-225 and intercepted intrusives under the limestone with two zones logged as containing strong sulphides in a series of baked limestones and intrusives. The system is interpreted as being deeper in this location with GNDD-285 likely still only Intersecting the top of the mineralised system. Additional drilling to test down dip of GNDD-285 is programmed.
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 808.7m shares 86.6m 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 16 June 2021
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Figure 5 - Showing GNDD-220 south of Verde including drillholes (assays pending) with sulphides logged
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 808.7m shares 86.6m options 120m perf shares 16m perf rights
==> picture [307 x 31] intentionally omitted <==
----- Start of picture text -----
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
----- End of picture text -----
www.challengerex.com
ASX Release 16 June 2021
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GNDD-220 - Southern Extent of Verde
GNDD-216 and GNDD-220 were drilled to follow up earlier drillholes GNDD-137 ( 38 metres at 0.4 g/t AuEq and 1.4 metres at 11.6 g/t AuEq) and GNDD-122 (18.1 metres at 0.7 g/t AuEq and21m at 0.5 g/t AuEq, 1.5 metres at 5.1 g/t AuEq) at Toro in the southern end of the Gap Zone. Both holes tested magnetic highs prior to CEL understanding that the intrusion-hosted mineralisation is located on the flanks of positive magnetic anomalies due to demagnetisation by alteration of the intrusions associated with the mineralisation. Accordingly any extension of the Verde or Gap Zone intrusionhosted mineralisation was interpreted to be further west of GNDDD-122 and GNDD-137.
GNDD-220 was collared 175 metres west of GNDD-137 and intersected 108 metres at 0.4 g/t AuEq (0.4 g/t gold, 1.6 g/t silver, 0.1% zinc) from 86 metres including 49 metres at 0.6 g/t AuEq (0.6 g/t gold, 1.3 g/t silver, 0.1% zinc) from 137 metres. This is interpreted as the southern extension of Verde 1 kilometre south. As Figure 5 shows several drill holes (all assays pending) both north and south of GNDD-220 are logged as intersecting significant sulphide mineralisation in intrusives and sediments which is interpreted as the extension of Verde to 1.2 kilometres in strike.
Noteworthy are drillholes GNDD-292, GNDD-305, and GNDD-287 (all assays pending) collared 100, 150, and 200 metres south of GNDD-220. Each has been logged as encountering strong mineralisation. GNDD-292 (Photos 1-3) is logged as intersecting 100 metres of intrusives containing sulphides including 5 zones of mineralisation over 1-3 metres downhole containing 15-30% pyrite and 5-30% sphalerite which is indicative of strong skarn mineralisation.
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Photo 1 : GNDD-292 sulphide Interval 233 metres downhole (skarn alteration 15% pyrite 5% sphalerite)
Issued Capital 808.7m shares 86.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street
West Perth WA 6005
Directors
Challenger Exploration Limited ACN 123 591 382 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
www.challengerex.com
ASX Release 16 June 2021
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GNDD-292 - sulphide Interval 197-198m
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GNDD-292 - sulphide Interval 218-219m
GNDD-226 - northern extent of Verde
GNDD-226 was collared 50 metres north along strike from GNDD-163 (45.0 metres at 0.5 g/t AuEq previously reported) and extended Verde north across the Sanchez Fault intersecting 60 metres of mineralisation hosted in intrusives separated by separated by 20 metres of sedimentary rock. GNDD226 returned 16.0 metres at 0.7 g/t AuEq (0.5 g/t gold, 2.4 g/t silver, 0.3% zinc) from 109 metres and
ASX: CEL
Issued Capital
808.7m shares
86.6m 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
Challenger Exploration Limited ACN 123 591 382
www.challengerex.com
ASX Release 16 June 2021
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----- Start of picture text -----
Figure 6 - Showing drilling in the north at Verde including drillholes (assays pending) with sulphides logged
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact
ACN 123 591 382 808.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX: CEL 86.6m 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
----- End of picture text -----
www.challengerex.com
ASX Release 16 June 2021
==> picture [130 x 66] intentionally omitted <==
44 metres at 0.5 g/t AuEq (0.5 g/t gold, 0.7 g/t silver, 0.1% zinc) from 146 metres. This result is highly encouraging given there is lateral movement mapped on the Sanchez Fault thus the Company is not clear where GNDD-226 Is located in relation to the extension of Verde mineralisation north of the Sanchez fault. Drilling is planned to test up-dip and downdip of GNDD-226 as well as further north along strike.
Intrusion-hosted mineralisation in the western end of the Sanchez Fault
As can be seen in Figure 6 the Verde intrusives have intruded the western 200 metres of the Sanchez fault forming a sub-vertical east-west zone of mineralised intrusives up to 50 metres wide which joins Verde. The mineralisation starts from surface and remains open at depth.
Drillhole GNDD-199 was collared to drill across the western ends of the Sanchez Fault and intersected 146.0 metres at 0.5 g/t AuEq (0.4 g/t gold, 1.1 g/t silver, 0.2% zinc) from 26.0 metres including 60.0metres at 0.7 g/t AuEq (0.6 g/t gold, 1.5 g/t silver, 0.2% zinc) from 26.0. GNDD-138, collared 100 metres east along strike from GNDD-199, returned 54.0 metres at 0.5 g/t AuEq (0.4 g/t gold, 2.4 g/t silver, 0.2% zinc) from 43.0 metres. GNDD-135, collared midway between GNDD-199 and GNDD-138 intercepted 22.6 metres at 0.5 g/t AuEq (0.4 g/t gold, 1.1 g/t silver, 0.1% zinc) from 31.0 metres and 27.2metres at 0.7 g/t AuEq (0.5 g/t gold, 2.6 g/t silver, 0.4% zinc) from 78.0 metres.
The eastern limit of the intrusives in the Sanchez fault corresponds to the outcrop of the Hualilan Hills (GNDD-138 and GNDD-154). The high-grade skarn mineralisation in the Sanchez Fault intersected in drill holes such as GNRC-068 (27 metres at 11.2 g/t AuEq) and mapped historically underground starts from the Hualilan Hills and is mapped as extending a further 400 metres to the east where it remains open.
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:
2 MARCH 2021 - Discovery of a second trend of mineralisation at Hualilan with 126m at 1.1 g/t Au including 71m at 1.7 g/t Au
11 Feb 2021 - MULTIPLE 200 METRE INTERCEPTS CONTINUE TO INCREASE THE SCALE OF CHALLENGER'S HUALILAN GOLD PROJECT
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 808.7m shares 86.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
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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Contact T: +61 8 6380 9235
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ASX Release 16 June 2021
==> picture [130 x 66] intentionally omitted <==
Table 2: New intercepts reported.
| Drill Hole | From | To | Interval | Gold | Ag | Zn | Au Equiv | Comments |
|---|---|---|---|---|---|---|---|---|
| (#) | (m) | (m) | (m) | (g/t) | (g/t) | (%) | (g/t) | |
| GNDD133 inc and |
95.7 95.7 163.0 |
100.0 96.8 174.5 |
4.3 1.1 11.5 |
1.3 3.8 0.3 |
2.2 5.3 1.0 |
0.2 0.5 0.0 |
1.4 4.1 0.3 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2g/t AuEqcut |
| GNDD135 inc and inc inc inc |
31.0 41.0 78.0 79.6 95.0 104.3 |
53.6 43.0 105.2 83.0 97.0 105.2 |
22.6 2.0 27.2 3.4 2.0 0.9 |
0.4 1.6 0.5 1.4 1.9 0.1 |
1.1 0.7 2.6 3.9 2.0 5.3 |
0.1 0.1 0.4 0.3 0.2 3.2 |
0.5 1.7 0.7 1.6 2.0 1.5 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD138 | 43.0 | 97.0 | 54.0 | 0.4 | 2.4 | 0.2 | 0.5 | 0.2g/t AuEqcut |
| GNDD150 and and |
40.0 76.0 180.3 |
62.0 111.9 181.6 |
22.0 35.9 1.3 |
0.3 0.2 16.8 |
0.9 2.6 26.1 |
0.1 0.4 2.9 |
0.3 0.5 18.4 |
0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD154 and inc |
125.9 146.0 146.0 |
128.5 168.0 147.0 |
2.6 22.0 1.0 |
4.6 0.2 1.8 |
34.6 1.0 12.6 |
3.0 0.0 0.1 |
6.3 0.2 2.0 |
1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD158 inc and |
107.0 120.1 139.0 |
126.0 121.0 145.0 |
19.0 1.0 6.0 |
0.6 2.8 0.4 |
1.0 4.2 0.8 |
0.1 0.3 0.3 |
0.7 2.9 0.6 |
0.2 g/t AuEq cut 0.2 g/t AuEq cut 0.2g/t AuEqcut |
| GNDD-162 | 98.0 102.1 |
112.8 109.0 |
14.8 6.9 |
2.0 3.9 |
3.5 6.4 |
0.3 0.5 |
2.2 4.2 |
1.0 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD173 inc inc inc |
83.0 87.0 116.0 130.4 |
149.0 93.0 122.0 131.0 |
66.0 6.0 6.0 0.6 |
0.5 2.0 1.4 8.9 |
3.1 18.8 2.8 23.9 |
0.1 0.3 0.1 0.1 |
0.6 2.4 1.5 9.3 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD176 inc and |
73.9 76.1 247.2 |
76.9 76.9 248.5 |
3.0 0.8 1.3 |
0.9 2.5 0.3 |
3.3 1.7 98.9 |
0.2 0.2 0.1 |
1.0 2.6 1.6 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD177 inc inc inc inc |
41.5 55.0 60.0 71.8 86.0 |
104.9 56.3 62.0 72.3 97.2 |
63.4 1.3 2.0 0.5 11.2 |
0.6 1.3 1.0 1.3 2.1 |
1.8 3.5 1.2 7.3 3.0 |
0.2 0.1 0.2 0.2 0.6 |
0.7 1.4 1.1 1.5 2.4 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD183 inc inc inc and inc |
35.0 37.0 57.0 72.0 112.0 119.0 |
90.5 39.0 59.0 87.0 136.0 120.2 |
55.5 2.0 2.0 15.0 24.0 1.2 |
1.0 1.1 1.0 3.2 0.2 2.6 |
1.5 1.0 0.4 3.5 6.8 95.1 |
0.4 0.1 0.1 0.9 1.1 17.1 |
1.2 1.1 1.0 3.6 0.7 11.3 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD185 inc inc inc and |
59.0 67.0 83.0 114.0 138.0 |
119.0 71.5 93.0 119.0 145.1 |
60.0 4.5 10.0 5.0 7.1 |
0.6 1.8 1.0 1.4 1.0 |
1.5 3.3 1.7 2.0 8.9 |
0.3 0.4 0.2 1.1 1.1 |
0.7 2.0 1.1 1.9 1.6 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD187 inc |
145.0 149.0 |
161.0 151.0 |
16.0 2.0 |
0.4 1.6 |
0.6 2.5 |
0.1 0.6 |
0.5 1.9 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut |
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ASX Release 16 June 2021
==> picture [130 x 66] intentionally omitted <==
| Challenger Exploration Lim ACN 123 591 382 ASX:CEL and and inc GNDD190 and and and GNDD191 and and GNDD193 inc inc inc inc and inc and and GNDD199 inc inc inc inc inc and GNDD216 and GNDD220 inc inc inc inc inc GNDD225 and and GNDD226 inc and inc inc GNDD229 inc inc GNDD230 and and GNDD233 and |
and and inc |
192.0 302.5 302.5 |
207.0 308.0 305.0 |
15.0 5.5 2.5 |
0.5 1.7 3.7 |
0.9 26.0 55.9 |
0.2 0.7 1.2 |
0.5 2.4 5.0 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
|---|---|---|---|---|---|---|---|---|---|
| GNDD190 and and and |
47.3 161.1 186.0 200.0 |
55.0 163.0 191.0 204.0 |
7.7 1.9 5.0 4.0 |
0.1 0.2 0.2 0.3 |
4.6 5.7 0.1 0.1 |
4.9 0.2 0.0 0.0 |
2.3 0.4 0.2 0.3 |
1.0 g/t AuEq cut 0.2 g/t AuEq cut 0.2 g/t AuEq cut 0.2g/t AuEqcut |
|
| GNDD191 and and |
188.4 217.4 238.0 |
209.5 217.9 240.0 |
21.2 0.5 2.0 |
0.5 2.5 0.4 |
3.2 16.8 3.5 |
0.4 2.5 0.8 |
0.7 3.8 0.8 |
1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2g/t AuEqcut |
|
| GNDD193 inc inc inc inc and inc and and |
96.3 96.3 121.4 147.8 160.5 191.0 194.7 218.0 251.0 |
179.8 105.8 135.2 149.0 171.6 198.5 198.5 219.5 252.9 |
83.5 9.5 13.9 1.2 11.1 7.5 3.8 1.5 1.9 |
0.7 1.5 1.3 0.9 1.0 1.3 2.1 0.1 1.1 |
1.3 2.7 1.7 1.8 2.1 9.3 16.6 72.3 7.6 |
0.2 0.1 0.5 1.9 0.4 0.5 0.9 0.1 0.2 |
0.8 1.6 1.6 1.7 1.2 1.6 2.7 1.0 1.3 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
|
| GNDD199 inc inc inc inc inc and |
26.0 26.0 36.0 44.0 58.0 169.0 187.0 |
172.0 86.0 38.0 45.0 68.0 172.0 228.0 |
146.0 60.0 2.0 1.0 10.0 3.0 41.0 |
0.4 0.6 1.6 1.8 1.4 1.0 0.2 |
1.1 1.5 1.3 5.4 1.2 7.9 0.7 |
0.2 0.2 0.1 0.2 0.2 1.8 0.1 |
0.5 0.7 1.6 1.9 1.5 1.9 0.2 |
0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2g/t AuEqcut |
|
| GNDD216 and |
81.0 204.0 |
85.0 206.0 |
4.0 2.0 |
0.3 0.6 |
0.3 3.5 |
0.0 0.2 |
0.3 0.8 |
0.2 g/t AuEq cut 0.2g/t AuEqcut |
|
| GNDD220 inc inc inc inc inc |
86.0 88.0 137.0 146.0 158.3 182.0 |
194.0 90.0 186.0 150.0 162.0 184.0 |
108.0 2.0 49.0 4.0 3.7 2.0 |
0.4 1.1 0.6 1.2 1.8 1.7 |
1.6 10.5 1.3 1.4 1.9 2.8 |
0.1 0.5 0.1 0.1 0.0 0.0 |
0.4 1.4 0.6 1.2 1.8 1.7 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
|
| GNDD225 and and |
79.0 207.0 235.0 |
88.2 209.0 244.2 |
9.2 2.0 9.2 |
0.2 4.3 0.9 |
0.8 1.1 0.6 |
0.0 0.0 0.0 |
0.2 4.3 1.0 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
|
| GNDD226 inc and inc inc |
109.0 116.0 146.0 170.0 188.0 |
125.0 123.4 190.0 172.0 190.0 |
16.0 7.4 44.0 2.0 2.0 |
0.5 0.7 0.5 1.3 3.8 |
2.4 4.0 0.7 0.8 1.1 |
0.3 0.5 0.1 0.1 0.2 |
0.7 1.0 0.5 1.4 3.9 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
|
| GNDD229 inc inc |
167.0 171.0 204.5 |
205.3 177.0 205.3 |
38.3 6.0 0.8 |
0.7 1.7 4.8 |
6.5 30.1 5.9 |
0.3 1.5 0.3 |
0.9 2.7 5.0 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
|
| GNDD230 and and |
211.0 227.0 256.0 |
217.0 242.0 260.0 |
6.0 15.0 4.0 |
0.2 0.2 0.5 |
2.5 1.1 0.7 |
0.0 0.1 0.1 |
0.2 0.2 0.5 |
0.2 g/t AuEq cut 0.2 g/t AuEq cut 0.2g/t AuEqcut |
|
| GNDD233 and |
113.0 180.1 |
115.0 182.5 |
2.0 2.4 |
0.5 0.4 |
0.6 0.5 |
0.1 0.0 |
0.6 0.4 |
0.2 g/t AuEq cut 0.2g/t AuEqcut |
|
| ited Iss 808 86. 120 |
ued Capital .7m shares 6m options m perf shares |
Aust Leve 1205 Wes |
ralian Registered O l 1 Hay Street t Perth WA 6005 |
ffice |
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| GNDD234 inc inc |
33.40 52.5 53.3 |
76.00 56.00 54.30 |
42.60 3.5 1.1 |
0.9 9.2 25.5 |
4.1 20.8 51.9 |
0.3 1.5 0.4 |
1.0 10.1 26.3 |
0.2/g/t AuEq cut 1.0 g/t AuEq cut 10.0g/t AuEqcut |
|---|---|---|---|---|---|---|---|---|
| GNDD236 inc inc inc |
175.0 177.0 201.0 216.6 |
227.0 179.0 221.0 151.0 |
52.0 2.0 2.0 4.4 |
1.1 2.9 1.0 8.4 |
4.1 9.6 5.6 33.6 |
0.3 0.4 1.9 0.2 |
1.2 3.3 1.9 8.9 |
0.2/g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD237 and inc inc inc inc inc inc |
139.0 201.6 201.6 234.0 254.5 298 302 349.65 |
357.0 270.0 243.0 256.3 351.6 357.0 304.0 351.6 |
12.0 155.5 72.5 9.0 1.8 59.0 2.0 1.95 |
0.3 0.6 0.6 1.2 6.7 0.91 3.3 17.5 |
1.2 2.1 3.8 14.2 10.8 1 0.32 2.9 |
0.3 0.1 0.2 0.2 0.5 0.05 0 0 |
0.5 0.7 0.7 1.5 7.1 1.0 3.3 17.5 |
0.2/g/t AuEq cut 0.2/g/t AuEq cut 0.2/g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD242 inc and |
185.5 185.5 306.5 |
194.0 187.1 307.2 |
8.6 1.6 0.7 |
0.5 1.0 2.3 |
0.5 1.2 0.9 |
0.1 0.3 0.0 |
0.6 1.1 2.3 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
| GNDD245 inc inc |
139.0 143.0 181.3 |
182.7 145.0 182.7 |
43.7 2.0 1.4 |
1.0 3.6 18.7 |
1.8 3.0 38.0 |
0.4 0.8 6.8 |
1.1 4.0 22.1 |
0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut |
Table 2: Continued
See below for information regarding AuEq's reported under the JORC Code.
