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CHALLENGER GOLD LIMITED — Capital/Financing Update 2021
Apr 13, 2021
64637_rns_2021-04-13_4e0eab12-2640-46ee-8431-ac212ae7f1c2.pdf
Capital/Financing Update
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ASX Release 14 April 2021
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Significant extensions to the high-grade mineralisation in multiple drill holes at Challenger's Hualilan Gold Project
Highlights
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Step out drilling at Magnata has delivered several significant high-grade gold intersections plus broad zones of near surface mineralisation including (Refer Table 1):
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5.2m at 21.0 g/t AuEq[2] - 16.7 g/t Au, 128.9 g/t Ag, 6.1% Zn from 56.8m including; 3.8m at 25.8 g/t AuEq2 - 21.1 g/t Au, 147.5 g/t Ag, 6.6% Zn from 60m (GNDD-189)
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21.8m at 4.5 g/t AuEq[2 ] - 2.4g/t Au, 22.2 g/t Ag, 4.0% Zn from 299m including 3.6m at 16.2 g/t AuEq[2] - 9.3 g/t Au, 96.8 g/t Ag, 13.1% Zn from 302.3m ,(GNDD-203);
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3.1m at 10.2 g/t AuEq[2 ] - 6.1g/t Au, 52.0 g/t Ag, 8.1% Zn from 60.8m and (GNDD-195);
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76.0m at 1.8g/t AuEq[2] - 1.0g/t Au, 31.0g/t Ag, 0.9% Zn from 24m including; 11.3m at 9.7 g/t AuEq[2] - 6.4 g/t Au, 64.1 g/t Ag, 5.3% Zn from 60.9 including 6.0m at 15.5 g/t AuEq2 - 10.7 g/t Au, 109 g/t Ag, 7.9% Zn from 60.9 and 4.0m at 4.9 g/t AuEq2 - 0.2 g/t Au, 359 g/t Ag, 0.3% Zn from 96 (GNDD-174)
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GNDD-203 is the deepest hole drilled on the Magnata Fault and extends mineralisation 100 metres below the previous deepest intersection with mineralisation strong and open at depth.
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GNDD-203 also encountered a wide zone of near surface mineralisation which significantly expands the footprint of the bulk mineralisation that lies above the main high-grade zone.
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GNDD-174 intersected 6.0m at 15.5 g/t AuEq[2] plus an unexpected broad zone of mineralisation above the high-grade zone returning 76.0m at 1.8g/t AuEq[2] from near surface.
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GNDD-174 also extended the intrusive hosted mineralisation encountered in GNDD-157 south along strike and up-dip intersecting 40 metres of mineralisation in intrusives.
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GNDD-189 (5.2m at 21.1 g/t AuEq[2] ) and GNDD-195 (3.1m at 10.2 g/t AuEq[2] ) both extended the high-grade mineralisation encountered in GNDD-174 down-dip.
Commenting on the results, CEL Managing Director, Mr Kris Knauer, said
“The results from the first seven holes from the current Magnata Fault drilling at our Hualilan Gold Project, together with our previous drilling confirm, the Company's view that there is a significant amount of high-grade gold mineralisation yet to be discovered due to a lack of drilling.
The growth potential at our flagship Hualilan Gold Project is becoming progressively more apparent. We are waiting on assays for another 19 completed Magnata drill holes and 15 more holes have been programmed to continue to extend and infill the mineralisation at Magnata. We look forward to the next batch of assays from our Magnata drilling which should not be far away."
Issued Capital 653.1m shares 86.6m options 120m perf shares 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]
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
www.challengerex.com
ASX Release 14 April 2021
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Challenger Exploration ( ASX: CEL ) (“ CEL ” the “ Company ”) is pleased to announce results from a series of drillholes at the Company's flagship Hualilan Gold project in San Juan, Argentina. The results are from the first seven holes from a series of 26 completed holes designed to test for extensions to the:
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High-grade mineralisation in the Magnata Fault at depth and in both directions along strike;
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The high-grade Magnata Manto both up and down-dip and along strike; and
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The broad zones of intrusive hosted mineralisation north and south of the Magnata Fault.
Given the results, and the visual mineralisation (skarn alteration with sulphides) logged in many of the remaining 17 drill holes (assays pending), a further 15 holes have been programmed to continue to extend and infill the mineralisation at Magnata.
Prior Drill results Magnata Fault and Magnata Manto
In prior drilling the mineralisation on the Magnata Fault was relatively continuous over 300 metres of strike and 160 metres vertical extent, with mineralisation remaining open at depth and in both directions along strike.
The north-south striking limestone hosted high-grade "Manto" mineralisation which was historically noted as extending south from the Magnata Fault and dipping west had produced some narrow drill intercepts, however drilling had previously failed to locate the main part of the Magnata Manto.
Additionally, drilling intersected broad zones of intrusive hosted mineralisation in the 200 metres north and south of the Magnata fault. The mineralisation is interpreted as dipping to the west with a true width of 50 to 100 metres and covering 300 metres vertical extent from surface.
Summary of the current Magnata drill results
GNDD-203, the Company's deepest test of the Magnata Fault increased the vertical extent of the mineralisation on the Magnata Fault from 160 to 260 metres intersecting 3.6m at 16.2 g/t AuEq[2] . The confirmation that mineralisation remains strong at depth has the potential to significantly expand the high-grade mineralisation. A deeper hole below GNDD-203 is planned with a series of holes (assays pending) to test the Magnata Fault at depth over 200 metres of strike to the west of GNDD-203.
GNDD-174, GNDD-189 and GNDD-195 all intersected significant widths of high-grade mineralisation up-dip from earlier holes which had returned narrow lower grade intersections in the Magnata Manto. Drilling will now be directed up-dip with over 100 metres of up-dip vertical extent of the Magnata Manto over at least 300 metres of untested strike.
GNDD-174 extended the zone of intrusive hosted mineralisation intersected in GNDD-157 some 60 metres south along strike and 100 metres up-dip. Visible gold occurs in intrusives which outcrop updip of GNDD-174 indicating approximately 150 metres of vertical extent of mineralised intrusives.
GNDD-174 and GNDD-203 intersected broad zones of near surface mineralisation above the main high-grade zone recording 76.0m at 1.8g/t AuEq[2] from 24m, and 37m at 0.5 g/t AuEq[2] from 46m. This near surface mineralisation is extensive and should enhance development options.
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital Australian Registered Office 653.1m 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 14 April 2021
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Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact
ACN 123 591 382 653.1m 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 14 April 2021
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DISCUSSION OF RESULTS
Magnata Fault Zone
The Magnata and Sanchez Faults are two large east-west oriented sub-vertical strike strip faults. The faults can be seen in outcrop extending for tens of kilometres to the east and west of Hualilan. The Magnata Fault Zone is located at Cerro Sur approximately 1.5 kilometres south of the Sanchez Fault and separates into the M1 and M2 Magnata Faults, both of which host high-grade mineralisation.
The Magnata and Sanchez Faults were historically recognised as major controls of the mineralisation at Hualilan. The mineralising fluids were interpreted to have migrated from a source below or along strike, within the faults forming steeply dipping zones mineralisation within the Magnata and Sanchez Faults. These fluids migrating up the faults have also formed replacement Manto-style high grade lenses, oriented parallel to the limestone beds, dipping to the west adjacent to the faults.
GNDD-178
GNDD-178 was drilled as an up-dip test of GNDD-008 which returned 20.0 metres at 4.9 g.t AuEq in the Magnata Fault and 35.5 metres at 0.4 g/t Au from near surface above the Magnata fault. GNDD178 intersected 28 metres at 0.6 g/t AuEq (0.2 g/t gold, 17.5 g/t silver, 0.3% zinc) from 14 metres which extended the near surface bulk mineralisation intersected in GNDD-008. The hole then intersected 2.0 metres at 1.1 g/t AuEq (0.1 g/t gold, 81 g/t silver) and 1.85 metres at 1.5 g/t AuEq (1.1 g/t gold, 3.3 g/t silver, 0.8% zinc) and 0.85 metres at 8.9 g/t AuEq (4.9 g/t gold, 302 g/t silver, 0.4% zinc ). This successfully extended the M1 and M2 Magnata Fault mineralisation 25 metres up-dip where it remains open a further 100 metres to surface.
GNDD-203
GNDD-203 was drilled as a deep test of the Magnata Fault below GNDD-129 which had failed to intersect any significant mineralisation on the Magnata fault. An intercept of 21.8m at 4.5 g/t AuEq (2.4g/t gold, 22.2g/t silver, 4.0% zinc) from 299m including 3.6m at 16.2 g/t AuEq (9.3 g/t gold, 96.8 g/t silver, 13.1 % zinc) is a positive result. It confirmed the Company's interpretation that GNDD-129 had intersected a zone of the Magnata Fault where a lack of open space had limited the development of mineralisation. The intersection extended the deepest known mineralisation on the Magnata Fault from 160 metres below surface (4.0m at 11.3 g/t AuEq in GNDD-134) to 260 metres below surface with mineralisation remaining strong and open at depth on the Magnata Fault.
Additionally, GNDD-203 intersected a broad zone of near surface mineralisation above the Magnata Fault returining 37.0m at 0.5g/t AuEq (0.3 g/t gold, 13.9 g/t silver, 0.2% zinc) from 46m in sedimentary rocks. This intercept correlates with the 21.0 metres at 0.8 g/t AuEq from 15.0 metres recorded in GNDD-129 and expands the broad zone of lower grade mineralisation above the highgrade mineralisation in the Magnata fault. These broad zones of bulk mineralisation were not recognised historically due to assaying only being conducted where sulphides were not dominant. In addition, these broad zones of lower grade mineralisation exist across the Hualilan project and have become an exploration indicator for blind higher-grade mineralisation missed by previous explorers.
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 653.1m 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 14 April 2021
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Drill program to extend the Magnata Fault Mineralisation at depth.
Following the success of GNDD-203, nine drill holes have been completed (assays pending) to test the Magnata fault and surrounding area at depth below the earlier drilling done by the Company. A further nine holes are planned given the success of GNDD-203 and visual mineralisation (skarn alteration with sulphides) logged in many of the completed holes. The location of the holes which have been completed (assays pending) and planned holes is shown in Figure x below. This additional drilling Is designed to allow the company to report a resource, in accordance with the JORC Code, down to 250-300 metres below surface for the Magnata Fault mineralisation.