2 Gold Equivalent (AuEq) values - Requirements under the JORC Code
-
Assumed commodity prices for the calculation of AuEq is Au US$1780 Oz, Ag US$24 Oz, Zn US$2,800 /t
-
Metallurgical recoveries for Au, Ag and Zn are estimated to be 89%, 84% and 79% respectively (see JORC Table 1 Section 3 Metallurgical assumptions ) based on metallurgical test work.
-
The formula used: 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)]
-
CEL confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
Issued Capital 808.7m shares 86.6m 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
16m perf rights
Challenger Exploration Limited
T: +61 8 6380 9235 E: [email protected]
ACN 123 591 382 ASX: CEL
www.challengerex.com
ASX Release 16 June 2021
==> picture [130 x 66] intentionally omitted <==
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. CEL Is fully funded having complete a $42 million capital raise in May 2021.
-
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. Results from CEL's first drilling program 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 includes 150,000 metres of drilling, metallurgical test work of key ore types, and an initial JORC Compliant Resource and PFS.
-
El Guayabo Gold/Copper Project covers 35 sqkms 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.
Issued Capital 808.7m shares 86.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Challenger Exploration Limited ACN 123 591 382 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
www.challengerex.com
ASX Release 16 June 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 808.7m shares 86.6m 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
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 | JORC Code explanation | Commentary |
|---|---|---|---|
| Sampling | - | Nature and quality of sampling (eg | For historic exploration data, there is little information provided by previous explorers to detail sampling techniques. Drill |
| techniques | cut channels, random chips, or specific specialised industry standard |
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 |
|
| measurement tools appropriate to | available for RC drill techniques and sampling. | ||
| the minerals under investigation, | For CEL drilling, diamond core (HQ3) was cut longitudinally on site using a diamond saw. Samples lengths are from 0.5m to | ||
| such as down hole gamma sondes, | 2.0m in length (average 1m), taken according to lithology, alteration, and mineralization contacts. | ||
| or handheld XRF instruments, etc). | |||
| These examples should not be taken as limiting the broad meaning of |
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. |
||
| sampling. | CEL channel samples are cut into underground or surface outcrop using a hand-held diamond edged cutting tool. Parallel | ||
| - | Include reference to measures taken | saw cuts 3-5cm apart are cut 2-4cm deep into the rock which allows for the extraction of a representative sample using | |
| to ensure sample representivity and | and hammer and chisel. The sample is collected onto a plastic mat and collected into a sample bag. | ||
| - | the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to |
Core and channel 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. |
|
| the Public Report. | A 10g charge was analysed for 48 elements by 4-acid digest and ICP-MS determination. Elements determined were Ag, As, | ||
| - | In cases where ‘industry standard’ | 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, | |
| work has been done this would be | Th, Ti, Tl, U, V, W, Y, Zn and Zr. | ||
| relatively simple (eg ‘reverse | 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. | ||
| circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g |
Sample intervals were selected according to geological boundaries. There was no coarse gold observed in any of the core or channel samples. |
||
| 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. |
Challenger Exploration Limited
ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares
86.6m 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 |
|---|---|
| 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 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 |
|---|---|
| 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 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 |
Issued Capital
808.7m shares
86.6m 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
| Criteria | JORC Code explanation | Commentary | Commentary | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 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 |
Issued Capital
808.7m shares 86.6m 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
| Criteria JORC Code explanation |
Commentary |
|---|---|
| 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 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 Type 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 |
|---|---|
| 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 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 as the rock is commonly too broken to allow accurate core orientation. CEL drilling of reverse circulation (RC) drill holes was 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 GNDD282 are surveyed using DGPS. Collar location from GNDD206 are surveyed with a handheld GPS to be followed up with DGPS. Hole_id East (m) North (m) Elevation (m) Dip (°) Azimuth (°) Depth (m) |
Challenger Exploration Limited ACN 123 591 382
ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 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 | 428.0 | ||
| 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 | 311.0 | ||
| 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 | 504801.654 | 6601066.131 | 1822.596 | -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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 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 | 504438.745 | 6599613.089 | 1792.511 | -55 | 115 | 300.0 | ||
| GNDD108 | 504893.480 | 6601156.138 | 1824.948 | -60 | 115 | 200.0 | ||
| GNDD109 | 504788.659 | 6601026.581 | 1822.675 | -60 | 115 | 209.0 | ||
| GNDD112 | 504893.408 | 6601198.421 | 1825.402 | -60 | 115 | 188.0 | ||
| GNDD113 | 504704.700 | 6601067.100 | 1826.300 | -60 | 115 | 230.0 | ||
| GNDD113A | 504705.888 | 6601065.628 | 1825.877 | -60 | 115 | 461 | ||
| GNDD114 | 504430.719 | 6600110.231 | 1807.080 | -50 | 115 | 116.0 | ||
| GNDD115 | 504860.469 | 6601289.558 | 1826.422 | -60 | 115 | 251.0 | ||
| GNDD116 | 504441.894 | 6599558.746 | 1790.917 | -65 | 115 | 269.0 | ||
| GNDD117 | 504428.815 | 6600110.985 | 1807.008 | -60 | 115 | 120.0 | ||
| GNDD118 | 505085.614 | 6601107.067 | 1811.275 | -60 | 295 | 300.0 | ||
| GNDD119 | 504827.094 | 6601535.651 | 1835.088 | -66 | 115 | 115.0 | ||
| GNDD120 | 504411.171 | 6600099.998 | 1806.316 | -60 | 110 | 164.0 | ||
| GNDD121 | 504863.473 | 6601140.462 | 1821.954 | -57 | 115 | 181.0 | ||
| GNDD122 | 504659.288 | 6600648.314 | 1819.643 | -60 | 115 | 250.0 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD123 | 504823.784 | 6601510.706 | 1833.612 | -63 | 130 | 130.0 | ||
| GNDD124 | 504410.706 | 6600099.603 | 1806.296 | -70 | 115 | 160.0 | ||
| GNDD125 | 505135.977 | 6601131.034 | 1809.281 | -60 | 295 | 300.0 | ||
| GNDD126 | 504716.358 | 6601149.031 | 1827.257 | -60 | 115 | 196.0 | ||
| GNDD127 | 504889.851 | 6601503.430 | 1834.161 | -55 | 115 | 300.0 | ||
| GNDD128 | 504715.660 | 6601106.719 | 1826.595 | -60 | 115 | 230.0 | ||
| GNDD129 | 504637.632 | 6600284.287 | 1805.395 | -55 | 185 | 291.0 | ||
| GNDD130 | 504838.247 | 6601093.352 | 1821.556 | -60 | 115 | 227.0 | ||
| GNDD131 | 504650.672 | 6600737.758 | 1821.134 | -60 | 115 | 280.0 | ||
| GNDD132 | 504819.319 | 6601357.930 | 1829.373 | -55 | 115 | 300.0 | ||
| GNDD133 | 504869.366 | 6601639.665 | 1835.213 | -60 | 170 | 182.0 | ||
| GNDD134 | 504639.057 | 6600284.444 | 1805.499 | -55 | 154 | 290.0 | ||
| GNDD135 | 504845.188 | 6601547.554 | 1834.906 | -64 | 350 | 135.0 | ||
| GNDD136 | 504837.721 | 6601445.719 | 1830.128 | -55 | 115 | 310.0 | ||
| GNDD137 | 504647.268 | 6600701.174 | 1820.549 | -60 | 115 | 370.0 | ||
| GNDD138 | 504883.975 | 6601540.420 | 1835.042 | -65 | 350 | 237.0 | ||
| GNDD139 | 504755.726 | 6601084.848 | 1824.694 | -60 | 115 | 200.0 | ||
| GNDD140 | 504991.396 | 6601549.750 | 1835.464 | -60 | 60 | 230.0 | ||
| GNDD141 | 504779.587 | 6601255.947 | 1828.225 | -70 | 115 | 270.0 | ||
| GNDD142 | 504433.887 | 6599629.407 | 1792.717 | -62 | 115 | 360.0 | ||
| GNDD143 | 504902.285 | 6601209.174 | 1826.545 | -20 | 115 | 120.0 | ||
| GNDD144 | 504961.182 | 6601524.651 | 1835.687 | -70 | 40 | 410.0 | ||
| GNDD145 | 504557.511 | 6600224.447 | 1818.092 | -64 | 170 | 200.0 | ||
| GNDD146 | 504772.849 | 6601212.611 | 1827.389 | -70 | 115 | 350.0 | ||
| GNDD147 | 504959.171 | 6601525.259 | 1835.597 | -60 | 355 | 240.0 | ||
| GNDD148 | 504845.962 | 6601442.396 | 1831.403 | -24 | 115 | 85.5 | ||
| GNDD149 | 504847.402 | 6601441.816 | 1832.186 | -5 | 115 | 88.1 | ||
| GNDD150 | 504848.651 | 6601525.476 | 1834.636 | -65 | 350 | 251.0 | ||
| GNDD151 | 504673.689 | 6601219.059 | 1830.640 | -60 | 115 | 430.0 | ||
| GNDD152 | 504901.725 | 6601465.446 | 1834.787 | -15 | 115 | 165.0 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD153 | 504690.458 | 6600986.257 | 1824.840 | -70 | 115 | 326.0 | ||
| GNDD154 | 504891.810 | 6601503.838 | 1834.134 | -65 | 350 | 212.0 | ||
| GNDD155 | 504779.116 | 6601123.548 | 1823.862 | -60 | 115 | 420.0 | ||
| GNDD156 | 504842.752 | 6601402.888 | 1830.505 | -37 | 115 | 59.0 | ||
| GNDD157 | 504638.216 | 6600284.907 | 1805.408 | -55 | 170 | 527.0 | ||
| GNDD158 | 504807.600 | 6601535.300 | 1837.000 | -60 | 350 | 170.0 | ||
| GNDD159 | 504910.382 | 6601145.345 | 1825.562 | -40 | 115 | 202.0 | ||
| GNDD160 | 504980.539 | 6601546.905 | 1835.243 | -55 | 350 | 170.0 | ||
| GNDD161 | 504664.113 | 6600816.520 | 1822.385 | -60 | 115 | 251.00 | ||
| GNDD162 | 504723.843 | 6601279.506 | 1830.376 | -60 | 115 | 180.00 | ||
| GNDD163 | 504749.611 | 6601575.347 | 1837.394 | -60 | 115 | 180.00 | ||
| GNDD164 | 504672.435 | 6601526.078 | 1836.853 | -60 | 115 | 311.00 | ||
| GNDD165 | 504488.377 | 6599862.768 | 1803.486 | -10 | 115 | 253.80 | ||
| GNDD166 | 504557.654 | 6600330.511 | 1817.438 | -60 | 115 | 327.00 | ||
| GNDD167 | 504727.540 | 6600880.315 | 1820.767 | -60 | 115 | 251.00 | ||
| GNDD168 | 504559.923 | 6600382.723 | 1816.844 | -60 | 115 | 314.00 | ||
| GNDD169 | 504683.848 | 6601565.336 | 1837.928 | -60 | 115 | 416.00 | ||
| GNDD170 | 504663.000 | 6600335.000 | 1822.900 | -60 | 170 | 123.50 | ||
| GNDD170A | 504664.576 | 6600335.390 | 1826.501 | -60 | 170 | 380.00 | ||
| GNDD171 | 504674.659 | 6600904.137 | 1823.445 | -70 | 115 | 350.00 | ||
| GNDD172 | 504487.566 | 6599863.343 | 1802.727 | -45 | 115 | 119.70 | ||
| GNDD173 | 504697.019 | 6601339.596 | 1833.656 | -60 | 115 | 191.00 | ||
| GNDD174 | 504474.118 | 6600097.716 | 1807.933 | -11 | 115 | 329.50 | ||
| GNDD175 | 504653.221 | 6601093.209 | 1828.285 | -60 | 115 | 353.00 | ||
| GNDD176 | 504733.851 | 6600655.255 | 1817.503 | -60 | 115 | 350.00 | ||
| GNDD177 | 504759.610 | 6601481.663 | 1834.257 | -60 | 115 | 160.00 | ||
| GNDD178 | 504625.984 | 6600185.259 | 1824.078 | -60 | 185 | 145.20 | ||
| GNDD179 | 504406.541 | 6600185.242 | 1809.531 | -55 | 170 | 192.10 | ||
| GNDD180 | 504678.044 | 6600779.784 | 1821.026 | -60 | 115 | 341.00 | ||
| GNDD181 | 504669.174 | 6600332.942 | 1809.056 | -60 | 160 | 401.00 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD182 | 504669.526 | 6601127.040 | 1828.630 | -60 | 115 | 332.00 | ||
| GNDD183 | 504775.514 | 6601523.887 | 1835.124 | -65 | 115 | 146.00 | ||
| GNDD184 | 504670.292 | 6601174.696 | 1829.453 | -60 | 115 | 321.50 | ||
| GNDD185 | 504730.718 | 6601405.556 | 1832.739 | -60 | 115 | 180.00 | ||
| GNDD186 | 504735.990 | 6600742.990 | 1818.290 | -60 | 115 | 209.00 | ||
| GNDD187 | 504621.493 | 6601546.173 | 1839.975 | -67 | 115 | 320.00 | ||
| GNDD188 | 504658.832 | 6601043.631 | 1826.939 | -60 | 115 | 277.00 | ||
| GNDD189 | 504473.828 | 6600097.778 | 1807.415 | -29 | 115 | 320.00 | ||
| GNDD190 | 504894.932 | 6601473.630 | 1833.192 | -65 | 350 | 269.00 | ||
| GNDD191 | 504602.016 | 6601426.850 | 1837.553 | -70 | 115 | 260.00 | ||
| GNDD192 | 504617.912 | 6600575.207 | 1820.347 | -60 | 115 | 260.00 | ||
| GNDD193 | 504686.491 | 6601425.894 | 1834.934 | -60 | 115 | 293.00 | ||
| GNDD194 | 504670.153 | 6600333.303 | 1808.999 | -60 | 140 | 300.00 | ||
| GNDD195 | 504473.117 | 6600098.042 | 1807.172 | -44 | 115 | 370.00 | ||
| GNDD196 | 504633.370 | 6600393.771 | 1822.260 | -60 | 115 | 296.00 | ||
| GNDD197 | 504860.921 | 6601483.879 | 1831.591 | -68 | 350 | 72.00 | ||
| GNDD198 | 504787.448 | 6601250.012 | 1827.763 | -60 | 115 | 161.00 | ||
| GNDD199 | 504812.268 | 6601468.783 | 1832.487 | -56 | 350 | 266.00 | ||
| GNDD200 | 504966.362 | 6601074.292 | 1816.847 | -60 | 295 | 280.00 | ||
| GNDD201 | 504310.496 | 6599798.094 | 1798.387 | -65 | 115 | 170.00 | ||
| GNDD202 | 504524.999 | 6600443.375 | 1816.607 | -60 | 115 | 320.00 | ||
| GNDD203 | 504597.900 | 6600292.924 | 1820.443 | -60 | 170 | 361.50 | ||
| GNDD204 | 504858.596 | 6601037.331 | 1820.096 | -60 | 295 | 190.10 | ||
| GNDD205 | 504368.667 | 6599653.253 | 1792.808 | -60 | 115 | 320.00 | ||
| GNDD206 | 504502.882 | 6600109.342 | 1814.752 | -45 | 90 | 315.60 | ||
| GNDD207 | 504522.884 | 6600357.893 | 1816.137 | -60 | 115 | 365.00 | ||