GNDD-174
GNDD-174 was drilled to test for extensions to the intrusive hosted mineralisation intersected in GNDD-134 and GNDD-157, approximately 60 metres further south along strike, and 100 metres updip from GNDD-157. The hole was successful intersecting 39.5 metres at 0.6 g/t AuEq (0.5 g/t gold, 2.3 g/t silver, 0.3% zinc) in intrusives from 163 metres downhole. Visible gold has been identified in intrusives which outcrop directly up-dip of GNDD-174 indicating the likelihood of approximately 150 metres vertical extent of mineralised intrusives, from surface, at the location of GNDD-174.
GNDD-174 also intersected 11.3 metres at 9.7 g/t AuEq (6.4 g/t gold, 64.1 g/t silver, 5.3% zinc) from 60.9 metres, including 6.0 metres at 15.5 g/t AuEq (10.7 g/t gold, 109.0 g/t silver, 7.9% zinc) from 60.9 metres. This intersection is the high-grade Magnata Manto which had generally only returned narrow intersections in the Company's deeper drilling such as 0.9 metres at 50.7 g/t AuEq in GNDD114 located 50 metres down dip.
Given the success in GNDD-174 (and GNDD-189 and GNDD-195 - see later in this release) drilling will now be directed up-dip from previous drilling. Over 100 metres of up-dip vertical extent of the Magnata Manto covering 300 metres of strike to Sentazon in the south remains untested. High-grade Manto mineralisation has been historically mapped at surface over much of this 300 metres strike.
Additionally, GNDD-174 intersected broad zones of near surface mineralisation above, and extending below, the main high-grade zone recording an intercept of 76.0m at 1.8g/t AuEq (1.0 g/t gold, 31.0 g/t silver, 0.9% zinc) from 24 metres. This intercept correlates with 58.4 metres at 0.7 g/t AuEq from 30 metres in GNDD-117 100 metres downdip. This continues the broad zones of lower grade mineralisation that were not recognised historically. This mineralisation has the potential to be economically significant in exploitation via open cut.
The Company anticipates that the channel sampling program at Muchilera, Magnata and Sentazon (for which assays are pending) will assist to define both the high-grade mineralisation up-dip from existing drilling and the broad zones of near surface mineralisation missed in historical sampling.
GNDD-189
GNDD-189 intercepted 5.2m at 21.0 g/t AuEq (16.7 g/t gold, 128.9 g/t silver, 6.1% zinc) from 56.8 metres including 3.8m at 25.8 g/t AuEq (21.1 g/t gold, 147.5 g/t silver, 6.6% zinc) from 60 metres. The hole extended the high-grade Magnata Manto intersected in GNDD-174 approximately 25 metres
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 653.1m 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
www.challengerex.com
ASX Release 14 April 2021
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Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact
ACN 123 591 382 653.1m 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
Figure 2 –Deeper drilling Magnata Fault (blue – assays pending) (yellow – planned hole)
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www.challengerex.com
ASX Release 14 April 2021
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down-dip. The hole also intersected two zones of mineralisation in intrusives near the end of the hole (6.7m at 0.3 g/t AuEq from 174m and 6.0m at 0.4 g/t AuEq from 191m) which are interpreted as the extension of the mineralised intrusives intersected in GNDD-174 a further 50 metres down-dip.
GNDD-195
GNDD-195 continued to extend the high-grade Magnata Manto down-dip with the hole returning 3.85m at 9.4 g/t AuEq (5.3g/t gold, 48.6 g/t silver, 8.0% zinc) from 60 metres including 3.1m at 10.2 g/t AuEq (6.1g/t gold, 52.0 g/t silver, 8.1% zinc) from 60.8 metres. Additionally, the hole intersected some lower grade mineralisation above the main high-grade zone which correlates to the shallow mineralisation intersected in GNDD-174. GNDD-195 also intersected 3.7m at 0.9 g/t AuEq (0.9g/t gold, 0.8 g/t silver) from 346 metres including 0.5m at 5.2 g/t AuEq (5.2 g/t gold, 1.3 g/t silver). This deeper mineralisation may extend the mineralisation encountered below 500 metres downhole in GNDD-134.
GNDD-170A
GNDD-170A was redrilled after GNDD-170 was abandoned due to drilling problems. The hole was designed to test the western limits of the intrusive hosted mineralisation intersected in GNDD-089 (101m at 0.5 g/t AuEq) and GNDD-079 (61m at 1.2 g/t AuEq), with the hole drilled outside the western extent of these intersections. The secondary objective of GNDD-170A was the Company's most westerly test of the Magnata Fault however it is now postulated that the hole was not drilled deep enough to intersect the Magnata fault.
GNDD-170A intersected some zones of Intrusive hosted mineralisation, including 10 metres at 0.8 g/t AuEq (0.6 g/t gold, 5.2 g/t silver, 0.3% zinc) from 13 metres and 6.0 metres at 0.7 g/t AuEq (0.7 g/t gold, 0.3 g/t silver) from 174 metres, confirming the western limit of the intrusive hosted mineralisation north of the Magnata fault.
GNDD-181
Similar to GNDD-170A, GNDD-181 was designed to test the western limits of the intrusive hosted mineralisation with the hole collared from the same drill pad as GNDD-170A and drilled to have a bottom hole location 50 metres to the west of GNDD-170A. The secondary objective of GNDD-181 was a western test of the Magnata Fault and, like GNDD-170A, it is now believed that the hole was not drilled deep enough to intersect the Magnata fault.
GNDD-181 intersected two zones of intrusive hosted mineralisation, 3.6 metres at 1.4 g/t AuEq (0.7 g/t gold, 22.2 g/t silver, 1.0% zinc) from 7.7 metres and 7.4 metres at 0.5 g/t AuEq (0.5 g/t gold, 0.5 g/t silver) from 180.6 metres. These intercepts correlate with the intercepts GNDD-170A and indicate a possible east-west orientation to the high-grade shoots within the intrusives.
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 653.1m shares 86.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street
West Perth WA 6005
Directors
16m perf rights
Contact T: +61 8 6380 9235 E: [email protected]
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
www.challengerex.com
ASX Release 14 April 2021
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Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact
ACN 123 591 382 653.1m 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
Figure 3 – Distribution of high-grade “Manto” and intrusive-hosted mineralisation in GNDD-174, GNDD-189, and GNDD-189
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www.challengerex.com
ASX Release 14 April 2021
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Table 1: New intercepts reported.
| Drill Hole | From | To | Interval | Gold | Ag | Zn | Au Equiv | Comments |
|---|---|---|---|---|---|---|---|---|
| (#) | (m) | (m) | (m) | (g/t) | (g/t) | (%) | (g/t) | |
| GNDD-170A | 13.0 | 23.0 | 10.0 | 0.6 | 5.2 | 0.3 | 0.8 | 0.2g/t AuEqcut |
| and | 174.0 | 180.0 | 6.0 | 0.7 | 0.3 | 0.0 | 0.7 | 0.2g/t AuEqcut |
| GNDD-174 | 24.0 | 100.0 | 76.0 | 1.0 | 31.0 | 0.9 | 1.8 | 0.2g/t AuEqcut |
| inc | 60.9 | 72.15 | 11.25 | 6.4 | 64.1 | 5.3 | 9.5 | 1.0g/t AuEqcut |
| inc | 60.9 | 66.85 | 5.95 | 10.7 | 109.5 | 7.9 | 15.5 | 10g/t AuEqcut |
| inc | 96.0 | 100.0 | 4.0 | 0.2 | 359.3 | 0.3 | 4.9 | 1.0g/t AuEqcut |
| and | 163.0 | 202.5 | 39.50 | 0.5 | 2.3 | 0.3 | 0.6 | 0.2g/t AuEqcut |
| inc | 167.55 | 171.75 | 4.2 | 1.5 | 15.0 | 2.5 | 2.8 | 1.0g/t AuEqcut |
| inc | 199.0 | 201.0 | 2.0 | 1.5 | 0.2 | 0.0 | 1.5 | 1.0g/t AuEqcut |
| GNDD-178 | 14.0 | 42.0 | 28.0 | 0.2 | 17.5 | 0.3 | 0.6 | 0.2g/t AuEqcut |
| inc | 20.0 | 22.0 | 2.0 | 0.2 | 118.0 | 0.1 | 1.7 | 1.0g/t AuEqcut |
| inc | 39.0 | 40.3 | 1.3 | 0.8 | 4.8 | 3.9 | 2.6 | 1.0g/t AuEqcut |
| and | 53.0 | 55.0 | 2.0 | 0.0 | 81.0 | 0.0 | 1.1 | 0.2g/t AuEqcut |
| and | 65.15 | 67.0 | 1.85 | 1.1 | 3.3 | 0.8 | 1.5 | 0.2g/t AuEqcut |
| and | 89.15 | 90.0 | 0.85 | 4.9 | 302.0 | 0.4 | 8.9 | 0.2g/t AuEqcut |
| GNDD-181 | 7.7 | 11.3 | 3.6 | 0.7 | 22.2 | 1.0 | 1.4 | 0.2g/t AuEqcut |
| inc | 7.7 | 9.15 | 1.45 | 1.1 | 45.3 | 1.5 | 2.3 | 1.0g/t AuEqcut |
| and | 180.6 | 188.0 | 7.4 | 0.5 | 0.5 | 0.0 | 0.5 | 0.2g/t AuEqcut |
| inc | 180.6 | 181.15 | 0.55 | 1.2 | 0.8 | 0.1 | 1.2 | 1.0g/t AuEqcut |
| GNDD-189 | 58.6 | 63.8 | 5.2 | 16.7 | 128.9 | 6.1 | 21.0 | 0.2g/t AuEqcut |
| inc | 60.0 | 63.8 | 3.8 | 21.1 | 147.5 | 6.6 | 25.8 | 10g/t AuEqcut |
| and | 174.0 | 180.7 | 6.65 | 0.2 | 2.0 | 0.2 | 0.3 | 0.2g/t AuEqcut |
| and | 191.0 | 197.0 | 6.0 | 0.2 | 2.1 | 0.3 | 0.4 | 0.2g/t AuEqcut |
| GNDD-195 | 29.0 | 31.55 | 2.55 | 1.3 | 1.1 | 0.0 | 1.4 | 0.2g/t AuEqcut |
| inc | 30.0 | 31.55 | 1.55 | 1.6 | 1.4 | 0.0 | 1.7 | 1.0g/t AuEqcut |
| and | 60.0 | 63.85 | 3.85 | 5.3 | 48.6 | 8.0 | 9.4 | 1.0g/t AuEqcut |
| inc | 60.8 | 63.85 | 3.05 | 6.1 | 52.0 | 8.1 | 10.2 | 10/g/t AuEqcut |
| and | 346.3 | 350.0 | 3.7 | 0.9 | 0.7 | 0.0 | 0.9 | 0.2g/t AuEqcut |
| inc | 346.3 | 346.8 | 0.5 | 5.2 | 1.3 | 0.0 | 5.2 | 1.0g/t AuEqcut |
| GNDD-203 | 46.0 | 83.0 | 37.0 | 0.3 | 14.1 | 0.2 | 0.5 | 0.2g/t AuEqcut |
| and | 168.0 | 168.5 | 0.5 | 0.5 | 37.3 | 0.5 | 1.2 | 0.2g/t AuEqcut |
| and | 210.5 | 229.0 | 18.5 | 0.3 | 3.8 | 0.4 | 0.5 | 1.0g/t AuEqcut |
| inc | 210.5 | 211.1 | 0.6 | 3.6 | 81.9 | 10.2 | 9.0 | 1.0g/t AuEqcut |
| and | 227.0 | 229.0 | 2.0 | 1.4 | 4.3 | 0.1 | 1.5 | 1.0g/t AuEqcut |
| and | 299.0 | 320.8 | 21.8 | 2.4 | 22.2 | 4.0 | 4.5 | 0.2g/t AuEqcut |
| inc | 300.25 | 320.8 | 20.55 | 2.6 | 23.1 | 4.2 | 4.7 | 1.0g/t AuEqcut |
| inc | 300.25 | 303.80 | 3.55 | 9.3 | 96.8 | 13.1 | 16.2 | 10g/t AuEqcut |
See next page for information regarding AuEq's reported under the JORC Code.
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 653.1m 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
ASX Release 14 April 2021
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2 Gold Equivalent (AuEq) values - Requirements under the JORC Code
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Assumed commodity prices for the calculation of AuEq is Au US$1780 Oz, Ag US$24 Oz, Zn US$2,800 /t
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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.
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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)]
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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.
Previous announcements referred to in this release include:
27 July 2020 - CEL BUILDS ON NEW GOLD DISCOVERY AT HUALILAN WITH A SECOND SIGNIFICANT INTERSECTION 1KM ALONG STRIKE 30 oct 2020 - DRILLING CONFIRMS MAJOR INTRUSION-HOSTED GOLD SYSTEM UNDERLYING THE HIGH-GRADE MINERALISATION 23 Nov 2020 - MULTIPLE HIGH-GRADE INTERCEPTS IN EXPLORATION DRILLING AT HUALILAN
29 Jan 2021 - DRILLING CONTINUES TO EXTEND THE BOUNDARIES OF THE HIGH-GRADE MINERALISATION AT HUALILAN GOLD PROJECT 2 Feb 2021 - 131 METRES AT 2.5 G/T AUEQ2 IN NEW ZONE AT HUALILAN
Ends
This ASX announcement was approved and authorised by the Board.
For further information contact:
| Kris Knauer | Scott Funston | Media Enquiries |
|---|---|---|
| Managing Director | Chief Financial Officer | Jane Morgan |
| +61 411 885 979 | +61 413 867 600 | + 61 405 555 618 |
| [email protected] | [email protected] | [email protected] |
ASX: CEL
Issued Capital 653.1m shares 86.6m options
120m perf shares
Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005
Directors
Contact
16m perf rights
Challenger Exploration Limited ACN 123 591 382
Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
T: +61 8 6380 9235
www.challengerex.com
ASX Release 14 April 2021
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About Challenger Exploration
Challenger Exploration Limited's(ASX: CEL) aspiration is to become a globally significant gold producer. The Company is developing two complementary gold/copper projects in South America. The strategy for the Hualilan Gold project is for it to provide a high-grade low capex operation in the near term. This underpins CEL with a low risk, high margin source of cashflow while it prepares for a much larger bulk gold operation in Ecuador.
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Hualilan Gold Project , located in San Juan Province Argentina, is a near term development opportunity. It has extensive historical drilling with over 150 drill-holes and a non-JORC historical resource[(1)] of 627,000 Oz @ 13.7 g/t gold which remains open in most directions. The project was locked up in a dispute for the past 15 years and as a consequence had seen no modern exploration until CEL acquired the project in 2019. 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 45,000 metres of drilling, metallurgical test work of key ore types, and an initial JORC Compliant Resource and PFS.
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El Guayabo Gold/Copper Project covers 35 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 653.1m 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 Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman
Contact T: +61 8 6380 9235
www.challengerex.com
ASX Release 14 April 2021
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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.
Issued Capital 653.1m 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
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Contact T: +61 8 6380 9235 E: [email protected]
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 techniques | - | Nature and quality of sampling (eg cut channels, random | For historic exploration data, there is little information provided by previous explorers to detail sampling |
| chips, or specific specialised industry standard | techniques. Drill core was cut with a diamond saw longitudinally and one half submitted for assay. Assay | ||
| measurement tools appropriate to the minerals under | was generally done for Au. In some drill campaigns, Ag and Zn were also analysed. There is limited | ||
| investigation, such as down hole gamma sondes, or | multielement data available. No information is available for RC drill techniques and sampling. | ||
| handheld XRF instruments, etc). These examples should | For CEL drilling, diamond core (HQ3) was cut longitudinally on site using a diamond saw. Samples lengths | ||
| not be taken as limiting the broad meaning of sampling. | are from 0.5m to 2.0m in length (average 1m), taken according to lithology, alteration, and mineralization | ||
| - | Include reference to measures taken to ensure sample | contacts. | |
| - | representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are |
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. |
|
| Material to the Public Report. | CEL channel samples are cut into underground or surface outcrop using a hand-held diamond edged | ||
| - | In cases where ‘industry standard’ work has been done | cutting tool. Parallel saw cuts 3-5cm apart are cut 2-4cm deep into the rock which allows for the | |
| this would be relatively simple (eg ‘reverse circulation | extraction of a representative sample using and hammer and chisel. The sample is collected onto a | ||
| drilling was used to obtain 1 m samples from which 3 kg | plastic mat and collected into a sample bag. | ||
| was pulverised to produce a 30 g charge for fire assay’). In | Core and channel samples were crushed to approximately 85% passing 2mm. A 500g or a 1 kg sub- |
||
| other cases, more explanation may be required, such as | sample was taken and pulverized to 85% passing 75µm. A 50g charge was analysed for Au by fire assay | ||
| where there is coarse gold that has inherent sampling | with AA determination. Where the fire assay grade is > 10 g/t gold, a 50g charge was analysed for Au by | ||
| problems. Unusual commodities or mineralisation types | Fire assay with gravimetric determination. | ||
| (eg submarine nodules) may warrant disclosure of | |||
| detailed information. | A 10g charge was analysed for 48 elements by 4-acid digest and ICP-MS determination. Elements | ||
| determined were Ag, As, Ba, Be, Bi, Ca, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, | |||
| Ni, P, Pb, Rb, Re, S, Sb Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn and Zr. | |||
| Ag > 100 g/t, Zn, Pb and Cu > 10,000 ppm and S > 10% were re-analysed by the same method using a | |||
| different calibration. | |||
| Sample intervals were selected according to geological boundaries. There was no coarse gold observed | |||
| in any of the core or channel samples. | |||
| Drilling techniques | - | Drill type (eg core, reverse circulation, open-hole hammer, | Collar details for diamond core drilling (DD) and reverse circulation (RC) historic drilling campaigns is |
| rotary air blast, auger, Bangka, sonic, etc) and details (eg | provided below from archival data cross checked with drill logs and available plans and sections where | ||
| core diameter, triple or standard tube, depth of diamond | available. Collars shown below are in WGS84, zone 19s which is the standard projection used by CEL for | ||
| tails, face-sampling bit or other type, whether core is | the Project. Collar locations have been check surveyed using differential GPS (DGPS) by CEL to verify if | ||
| oriented and if so, by what method, etc). | the site coincides with a marked collar or tagged drill site. In most cases the drill collars coincide with |
Challenger Exploration Limited Issued Capital Australian Registered Office ACN 123 591 382 653.1m shares Level 1 ASX: CEL 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 |
Commentary |
|---|---|
| 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 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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
| 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 |
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 | Commentary | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 |
|---|---|