| GNDD208 | 504919.928 | 6601011.763 | 1817.683 | -60 | 295 | 299.00 | ||
| GNDD209 | 504455.248 | 6599665.027 | 1793.655 | -60 | 115 | 212.00 | ||
| GNDD210 | 504462.426 | 6600034.696 | 1804.674 | -55 | 115 | 404.00 | ||
| GNDD211 | 504918.046 | 6601053.056 | 1818.575 | -60 | 295 | 260.00 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD212 | 504556.481 | 6600173.681 | 1823.158 | -50 | 170 | 90.00 | ||
| GNDD213 | 504437.719 | 6599952.199 | 1801.892 | -55 | 115 | 401.00 | ||
| GNDD214 | 504479.068 | 6599647.469 | 1794.866 | -25 | 115 | 185.30 | ||
| GNDD215 | 504841.586 | 6601002.965 | 1820.301 | -60 | 295 | 215.50 | ||
| GNDD216 | 504575.288 | 6600730.335 | 1823.004 | -60 | 115 | 260.00 | ||
| GNDD217 | 504528.620 | 6600189.318 | 1817.887 | -60 | 170 | 140.00 | ||
| GNDD218 | 504744.099 | 6601001.774 | 1823.249 | -60 | 295 | 250.00 | ||
| GNDD219 | 504559.700 | 6600171.900 | 1821.200 | -67 | 170 | 125.00 | ||
| GNDD220 | 504503.489 | 6600761.157 | 1825.667 | -60 | 115 | 269.00 | ||
| GNDD221 | 504559.700 | 6600171.900 | 1821.200 | -75 | 170 | 165.00 | ||
| GNDD222 | 504740.575 | 6600963.697 | 1822.322 | -60 | 295 | 251.00 | ||
| GNDD223 | 504516.675 | 6600218.714 | 1815.407 | -60 | 170 | 200.00 | ||
| GNDD224 | 504450.361 | 6600481.295 | 1818.275 | -60 | 115 | 338.00 | ||
| GNDD225 | 504526.735 | 6601150.967 | 1834.202 | -60 | 115 | 299.00 | ||
| GNDD226 | 504649.341 | 6601710.086 | 1842.687 | -60 | 115 | 281.00 | ||
| GNDD227 | 504517.120 | 6600217.001 | 1815.363 | -66 | 170 | 266.00 | ||
| GNDD228 | 504776.100 | 6601210.300 | 1827.900 | -61 | 115 | 330.00 | ||
| GNDD229 | 504632.614 | 6601318.236 | 1833.884 | -60 | 115 | 255.00 | ||
| GNDD230 | 504658.776 | 6601614.082 | 1840.047 | -60 | 115 | 284.00 | ||
| GNDD231 | 504919.069 | 6602642.725 | 1840.857 | -60 | 110 | 240.00 | ||
| GNDD232 | 504317.901 | 6599836.390 | 1799.881 | -65 | 115 | 179.30 | ||
| GNDD233 | 504669.895 | 6601527.348 | 1836.811 | -50 | 115 | 236.00 | ||
| GNDD234 | 504822.913 | 6601277.432 | 1827.472 | -60 | 115 | 116.00 | ||
| GNDD235 | 504381.663 | 6599939.975 | 1802.201 | -65 | 115 | 140.00 | ||
| GNDD236 | 504595.397 | 6601384.531 | 1836.630 | -60 | 115 | 260.00 | ||
| GNDD237 | 504628.160 | 6601590.640 | 1839.508 | -60 | 115 | 450.00 | ||
| GNDD238 | 504906.977 | 6602616.887 | 1841.656 | -60 | 110 | 250.00 | ||
| GNDD239 | 504477.711 | 6599648.097 | 1794.358 | -50 | 115 | 91.00 | ||
| GNDD240 | 504474.701 | 6600231.137 | 1813.421 | -55 | 170 | 200.00 | ||
| GNDD241 | 504489.556 | 6599566.448 | 1793.976 | -45 | 115 | 146.50 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD242 | 504577.073 | 6601302.101 | 1835.696 | -60 | 115 | 340.20 | ||
| GNDD243 | 504443.175 | 6600220.099 | 1811.582 | -60 | 170 | 161.00 | ||
| GNDD244 | 504840.051 | 6602586.818 | 1845.192 | -60 | 110 | 281.00 | ||
| GNDD245 | 504682.392 | 6601564.613 | 1837.879 | -50 | 115 | 306.00 | ||
| GNDD246 | 504304.458 | 6599841.564 | 1800.364 | -72 | 115 | 212.00 | ||
| GNDD247 | 504467.820 | 6599499.478 | 1797.272 | -35 | 115 | 180.00 | ||
| GNDD248 | 504663.877 | 6601484.106 | 1837.295 | -60 | 115 | 320.00 | ||
| GNDD249 | 504565.561 | 6601221.295 | 1834.153 | -60 | 115 | 280.00 | ||
| GNDD250 | 504330.009 | 6599876.638 | 1800.342 | -60 | 115 | 197.00 | ||
| GNDD251 | 504477.971 | 6599538.205 | 1794.923 | -45 | 115 | 170.50 | ||
| GNDD252 | 504831.382 | 6600924.214 | 1818.699 | -60 | 295 | 308.00 | ||
| GNDD253 | 504457.312 | 6599611.851 | 1792.452 | -60 | 115 | 277.90 | ||
| GNDD254 | 504619.880 | 6601545.848 | 1839.946 | -60 | 115 | 413.00 | ||
| GNDD255 | 504614.456 | 6601152.752 | 1830.734 | -60 | 115 | 229.00 | ||
| GNDD256 | 504439.108 | 6599479.931 | 1789.382 | -40 | 115 | 200.00 | ||
| GNDD257 | 504846.070 | 6600960.942 | 1819.000 | -60 | 295 | 290.00 | ||
| GNDD258 | 504479.202 | 6600229.965 | 1813.512 | -64 | 170 | 270.00 | ||
| GNDD259 | 504891.047 | 6601156.539 | 1824.952 | -78 | 295 | 209.00 | ||
| GNDD260 | 504686.229 | 6601779.816 | 1843.684 | -60 | 115 | 281.00 | ||
| GNDD261 | 504735.261 | 6600179.706 | 1847.318 | -45 | 120 | 140.00 | ||
| GNDD262 | 504907.951 | 6600975.057 | 1817.254 | -60 | 295 | 290.00 | ||
| GNDD263 | 504874.653 | 6601167.487 | 1825.604 | -60 | 295 | 152.00 | ||
| GNDD264 | 504404.218 | 6600202.470 | 1810.311 | -60 | 170 | 229.80 | ||
| GNDD265 | 504493.431 | 6600345.518 | 1815.122 | -55 | 170 | 345.00 | ||
| GNDD266 | 504730.982 | 6600175.224 | 1847.381 | -40 | 170 | 90.00 | ||
| GNDD267 | 504886.046 | 6601114.747 | 1820.458 | -65 | 295 | 221.00 | ||
| GNDD268 | 504445.758 | 6600392.598 | 1815.641 | -60 | 115 | 360.00 | ||
| GNDD269 | 504696.082 | 6600164.192 | 1843.123 | -45 | 170 | 112.60 | ||
| GNDD270 | 504888.213 | 6601199.370 | 1825.457 | -80 | 295 | 155.30 | ||
| GNDD271 | 504560.712 | 6600319.000 | 1817.861 | -60 | 130 | 281.00 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD272 | 504444.186 | 6600217.869 | 1811.622 | -52 | 170 | 191.00 | ||
| GNDD273 | 504559.651 | 6600163.955 | 1825.649 | -20 | 170 | 80.00 | ||
| GNDD274 | 504564.640 | 6600318.832 | 1818.105 | -55 | 175 | 340.00 | ||
| GNDD275 | 504887.265 | 6601199.716 | 1825.475 | -55 | 295 | 131.00 | ||
| GNDD276 | 504464.535 | 6600301.076 | 1814.073 | -60 | 115 | 340.00 | ||
| GNDD277 | 504848.561 | 6601090.785 | 1821.157 | -60 | 295 | 155.00 | ||
| GNDD278 | 504496.144 | 6600345.519 | 1815.221 | -62 | 170 | 380.00 | ||
| GNDD279 | 504590.000 | 6600164.000 | 1829.600 | -45 | 155 | 90.00 | ||
| GNDD280 | 504570.040 | 6601132.497 | 1831.818 | -60 | 115 | 266.00 | ||
| GNDD281 | 504599.717 | 6600293.500 | 1820.179 | -67 | 170 | 470.00 | ||
| GNDD282 | 504462.194 | 6600299.930 | 1814.097 | -60 | 170 | 370.00 | ||
| GNDD283 | 504590.0 | 6600164.0 | 1829.6 | -5 | 155 | 95.00 | ||
| GNDD284 | 504625.209 | 6600441.245 | 1819.581 | -60 | 115 | 130.00 | ||
| GNDD285 | 504525.3 | 6601150.7 | 1833.8 | -70 | 115 | 401.00 | ||
| GNDD286 | 504396.4 | 6600235.1 | 1813.1 | -60 | 170 | 260.00 | ||
| GNDD287 | 504538.7 | 6600482.6 | 1815.7 | -60 | 115 | 265.00 | ||
| GNDD288 | 504624.0 | 6600326.0 | 1819.4 | -60 | 170 | 450.00 | ||
| GNDD289 | 504650.0 | 6600182.0 | 1824.3 | -45 | 170 | 276.00 | ||
| GNDD290 | 504361.2 | 6600204.4 | 1813.1 | -60 | 170 | 200.00 | ||
| GNDD291 | 504548.7 | 6600522.0 | 1817.3 | -60 | 115 | 200.00 | ||
| GNDD292 | 504538.5 | 6600615.0 | 1820.2 | -60 | 115 | 270.00 | ||
| GNDD293 | 504665.0 | 6601394.7 | 1837.4 | -60 | 115 | 215.00 | ||
| GNDD294 | 504434.8 | 6600247.2 | 1812.4 | -60 | 170 | 290.00 | ||
| GNDD295 | 504569.0 | 6600556.6 | 1818.1 | -60 | 115 | 221.00 | ||
| GNDD296 | 504380.1 | 6599622.6 | 1791.9 | -60 | 115 | 299.00 | ||
| GNDD297 | 504650.0 | 6600182.0 | 1824.3 | -20 | 170 | 167.50 | ||
| GNDD298 | 504641.1 | 6601449.8 | 1840.0 | -60 | 115 | 350.00 | ||
| GNDD299 | 504312.9 | 6599705.1 | 1797.7 | -60 | 115 | 170.00 | ||
| GNDD300 | 504595.1 | 6600632.7 | 1819.0 | -60 | 115 | 200.00 | ||
| GNDD301 | 504636.0 | 6600298.0 | 1823.1 | -25 | 115 | 90.20 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD302 | 504110.5 | 6599843.6 | 1800.0 | -60 | 115 | 221.00 | ||
| GNDD303 | 504504.7 | 6600851.4 | 1828.2 | -60 | 115 | 240.00 | ||
| GNDD304 | 504743.6 | 6601445.5 | 1836.9 | -60 | 115 | 158.00 | ||
| GNDD305 | 504506.7 | 6600674.4 | 1823.4 | -60 | 115 | 299.00 | ||
| GNDD306 | 504187.5 | 6599940.3 | 1808.0 | -62 | 115 | 320.00 | ||
| GNDD307 | 504635.7 | 6600393.1 | 1822.3 | -20 | 115 | 100.00 | ||
| GNDD308 | 504504.9 | 6600939.5 | 1827.7 | -60 | 115 | 300.00 | ||
| GNDD309 | 504599.3 | 6601512.4 | 1840.8 | -60 | 115 | 390.00 | ||
| GNDD310 | 504499.0 | 6600633.4 | 1822.4 | -60 | 115 | 300.00 | ||
| GNDD311 | 504218.7 | 6600013.8 | 1805.0 | -60 | 115 | 240.00 | ||
| GNDD312 | 504463.0 | 6599679.2 | 1793.4 | -25 | 115 | 80.50 | ||
| GNDD313 | 504321.1 | 6600198.2 | 1814.9 | -60 | 170 | 210.00 | ||
| GNDD314 | 504300.0 | 6599667.1 | 1797.9 | -60 | 115 | 350.00 | ||
| GNDD315 | 504506.7 | 6600718.1 | 1824.6 | -60 | 115 | 280.00 | ||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 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 | |||
| 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 | - | Method of recording and assessing | Drill core is placed into wooden boxes by the drillers and depth marks | are indicated on wooden | blocks at the end of each | ||||
| recovery | core and chip sample recoveries and | run. These depths are reconciled by CEL geologists when measuring core recovery. | |||||||
| - | results assessed. Measures taken to maximise sample |
Triple tube drilling has been being done by CEL to maximise core recovery. |
|||||||
| recovery and ensure representative | RC sub-samples are collected from a rotary splitter mounted to the face sample recovery cyclone. A 2-4 kg sub-samples is | ||||||||
| nature of the samples. | collected for each metre of RC drilling. Duplicate samples are taken at the rate of I every 25-30 | samples using a riffle | |||||||
| - | Whether a relationship exists between sample recovery and grade |
splitter to split out a 2-4 kg sub-sample. The whole sample recovered consistency in sampling. |
is weighed to measure sample recovery and | ||||||
| and whether sample bias may have | A possible relationship has been observed between historic sample recovery and Au Ag or Zn grade whereby low | ||||||||
| occurred due to preferential | recoveries have resulted in underreporting of grade. Insufficient information is not yet available to more accurately | ||||||||
| loss/gain of fine/coarse material. | quantifythis. Core recoveryis influenced bythe intensityof natural fracturingin the | rock. Apositive correlation between |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | Commentary | Commentary | Commentary |
|---|---|---|---|---|
| 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 and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies 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. |
Detailed logs are available for most of the historical drilling. Some logs have not been recovered. No core photographs from the historic drilling have been found. No drill core has survived due to poor storage and neglect. No RC sample chips have been found. 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) 693 0.980 0.158 0.161 0.007 0.007 2.952 3.825 Ag (ppm) 693 0.686 0.78 0.66 0.21 0.19 16.22 8.20 Cd (ppm) 693 0.987 2.92 2.56 0.16 0.16 404.70 308.49 Cu (ppm) 693 0.287 19.50 14.52 3.40 3.30 1.5E+04 4.8E+03 Fe (%) 693 0.976 1.463 1.442 1.520 1.490 2.7 2.5 Pb (ppm) 693 0.989 114.0 114.1 15.1 14.5 7.2E+05 9.9E+05 S (%) 693 0.985 0.329 0.322 0.090 0.090 0.850 0.772 Zn(ppm) 693 0.991 483 431 84 80 9.6.E+06 7.0.E+06 |
|||
| Au (ppm) 693 0.980 Ag (ppm) 693 0.686 Cd (ppm) 693 0.987 Cu (ppm) 693 0.287 Fe (%) 693 0.976 Pb (ppm) 693 0.989 S (%) 693 0.985 Zn(ppm) 693 0.991 |
0.158 0.161 0.78 0.66 2.92 2.56 19.50 14.52 1.463 1.442 114.0 114.1 0.329 0.322 483 431 |
0.007 0.007 0.21 0.19 0.16 0.16 3.40 3.30 1.520 1.490 15.1 14.5 0.090 0.090 84 80 |
2.952 3.825 16.22 8.20 404.70 308.49 1.5E+04 4.8E+03 2.7 2.5 7.2E+05 9.9E+05 0.850 0.772 9.6.E+06 7.0.E+06 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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
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 0.954
==> picture [391 x 124] intentionally omitted <==
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 original duplicate |
median original duplicate |
variance 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
808.7m shares 86.6m 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 |
|---|---|---|---|
| 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. | |||
| 34 duplicate channel sample assays have been finalised from the underground sampling program. The data is consistent | |||
| with the diamond drill core results. I more detailed analysis of the channel sample duplicate data will follow receipt of | |||
| additional final results. | |||
| Quality of assay | - | The nature quality and | The MSA laboratory used for sample preparation in San Juan has been inspected by Stuart Munroe (Exploration Manager) |
| data and laboratory tests |
appropriateness of the assaying and laboratory procedures used and whether the technique is considered |
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. The ALS laboratory in Mendoza has not yet been inspected by CEL representatives. |
|
| partial or total. | Internal laboratory standards were used for each job to ensure correct calibration of elements. | ||
| - | For geophysical tools spectrometers | ||
| handheld XRF instruments etc the | CEL submit blank samples (cobble and gravel material from a quarry nearby to Las Flores San Yuan) with drill core, RC sub- | ||
| parameters used in determining the analysis including instrument make and model reading times calibrations factors applied and their |
samples and channel sample to both the MSA laboratory and the ALS laboratory. The blank samples are 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. |
||
| derivation etc. | |||
| - | Nature of quality control procedures | ||
| adopted (eg standards blanks | |||
| duplicates external laboratory | |||
| checks) and whether acceptable | |||
| levels of accuracy (i.e. lack of bias) |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 E: [email protected]
16m perf rights
www.challengerex.com
==> picture [725 x 440] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
and precision have been established.