| 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 Typ e East (m) North (m) Elevation (m ASL) Azimuth (°) Dip (°) Depth (m) 03HD01A DD 2504627.8 6600800.1 1798.4 180 -60 130.2 03HD02 DD 2504457.9 6600747.8 1782.9 180 -60 130.5 03HD03 DD 2504480.1 6600448.6 1774.0 360 -45 100.2 04HD04 DD 2504436.6 6600439.3 1773.4 360 -60 104.6 04HD05 DD 2504420.9 6600256.8 1769.5 110 -68 122.6 04HD06 DD 2504428.6 6600236.6 1768.1 110 -68 136.0 04HD07 DD 2504415.7 6600277.7 1769.0 100 -63 108.2 04HD08 DD 2504826.5 6601920.2 1801.3 116 -70 70.0 04HD09 DD 2504832.3 6601928.1 1801.7 116 -70 75.9 04HD10 DD 2504648.5 6600788.9 1801.5 205 -60 120.0 04HD11 DD 2504462.0 6600428.3 1773.6 075 -62 95.1 04HD12 DD 2504449.3 6600648.9 1779.6 360 -60 77.4 04HD13 DD 2504434.5 6600646.6 1779.7 360 -60 74.0 04HD14 DD 2504461.1 6600748.4 1783.1 180 -70 130.6 04HD15 DD 2504449.9 6600646.2 1779.6 360 -64 160.0 04HD16C DD 2504457.1 6600311.7 1770.3 195 -65 225.5 04HD17 DD 2504417.5 6600256.6 1769.5 110 -72 213.2 04HD18 DD 2504528.5 6600792.0 1791.9 170 -50 140.7 04HD19 DD 2504648.5 6600788.9 1801.5 205 -77 120.0 04HD20 DD 2504648.5 6600788.9 1801.5 205 -80 120.0 04HD21 DD 2504648.5 6600788.9 1801.5 205 -60 120.0 04HD23 DD 2504441.0 6600456.0 1772.5 075 -82 499.7 04HD24 DD 2504389.0 6600252.0 1766.5 090 -81 188.2 04HD25 DD 2504456.0 6600294.0 1768.5 155 -84 500.8 04HD26 DD 2504424.0 6600409.0 1771.5 180 -69 464.9 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 |
|---|---|
| 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. 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 GNDD205 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) GNDD001 504803.987 6601337.067 1829.289 -57 115 109.0 GNDD002 504793.101 6601312.095 1829.393 -60 115 25.6 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| 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 | ||
| GNDD028 | 504824.752 | 6601321.020 | 1827.837 | -57 | 115 | 100.0 | ||
| GNDD029 | 504791.830 | 6601316.140 | 1829.344 | -71 | 115 | 120.2 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| 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 | ||
| GNDD083 | 504646.604 | 6600336.172 | 1823.893 | -60 | 115 | 181.0 | ||
| GNDD085 | 504456.068 | 6599888.509 | 1799.895 | -60 | 115 | 90.0 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| 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 | ||
| GNDD123 | 504823.784 | 6601510.706 | 1833.612 | -63 | 130 | 130.0 | ||
| GNDD124 | 504410.706 | 6600099.603 | 1806.296 | -70 | 115 | 160.0 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| 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 | ||
| GNDD153 | 504690.458 | 6600986.257 | 1824.840 | -70 | 115 | 326.0 | ||
| GNDD154 | 504891.810 | 6601503.838 | 1834.134 | -65 | 350 | 212.0 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| 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 | ||
| GNDD182 | 504669.526 | 6601127.040 | 1828.630 | -60 | 115 | 332.00 | ||
| GNDD183 | 504775.514 | 6601523.887 | 1835.124 | -65 | 115 | 146.00 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| 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 | 504502.0 | 6600107.0 | 1814.0 | -45 | 90 | 315.60 | ||
| GNDD207 | 504527.0 | 6600355.5 | 1814.9 | -60 | 115 | 365.00 | ||
| GNDD208 | 504921.1 | 6601010.3 | 1817.6 | -60 | 295 | 299.00 | ||
| GNDD209 | 504455.1 | 6599660.8 | 1793.6 | -60 | 115 | 212.00 | ||
| GNDD210 | 504463.8 | 6600031.9 | 1804.7 | -55 | 115 | 404.00 | ||
| GNDD211 | 504920.6 | 6601054.7 | 1819.1 | -60 | 295 | 260.00 | ||
| GNDD212 | 504559.7 | 6600171.9 | 1821.2 | -50 | 170 | 90.00 | ||
| GNDD213 | 504463.1 | 6599944.0 | 1802.1 | -55 | 115 | 401.00 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD214 | 504478.0 | 6599646.0 | 1794.5 | -25 | 115 | 185.30 | ||
| GNDD215 | 504842.6 | 6601001.4 | 1821.1 | -60 | 295 | 215.50 | ||
| GNDD216 | 504574.9 | 6600730.4 | 1823.3 | -60 | 115 | 260.00 | ||
| GNDD217 | 504525.6 | 6600193.0 | 1816.1 | -60 | 170 | 140.00 | ||
| GNDD218 | 504746.0 | 6601003.7 | 1821.7 | -60 | 295 | 250.00 | ||
| GNDD219 | 504559.7 | 6600171.9 | 1821.2 | -67 | 170 | 125.00 | ||
| GNDD220 | 504505.1 | 6600762.9 | 1826.7 | -60 | 115 | 269.00 | ||
| GNDD221 | 504559.7 | 6600171.9 | 1821.2 | -75 | 170 | 165.00 | ||
| GNDD222 | 504741.6 | 6600961.6 | 1822.1 | -60 | 295 | 251.00 | ||
| GNDD223 | 504521.6 | 6600215.8 | 1814.9 | -60 | 170 | 200.00 | ||
| GNDD224 | 504451.8 | 6600478.9 | 1818.6 | -60 | 115 | 338.00 | ||
| GNDD225 | 504525.3 | 6601150.7 | 1833.8 | -60 | 115 | 299.00 | ||
| GNDD226 | 504650.0 | 6601710.4 | 1847.2 | -60 | 115 | 281.00 | ||
| GNDD227 | 504521.6 | 6600215.8 | 1814.9 | -66 | 170 | 266.00 | ||
| GNDD228 | 504776.1 | 6601210.3 | 1827.9 | -61 | 115 | 330.00 | ||
| GNDD229 | 504634.1 | 6601320.7 | 1835.8 | -60 | 115 | 255.00 | ||
| GNDD230 | 504659.3 | 6601617.0 | 1843.8 | -60 | 115 | 284.00 | ||
| GNDD231 | 504922.0 | 6602641.0 | 1819.0 | -60 | 110 | 240.00 | ||
| GNDD232 | 504313.3 | 6599837.1 | 1802.0 | -65 | 115 | 179.30 | ||
| GNDD233 | 504672.4 | 6601526.1 | 1836.9 | -50 | 115 | 236.00 | ||
| GNDD234 | 504823.1 | 6601276.7 | 1828.9 | -60 | 115 | 116.00 | ||
| GNDD235 | 504378.9 | 6599939.1 | 1803.5 | -65 | 115 | 140.00 | ||
| GNDD236 | 504598.6 | 6601381.4 | 1838.8 | -60 | 115 | 260.00 | ||
| GNDD237 | 504630.4 | 6601587.2 | 1841.8 | -60 | 115 | 450.00 | ||
| GNDD238 | 504913.0 | 6602615.0 | 1810.0 | -60 | 110 | 250.00 | ||
| GNDD239 | 504478.0 | 6599646.0 | 1794.5 | -50 | 115 | 91.00 | ||
| GNDD240 | 504478.7 | 6600228.5 | 1813.4 | -55 | 170 | 200.00 | ||
| GNDD241 | 504491.0 | 6599568.0 | 1794.2 | -45 | 115 | 146.50 | ||
| GNDD242 | 504580.0 | 6601301.8 | 1837.8 | -60 | 115 | 340.20 | ||
| GNDD243 | 504445.0 | 6600219.0 | 1811.7 | -60 | 170 | 161.00 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 | ||||||
|---|---|---|---|---|---|---|---|---|
| GNDD244 | 504842.0 | 6602585.0 | 1810.0 | -60 | 110 | 281.00 | ||
| GNDD245 | 504683.8 | 6601565.3 | 1837.9 | -50 | 115 | 306.00 | ||
| GNDD246 | 504308.8 | 6599839.4 | 1802.3 | -72 | 115 | 212.00 | ||
| GNDD247 | 504467.0 | 6599500.0 | 1797.0 | -35 | 115 | 180.00 | ||
| GNDD248 | 504667.4 | 6601481.7 | 1838.8 | -60 | 115 | 320.00 | ||
| GNDD249 | 504566.9 | 6601219.1 | 1833.3 | -60 | 115 | 280.00 | ||
| GNDD250 | 504333.6 | 6599872.1 | 1802.5 | -60 | 115 | 197.00 | ||
| GNDD251 | 504476.0 | 6599539.0 | 1795.2 | -45 | 115 | 170.50 | ||
| GNDD252 | 504835.6 | 6600917.8 | 1817.0 | -60 | 295 | 308.00 | ||
| GNDD253 | 504463.9 | 6599612.6 | 1792.3 | -60 | 115 | 277.90 | ||
| GNDD254 | 504621.5 | 6601546.2 | 1840.0 | -60 | 115 | 413.00 | ||
| GNDD255 | 504617.7 | 6601151.8 | 1831.3 | -60 | 115 | 229.00 | ||
| GNDD256 | 504440.0 | 6599480.0 | 1788.5 | -40 | 115 | 200.00 | ||
| GNRC052 | 504443.927 | 6599554.145 | 1790.676 | -60 | 115 | 90 | ||
| GNRC053 | 504452.888 | 6599589.416 | 1791.660 | -60 | 115 | 96 | ||
| GNRC054 | 504458.908 | 6599679.484 | 1794.408 | -60 | 115 | 90 | ||
| GNRC055 | 504461.566 | 6599726.253 | 1795.888 | -60 | 115 | 102 | ||
| GNRC056 | 504463.187 | 6599763.817 | 1796.276 | -60 | 115 | 102 | ||
| GNRC057 | 504453.440 | 6599901.106 | 1800.270 | -60 | 115 | 96 | ||
| GNRC058 | 504716.992 | 6600488.640 | 1825.624 | -60 | 115 | 102 | ||
| GNRC059 | 504785.101 | 6600721.845 | 1817.042 | -60 | 115 | 84 | ||
| GNRC061 | 504963.888 | 6601521.567 | 1835.635 | -60 | 115 | 30 | ||
| GNRC062 | 504943.260 | 6601531.855 | 1834.917 | -60 | 115 | 30 | ||
| GNRC063 | 504914.884 | 6601499.583 | 1833.781 | -60 | 115 | 36 | ||
| GNRC064 | 504895.067 | 6601472.101 | 1833.039 | -60 | 115 | 36 | ||
| GNRC065 | 504865.673 | 6601481.570 | 1831.536 | -60 | 115 | 60 | ||
| GNRC066 | 504896.480 | 6601506.894 | 1834.226 | -60 | 115 | 48 | ||
| GNRC067 | 504911.268 | 6601541.124 | 1836.127 | -60 | 115 | 50 | ||
| GNRC068 | 504990.546 | 6601552.694 | 1835.287 | -60 | 030 | 114 | ||
| GNRC069 | 504934.855 | 6601579.782 | 1836.179 | -60 | 115 | 120 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 | JORC Code explanation | Commentary | ||||
|---|---|---|---|---|---|---|---|
| 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 recovery | - | Method of recording and assessing core and chip sample | Drill core is placed into wooden boxes | by the drillers and depth marks are indicated on wooden blocks at | |||
| recoveries and results assessed. | the end of each run. These depths are reconciled by CEL geologists when measuring core recovery. | ||||||
| - | Measures taken to maximise sample recovery and ensure representative nature of the samples. |
Triple tube drilling has been being done by CEL to maximise core recovery. | |||||
| - | Whether a relationship exists between sample recovery | RC sub-samples are collected from a rotary splitter mounted to the face sample recovery cyclone. A 2-4 | |||||
| and grade and whether sample bias may have occurred | kg sub-samples is collected for each metre of RC drilling. Duplicate samples are taken at the rate of I | ||||||
| due to preferential loss/gain of fine/coarse material. | every 25-30 samples using a riffle splitter to split out a 2-4 kg sub-sample. The whole sample recovered is weighed to measure sample recovery and consistency in sampling. |
||||||
| A possible relationship has been observed between historic sample recovery and Au Ag or Zn grade | |||||||
| whereby low recoveries have resulted | in underreporting of grade. Insufficient information is not yet | ||||||
| available to more accurately quantify this. Core recovery is influenced by the intensity of natural | |||||||
| fracturingin the rock. Apositive correlation between recoveryand RQD has been observed. The |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 |
|---|---|
| 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) 497 0.982 0.200 0.209 0.009 0.008 4.095 5.321 Ag (ppm) 497 0.668 0.87 0.72 0.21 0.19 21.14 10.56 Cd (ppm) 497 0.988 3.42 3.04 0.20 0.18 537.29 413.68 Cu (ppm) 497 0.283 22.07 15.46 3.40 3.30 2.1E+04 6.6E+03 Fe (%) 497 0.978 1.418 1.392 1.500 1.490 2.7 2.5 Pb (ppm) 497 0.989 127.8 126.1 15.0 14.4 9.7E+05 1.3E+06 S (%) 497 0.988 0.351 0.343 0.080 0.080 1.136 1.027 Zn (ppm) 497 0.992 583 518 85 85 1.3.E+07 9.6.E+06 n=count RSQ = R squared The correlation for Cu ispoor because of 1pair,where Cu results varysignificantly. Removingthis outlier |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 |
|---|---|
| provides at RSQ for Cu of 0.964 RC sub-samples over 1m intervals are collected at the drill site from a cyclone mounted on the drill rig. A duplicate RC sample is collected for every 25-30m drilled. The duplicate RC sample results and correlation plots (log scale for Au, Ag and Zn) are shown below: n RSQ mean median variance original duplicate original duplicate original duplicate Au (ppm) 85 0.799 0.101 0.140 0.017 0.016 0.041 0.115 Ag (ppm) 85 0.691 1.74 2.43 0.59 0.58 13.59 64.29 Cd (ppm) 85 0.989 15.51 16.34 0.41 0.44 4189 4737 Cu (ppm) 85 0.975 47.74 53.86 5.80 5.70 2.4E+04 3.1E+04 Fe (%) 85 0.997 1.470 1.503 0.450 0.410 7.6 7.6 Pb (ppm) 85 0.887 296.0 350.6 26.3 32.4 6.0E+05 7.4E+05 S (%) 85 0.972 0.113 0.126 0.020 0.020 0.046 0.062 Zn (ppm) 85 0.977 3399 3234 158 177 2.5.E+08 2.1.E+08 n=count RSQ = R squared |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 653.1m 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 |
|---|---|---|---|
| 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. | |||
| 12 duplicate channel samples have been collected. The data is not yet statistically significant to allow a | |||
| discussion of the significance of the results. | |||
| Quality of assay data | - |
The nature quality and appropriateness of the assaying | The MSA laboratory used for sample preparation in San Juan has been inspected by Stuart Munroe |
| and laboratory tests | and laboratory procedures used and whether the technique is considered partial or total. |
(Exploration Manager) and Sergio Rotondo (COO) prior to any samples being submitted. The laboratory procedures are consistent with international best practice and are suitable for samples from the Project. |
|
| - | For geophysical tools spectrometers handheld XRF | The ALS laboratory in Mendoza has not yet been inspected by CEL representatives. | |
| instruments etc the parameters used in determining the | Internal laboratory standards were used for each job to ensure correct calibration of elements. | ||
| analysis including instrument make and model reading | |||
| times calibrations factors applied and their derivation etc. | CEL submit blank samples (cobble and gravel material from a quarry nearby to Las Flores San Yuan) to | ||
| - | Nature of quality control procedures adopted (eg standards blanks duplicates external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. |
both the MSA laboratory and the ALS laboratory which were strategically placed in the sample sequence immediately after samples that were suspected of containing high grade Au Ag Zn or Cu to test the lab preparation contamination procedures. The values received from the blank samples suggest rare cross contamination of samples during sample preparation. 13 blank samples have been submitted with the channel samples where final results been received. The |
|
| blank sample results are consistent with the blank results submitted with the drill core samples and no | |||
| unexpected results have been returned. |
Challenger Exploration Limited
ACN 123 591 382
ASX: CEL
Issued Capital
653.1m 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
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Criteria JORC Code explanation planation lanation Commentary
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Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 653.1m 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
www.challengerex.com
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----- Start of picture text -----
Criteria JORC Code explanation Commentary
For GNDD001 – GNDD010 samples analysed by MSA in 2019, three different Certified Standard
Reference pulp samples (CRM) with known values for Au Ag Pb Cu and Zn have been submitted with
samples of drill core to test the precision and accuracy of the analytic procedures and determination of
the MSA laboratory in Canada Two of the standards were only used 4 times each and the third . 26
reference analyses were analysed in the samples submitted in 2019. For CRM 1 one sample returned an
Au value > 2 standard deviations (SD) above the certified value. For CRM 2 one sample returned an Au
value < 2SD below the certified value. For CRM 3 (graphs below) one sample returned a Cu value > 2SD
above the certified value. All other analyses are within 2SD of the expected value. The standards
demonstrate suitable precision and accuracy of the analytic process. No systematic bias is observed.
----- End of picture text -----
Challenger Exploration Limited ACN 123 591 382
ASX: CEL
Issued Capital
653.1m 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
==> picture [740 x 405] intentionally omitted <==
----- Start of picture text -----
Criteria JORC Code explanation planation lanation Commentary
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.
11 standards (CRM) have been submitted with the channel samples. The results are consistent with CRM
submitted with drill core samples.
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----- Start of picture text -----
Criteria JORC Code explanation planation lanation Commentary
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.
11 standards (CRM) have been submitted with the channel samples. The results are consistent with CRM
submitted with drill core samples.
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Challenger Exploration Limited ACN 123 591 382
ASX: CEL
Issued Capital
653.1m 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
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Criteria JORC Code explanation planation lanation Commentary
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Criteria JORC Code explanation planation lanation Commentary
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Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 653.1m 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
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Criteria JORC Code explanation planation lanation Commentary
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Criteria JORC Code explanation planation lanation Commentary
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Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 653.1m 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 |
|---|---|---|---|
| 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. | |||
| 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 to locate drill holes | Following completion of drilling collars are surveyed using a differential GPS (DGPS) relative into the |
| points | (collar and down-hole surveys) trenches mine workings | Argentinian SGM survey. The locations have been surveyed in POSGAR 2007 zone 2 and converted to | |