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 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
----- End of picture text -----
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 accuracy of the analytic process. No systematic bias is observed. For drill holes from GNDD011 and unsampled intervals from the 2019 drilling, nine 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 summary of the standard deviations from the expected values for CRM’s used is 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. Only 12 standard (CRM) sample assays submitted with the channel samples have been finalised. The results are consistent with CRM submitted with drill core samples.
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 808.7m shares 86.6m 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 [725 x 414] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
----- End of picture text -----
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m options 120m perf shares 16m perf rights
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
www.challengerex.com
==> picture [725 x 423] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
----- End of picture text -----
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m options 120m perf shares 16m perf rights
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 E: [email protected]
www.challengerex.com
==> picture [725 x 419] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation Commentary
----- End of picture text -----
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 |
|---|---|
| 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 (ICP ppm) 68.5 68.8 12.4 12.8 162.4 159.3 0.9988 As (ICP ppm)) 76.0 79.5 45.8 47.6 88.1 90.6 0.9983 Fe (ICP %) 4.96 4.91 2.12 2.19 6.87 6.72 0.9994 REE(ICPppm) 55.1 56.2 28.7 31.6 98.2 97.6 0.9954 Cd values >1000 are set at 1000. REE is the sum off Ce, La, Sc, Y. CE > 500 is set at 500. Below detection is set at zero CEL have sought to twin some of the historic drill holes to check the results of previous exploration. A full analysis of the twin holes has yet to be completed. The holes are: GNDD003 – DDH34 and 04HD08 GNRC110 – DDH53 GNDD144 – 05HD39 GNRC107 – GNDD008/008A GNDD206 – DDH54 Final sample assay analyses are received by digital file in PDF and CSV format. The original files are backed-up and the data copied into a drill hole database for geological modelling. |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 |
|---|---|---|---|
| Assay results summarised in the context of this report have been rounded appropriately to 2 significant figures. No assay | |||
| data have been otherwise adjusted. | |||
| Location of data | - | Accuracy and quality of surveys used | Following completion of drilling collars are surveyed using a differential GPS (DGPS) relative into the Argentinian SGM |
| points | to locate drill holes (collar and | survey. The locations have been surveyed in POSGAR 2007 zone 2 and converted to WGS84 UTM zone 19s. | |
| down-hole surveys) trenches mine | |||
| workings and other locations used in | Following completion of the channel sampling, the location of the channel samples taken underground is surveyed from a |
||
| Mineral Resource estimation. | survey mark at the entrance to the underground which is located using differential GPS. The locations have been surveyed | ||
| - | Specification of the grid system | in POSGAR 2007 zone 2 and converted to WGS84 UTM zone 19s. | |
| - | used. Quality and adequacy of |
The drill machine is set-up on the drill pad using hand-held equipment according to the proposed hole design. | |
| topographic control. | 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 | - | Data spacing for reporting of | No regular drill hole spacing has been applied across the Project, although a nominal 40m x 40m drill spacing is being |
| distribution | Exploration Results. | applied to infill and extension drilling where appropriate. The current drilling is designed to check previous exploration, | |
| - | Whether the data spacing and | extend mineralisation along strike, and provide some information to establish controls on mineralization and exploration | |
| distribution is sufficient to establish | potential. No Mineral Resource Estimate to JORC 2012 reporting standards has been made at this time. | ||
| the degree of geological and grade | Samples have not been composited. | ||
| continuity appropriate for the | |||
| Mineral Resource and Ore Reserve | |||
| estimation procedure(s) and | |||
| classifications applied. | |||
| - | Whether sample compositing has | ||
| been applied. | |||
| Orientation of data | - | Whether the orientation of sampling | As far as is currently understood and where practicable, the orientation of sampling achieves unbiased sampling of |
| in relation to | achieves unbiased sampling of | structures and geology controlling the mineralisation. | |
| geological structure | possible structures and the extent to which this is known considering the deposit type. |
For underground channel sampling, the orientation of the sample is determined by the orientation of the workings. Where the sampling is parallel with the strike of the mineralisation, plans showing the location of the sampling relative to the orientation of the mineralisation, weighted average grades and estimates of true thickness are provided to provide a |
|
| - | If the relationship between the | balanced report of the mineralisation that has been sampled. | |
| drilling orientation and the | |||
| orientation of key mineralised | Drilling has been designed to provide an unbiased sample of the geology and mineralisation targeted. | ||
| structures is considered to have |
Challenger Exploration Limited
ACN 123 591 382
ASX: CEL
Issued Capital
808.7m shares
86.6m options 120m perf shares
Australian Registered Office
Directors
Level 1 1205 Hay Street
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 E: [email protected]
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| introduced a sampling bias this | |||
| should be assessed and reported if | |||
| material. | |||
| Sample security | - | The measures taken to ensure | Samples were under constant supervision by site security, senior personnel and courier contractors prior to delivery to the |
| sample security. | preparation laboratories in San Juan and Mendoza. | ||
| Audits or reviews | - | The results of any audits or reviews | There has not yet been any independent reviews of the sampling techniques and data. |
| of sampling techniques and data. |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 808.7m shares 86.6m 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
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), an additional 8 Minas and 3 exploration licences (Cateos) under a farmin agreement and a further 4 Cateos directly held. This covers all of the currently defined mineralization and surrounding prospective ground. 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 |
Issued Capital
808.7m shares 86.6m 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
| 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 | ||
| Mining Lease Farmin Agreements | |||||||
| Name | Number | Transfrred to CEL | Status | Grant Date | Area (ha) | ||
| Marta Alicia | 2260-S-58 | Yes | Current | 23.54 | |||
| Marta | 339.154-R-92 | Yes | Current | 478.50 | |||
| Marta 1 | 339.153-R-92 | Yes | Current | 163.42 | |||
| AK4 | 1124.299-R-18 | Yes | Current | 1500.00 | |||
| Solitario 1-5 | 545.604-C-94 | Yes | Current | 685.00 | |||
| Solitario 1-4 | 545.605-C-94 | Yes | Current | 310.83 | |||
| Solitario 1-1 | 545.608-C-94 | Yes | Subject to Approval |
TBA | |||
| Solitario 6-1 | 545.788-C-94 | Yes | Subject to Approval |
TBA |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | |||||
|---|---|---|---|---|---|---|
| Exploration Licence | Farmin Agreements | |||||
| Name | Number | Transfrred to CEL | Status | Grant Date | Area (ha) | |
| 295.122-R-1989 | Yes | Current | 1882.56 | |||
| 228.441-R-1993 | Yes | Subject to Approval |
2800.00 | |||
| 545.880-O-1994 | Yes | Current | 149.99 | |||
| Exploration Licences Held (Direct Award) | ||||||
| Name | Number | Transfrred to CEL | Status | Grant Date | Area (ha) | |
| Ayen | 1124.495-I-20 | Yes | Current | 2059.60 | ||
| 1124-248G-20 | Yes | Current | 933.20 | |||
| 1124-188-G-20 | Yes | Current | 267.40 | |||
| 1124-188-G-20 | Yes | Current | 600.00 | |||
| 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 geology and sampling have been compiled and digitised as are sample data geological mapping trench data adit exposures and drill hole results. Historic 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | JORC Code explanation | Commentary |
|---|---|---|---|
| - 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 | Mineralisation occurs in all rock types where it preferentially replaces limestone, shale and sandstone and occurs in fault |
| style of mineralisation. | 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 | The following significant intersections have been reported by previous explorers. A cut-off grade of 1 g/t Au equivalent |
| Information | to the understanding of the exploration | 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 |
|
| results including a tabulation of the | has been allowed. No metallurcial or recovery factors have been used. Drill collar location is provided in the previous | ||
| following information for all Material | section. | ||
| drill holes: | Hole_id From(m) Interval(m) Au(g/t) Ag (g/t) Zn(%) |
||
| - | easting and northing of the drill hole | AG16 38.6 1.2 0.1 28.6 1.7 |
|
| collar | MG10 108.0 3.0 1.3 No assay No assay |
||
| - | elevation or RL (Reduced Level – | DDH36 24.7 9.3 1.6 46.3 1.2 |
|
| elevation above sea level in metres) of | DDH53 17.3 1.4 1.0 1.7 0.00 |
||
| the drill hole collar | DDH53 24.0 8.9 3.7 239.5 0.03 |
||
| - | dip and azimuth of the hole | DDH53 35.7 3.9 3.9 87.8 0.06 |
|
| - | down hole length and interception | DDH53 41.0 3.0 2.6 7.6 0.20 |
|
| depth | DDH54 20.0 1.1 1.2 0.7 0.00 |
||
| - | hole length. | DDH54 31.1 8.3 3.9 32.1 0.80 |
|
| - | If the exclusion of this information is | DDH65 62.0 8.2 11.0 60.6 1.2 |
|
| justified on the basis that the | DDH65 82.0 1.0 1.8 33.4 0.30 |
||
| information is not Material and this | DDH66 83.1 7.2 23.7 42.9 2.4 |
||
| exclusion does not detract from the | DDH66 87.9 2.4 69.9 114.4 2.2 |
Challenger Exploration Limited
ACN 123 591 382
ASX: CEL
Issued Capital
808.7m shares
86.6m 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 E: [email protected]
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||
|---|---|---|---|---|---|---|---|
| understanding of the report the | DDH66 | 104.9 | 2.8 | 1.8 | 29.0 | 0.10 | |
| Competent Person should clearly | DDH67 | 98.7 | 1.3 | 0.2 | 7.8 | 1.3 | |
| explain why this is the case. | 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 | ||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 |
|---|---|
| 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 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) |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 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 | |||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 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 2020-21: 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 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 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | 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 | ||
| 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 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | 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 | ||
| 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 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | 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 | |||