| and other locations used in Mineral Resource estimation. | WGS84 UTM zone 19s. | ||
| - | Specification of the grid system used. | ||
| - | Quality and adequacy of topographic control. | Following completion of the channel sampling, the location of the channel samples taken underground is | |
| surveyed from a survey mark at the entrance to the underground which is located using differential GPS. | |||
| The drill machine is set-up on the drill pad using hand-held equipment according to the proposed hole | |||
| design. | |||
| Diamond core drill holes are surveyed at 30-40m intervals down hole using a Reflex tool. RC drill holes | |||
| are surveyed down hole every 10 metres using a gyroscope to avoid magnetic influence from the drill | |||
| rods. | |||
| All current and previous drill collar sites Minas corner pegs and strategic surface points have been | |||
| surveyed using DGPS to provide topographic control for the Project. | |||
| Data spacing and | - | Data spacing for reporting of Exploration Results. | No regular drill hole spacing has been applied across the Project, although a nominal 40m x 40m drill |
| distribution | - | Whether the data spacing and distribution is sufficient to | spacing is being applied to infill and extension drilling where appropriate. The current drilling is designed |
| establish the degree of geological and grade continuity | to check previous exploration, extend mineralisation along strike, and provide some information to | ||
| appropriate for the Mineral Resource and Ore Reserve | establish controls on mineralization and exploration potential. No Mineral Resource Estimate to JORC | ||
| estimation procedure(s) and classifications applied. | 2012 reporting standards has been made at this time. | ||
| - | Whether sample compositing has been applied. | Samples have not been composited. |
Challenger Exploration Limited Issued Capital Australian Registered Office ACN 123 591 382 653.1m shares Level 1 ASX: CEL 86.6m options 1205 Hay Street 120m perf shares 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 |
|---|---|---|---|
| Orientation of data | - | Whether the orientation of sampling achieves unbiased | As far as is currently understood the orientation of sampling achieves unbiased sampling of structures |
| in relation to | sampling of possible structures and the extent to which | and geology controlling the mineralisation. | |
| geological structure | - | this is known considering the deposit type. If the relationship between the drilling orientation and the |
Drilling has been designed to provide an unbiased sample of the geology and mineralisation targeted. |
| orientation of key mineralised structures is considered to | |||
| have introduced a sampling bias this should be assessed | |||
| and reported if material. | |||
| Sample security | - | The measures taken to ensure sample security. | Samples were under constant supervision by site security, senior personnel and courier contractors prior |
| to delivery to the preparation laboratory in San Juan or Mendoza. | |||
| Audits or reviews | - | The results of any audits or reviews of sampling | There has not yet been any independent reviews of the sampling techniques and data. |
| techniques and data. |
ASX: CEL
Issued Capital 653.1m 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
www.challengerex.com
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria JORC Code explanation |
Commentary | Commentary | Commentary | Commentary | Commentary | Commentary |
|---|---|---|---|---|---|---|
| Mineral tenement and land tenure status - Type reference name/number location and ownership including agreements or material issues with third parties such as joint ventures partnerships overriding royalties native title interests historical sites wilderness or national park and environmental settings. - The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
The current Hualilan project comprises 15 Minas (equivalent of mining leases) and 2 Demasias (mining lease extensions). This covers approximately 4 km of strike and includes all of the currently defined mineralization. There are no royalties on the project. CEL is earning a 75% interest in the Project by funding exploration to a Definitive Feasibility Study (DFS). Granted mining leases (Minas Otorgadas) at the Hualilan Project Name Number Current Owner Status Grant Date Area (ha) Cerro Sur Divisadero 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Flor de Hualilan 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Pereyra y Aciar 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Bicolor 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Sentazon 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Muchilera 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Magnata 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Pizarro 5448-M-1960 Golden Mining S.R.L. Granted 30/04/2015 6 Cerro Norte La Toro 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 La Puntilla 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 |
|||||
| Name | Number | Current Owner | Status | Grant Date | Area (ha) | |
| Cerro Sur | ||||||
| Divisadero | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Flor de Hualilan | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Pereyra y Aciar | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Bicolor | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Sentazon | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Muchilera | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Magnata | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Pizarro | 5448-M-1960 | Golden Mining S.R.L. |
Granted | 30/04/2015 | 6 | |
| Cerro Norte | ||||||
| La Toro | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| La Puntilla | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 653.1m 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 | |||||
|---|---|---|---|---|---|---|
| Pique de Ortega | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| Descrubidora | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| Pardo | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| Sanchez | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| Andacollo | 5448-M-1960 | CIA GPL S.R.L. | Granted | 30/04/2015 | 6 | |
| Mining Lease extensions (Demasias) at | the Hualilan Project | |||||
| Name | Number | Current Owner | Status | Grant date | Area (ha) | |
| Cerro Sur | ||||||
| North of "Pizarro" Mine |
195-152-C-1981 | Golden Mining S.R.L. |
Granted | 05/12/2014 | 1.9 | |
| Cerro Norte | ||||||
| South of "La Toro" Mine |
195-152-C-1981 | CIA GPL S.R.L. | Granted | 05/12/2014 | 1.9 | |
| Exploration done by other parties - Acknowledgment and appraisal of exploration by other parties. |
Intermittent sampling dating back over 500 years has produced a great deal of information and data including sampling geologic maps reports trenching data underground workings drill hole results geophysical surveys resource estimates plus property examinations and detailed studies by several geologists. Prior to the current exploration no work has been completed since 2006. There is 6 km of underground workings that pass through mineralised zones. Records of the underground |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Australian Registered Office Level 1 1205 Hay Street
Issued Capital
653.1m 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 |
|---|---|---|---|
| geology and sampling are currently being compiled and digitised as are sample data geological mapping trench | |||
| data adit exposures and drill hole results. Geophysical surveys exist but have largely yet to be check located and | |||
| digitised. | |||
| Drilling on the Hualilan Project (Cerro Sur and Cerro Norte combined) extends to over 150 drill holes. The key | |||
| historical exploration drilling and sampling results are listed below. | |||
| - 1984 – Lixivia SA channel sampling & 16 RC holes (AG1-AG16) totalling 2040m |
|||
| - 1995 - Plata Mining Limited (TSE: PMT) 33 RC holes (Hua- 1 to 33) + 1500 samples |
|||
| - 1998 – Chilean consulting firm EPROM (on behalf of Plata Mining) systematic underground mapping and |
|||
| channel sampling | |||
| - 1999 – Compania Mineral El Colorado SA (“CMEC”) 59 core holes (DDH-20 to 79) plus 1700m RC |
|||
| program | |||
| - 2003 – 2005 – La Mancha (TSE Listed) undertook 7447m of DDH core drilling (HD-01 to HD-48) |
|||
| - Detailed resource estimation studies were undertaken by EPROM Ltda. (EPROM) in 1996 and CMEC |
|||
| (1999 revised 2000) both of which were written to professional standards and La Mancha 2003 and | |||
| 2006. | |||
| - The collection of all exploration data by the various operators was of a high standard and had |
|||
| appropriate samplingtechniques intervals and custody procedures were used. | |||
| Geology | - | Deposit type geological setting and style of | Mineralisation occurs in all rock types where it preferentially replaces limestone, shale and sandstone and occurs |
| mineralisation. | in fault zones and in fracture networks within dacitic intrusions. | ||
| The mineralisation has previously been classified as a Zn-Cu distal skarn (or manto-style skarn) with vein-hosted | |||
| Au-Ag mineralisation. It has been divided into three phases – prograde skarn retrograde skarn and a late quartz– | |||
| galena event the evolution of the hydrothermal system and mineral paragenesis is the subject of more detailed | |||
| geometallurgical work. | |||
| Gold occurs in native form and as inclusions with sulphide and pyroxene. The mineralisation also commonly | |||
| contains pyrite, chalcopyrite sphalerite and galena with rare arsenopyrite, pyrrhotite and magnetite. | |||
| Mineralisation is either parallel to bedding in bedding-parallel faults, in veins or breccia matric within fractured | |||
| dacitic intrusions, at lithology contacts or in east-west striking steeply dipping siliceous faults that cross the | |||
| bedding at a high angle. The faults have thicknesses of 1–4 m and contain abundant sulphides. The intersection | |||
| between the bedding-parallel mineralisation and east-striking cross veins seems to be important in localising the | |||
| mineralisation. | |||
| Drill hole | - | A summary of all information material to the | The following significant intersections have been reported by previous explorers. A cut-off grade of 1 g/t Au |
| Information | understanding of the exploration results including a | equivalent 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 | |
| tabulation of the following information for all | 4m of internal diltion has been allowed. No metallurcial or recovery factors have been used. Drill collar location |
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 653.1m 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Material drill holes: | is provided in the previous section. | ||||||||
| - - - |
easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole |
Hole_id AG16 MG10 DDH36 |
From(m) 38.6 108.0 24.7 |
Interval(m) 1.2 3.0 9.3 |
Au(g/t) 0.1 1.3 1.6 |
Ag (g/t) 28.6 No assay 46.3 |
Zn(%) 1.7 No assay 1.2 |
||
| - | down hole length and interception depth | DDH53 | 17.3 | 1.4 | 1.0 | 1.7 | 0.00 | ||
| - | hole length. | DDH53 | 24.0 | 8.9 | 3.7 | 239.5 | 0.03 | ||
| - | If the exclusion of this information is justified on the | DDH53 | 35.7 | 3.9 | 3.9 | 87.8 | 0.06 | ||
| basis that the information is not Material and this | DDH53 | 41.0 | 3.0 | 2.6 | 7.6 | 0.20 | |||
| exclusion does not detract from the understanding of | DDH54 | 20.0 | 1.1 | 1.2 | 0.7 | 0.00 | |||
| the report the Competent Person should clearly | DDH54 | 31.1 | 8.3 | 3.9 | 32.1 | 0.80 | |||
| explain why this is the case. | DDH65 | 62.0 | 8.2 | 11.0 | 60.6 | 1.2 | |||
| DDH65 | 82.0 | 1.0 | 1.8 | 33.4 | 0.30 | ||||
| DDH66 | 83.1 | 7.2 | 23.7 | 42.9 | 2.4 | ||||
| DDH66 | 87.9 | 2.4 | 69.9 | 114.4 | 2.2 | ||||
| DDH66 | 104.9 | 2.8 | 1.8 | 29.0 | 0.10 | ||||
| DDH67 | 98.7 | 1.3 | 0.2 | 7.8 | 1.3 | ||||
| DDH68 | 4.0 | 17.9 | 2.2 | 6.3 | 0.20 | ||||
| DDH68 | 73.7 | 0.5 | 0.8 | 9.0 | 1.2 | ||||
| DDH69 | 4.0 | 16.1 | 2.3 | 1.6 | 0.10 | ||||
| DDH69 | 76.9 | 0.3 | 0.1 | 7.0 | 28.0 | ||||
| DDH69 | 79.7 | 0.8 | 1.3 | 120.0 | 4.5 | ||||
| DDH70 | 84.0 | 7.0 | 5.2 | 13.5 | 0.70 | ||||
| DDH71 | 11.0 | 2.0 | 0.5 | 218.0 | 0.06 | ||||
| DDH71 | 39.9 | 1.0 | 1.3 | 6.0 | 0.03 | ||||
| DDH71 | 45.5 | 1.1 | 0.4 | 22.8 | 0.60 | ||||
| DDH71 | 104.0 | 10.0 | 33.5 | 126.7 | 7.9 | ||||
| DDH72 | 26.0 | 11.7 | 3.8 | 14.1 | 1.3 | ||||
| DDH72 | 52.7 | 6.3 | 1.5 | 30.4 | 0.04 | ||||
| DDH73 | 62.5 | 3.5 | 0.5 | 15.6 | 0.60 | ||||
| DDH74 | 119.9 | 0.5 | 7.3 | 98.5 | 2.6 | ||||
| DDH76 | 61.3 | 0.7 | 4.0 | 11.1 | 0.50 | ||||
| DDH76 | 74.4 | 4.0 | 0.8 | 8.8 | 0.30 | ||||
| DDH76 | 84.8 | 1.2 | 1.4 | 10.9 | 2.0 | ||||
| DDH78 | 109.1 | 0.7 | 1.1 | 13.4 | 1.9 | ||||
| 03HD01A | 90.1 | 1.7 | 2.1 | 37.4 | 2.4 | ||||
| 03HD03 | 55.0 | 2.4 | 2.5 | 25.6 | 2.3 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 | |||||
|---|---|---|---|---|---|---|---|
| 04HD05 | 80.3 | 2.0 | 0.9 | 42.7 | 0.02 | ||
| 04HD05 | 97.5 | 1.8 | 1.9 | 35.0 | 0.04 | ||
| 04HD05 | 102.0 | 1.0 | 1.3 | 42.1 | 0.01 | ||
| 04HD05 | 106.0 | 1.0 | 0.7 | 28.0 | 0.05 | ||
| 04HD05 | 108.0 | 5.6 | 2.8 | 19.9 | 1.2 | ||
| 04HD06 | 65.4 | 1.2 | 46.6 | 846.0 | 0.50 | ||
| 04HD06 | 75.0 | 1.0 | 1.0 | 2.9 | 0.01 | ||
| 04HD06 | 104.5 | 7.6 | 1.8 | 5.0 | 1.2 | ||
| 04HD06 | 115.1 | 0.9 | 16.4 | 23.1 | 7.7 | ||
| 04HD07 | 98.3 | 2.2 | 1.4 | 32.5 | 0.90 | ||
| 04HD10 | 44.3 | 0.2 | 3.9 | 81.5 | 5.6 | ||
| 04HD10 | 55.5 | 0.5 | 1.3 | 11.5 | 0.46 | ||
| 04HD10 | 78.6 | 1.7 | 4.8 | 93.7 | 2.4 | ||
| 04HD11 | 28.0 | 1.0 | 0.1 | 9.3 | 1.4 | ||
| 04HD12 | 49.3 | 0.7 | 1.5 | 16.1 | 0.10 | ||
| 04HD13 | 61.5 | 1.0 | 0.8 | 7.9 | 0.20 | ||
| 04HD15 | 103.7 | 0.3 | 1.7 | 32.9 | 0.80 | ||
| 04HD16C | 107.5 | 6.8 | 8.6 | 117.1 | 9.1 | ||
| 04HD16C | 111.8 | 2.5 | 7.6 | 75.6 | 11.5 | ||
| 04HD16C | 144.9 | 1.9 | 9.1 | 31.2 | 5.5 | ||
| 04HD16C | 171.1 | 0.4 | 0.5 | 9.4 | 1.7 | ||
| 04HD17 | 134.9 | 0.7 | 2.5 | 14.3 | 4.1 | ||
| 04HD17 | 139.1 | 0.5 | 10.5 | 9.4 | 0.20 | ||
| 04HD17 | 199.6 | 0.2 | 0.8 | 3.5 | 5.9 | ||
| 04HD17 | 202.1 | 1.9 | 4.5 | 1.5 | 0.70 | ||
| 04HD20 | 43.2 | 1.8 | 0.9 | 83.9 | 0.20 | ||
| 04HD21 | 70.1 | 0.2 | 4.8 | 60.6 | 6.4 | ||
| 04HD21 | 141.1 | 0.6 | 12.9 | 105.0 | 4.8 | ||
| 04HD24 | 72.0 | 2.0 | 2.5 | 3.2 | 0.04 | ||
| 04HD24 | 83.0 | 2.0 | 3.1 | 25.3 | 0.04 | ||
| 04HD24 | 94.0 | 4.2 | 0.7 | 21.2 | 0.10 | ||
| 04HD25 | 92.0 | 1.7 | 2.4 | 51.5 | 6.3 | ||
| 04HD26 | 21.7 | 2.3 | 1.5 | 32.5 | 3.0 | ||
| 04HD28 | 42.8 | 0.4 | 1.9 | 4.5 | 0.10 | ||
| 04HD29 | 37.0 | 1.0 | 0.1 | 112.0 | 0.01 | ||
| 05HD42 | 90.5 | 1.0 | 1.9 | 6.1 | 0.03 | ||
| 05HD42 | 115.0 | 3.0 | 29.0 | 103.1 | 0.20 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 | |
|---|---|---|
| 05HD43 69.0 1.0 1.8 2.3 0.01 05HD43 81.0 3.0 2.8 51.5 0.50 05HD43 90.7 2.3 1.4 29.6 0.30 05HD44 87.5 1.1 3.8 3.4 0.01 05HD44 91.2 1.4 0.0 3.6 2.8 From GNDD001 the following significant assay results have been received reported to a cut-off of 1.0 g/t AuEq (gold equivalent) unless otherwise indicated. Drill collar location is provided in the previous section. Drilling in 2019: Hole_id Interval(m) From Au(g/t) Ag (g/t) Zn(%) AuEq (g/t) |
||
| GNDD001 10.00 27.00 0.94 4.9 0.33 1.1 (2) inc 3.00 32.00 2.3 5.8 0.50 2.6 GNDD002A 5.00 31.00 0.74 2.7 0.67 1.1 and 3.00 81.50 3.1 8.6 5.8 5.7 GNDD003 6.10 55.00 34.6 22 2.9 36.2 (1) GNDD004 20.50 5.50 1.1 5.3 0.45 1.4 (2) inc 8.47 6.03 2.0 7.8 0.68 2.4 and 3.43 18.67 1.2 3.2 0.26 1.3 GNDD005 19.00 29.00 1.3 8.1 0.62 1.6 (2) inc 2.00 29.00 0.79 18 3.3 2.5 and 4.00 43.00 5.1 22 0.49 5.6 and 7.00 59.00 7.8 72 1.4 9.3 inc 3.00 61.00 16.5 135 1.6 18.9 (1) and 10.00 75.00 0.75 38 0.27 1.4 (2) inc 3.00 77.00 1.7 39 0.43 2.3 inc 1.00 83.00 1.2 156 0.72 3.5 GNDD006 6.50 78.50 4.2 21 0.29 4.6 inc 3.80 78.50 6.8 34 0.41 7.4 and 1.45 90.00 2.1 41 0.92 3.1 GNDD007 45.92 13.00 0.43 7.8 0.12 0.58 (2) inc 3.00 45.00 1.9 5.2 0.26 2.0 inc 3.00 55.00 2.3 35 0.54 2.9 GNDD007A 27.00 25.00 0.43 7.2 0.09 0.56 (2) inc 1.80 46.00 2.4 3.1 0.12 2.5 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) |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 E: [email protected]
16m perf rights
www.challengerex.com
| Criteria JORC Code explanation |
Commentary | |
|---|---|---|
| and 0.60 176.40 1.9 6.7 0.99 2.4 GNDD008 35.50 16.50 0.33 8.1 0.10 0.47 (2) inc 1.00 36.00 1.7 6.2 0.08 1.9 inc 1.63 43.37 1.7 8.4 0.14 1.9 inc 1.15 47.85 1.2 16 0.56 1.7 and 5.70 91.00 12.3 182 0.67 15.0 (1) and 1.00 99.70 0.93 43 0.52 1.7 and 2.40 107.00 6.3 222 1.9 10.0 GNDD008A 35.50 17.50 0.24 13 0.08 0.43 (2) and 20.00 95.00 3.3 45 0.55 4.1 (2) inc 2.64 96.60 22.8 218 0.68 25.9 (1) inc 10.00 105.00 0.6 28.2 0.71 1.2 GNDD009 7.00 72.00 2.3 102 0.08 3.6 and 3.00 100.00 0.85 50 0.02 1.5 and 10.32 109.10 10.4 28 4.6 12.7 inc 4.22 115.20 21.9 58 8.7 26.4 (1) GNDD010 32.00 27.00 0.29 8.6 0.13 0.46 (2) inc 5.00 30.00 0.65 21 0.09 0.95 and 1.30 55.00 1.1 30 0.80 1.8 and 7.22 136.00 7.5 60 1.1 8.8 (2) inc 3.00 139.00 17.7 143 2.5 20.6 |