| 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 | |||
| GNDD088A | 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 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 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | 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 | |||
| 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 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | 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 | ||||||||||
| GNDD132 | 14.50 | 18.10 | 0.12 | 2.5 | 0.18 | 0.23 | 0.01 | 0.04 | 2 | ||
| GNDD133 | 95.70 | 4.30 | 1.3 | 2.2 | 0.23 | 1.40 | 0.01 | 0.13 | 2 | ||
| inc | 95.70 | 1.05 | 3.8 | 5.3 | 0.52 | 4.1 | 0.02 | 0.22 | |||
| and | 163.00 | 11.50 | 0.3 | 1.0 | 0.01 | 0.31 | 0.00 | 0.00 | 2 | ||
| 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 | |||
| 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 | |||
| GNDD135 | 31.00 | 22.55 | 0.44 | 1.1 | 0.07 | 0.48 | 0.01 | 0.07 | 2 | ||
| inc | 41.00 | 2.00 | 1.6 | 0.70 | 0.07 | 1.7 | 0.00 | 0.02 | |||
| and | 78.00 | 27.20 | 0.52 | 2.6 | 0.37 | 0.72 | 0.01 | 0.07 | 2 | ||
| inc | 79.60 | 3.40 | 1.4 | 3.9 | 0.29 | 1.6 | 0.00 | 0.05 | |||
| inc | 95.00 | 2.00 | 1.9 | 2.0 | 0.16 | 2.0 | 0.01 | 0.09 | |||
| inc | 104.30 | 0.90 | 0.08 | 5.3 | 3.2 | 1.5 | 0.01 | 0.02 | |||
| 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 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | 186.25 | 1.35 | 8.12 | 29.5 | 7.3 | 11.6 | 0.12 | 0.03 | |||
| GNDD138 | 43.00 | 54.00 | 0.36 | 2.4 | 0.21 | 0.48 | 0.01 | 0.10 | 2 | ||
| 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 | |||
| GNDD150 | 40.00 | 22.00 | 0.29 | 0.91 | 0.08 | 0.33 | 0.00 | 0.07 | 2 | ||
| and | 76.00 | 35.90 | 0.24 | 2.6 | 0.44 | 0.46 | 0.00 | 0.10 | 2 | ||
| and | 180.29 | 1.31 | 16.8 | 26.1 | 2.9 | 18.4 | 0.10 | 0.27 | |||
| GNDD151 | 379.75 | 0.50 | 0.71 | 18.6 | 8.9 | 4.8 | 0.17 | 0.17 | |||
| GNDD152 | 23.50 | 4.10 | 0.5 | 2.7 | 0.1 | 0.55 | 0.00 | 0.03 | 2 | ||
| GNDD154 | 125.90 | 2.60 | 4.6 | 34.6 | 3.0 | 6.3 | 0.11 | 0.24 | |||
| and | 146.00 | 22.00 | 0.21 | 1.0 | 0.04 | 0.24 | 0.00 | 0.00 | 2 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| inc | 146.00 | 1.00 | 1.8 | 12.6 | 0.12 | 2.0 | 0.00 | 0.01 | |||
| 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 | |||
| GNDD158 | 107.00 | 19.00 | 0.59 | 1.0 | 0.12 | 0.65 | 0.00 | 0.03 | 2 | ||
| inc | 120.05 | 0.95 | 2.8 | 4.2 | 0.31 | 2.9 | 0.00 | 0.13 | |||
| and | 139.00 | 6.00 | 0.43 | 0.78 | 0.25 | 0.55 | 0.00 | 0.03 | 2 | ||
| GNDD159 | NSI | ||||||||||
| GNDD162 | 98.00 | 14.80 | 2.0 | 3.5 | 0.29 | 2.2 | 0.01 | 0.09 | |||
| inc | 102.10 | 6.90 | 3.9 | 6.4 | 0.51 | 4.2 | 0.03 | 0.15 | |||
| GNDD163 | 93.00 | 45.00 | 0.38 | 1.7 | 0.26 | 0.51 | 0.01 | 0.08 | 2 | ||
| inc | 101.00 | 3.00 | 1.3 | 7.9 | 0.51 | 1.6 | 0.01 | 0.19 | |||
| inc | 125.20 | 1.65 | 1.7 | 3.7 | 0.88 | 2.2 | 0.02 | 0.13 | |||
| GNDD164 | 136.00 | 22.00 | 0.38 | 0.8 | 0.14 | 0.45 | 0.00 | 0.03 | 2 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| inc | 141.50 | 0.50 | 1.1 | 1.1 | 0.29 | 1.2 | 0.00 | 0.03 | |||
| inc | 150.00 | 1.60 | 1.4 | 1.2 | 0.06 | 1.4 | 0.00 | 0.02 | |||
| and | 171.00 | 10.00 | 0.48 | 0.23 | 0.01 | 0.48 | 0.00 | 0.00 | 2 | ||
| inc | 171.00 | 2.00 | 1.1 | 0.23 | 0.01 | 1.1 | 0.00 | 0.00 | |||
| and | 239.00 | 37.00 | 0.75 | 2.1 | 0.46 | 1.0 | 0.02 | 0.00 | 2 | ||
| inc | 239.00 | 4.45 | 4.9 | 14.9 | 3.4 | 6.5 | 0.14 | 0.01 | |||
| GNDD167 | NSI | ||||||||||
| GNDD169 | 120.00 | 60.80 | 0.78 | 0.74 | 0.15 | 0.86 | 0.01 | 0.01 | 2 | ||
| inc | 152.00 | 28.80 | 1.5 | 1.22 | 0.31 | 1.70 | 0.01 | 0.02 | |||
| inc | 152.00 | 1.50 | 1.8 | 3.8 | 0.91 | 2.3 | 0.02 | 0.02 | |||
| inc | 176.00 | 4.80 | 8.4 | 5.3 | 1.5 | 9.2 | 0.05 | 0.09 | |||
| inc | 180.05 | 0.75 | 52.5 | 33.2 | 9.6 | 57.1 | 0.32 | 0.60 | |||
| and | 208.00 | 125.50 | 1.1 | 3.6 | 0.09 | 1.1 | 0.00 | 0.03 | 2 | ||
| inc | 208.00 | 71.00 | 1.7 | 6.0 | 0.15 | 1.8 | 0.01 | 0.05 | 2 | ||
| inc | 228.80 | 29.00 | 3.7 | 12.5 | 0.26 | 4.0 | 0.02 | 0.11 | |||
| inc | 302.50 | 9.00 | 0.92 | 0.46 | 0.02 | 0.94 | 0.00 | 0.00 | 2 | ||
| inc | 307.70 | 1.30 | 4.7 | 0.80 | 0.01 | 4.7 | 0.00 | 0.00 | |||
| inc | 321.00 | 12.50 | 0.26 | 0.92 | 0.02 | 0.28 | 0.00 | 0.00 | 2 | ||
| GNDD170A | 13.00 | 10.00 | 0.57 | 5.2 | 0.29 | 0.76 | 0.01 | 0.07 | |||
| and | 174.00 | 6.00 | 0.67 | 0.28 | 0.02 | 0.68 | 0.00 | 0.00 | |||
| GNDD171 | 126.00 | 10.75 | 0.37 | 1.9 | 0.15 | 0.46 | 0.00 | 0.08 | 2 | ||
| inc | 134.00 | 1.40 | 1.1 | 5.9 | 0.76 | 1.5 | 0.01 | 0.39 | |||
| and | 193.00 | 3.90 | 0.32 | 0.42 | 0.01 | 0.33 | 0.00 | 0.00 | 2 | ||
| and | 270.00 | 0.50 | 1.3 | 2.5 | 0.65 | 1.6 | 0.01 | 0.01 | |||
| and | 327.00 | 2.60 | 1.9 | 6.1 | 1.1 | 2.4 | 0.04 | 0.09 | |||
| GNDD173 | 83.00 | 66.00 | 0.54 | 3.1 | 0.07 | 0.61 | 0.00 | 0.04 | 2 | ||
| inc | 87.00 | 6.00 | 2.0 | 18.8 | 0.28 | 2.4 | 0.02 | 0.23 | |||
| inc | 116.00 | 6.00 | 1.4 | 2.8 | 0.13 | 1.5 | 0.01 | 0.05 | |||
| inc | 130.40 | 0.60 | 8.9 | 23.9 | 0.07 | 9.3 | 0.00 | 0.04 | |||
| GNDD174 | 24.00 | 76.00 | 1.0 | 31.0 | 0.91 | 1.8 | 0.04 | 0.13 | 2 | ||
| inc | 60.90 | 11.25 | 6.4 | 64.1 | 5.3 | 9.5 | 0.23 | 0.58 | |||
| inc | 60.90 | 5.95 | 10.7 | 109 | 7.9 | 15.5 | 0.38 | 0.95 | 1 | ||
| inc | 96.00 | 4.00 | 0.20 | 359 | 0.26 | 4.9 | 0.02 | 0.22 | |||
| and | 163.00 | 39.50 | 0.47 | 2.3 | 0.31 | 0.63 | 0.02 | 0.02 | 2 | ||
| inc | 167.55 | 4.20 | 1.5 | 15.0 | 2.5 | 2.8 | 0.11 | 0.02 | |||
| inc | 199.00 | 2.00 | 1.5 | 0.17 | 0.01 | 1.5 | 0.00 | 0.00 | |||
| GNDD175 | 176.00 | 6.00 | 0.34 | 6.3 | 0.12 | 0.47 | 0.00 | 0.07 | 2 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| GNDD176 | 73.90 | 2.95 | 0.86 | 3.3 | 0.16 | 1.0 | 0.00 | 0.15 | 2 | ||
| inc | 76.10 | 0.75 | 2.5 | 1.7 | 0.18 | 2.6 | 0.00 | 0.04 | |||
| and | 247.20 | 1.25 | 0.29 | 98.9 | 0.06 | 1.6 | 0.00 | 0.04 | |||
| GNDD177 | 41.50 | 63.35 | 0.58 | 1.8 | 0.24 | 0.70 | 0.01 | 0.07 | 2 | ||
| inc | 55.00 | 1.30 | 1.3 | 3.5 | 0.08 | 1.4 | 0.02 | 0.15 | |||
| inc | 60.00 | 2.00 | 1.0 | 1.2 | 0.19 | 1.1 | 0.01 | 0.01 | |||
| inc | 71.80 | 0.50 | 1.3 | 7.3 | 0.19 | 1.5 | 0.01 | 0.06 | |||
| inc | 86.00 | 11.20 | 2.1 | 3.0 | 0.64 | 2.4 | 0.01 | 0.14 | |||
| GNDD178 | 14.00 | 28.00 | 0.22 | 17.5 | 0.26 | 0.56 | 0.01 | 0.04 | 2 | ||
| inc | 20.00 | 2.00 | 0.20 | 118 | 0.11 | 1.7 | 0.01 | 0.11 | |||
| inc | 39.00 | 1.30 | 0.80 | 4.8 | 3.9 | 2.6 | 0.04 | 0.04 | |||
| and | 53.00 | 2.00 | 0.05 | 81.0 | 0.04 | 1.1 | 0.00 | 0.03 | |||
| and | 65.15 | 1.85 | 1.1 | 3.3 | 0.81 | 1.5 | 0.01 | 0.12 | |||
| and | 89.15 | 0.85 | 4.9 | 302 | 0.40 | 8.9 | 0.11 | 0.67 | |||
| GNDD181 | 7.70 | 3.60 | 0.66 | 22.2 | 1.0 | 1.4 | 0.03 | 0.19 | 2 | ||
| inc | 7.70 | 1.45 | 1.1 | 45.3 | 1.5 | 2.3 | 0.07 | 0.36 | |||
| and | 180.60 | 7.40 | 0.46 | 0.54 | 0.03 | 0.48 | 0.00 | 0.00 | 2 | ||
| inc | 180.60 | 0.55 | 1.2 | 0.83 | 0.07 | 1.2 | 0.00 | 0.00 | |||
| GNDD182 | 92.00 | 34.00 | 0.28 | 1.1 | 0.09 | 0.33 | 0.00 | 0.01 | 2 | ||
| inc | 92.00 | 19.00 | 0.37 | 1.0 | 0.07 | 0.41 | 0.00 | 0.01 | 2 | ||
| inc | 96.00 | 2.00 | 2.0 | 1.9 | 0.01 | 2.0 | 0.01 | 0.01 | |||
| and | 148.70 | 4.30 | 31.8 | 96.5 | 8.1 | 36.6 | 0.55 | 5.3 | |||
| inc | 148.70 | 3.45 | 39.6 | 118 | 10.0 | 45.4 | 0.68 | 6.5 | 1 | ||
| GNDD183 | 35.00 | 55.50 | 1.0 | 1.5 | 0.43 | 1.2 | 0.01 | 0.10 | 2 | ||
| inc | 37.00 | 2.00 | 1.1 | 1.0 | 0.09 | 1.1 | 0.00 | 0.11 | |||
| inc | 57.00 | 2.00 | 0.95 | 0.44 | 0.11 | 1.0 | 0.00 | 0.03 | |||
| inc | 72.00 | 15.00 | 3.2 | 3.5 | 0.88 | 3.6 | 0.02 | 0.21 | |||
| and | 112.00 | 24.00 | 0.16 | 6.8 | 1.1 | 0.71 | 0.02 | 0.01 | 2 | ||
| inc | 119.00 | 1.20 | 2.6 | 95.1 | 17.1 | 11.3 | 0.34 | 0.20 | |||
| GNDD184 | NSI | 55.50 | 1.0 | 1.5 | 0.43 | 1.2 | 0.01 | 0.10 | |||
| GNDD185 | 59.00 | 60.00 | 0.59 | 1.5 | 0.27 | 0.73 | 0.01 | 0.08 | 2 | ||
| inc | 67.00 | 4.45 | 1.8 | 3.3 | 0.37 | 2.0 | 0.02 | 0.08 | |||
| inc | 83.00 | 10.00 | 1.0 | 1.7 | 0.21 | 1.1 | 0.00 | 0.04 | |||
| inc | 114.00 | 5.00 | 1.4 | 2.0 | 1.09 | 1.9 | 0.01 | 0.12 | |||
| and | 138.00 | 7.10 | 1.0 | 8.9 | 1.08 | 1.6 | 0.02 | 0.12 | |||
| GNDD187 | 145.00 | 16.00 | 0.40 | 0.61 | 0.14 | 0.47 | 0.00 | 0.06 | 2 | ||
| inc | 149.00 | 2.00 | 1.6 | 2.5 | 0.64 | 1.9 | 0.02 | 0.29 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | 192.00 | 15.00 | 0.46 | 0.93 | 0.16 | 0.54 | 0.01 | 0.03 | 2 | ||
| and | 302.50 | 5.50 | 1.7 | 26.0 | 0.69 | 2.4 | 0.03 | 0.36 | |||
| inc | 302.50 | 2.50 | 3.7 | 55.9 | 1.2 | 5.0 | 0.07 | 0.72 | |||
| GNDD188 | 198.00 | 66.00 | 0.29 | 6.6 | 0.13 | 0.43 | 0.00 | 0.05 | 2 | ||
| inc | 212.00 | 4.00 | 0.89 | 21.9 | 0.19 | 1.3 | 0.00 | 0.08 | |||
| inc | 252.00 | 4.55 | 1.1 | 4.5 | 0.38 | 1.3 | 0.01 | 0.03 | |||
| GNDD189 | 58.60 | 5.20 | 16.7 | 129 | 6.1 | 21.0 | 0.23 | 1.05 | |||
| inc | 60.00 | 3.80 | 21.1 | 148 | 6.6 | 25.8 | 0.21 | 0.06 | 1 | ||
| and | 174.00 | 6.65 | 0.15 | 2.0 | 0.22 | 0.27 | 0.01 | 0.00 | 2 | ||
| and | 191.00 | 6.00 | 0.21 | 2.1 | 0.30 | 0.37 | 0.02 | 0.24 | 2 | ||
| GNDD190 | 47.30 | 7.70 | 0.12 | 4.6 | 4.9 | 2.3 | 0.26 | 0.02 | |||
| and | 161.10 | 1.90 | 0.19 | 5.7 | 0.2 | 0.35 | 0.01 | 0.02 | 2 | ||
| and | 186.00 | 5.00 | 0.22 | 0.1 | 0.0 | 0.23 | 0.00 | 0.00 | 2 | ||
| and | 200.00 | 4.00 | 0.31 | 0.1 | 0.01 | 0.31 | 0.00 | 0.00 | 2 | ||
| GNDD191 | 188.35 | 21.15 | 0.52 | 3.2 | 0.43 | 0.74 | 0.02 | 0.02 | |||
| and | 217.35 | 0.50 | 2.5 | 16.8 | 2.5 | 3.8 | 0.09 | 0.05 | |||
| and | 238.00 | 2.00 | 0.36 | 3.5 | 0.81 | 0.75 | 0.02 | 0.01 | 2 | ||
| GNDD192 | 15.00 | 50.00 | 0.28 | 0.60 | 0.06 | 0.31 | 0.00 | 0.01 | 2 | ||
| inc | 28.00 | 20.00 | 0.44 | 0.59 | 0.06 | 0.47 | 0.00 | 0.01 | 2 | ||
| and | 107.45 | 1.75 | 0.53 | 8.2 | 0.09 | 0.68 | 0.04 | 0.01 | 2 | ||
| and | 176.00 | 0.60 | 1.2 | 24.8 | 7.0 | 4.6 | 0.24 | 0.01 | |||
| GNDD193 | 96.30 | 83.45 | 0.66 | 1.3 | 0.20 | 0.77 | 0.01 | 0.03 | 2 | ||
| inc | 96.30 | 9.50 | 1.51 | 2.7 | 0.14 | 1.6 | 0.03 | 0.05 | |||
| inc | 121.35 | 13.85 | 1.34 | 1.7 | 0.48 | 1.6 | 0.01 | 0.04 | |||
| inc | 147.75 | 1.20 | 0.85 | 1.8 | 1.9 | 1.7 | 0.01 | 0.06 | |||
| inc | 160.50 | 11.10 | 0.99 | 2.1 | 0.35 | 1.2 | 0.01 | 0.06 | |||
| and | 191.00 | 7.50 | 1.30 | 9.3 | 0.47 | 1.6 | 0.01 | 0.01 | 2 | ||
| inc | 194.70 | 3.80 | 2.08 | 16.6 | 0.88 | 2.7 | 0.02 | 0.01 | |||
| and | 218.00 | 1.50 | 0.05 | 72.3 | 0.06 | 1.0 | 0.01 | 0.07 | |||
| and | 251.00 | 1.90 | 1.1 | 7.6 | 0.18 | 1.3 | 0.04 | 0.01 | |||
| GNDD195 | 29.00 | 2.55 | 1.3 | 1.1 | 0.02 | 1.4 | 0.00 | 0.01 | 2 | ||
| inc | 30.00 | 1.55 | 1.6 | 1.4 | 0.02 | 1.7 | 0.00 | 0.01 | |||
| and | 60.00 | 3.85 | 5.3 | 48.6 | 8.0 | 9.4 | 0.14 | 0.15 | |||
| inc | 60.80 | 3.05 | 6.1 | 52.0 | 8.1 | 10.2 | 0.13 | 0.13 | 1 | ||
| and | 346.30 | 3.70 | 0.89 | 0.75 | 0.04 | 0.92 | 0.02 | 0.00 | 2 | ||
| inc | 346.30 | 0.50 | 5.2 | 1.3 | 0.01 | 5.2 | 0.08 | 0.00 | |||
| GNDD196 | 9.00 | 69.20 | 3.3 | 4.8 | 0.10 | 3.4 | 0.01 | 0.07 | 2 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| inc | 17.00 | 12.00 | 1.7 | 0.69 | 0.06 | 1.8 | 0.00 | 0.03 | |||
| inc | 69.00 | 9.20 | 21.9 | 16.0 | 0.38 | 22.2 | 0.03 | 0.38 | |||
| inc | 69.00 | 1.30 | 137 | 47.6 | 0.21 | 137.2 | 0.01 | 1.2 | 1 | ||
| and | 279.50 | 0.60 | 2.0 | 0.22 | 0.00 | 2.0 | 0.00 | 0.00 | |||
| GNDD199 | 26.00 | 146.00 | 0.40 | 1.1 | 0.23 | 0.51 | 0.01 | 0.07 | 2 | ||
| inc | 26.00 | 60.00 | 0.63 | 1.5 | 0.18 | 0.72 | 0.01 | 0.09 | 2 | ||
| inc | 36.00 | 2.00 | 1.6 | 1.3 | 0.06 | 1.6 | 0.01 | 0.06 | |||
| inc | 44.00 | 1.00 | 1.8 | 5.4 | 0.15 | 1.9 | 0.00 | 0.06 | |||
| inc | 58.00 | 10.00 | 1.4 | 1.2 | 0.23 | 1.5 | 0.00 | 0.10 | |||
| inc | 169.00 | 3.00 | 1.0 | 7.9 | 1.8 | 1.9 | 0.06 | 0.07 | |||
| and | 187.00 | 41.00 | 0.19 | 0.70 | 0.06 | 0.23 | 0.00 | 0.01 | 2 | ||
| GNDD200 | 168.25 | 66.75 | 0.61 | 0.56 | 0.07 | 0.65 | 0.00 | 0.00 | 2 | ||
| inc | 176.45 | 7.15 | 1.0 | 0.59 | 0.03 | 1.1 | 0.00 | 0.00 | |||
| inc | 208.00 | 6.00 | 1.1 | 0.62 | 0.05 | 1.1 | 0.00 | 0.00 | |||
| inc | 232.00 | 1.00 | 4.7 | 5.6 | 1.3 | 5.3 | 0.05 | 0.00 | |||
| GNDD202 | 33.00 | 110.00 | 0.26 | 3.1 | 0.12 | 0.36 | 0.00 | 0.01 | 2 | ||
| inc | 71.75 | 59.25 | 0.35 | 4.7 | 0.20 | 0.50 | 0.01 | 0.01 | 2 | ||
| inc | 98.00 | 10.00 | 1.0 | 21.7 | 0.70 | 1.6 | 0.03 | 0.02 | |||
| inc | 127.00 | 2.00 | 1.2 | 1.1 | 0.02 | 1.2 | 0.00 | 0.01 | |||
| GNDD203 | 210.50 | 0.60 | 3.6 | 81.9 | 10.2 | 9.0 | 0.38 | 3.93 | |||
| and | 227.00 | 2.00 | 1.4 | 4.3 | 0.12 | 1.5 | 0.01 | 0.04 | |||
| and | 299.00 | 21.80 | 2.4 | 22.2 | 4.0 | 4.5 | 0.06 | 0.45 | 2 | ||
| inc | 300.25 | 20.55 | 2.6 | 23.1 | 4.2 | 4.7 | 0.07 | 0.48 | |||
| inc | 300.25 | 3.55 | 9.3 | 96.8 | 13.1 | 16.2 | 0.31 | 2.0 | 2 | ||
| GNDD204 | 95.00 | 44.00 | 3.2 | 4.5 | 0.11 | 3.3 | 0.00 | 0.04 | 2 | ||
| inc | 97.38 | 20.62 | 6.4 | 6.4 | 0.11 | 6.6 | 0.00 | 0.06 | |||
| and | 183.00 | 1.00 | 1.2 | 6.7 | 0.44 | 1.5 | 0.01 | 0.33 | |||
| GNDD207 | 114.00 | 0.90 | 2.0 | 1.9 | 0.09 | 2.1 | 0.02 | 0.06 | |||
| and | 122.55 | 2.45 | 8.5 | 15.5 | 1.0 | 9.1 | 0.04 | 0.90 | |||
| and | 169.50 | 3.50 | 0.16 | 68.2 | 0.13 | 1.1 | 0.01 | 0.12 | 2 | ||
| inc | 170.70 | 2.30 | 0.20 | 98.2 | 0.17 | 1.5 | 0.01 | 0.16 | |||
| and | 217.40 | 25.60 | 0.36 | 0.93 | 0.05 | 0.39 | 0.00 | 0.01 | 2 | ||
| inc | 233.00 | 4.00 | 1.4 | 0.64 | 0.01 | 1.4 | 0.00 | 0.01 | |||
| and | 269.35 | 1.95 | 1.7 | 3.4 | 0.35 | 1.9 | 0.01 | 0.11 | |||
| GNDD208 | 170.00 | 73.65 | 0.51 | 1.4 | 0.21 | 0.62 | 0.01 | 0.04 | 2 | ||
| inc | 180.00 | 2.00 | 2.2 | 0.88 | 0.01 | 2.2 | 0.00 | 0.00 | |||
| inc | 208.00 | 35.65 | 0.85 | 2.6 | 0.41 | 1.1 | 0.01 | 0.07 | 2 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| inc | 212.00 | 13.00 | 1.9 | 5.0 | 0.78 | 2.3 | 0.03 | 0.20 | |||
| GNDD211 | 168.80 | 23.20 | 0.51 | 0.82 | 0.12 | 0.57 | 0.00 | 0.02 | 2 | ||
| inc | 177.10 | 4.35 | 1.5 | 2.0 | 0.27 | 1.6 | 0.00 | 0.00 | |||
| GNDD215 | 126.20 | 14.60 | 1.4 | 2.4 | 0.35 | 1.6 | 0.01 | 0.03 | 2 | ||
| inc | 132.50 | 8.30 | 2.1 | 2.1 | 0.40 | 2.3 | 0.01 | 0.01 | |||
| and | 159.00 | 41.00 | 0.15 | 3.1 | 0.08 | 0.23 | 0.01 | 0.04 | 2 | ||
| GNDD216 | 81.00 | 4.00 | 0.30 | 0.29 | 0.0 | 0.30 | 0.00 | 0.00 | 2 | ||
| and | 204.00 | 2.00 | 0.61 | 3.5 | 0.2 | 0.75 | 0.03 | 0.07 | 2 | ||
| GNDD218 | 198.00 | 5.05 | 0.39 | 0.16 | 0.01 | 0.39 | 0.00 | 0.00 | 2 | ||
| GNDD220 | 86.00 | 108.00 | 0.38 | 1.6 | 0.05 | 0.42 | 0.01 | 0.00 | 2 | ||
| inc | 88.00 | 2.00 | 1.1 | 10.5 | 0.50 | 1.4 | 0.01 | 0.03 | |||
| inc | 137.00 | 49.00 | 0.59 | 1.3 | 0.05 | 0.63 | 0.01 | 0.00 | 2 | ||
| inc | 146.00 | 4.00 | 1.2 | 1.4 | 0.10 | 1.2 | 0.01 | 0.00 | |||
| inc | 158.30 | 3.70 | 1.8 | 1.9 | 0.02 | 1.8 | 0.01 | 0.01 | |||
| inc | 182.00 | 2.00 | 1.7 | 2.8 | 0.0 | 1.7 | 0.01 | 0.00 | |||
| GNDD225 | 79.00 | 9.15 | 0.19 | 0.79 | 0.02 | 0.21 | 0.00 | 0.01 | 2 | ||
| and | 207.00 | 2.00 | 4.3 | 1.1 | 0.0 | 4.3 | 0.01 | 0.00 | |||
| and | 235.00 | 9.20 | 0.93 | 0.63 | 0.0 | 1.0 | 0.00 | 0.04 | |||
| GNDD226 | 109.00 | 16.00 | 0.49 | 2.4 | 0.33 | 0.67 | 0.02 | 0.27 | 2 | ||
| inc | 116.00 | 7.35 | 0.71 | 4.0 | 0.54 | 1.0 | 0.03 | 0.45 | |||
| and | 146.00 | 44.00 | 0.46 | 0.68 | 0.10 | 0.51 | 0.00 | 0.04 | 2 | ||
| inc | 170.00 | 2.00 | 1.3 | 0.84 | 0.06 | 1.4 | 0.00 | 0.04 | |||
| inc | 188.00 | 2.00 | 3.8 | 1.1 | 0.17 | 3.9 | 0.01 | 0.06 | |||
| GNDD229 | 167.00 | 38.25 | 0.65 | 6.5 | 0.34 | 0.88 | 0.02 | 0.07 | 2 | ||
| inc | 171.00 | 6.00 | 1.7 | 30.1 | 1.5 | 2.7 | 0.09 | 0.21 | |||
| inc | 204.50 | 0.75 | 4.8 | 5.9 | 0.34 | 5.0 | 0.02 | 0.05 | |||
| GNDD230 | 211.00 | 6.00 | 0.18 | 2.5 | 0.04 | 0.23 | 0.00 | 0.00 | 2 | ||
| and | 227.00 | 15.00 | 0.19 | 1.1 | 0.09 | 0.24 | 0.00 | 0.01 | 2 | ||
| and | 256.00 | 4.00 | 0.48 | 0.72 | 0.05 | 0.51 | 0.00 | 0.02 | 2 | ||
| GNDD233 | 113.00 | 2.00 | 0.52 | 0.60 | 0.09 | 0.56 | 0.00 | 0.01 | 2 | ||
| and | 180.10 | 2.35 | 0.39 | 0.46 | 0.04 | 0.42 | 0.00 | 0.01 | 2 | ||
| GNDD236 | 175.00 | 52.00 | 1.1 | 4.1 | 0.26 | 1.2 | 0.01 | 0.02 | 2 | ||
| inc | 177.00 | 2.00 | 2.9 | 9.6 | 0.44 | 3.3 | 0.02 | 0.01 | |||
| inc | 201.00 | 2.00 | 1.0 | 5.6 | 1.9 | 1.9 | 0.02 | 0.29 | |||
| inc | 216.60 | 4.40 | 8.4 | 33.6 | 0.19 | 8.9 | 0.01 | 0.00 | |||
| GNDD237 | 139.00 | 12.00 | 0.32 | 1.2 | 0.25 | 0.45 | 0.01 | 0.21 | 2 | ||
| and | 201.55 | 155.45 | 0.61 | 2.1 | 0.10 | 0.68 | 0.00 | 0.01 | 2 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 |
|---|---|
| inc 201.55 72.45 0.55 3.8 0.16 0.66 0.01 0.01 2 inc 234.00 9.00 1.2 14.2 0.24 1.5 0.01 0.02 inc 254.50 1.75 6.7 10.8 0.51 7.1 0.03 0.02 inc 298.00 59.00 0.91 1.0 0.05 0.95 0.01 0.01 2 inc 302.00 2.00 3.3 0.32 0.00 3.3 0.00 0.00 inc 349.65 1.95 17.5 2.9 0.00 17.5 0.00 0.00 GNDD242 185.45 8.55 0.54 0.45 0.05 0.57 0.00 0.02 2 inc 185.45 1.60 1.0 1.2 0.25 1.1 0.00 0.09 and 306.50 0.70 2.3 0.89 0.00 2.3 0.00 0.00 GNDD245 139.00 43.70 1.0 1.8 0.35 1.1 0.01 0.09 2 inc 143.00 2.00 3.6 3.0 0.82 4.0 0.00 0.05 inc 181.27 1.43 18.7 38.0 6.8 22.1 0.18 1.8 1 Holes specifically drilled for metallurgical test sample material: GMDD039 18.00 8.00 0.15 1.9 0.60 0.43 0.01 0.07 2 and 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 and 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 and 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 Channel Sample Results: Channel_id from (m) interval (m) Au (g/t) Ag (g/t) Zn (%) AuEq (g/t) Cu (%) Pb (%) Note RNNV10_01 NSI RNNV10_02 0.0 2.0 8.8 62.9 1.2 10.1 0.04 0.28 1 RNNV10_03 0.0 5.0 20.5 53.1 7.5 24.5 0.37 0.32 inc 1.0 4.0 25.6 60.5 8.3 30.0 0.37 0.40 1 RNNV10_04 0.0 71.0 9.2 22.5 3.0 10.8 0.09 0.31 2 inc 0.0 26.0 21.2 28.4 7.2 24.7 0.14 0.10 inc 5.0 6.0 89.3 88.5 3.4 91.9 0.20 0.11 1 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| inc | 24.0 | 1.0 | 0.78 | 4.5 | 22.4 | 10.6 | 0.02 | 0.12 | 1 | ||
| inc | 54.0 | 17.0 | 5.9 | 45.2 | 1.5 | 7.1 | 0.17 | 1.1 | |||
| inc | 55.0 | 1.0 | 21.4 | 37.5 | 1.5 | 22.5 | 0.40 | 0.47 | 1 | ||
| inc | 62.0 | 2.0 | 12.1 | 256 | 5.8 | 17.8 | 0.72 | 4.3 | 1 | ||
| inc | 68.0 | 2.0 | 17.5 | 53.8 | 2.4 | 19.2 | 0.17 | 1.9 | 1 | ||
| and | 173.0 | 4.0 | 0.05 | 2.5 | 2.9 | 1.4 | 0.06 | 0.03 | 2 | ||
| inc | 175.0 | 2.0 | 0.08 | 3.2 | 5.4 | 2.4 | 0.11 | 0.06 | |||
| and | 190.0 | 33.0 | 0.74 | 20.6 | 2.6 | 2.1 | 0.14 | 0.10 | 2 | ||
| inc | 191.0 | 29.0 | 0.83 | 22.7 | 2.9 | 2.4 | 0.16 | 0.12 | |||
| inc | 192.0 | 1.0 | 0.36 | 291 | 26.2 | 15.4 | 2.5 | 1.5 | 1 | ||
| inc | 215.0 | 1.0 | 14.8 | 27.6 | 1.0 | 15.6 | 0.04 | 0.95 | 1 | ||
| and | 241.0 | 1.0 | 0.85 | 14.6 | 0.48 | 1.2 | 0.02 | 0.41 | |||
| and | 291.0 | 6.0 | 0.27 | 5.8 | 0.69 | 0.64 | 0.02 | 0.17 | 2 | ||
| inc | 295.0 | 1.0 | 0.60 | 7.9 | 1.8 | 1.5 | 0.06 | 0.28 | |||
| and | 341.0 | 4.0 | 1.2 | 1.5 | 0.10 | 1.2 | 0.01 | 0.04 | 2 | ||
| inc | 343.0 | 2.0 | 1.7 | 2.5 | 0.11 | 1.8 | 0.01 | 0.05 | |||
| RNNV10_05 | 0.0 | 2.0 | 0.12 | 9.1 | 0.16 | 0.30 | 0.00 | 0.03 | 2 | ||
| RNNV10_06 | 0.0 | 10.0 | 1.4 | 90.9 | 7.2 | 5.7 | 0.83 | 0.23 | 2 | ||
| inc | 0.0 | 9.0 | 1.5 | 99.6 | 8.0 | 6.2 | 0.81 | 0.26 | |||
| inc | 7.0 | 1.0 | 0.05 | 36.5 | 30.0 | 13.5 | 0.17 | 0.18 | 1 | ||
| RNNV10_07 | 0.0 | 4.0 | 0.16 | 4.4 | 1.1 | 0.68 | 0.06 | 0.05 | 2 | ||
| inc | 3.0 | 1.0 | 0.33 | 14.8 | 3.2 | 1.9 | 0.21 | 0.17 | |||
| RNNV10_08 | 1.0 | 3.0 | 20.9 | 92.4 | 3.9 | 23.8 | 0.14 | 2.7 | 2 | ||
| inc | 1.0 | 2.0 | 31.2 | 137 | 5.6 | 35.4 | 0.21 | 4.04 | 1 | ||
| RNNV10_09 | NSI | ||||||||||
| RNNV10_10 | 0.0 | 2.0 | 0.20 | 3.3 | 0.31 | 0.38 | 0.00 | 0.04 | 2 | ||
| RNNV11-01 | 0.0 | 96.5 | 9.8 | 81.8 | 10.6 | 15.4 | 0.62 | 0.99 | |||
| MUNV10-01 | 0.00 | 15.28 | 0.19 | 9.0 | 0.12 | 0.35 | 0.02 | 0.16 | 2 | ||
| MUNV10-02 | 4.16 | 24.91 | 2.0 | 12.1 | 2.4 | 3.2 | 0.11 | 0.30 | |||
| MUNV10-03 | 0.00 | 3.81 | 3.1 | 55.2 | 8.0 | 7.3 | 0.43 | 1.1 | |||
| MUNV10-04 | 0.00 | 4.28 | 2.1 | 109 | 2.8 | 4.7 | 2.8 | 1.6 | |||
| MGNV10-01 | 2.00 | 44.34 | 0.33 | 5.2 | 0.19 | 0.48 | 0.01 | 0.04 | 2 | ||
| inc | 44.67 | 1.66 | 5.9 | 96.9 | 2.3 | 8.1 | 0.13 | 0.16 | |||
| MGNV10-02 | 0.00 | 22.47 | 9.8 | 21.0 | 6.5 | 12.9 | 0.11 | 0.45 | |||
| inc | 0.00 | 4.21 | 34.7 | 29.4 | 22.1 | 44.7 | 0.32 | 1.9 | 1 | ||
| inc | 8.39 | 2.54 | 14.1 | 93.7 | 0.67 | 15.6 | 0.13 | 0.29 | 1 | ||
| inc | 15.92 | 2.77 | 8.2 | 18.1 | 0.15 | 8.5 | 0.03 | 0.25 | 1 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| MGNV10-03 | 0.00 | 35.04 | 2.5 | 41.0 | 0.72 | 3.3 | 0.04 | 0.16 | 2 | ||
| inc | 0.00 | 20.49 | 4.2 | 67.7 | 1.1 | 5.5 | 0.07 | 0.26 | |||
| MGNV10-04 | 0.00 | 4.79 | 0.14 | 1.7 | 0.26 | 0.28 | 0.05 | 0.05 | 2 | ||
| MGNV10-05 | 0.00 | 12.00 | 13.8 | 105 | 3.0 | 16.5 | 0.05 | 0.21 | |||
| inc | 0.00 | 3.70 | 33.2 | 298 | 4.2 | 38.9 | 0.06 | 0.09 | |||
| MGNV10-06 | 0.00 | 9.91 | 4.2 | 25.3 | 4.5 | 6.5 | 0.07 | 0.20 | |||
| MGNV10-07 | 0.00 | 9.59 | 3.6 | 57.3 | 6.4 | 7.1 | 0.35 | 4.8 | |||
| MGNV10-07 | 19.80 | 2.02 | 0.23 | 5.1 | 3.0 | 1.6 | 0.03 | 0.04 | |||
| MGNV10-08 | 0.00 | 4.21 | 3.0 | 17.6 | 2.5 | 4.2 | 0.04 | 0.20 | |||
| MGNV10-09 | 0.00 | 6.48 | 5.5 | 44.3 | 6.4 | 8.9 | 0.14 | 0.07 | |||
| MGNV10-10 | 0.00 | 1.00 | 1.1 | 3.3 | 0.94 | 1.6 | 0.01 | 0.14 | |||
| SZNV10-01 | 2.0 | 30.4 | 1.2 | 8.8 | 1.9 | 2.2 | 0.06 | 0.01 | 2 | ||
| inc | 23.6 | 8.7 | 3.9 | 28.8 | 6.3 | 7.0 | 0.19 | 0.02 | |||
| SZNV10-02 | 0.0 | 52.0 | 1.3 | 7.9 | 4.5 | 3.4 | 0.40 | 0.06 | 2 | ||
| inc | 0.0 | 6.3 | 2.6 | 27.5 | 1.9 | 3.7 | 0.33 | 0.08 | |||
| inc | 11.3 | 25.7 | 2.0 | 8.1 | 7.7 | 5.5 | 0.48 | 0.07 | |||
| inc | 18.7 | 6.2 | 7.0 | 17.0 | 3.0 | 8.5 | 0.14 | 0.13 | 1 | ||
| inc | 41.5 | 1.8 | 0.03 | 0.34 | 3.2 | 1.4 | 0.12 | 0.02 | |||
| SZNV10-03 | 0.0 | 4.4 | 8.2 | 63.2 | 0.8 | 9.4 | 0.05 | 0.09 | |||
| SZNV10-04 | 0.0 | 3.5 | 9.1 | 27.4 | 3.7 | 11.1 | 0.20 | 0.08 | |||
| SZNV11-01 | 0.0 | 14.9 | 0.34 | 2.3 | 4.0 | 2.1 | 0.19 | 0.01 | 2 | ||
| inc | 0.0 | 11.2 | 0.43 | 2.3 | 5.0 | 2.6 | 0.25 | 0.01 | |||
| SZNV11-02 | 0.0 | 3.4 | 4.0 | 27.5 | 2.5 | 5.4 | 0.37 | 0.04 | |||
| SZNV11-03 | 0.0 | 9.3 | 2.1 | 34.1 | 2.4 | 3.6 | 0.53 | 0.07 | 2 | ||
| inc | 1.0 | 8.3 | 2.3 | 37.6 | 2.5 | 3.9 | 0.56 | 0.07 | |||
| SZNV11-04 | 0.0 | 6.1 | 0.08 | 2.0 | 7.6 | 3.4 | 0.33 | 0.04 | 2 | ||
| inc | 0.0 | 4.3 | 0.06 | 1.4 | 10.3 | 4.6 | 0.24 | 0.02 | |||
| SZNV11-05 | 0.0 | 3.3 | 0.53 | 20.1 | 4.0 | 2.5 | 0.68 | 0.15 | 2 | ||
| inc | 2.0 | 1.3 | 1.2 | 44.9 | 8.6 | 5.5 | 0.89 | 0.22 | |||
| SZNV11-06 | 0.0 | 17.2 | 0.06 | 5.0 | 11.4 | 5.1 | 0.68 | 0.12 | |||
| SZNV11-07 | 0.0 | 3.8 | 0.03 | 1.2 | 8.9 | 3.9 | 0.46 | 0.06 | |||
| SZNV11-08 | 0.0 | 7.1 | 3.8 | 18.7 | 9.6 | 8.1 | 0.62 | 1.2 | |||
| SZNV11-09 | 0.0 | 30.7 | 0.91 | 70.2 | 13.5 | 7.7 | 0.74 | 0.74 | |||
| SZNV11-10 | 0.0 | 3.1 | 0.38 | 55.8 | 14.8 | 7.5 | 0.47 | 0.16 | |||
| SZNV11-11 | 0.0 | 4.6 | 0.26 | 9.1 | 12.6 | 5.8 | 1.0 | 0.16 | |||
| inc | 0.0 | 3.6 | 0.32 | 11.2 | 15.9 | 7.4 | 1.3 | 0.21 | |||
| SZNV11-12 | 0.0 | 12.0 | 8.3 | 28.9 | 1.4 | 9.3 | 0.11 | 0.13 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 |
|---|---|
| L5NV10-01 8.55 9.40 0.26 5.5 0.10 0.38 0.01 0.04 2 L5NV10-02 0.00 6.30 1.7 32.8 0.48 2.3 0.01 0.08 2 inc 2.00 4.30 2.4 42.7 0.28 3.1 0.01 0.11 L5NV10-03 0.00 1.44 1.2 11.3 0.11 1.3 0.01 0.48 2 L5NV10-04 0.00 9.04 26.0 50.8 0.10 26.7 0.03 1.1 inc 2.20 6.85 33.1 60.9 0.13 34.0 0.03 1.2 1 L5NV10-05 0.00 2.69 20.1 268 0.08 23.5 0.02 1.0 1 L6NV10-01 0.00 5.21 10.4 19.1 0.18 10.7 0.02 0.48 2 inc 2.00 1.79 27.3 39.3 0.22 27.9 0.01 0.84 L6NV10-02 0.00 3.77 0.70 4.5 0.41 0.93 0.01 0.07 2 and 14.44 10.46 11.2 215 0.31 14.0 0.03 0.98 2 inc 18.10 6.81 17.0 329 0.16 21.3 0.03 1.5 BCNV10-02 2.82 1.92 0.32 2.2 0.43 0.54 0.01 0.00 2 FHNV10-01A 6.40 1.78 0.09 2.9 0.35 0.28 0.01 0.01 2 FHNV10-01B 0.00 9.21 3.0 89.6 2.2 5.1 0.13 3.5 2 inc 1.92 4.63 5.6 175 3.8 9.5 0.23 6.8 FHNV10-02 0.00 13.01 12.0 80.2 5.6 15.5 0.40 4.8 inc 0.00 8.49 17.8 114 6.2 21.9 0.53 6.9 1 FHNV10-03 0.00 12.71 2.1 64.2 3.5 4.4 0.28 1.6 FHNV10-04 0.00 4.24 3.1 136 7.7 8.1 0.57 7.0 FHNV10-05 0.00 1.67 6.4 360 12.7 16.4 0.69 9.7 FHNV10-06 0.00 3.83 3.8 156 20.2 14.6 0.61 4.2 FHNV10-07 3.45 1.03 0.08 1.3 0.50 0.31 0.01 0.02 2 GN24-539 0.00 1.00 0.24 4.7 0.51 0.52 0.05 0.34 2 CIINV10-01A 1.80 6.96 0.90 17.9 0.26 1.24 0.02 0.18 2 CIINV10-01B 0.00 7.02 1.45 79.3 0.23 2.55 0.02 0.34 2 CIINV10-03 0.00 26.89 0.80 43.2 0.21 1.44 0.02 0.17 2 inc 8.22 13.53 1.11 76.6 0.33 2.23 0.03 0.29 CIIIVN10-01 0.00 81.00 NSI (1) cut off 10 g/t Au equivalent (2) cut off 0.2 g/t Au equivalent 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 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 8m 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. |
Challenger Exploration Limited
ACN 123 591 382
ASX: CEL
Issued Capital Australian Registered Office 808.7m shares Level 1 86.6m 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 | |
|---|---|---|---|---|
| of high-grade results and longer lengths of low-grade | Metallurgical recoveries for Au, Ag and Zn have been estimated from metallurgical test work completed by | |||
| results the procedure used for such aggregation should | SGS Metallurgical Operations in Lakefield, Ontario using a combination of gravity and flotation of a | |||
| be stated and some typical examples of | such | combined metallurgical sample from 5 drill holes. Using data from the test results, and for the purposes of | ||
| aggregations should be shown in detail. | the AuEq calculation gold recovery is estimated at 89%, silver at 84% and zinc at 79%. Accordingly, the | |||
| - | The assumptions used for any reporting | of metal | 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 | |
| equivalent values should be clearly stated. | (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 | - | These relationships are particularly | The mineralisation is moderately or steeply dipping and strikes NNE and ENE. For some drill holes, there is insufficient | |
| between | important in the reporting of | information to confidently establish the true width of the mineralized intersections at this stage of the exploration | ||
| mineralisation | Exploration Results. | program. | ||
| widths and intercept lengths |
- | If the geometry of the mineralisation with respect to the drill hole angle is known its nature should be reported. |
Apparent widths may be thicker in the case where bedding-parallel mineralisation may intersect ENE-striking cross faults and veins. |
|
| - | If it is not known and only the down | Representative cross section interpretations have been provided with release of significant intersections to allow | ||
| hole lengths are reported there should | estimation of true widths from individual drill intercepts. | |||
| be a clear statement to this effect (eg | ||||
| ‘down hole length true width not | ||||
| _known’). _ | ||||
| Diagrams | - | Appropriate maps and sections (with | Representative maps and sections are provided in the body of reports released to the ASX. | |
| 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. | ||||
| Balanced | - | Where comprehensive reporting of all | All available data have been reported. | |
| reporting | Exploration 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. |
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 808.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 86.6m 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 |
|---|---|---|---|
| Other | - | Other exploration data if meaningful | Geological context and observations about the controls on mineralisation where these have been made are provided in |
| substantive | and material should be reported | the body of the report. | |
| exploration data | including (but not limited to): geological observations; geophysical |
229 specific gravity measurements have been taken from the drill core recovered during the drilling program. These data | |
| survey results; geochemical survey | are expected to be used to estimate bulk densities in future resource estimates. | ||
| results; bulk samples – size and method | |||
| of treatment; metallurgical test results; | Eight Induced Polarisation (IP) lines have been completed in the northern area. Each line is approximately 1 kilometre in |
||
| bulk density groundwater geotechnical | length lines are spaced 100m apart with a 50m dipole. The initial results indicate possible extension of the mineralisation | ||
| and rock characteristics; potential | with depth. Data will be interpreted including detailed re-processing and drill testing. | ||
| deleterious or contaminating | |||
| substances. | 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 to | |||
| guide future exploration. | |||
| Further work | - | The nature and scale of planned further | • CEL Plans to undertake the following over the next 12 months |
| work (eg tests for lateral extensions or | • Additional data precision validation and drilling as required; |
||
| depth extensions or large-scale step- | • Detailed interpretation of known mineralized zones; |
||
| out drilling). | • Geophysical tests for undercover areas. |
||
| - | Diagrams clearly highlighting the areas of possible extensions including the main geological interpretations and |
• Structural interpretation and alteration mapping using high resolution satellite data and geophysics to better target extensions of known mineralisation. |
|
| future drilling areas provided this | • Field mapping program targeting extensions of known mineralisation. |
||
| information is not commercially | • Investigate further drilling requirements to upgrade both the unclassified mineralisation and mineralisation in |
||
| sensitive. | the existing historical resources to meet JORC 2012 requirements; | ||
| • 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
808.7m shares 86.6m 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
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | JORC Code explanation | Commentary | |
|---|---|---|---|---|
| Database | - | Measures taken to ensure that data has not | Geological logging completed by previous explorers was done on paper copies and transcribed into the drill hole | |
| integrity | been corrupted by for example transcription or | database. The data was checked for errors. Checks can be made against the original logs and core photographs. | ||
| keying errors between its initial collection and | ||||
| its use for Mineral Resource estimation | Assay data is received in digital format. Backup copies are kept and the data is copied into the drill hole database. | |||
| purposes. | ||||
| - | Data validationprocedures used. | The drill hole data is backed up and is updated periodically by a Company GIS and data team. | ||
| Site visits | - | Comment on any site visits undertaken by the | Site visits have been undertaken from 3 to 16 October 2019 15 to 30 November 2019 and 1-19 February 2020. The | |
| Competent Person and the outcome of those | performance of the drilling program collection of data and sampling procedures were initiated during these visits. | |||
| visits. | ||||
| - | If no site visits have been undertaken indicate | |||
| why this is the case. | ||||
| Geological | - | Confidence in (or conversely the uncertainty of) | The interpretation is considered appropriate given the stage of the project and the nature of activities that have |
|
| interpretation | the geological interpretation of the mineral | been conducted. The interpretation captures the essential geometry of the mineralised structure and lithologies | ||
| deposit. | with drill data supporting the findings from the initial underground sampling activities. | |||
| - | Nature of the data used and of any | |||
| assumptions made. | The most recent resource calculation (2006 and 2003 – La Mancha) used all core drilling at the time and detailed | |||
| - | The effect if any of alternative interpretations | underground channel sampling collected by EPROM CMEC and La Mancha. Overlying assumptions included a | ||
| on Mineral Resource estimation. | reduction of the calculated grade in each resource block by a factor of 10% to account for possible errors in the | |||
| - | The use of geology in guiding and controlling | analyses and samples. An arbitrary reduction factor was applied to the 2006 resource whereby the net reported | ||
| Mineral Resource estimation. | tonnage was reduced by 25% for indicated resource blocks 50% for inferred resource blocks and 75% of potential | |||
| - | The factors affecting continuity both of grade | mineral resource blocks. The reason for the application of these tonnage reduction factors was not outlined in the | ||
| and geology. | 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 bring the | ||||
| overall tonnage and grade close the earlier (2003 1999 and 1996) 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 controllingthe resource estimate. |
Challenger Exploration Limited Issued Capital ACN 123 591 382 808.7m shares ASX: CEL 86.6m 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 | JORC Code explanation | Commentary |
|---|---|---|---|
| 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 continuityneeds to be undertaken aspart of future resource calculations. | |||
| Dimensions | - | The extent and variability of the Mineral | For the historic resource no reliable information has been provided to the owner however through further ongoing |
| Resource expressed as length (along strike or | investigation is being conducted by the owner to address this information gap. | ||
| otherwise) plan width and depth below surface | |||
| to the upper and lower limits of the Mineral | |||
| Resource. | |||
| Estimation and | - | The nature and appropriateness of the | The historic resource estimation techniques are considered appropriate. The 2003 and 2006 resources used a |
| modelling | estimation technique(s) applied and key | longitudinal section polygonal method was used for estimating resources with individual blocs representing | |
| techniques | assumptions including treatment of extreme grade values domaining interpolation |
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 calculated in AutoCad directly from the longitudinal sections. |
|
| parameters and maximum distance of | |||
| extrapolation from data points. If a computer | Check assaying by PG Consulting returned values in the check assay sample which were 3.4% and 13% greater for | ||
| assisted estimation method was chosen include | Au and Ag than the original assays. A number pf previous resource estimates were available to check the 2006 |
||
| a description of computer software and | resource estimate when the arbitrary tonnage reduction factors are removed brings the overall tonnage and grade | ||
| parameters used. | close the earlier (2003 1999 and 1996) tonnage and grade estimates albeit indifferent categories which are | ||
| - | The availability of check estimates previous | considered more appropriate. | |
| estimates and/or mine production records and | |||
| whether the Mineral Resource estimate takes | It was assumed only gold silver and zinc would be recovered and that no other by products would be recovered. | ||
| appropriate account of such data. | This is viewed as conservative given metallurgical data pointing to the production of a saleable zinc concentrate. | ||
| - | The assumptions made regarding recovery of | ||
| by-products. | Based on the preliminary metallurgy estimation of deleterious elements or other non-grade variables of economic | ||
| - | Estimation of deleterious elements or other | significance was not required. | |
| non-grade variables of economic significance | |||
| (eg sulphur for acid mine drainage | The minimum mining width of 0.8m was assumed for veins less than 0.6m and for wider widths a dilution of 0.2m | ||
| characterisation). | was used to calculate the grade. | ||
| - | In the case of block model interpolation the | ||
| block size in relation to the average sample | No assumptions were made regarding correlation between variables. | ||
| spacing and the search employed. | |||
| - | Any assumptions behind modelling of selective | The mineralisation is defined within skarn and associated vein deposits. Detailed cross section and plan maps were | |
| mining units. | prepared for these domains with their shapes used in controlling the resource estimate. Long sections of the veins | ||
| - | Any assumptions about correlation between | and skarn were taken and sampling was plotted and the blocks outlined considering this. | |
| variables. |
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 808.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 86.6m 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 | Commentary |
|---|---|---|---|---|
| - | Description of how the geological | Grade cutting was not used in the calculation of the resource and no discussion was given as to why it was not | ||
| interpretation was used to control the resource | employed. It is recommended that a study be undertaken to determine if an appropriate top cut need be applied |
|||
| estimates. | No data | is available on the process of validation. | ||
| - | Discussion of basis for using or not using grade | |||
| cutting or capping. | ||||
| - | The process of validation the checking process | |||
| used the comparison of model data to drill hole | ||||
| data and use of reconciliation data if available | ||||
| Moisture | - | Whether the tonnages are estimated on a dry | No data | is available. |
| basis or with natural moisture and the method | ||||
| of determination of the moisture content. | ||||
| Cut-off | - | The basis of the adopted cut-off grade(s) or | The Mineral Resource Estimate is above a cut-off grade of 3.89 g/t Au. This is based on the assumed mining cost at | |
| parameters | quality parameters applied. | the time of the estimate. | ||
| Mining factors or | - | Assumptions made regarding possible mining | The Mineral Resource Estimate considered the assumptions outlined below which are considered appropriate; | |
| assumptions | methods minimum mining dimensions and | - | Metal prices: Au US$550 Oz Ag US$10 Oz | |
| internal (or if applicable external) mining | - | Metallurgical Recovery; Au – 80% Ag – 70% Zn - nil | ||
| dilution. It is always necessary as part of the | - | Operating cost: US$55t based on underground cut and fill mining and flotation and cyanidation | ||
| process of determining reasonable prospects | combined | |||
| for eventual economic extraction to consider | The minimum mining width of 0.8m was assumed for veins less than 0.6m and for wider widths a dilution of 0.2m | |||
| potential mining methods but the assumptions | was used to calculate the grade. | |||
| made regarding mining methods and | ||||
| parameters when estimating Mineral | ||||
| Resources may not always be rigorous. Where | ||||
| this is the case this should be reported with an | ||||
| explanation of the basis of the mining | ||||
| assumptions made. | ||||
| Metallurgical | - | The basis for assumptions or predictions | Historical metallurgical test-work assumptions were 80% recovery for Au, Ag and Zn. | |
| factors or | regarding metallurgical amenability. It is | - | The most recent historic test work was conducted in 1999 by Lakefield Research (cyanidation) and CIMM | |
| assumptions | always necessary as part of the process of determining reasonable prospects for eventual |
Labs (flotation) in Chile on 4 samples which all contain primary sulphide minerals and so can be considered primary, partial oxide or fracture oxide samples. |
||
| economic extraction to consider potential | - | The test work was conducted using a 150 micron grind which would appear to coarse based on | ||
| metallurgical methods but the assumptions | petrography conducted by CEL which shows that the gold particles average 30-40 microns. | |||
| regarding metallurgical treatment processes | - | Rougher flotation tests were performed with a 20 minute and 30 minute floatation time. Generally, the | ||
| and parameters made when reporting Mineral | longer residence time improved recovery. Recoveries to concentrate for gold range from 59.6% - 80.6% | |||
| Resources may not always be rigorous. Where | and for silver from 63.1% – 87.2%. |
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 808.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 86.6m 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 | Commentary | Commentary |
|---|---|---|---|
| this is the case this should be reported with an | - | Knelson concentrate tests with floatation of tailings were also completed. Applying a joint process | |
| explanation of the basis of the metallurgical | Knelson concentrator and floatation of the tailings of the concentrator it is found that the global recovery | ||
| assumptions made. | 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 floatation 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 mineralised | |||
| limestone drill core from GMDD039, GMDD040, GMDD041, GNDD043, GNDD003 and GNDD018 and a 55 kg | |||
| composite sample of mineralised intrusion (dacite) drill core from GNDD113, GNDD113A, GNDD155 and | |||
| GNDD157. The 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. The sample of mineralised dacite has a weighted average grade of 1.1 | ||
| g/t | Au, 7.0 g/t Ag and 0.1 % Zn. Separate tests on 2 kg sub-samples were done with differing grinding times, | ||
| Knelson and Mosley table gravity separation techniques and floatation techniques to provide a series of | |||
| gravity and floatation concentrates. Key results are: | |||
| - | Combined gravity and floatation concentration process resulted in recoveries 85-95% for Au, 82-87% 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 and galena. | |||
| - | Further test work isplanned. |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 |
|---|---|---|---|
| Environmental | - | Assumptions made regarding possible waste | It is considered that there are no significant environmental factors which would prevent the eventual extraction of |
| factors or | and process residue disposal options. It is | gold from the project. Environmental surveys and assessments will form a part of future pre-feasibility. | |
| assumptions | always necessary as part of the process of determining reasonable prospects for eventual |
||
| economic extraction to consider the potential | |||
| environmental impacts of the mining and | |||
| 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 | Densities of 2.7 t/m3 were used for mineralised veins and 2.6 t/m3 for wall rock. |
| the basis for the assumptions. If determined | |||
| the method used whether wet or dry the | No data of how densities were determined is available. | ||
| frequency of the measurements the nature size | |||
| and representativeness of the samples. | The bulk densities used in the evaluation process are viewed as appropriate at this stage of the Project. | ||
| - | The bulk density for bulk material must have | ||
| been measured by methods that adequately | CEL is collecting specific gravity measurements from drill core, which it is expected will be able to be used to | ||
| account for void spaces (vugs porosity etc) | estimate the block and bulk densities in future resource estimates. | ||
| moisture and differences between rock and | For RC drilling, the weights of material recovered from the drill hole is able to be used as a measure of the bulk | ||
| alteration zones within the deposit. | density. | ||
| - | Discuss assumptions for bulk density estimates | ||
| used in the evaluation process of the different | |||
| materials. | |||
| Classification | - | The basis for the classification of the Mineral | The Mineral Resource Estimate has both Indicated and Inferred Mineral Resource classifications under the National |
| Resources into varying confidence categories. | Instrument 43-101 code and is considered foreign. These classifications are considered appropriate given the | ||
| - | Whether appropriate account has been taken | confidence that can be gained from the existing data and results from drilling. | |
| of all relevant factors (ie relative confidence in | |||
| tonnage/grade estimations reliability of input | The reliability of input data for the 2003 and 2006 resources is acceptable as is the confidence in continuity of | ||
| data confidence in continuity of geology and | geology and metal values quality quantity and distribution of the data. Appropriate account has been taken of all | ||
| metal values quality quantity and distribution | relevant factors with the exception of studies into the appropriateness of the application of a top cut. | ||
| _of the data). _ |
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 808.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 86.6m 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 |
Commentary |
|---|---|
| - Whether the result appropriately reflects the Competent Person’s view of the deposit. |
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. 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 299,578 14.2 Indicated 145,001 14.6 Inferred 976,539 13.4 Historic 2006 NI43-101 (non-JORC Code compliant) CATEGORY TONNES Au(g/t) Ag (g/t) Zn% |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
808.7m shares 86.6m 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 E: [email protected]
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| Measured 164,294 12.5 52.1 2.5 |
|||
| Indicated 51,022 12.4 36.2 2.6 |
|||
| Inferred 213,952 11.7 46.6 2.3 |
|||
| Audits or reviews | - | The results of any audits or reviews of Mineral | The historic resource estimate has not been audited. |
| Resource estimates. | |||
| 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 bythree differentgroups are seen to be realistic. | |||
| Discussion of | - | Where appropriate a statement of the relative | There is sufficient confidence in the data quality drilling methods and analytical results that they can be relied |
| relative accuracy/ | accuracy and confidence level in the Mineral | upon. The available geology and assay data correlate well. The approach or procedure are deemed appropriate | |
| confidence | Resource estimate using an approach or | given the confidence limits. The main two factors which could affect relative accuracy is grade continuity and top | |
| procedure deemed appropriate by the | cut. | ||
| Competent Person. For example the application | |||
| of statistical or geostatistical procedures to | Grade continuity is variable in nature in this style of deposit and has not been demonstrated to date and closer | ||
| quantify the relative accuracy of the resource | spaced drilling is required to improve the understanding of the grade continuity in both strike and dip directions. It | ||
| within stated confidence limits or if such an | is noted that the results from the twinning of three holes by La Mancha are encouraging in terms of grade | ||
| approach is not deemed appropriate a | repeatability. | ||
| qualitative discussion of the factors that could | |||
| affect the relative accuracy and confidence of | The deposit contains very high grades and there is a potential need for the use of a top cut. It is noted that an | ||
| the estimate. | arbitrary grade reduction factor of 10% has already been applied to the resource as reported. | ||
| - | The statement should specify whether it relates | ||
| to global or local estimates and if local state | No production data is available for comparison | ||
| the relevant tonnages which should be relevant | |||
| to technical and economic evaluation. | |||
| Documentation should include assumptions | |||
| made and the procedures used. | |||
| - | These statements of relative accuracy and | ||
| confidence of the estimate should be compared | |||
| withproduction data where available. |
Challenger Exploration Limited
ACN 123 591 382
ASX: CEL
Issued Capital
808.7m shares
86.6m 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