||
| (1) cut-off of 10 g/t AuEq (2) cut-off of 0.2 g/t AuEq Drilling in 2020-21: 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m shares 86.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1
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
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| and | 156.00 | 1.90 | 1.0 | 31 | 2.8 | 2.6 | 0.02 | 0.79 | |||
| GNDD016 | 64.00 | 1.00 | 0.80 | 27 | 0 | 1.1 | 0.02 | 0.06 | |||
| and | 109.50 | 5.00 | 1.8 | 27 | 8.3 | 5.8 | 0.16 | 0.01 | |||
| and | 116.55 | 4.45 | 6.0 | 83 | 3.9 | 8.8 | 0.13 | 0.02 | |||
| GNDD017 | 34.30 | 1.7 | 0.31 | 24 | 2.0 | 1.5 | 0.06 | 1.0 | |||
| GNDD018 | 37.75 | 0.85 | 1.1 | 3.6 | 0.1 | 1.2 | 0.01 | 0.05 | |||
| and | 63.20 | 3.75 | 7.1 | 78 | 3.6 | 9.6 | 0.28 | 3.6 | |||
| inc | 64.40 | 2.55 | 10.3 | 114 | 4.9 | 13.9 | 0.41 | 5.2 | 1 | ||
| GNDD019 | 24.00 | 1.90 | 1.0 | 5.3 | 5.3 | 3.4 | 0.12 | 0.03 | |||
| GNDD020 | 71.25 | 8.25 | 17.7 | 257 | 0.30 | 21.1 | 0.60 | 0.68 | |||
| inc | 74.00 | 5.50 | 26.0 | 355 | 0.42 | 30.7 | 0.05 | 0.21 | 1 | ||
| and | 83.30 | 0.65 | 0.03 | 2.7 | 10.70 | 4.7 | 0.00 | 0.02 | |||
| GNDD021 | 14.80 | 1.20 | 11.0 | 9.0 | 0.39 | 11.3 | 0.01 | 0.08 | 1 | ||
| and | 31.50 | 0.35 | 28.1 | 104 | 5.8 | 31.9 | 0.35 | 0.12 | 1 | ||
| and | 98.20 | 19.80 | 0.29 | 2.2 | 3.4 | 1.8 | 0.01 | 0.04 | 2 | ||
| inc | 98.20 | 9.80 | 0.40 | 4.4 | 6.8 | 3.4 | 0.01 | 0.07 | |||
| inc | 104.20 | 0.80 | 0.88 | 13 | 22.7 | 10.9 | 0.02 | 0.30 | 1 | ||
| GNDD022 | NSI | ||||||||||
| GNDD023 | 58.00 | 5.00 | 0.32 | 3.7 | 0.1 | 0.41 | 0.01 | 0.09 | |||
| GNDD024 | 85.00 | 6.00 | 2.5 | 19 | 0.15 | 2.8 | 0.40 | 1.4 | |||
| inc | 88.00 | 1.00 | 14.9 | 107 | 0.46 | 16.5 | 2.4 | 8.3 | 1 | ||
| GNDD025 | 53.00 | 88.00 | 0.94 | 2.3 | 0.10 | 1.0 | 0.00 | 0.08 | 2 | ||
| inc | 61.00 | 14.00 | 3.1 | 5.3 | 0.19 | 3.2 | 0.01 | 0.11 | |||
| inc | 79.00 | 11.00 | 1.3 | 4.1 | 0.16 | 1.4 | 0.00 | 0.25 | |||
| inc | 93.00 | 1.00 | 1.1 | 2.5 | 0.09 | 1.1 | 0.00 | 0.37 | |||
| inc | 113.00 | 2.00 | 1.2 | 4.4 | 0.02 | 1.2 | 0.00 | 0.01 | |||
| inc | 139.00 | 2.00 | 0.99 | 0.50 | 0.01 | 1.0 | 0.00 | 0.00 | |||
| GNDD026 | NSI | ||||||||||
| GNDD027 | NSI | ||||||||||
| GNDD028 | 41.40 | 18.60 | 0.21 | 3.2 | 2.0 | 1.1 | 0.08 | 0.01 | 2 | ||
| inc | 52.00 | 8.00 | 0.42 | 6.0 | 3.8 | 2.2 | 0.18 | 0.02 | |||
| GNDD029 | 36.00 | 12.00 | 0.17 | 2.1 | 0.39 | 0.36 | 0.01 | 0.16 | 2 | ||
| GNDD030 | 33.00 | 3.00 | 0.95 | 53 | 0.05 | 1.6 | 0.01 | 0.05 | |||
| GNDD031 | 32.00 | 28.00 | 0.43 | 5.7 | 0.15 | 0.56 | 0.01 | 0.04 | 2 | ||
| 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 |
Challenger Exploration Limited ACN 123 591 382
ASX: CEL
Issued Capital
653.1m shares 86.6m options
120m perf shares
Australian Registered Office Level 1
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 | 49.00 | 116.00 | 1.05 | 4.0 | 0.20 | 1.2 | 0.01 | 0.07 | 2 | ||
| inc | 77.00 | 3.00 | 0.93 | 33.7 | 2.1 | 2.3 | 0.09 | 0.02 | |||
| and | 101.00 | 10.00 | 6.1 | 18.1 | 0.11 | 6.4 | 0.04 | 0.47 | |||
| inc | 101.00 | 6.00 | 9.6 | 18.7 | 0.15 | 9.9 | 0.05 | 0.61 | 1 | ||
| and | 136.00 | 4.00 | 9.8 | 18.5 | 1.5 | 10.7 | 0.06 | 0.27 | |||
| GNDD033 | NSI | ||||||||||
| GNDD034 | 47.60 | 0.30 | 0.03 | 1.4 | 24.4 | 10.6 | 0.34 | 0.04 | |||
| GNDD035 | 88.75 | 5.75 | 9.5 | 28.7 | 3.5 | 11.4 | 0.10 | 0.44 | |||
| inc | 88.75 | 3.15 | 17.1 | 28.8 | 5.6 | 19.9 | 0.14 | 0.56 | 1 | ||
| GNDD036 | NSI | ||||||||||
| GNDD037 | NSI | ||||||||||
| GNDD038 | 71.50 | 2.85 | 0.53 | 15.6 | 2.8 | 1.9 | 0.06 | 0.13 | |||
| GNDD042 | NSI | ||||||||||
| GNDD044 | NSI | ||||||||||
| GNDD045 | 85.90 | 2.10 | 1.4 | 28.8 | 0.1 | 1.8 | 0.01 | 0.02 | |||
| GNDD046 | 82.90 | 0.45 | 4.1 | 27 | 0.06 | 4.5 | 0.01 | 0.03 | |||
| and | 124.15 | 2.85 | 29.5 | 522 | 10.8 | 40.8 | 0.41 | 0.25 | 1 | ||
| GNDD047 | 61.00 | 38.50 | 1.3 | 1.2 | 0.04 | 1.3 | 0.00 | 0.02 | 2 | ||
| inc | 62.50 | 6.00 | 6.3 | 3.5 | 0.15 | 6.4 | 0.01 | 0.10 | |||
| and | 74.10 | 1.50 | 1.0 | 1.9 | 0.00 | 1.0 | 0.00 | 0.00 | |||
| and | 83.55 | 0.45 | 7.3 | 12.2 | 0.00 | 7.5 | 0.00 | 0.00 | |||
| and | 98.50 | 1.00 | 1.2 | 0.8 | 0.00 | 1.2 | 0.00 | 0.00 | |||
| GNDD048 | 36.00 | 19.00 | 0.6 | 5.0 | 0.25 | 0.81 | 0.01 | 0.06 | 2 | ||
| inc | 38.00 | 3.15 | 2.7 | 12.1 | 0.09 | 2.9 | 0.03 | 0.14 | |||
| GNDD049 | NSI | ||||||||||
| GNDD050 | 21.00 | 22.00 | 0.21 | 2.9 | 0.53 | 0.48 | 0.01 | 0.15 | 2 | ||
| inc | 21.00 | 2.00 | 1.4 | 4.8 | 0.07 | 1.5 | 0.01 | 0.07 | |||
| GNRC051 | NSI | ||||||||||
| GNRC052 | 69 | 6 | 1.7 | 4.4 | 0.32 | 1.9 | 0.03 | 0.00 | |||
| GNRC053 | NSI | ||||||||||
| GNRC054 | 13 | 7 | 0.22 | 3.9 | 0.03 | 0.28 | 0.00 | 0.01 | 2 | ||
| and | 66 | 15 | 0.53 | 4.0 | 0.66 | 0.87 | 0.01 | 0.13 | 2 | ||
| inc | 77 | 3 | 1.3 | 8.5 | 1.9 | 2.3 | 0.02 | 0.31 | |||
| GNRC055 | 18 | 7 | 0.28 | 6.9 | 0.04 | 0.38 | 0.00 | 0.01 | 2 | ||
| 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 |
Challenger Exploration Limited
ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| GNRC059 | NSI | ||||||||||
| GNDD060 | NSI | ||||||||||
| GNRC061 | NSI | ||||||||||
| GNRC062 | 17 | 3 | 3.8 | 7.9 | 2.7 | 5.0 | 0.24 | 0.17 | |||
| GNRC063 | 19 | 1 | 0.01 | 0.46 | 2.8 | 1.2 | 0.04 | 0.01 | |||
| GNRC064 | 22 | 1 | 0.01 | 4.2 | 3.8 | 1.7 | 0.00 | 0.00 | |||
| and | 27 | 1 | 0.69 | 27 | 1.2 | 1.6 | 0.35 | 0.23 | |||
| GNRC065 | 33 | 6 | 0.00 | 2.1 | 4.9 | 2.1 | 0.05 | 0.01 | |||
| GNRC066 | NSI | ||||||||||
| GNRC067 | NSI | ||||||||||
| GNRC068 | 9 | 69 | 3.4 | 8.3 | 2.8 | 4.7 | 0.23 | 0.08 | 2 | ||
| inc | 9 | 27 | 7.9 | 16 | 7.0 | 11.2 | 0.59 | 0.16 | |||
| and | 51 | 1 | 1.0 | 40 | 0.93 | 1.9 | 0.08 | 0.12 | |||
| and | 59 | 1 | 1.3 | 4.9 | 0.09 | 1.4 | 0.00 | 0.02 | |||
| and | 66 | 2 | 1.6 | 1.2 | 0.02 | 1.7 | 0.01 | 0.00 | |||
| and | 72 | 4 | 1.9 | 3.0 | 0.06 | 1.9 | 0.01 | 0.04 | |||
| GNRC069 | 18 | 7 | 0.62 | 3.0 | 0.11 | 0.71 | 0.01 | 0.16 | 2 | ||
| inc | 19 | 1 | 2.2 | 8.6 | 0.15 | 2.4 | 0.03 | 0.59 | |||
| and | 53 | 10 | 0.65 | 5.7 | 0.37 | 0.88 | 0.01 | 0.03 | 2 | ||
| inc | 59 | 3 | 1.7 | 11 | 0.84 | 2.3 | 0.03 | 0.07 | |||
| and | 84 | 15 | 0.54 | 2.4 | 0.13 | 0.63 | 0.01 | 0.00 | 2 | ||
| inc | 84 | 4 | 0.90 | 5.2 | 0.36 | 1.1 | 0.02 | 0.01 | |||
| and | 96 | 1 | 1.0 | 1.4 | 0.06 | 1.0 | 0.03 | 0.00 | |||
| GNRC070 | 41 | 1 | 6.6 | 3.1 | 0.36 | 6.8 | 0.02 | 0.21 | |||
| GNRC071 | 48 | 2 | 0.45 | 5.4 | 2.1 | 1.4 | 0.01 | 0.12 | |||
| GNRC072 | 43 | 19 | 0.16 | 4.9 | 0.13 | 0.28 | 0.00 | 0.09 | 2 | ||
| GNDD073 | NSI | ||||||||||
| GNDD074 | 41 | 2 | 1.2 | 20.5 | 0.04 | 1.4 | 0.00 | 0.02 | |||
| and | 47 | 2 | 0.8 | 16.7 | 0.13 | 1.1 | 0.03 | 0.03 | |||
| GNRC075 | 31 | 18 | 0.78 | 1.6 | 0.07 | 0.83 | 0.01 | 0.22 | 2 | ||
| inc | 37 | 2 | 2.2 | 1.6 | 0.08 | 2.2 | 0.01 | 0.32 | |||
| and | 46 | 2 | 1.8 | 2.4 | 0.08 | 1.9 | 0.00 | 0.07 | |||
| GNRC076 | 35 | 5 | 12.2 | 7.2 | 0.02 | 12.3 | 0.01 | 0.10 | |||
| inc | 35 | 1 | 53.1 | 18 | 0.00 | 53.3 | 0.00 | 0.02 | 1 | ||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 | 192.90 | 1.10 | 0.70 | 5.5 | 0.61 | 1.0 | 0.02 | 0.00 | |||
| GNRC078 | 11 | 17 | 0.13 | 1.7 | 0.43 | 0.34 | 0.01 | 0.09 | 2 | ||
| inc | 12 | 1 | 0.74 | 4.8 | 0.91 | 1.2 | 0.03 | 0.33 | |||
| GNDD079 | 21.00 | 61.00 | 1.1 | 1.1 | 0.11 | 1.1 | 0.00 | 0.02 | 2 | ||
| inc | 21.00 | 9.00 | 1.9 | 1.9 | 0.09 | 2.0 | 0.00 | 0.02 | |||
| inc | 40.00 | 2.00 | 2.7 | 1.7 | 0.08 | 2.8 | 0.00 | 0.06 | |||
| inc | 46.00 | 6.00 | 5.0 | 1.2 | 0.07 | 5.1 | 0.00 | 0.01 | |||
| inc | 74.00 | 3.00 | 1.0 | 0.86 | 0.17 | 1.1 | 0.00 | 0.12 | |||
| GNRC080 | NSI | ||||||||||
| GNRC081 | 23 | 30 | 0.28 | 2.0 | 0.33 | 0.45 | 0.01 | 0.10 | 2 | ||
| inc | 32 | 5 | 1.0 | 3.6 | 0.73 | 1.4 | 0.01 | 0.20 | |||
| GNDD082 | 168.00 | 15.00 | 0.68 | 0.39 | 0.04 | 0.70 | 0.00 | 0.01 | 2 | ||
| inc | 168.00 | 1.00 | 2.4 | 0.46 | 0.11 | 2.4 | 0.00 | 0.02 | |||
| inc | 175.00 | 0.50 | 10.0 | 5.6 | 0.44 | 10.2 | 0.01 | 0.20 | |||
| and | 193.40 | 34.10 | 1.45 | 1.0 | 0.25 | 1.6 | 0.02 | 0.13 | 2 | ||
| inc | 193.40 | 1.00 | 2.2 | 7.9 | 1.6 | 3.0 | 0.14 | 1.7 | |||
| inc | 203.50 | 0.90 | 2.6 | 10.6 | 2.9 | 4.0 | 0.16 | 1.4 | |||
| inc | 209.80 | 2.20 | 0.59 | 4.5 | 0.74 | 1.0 | 0.03 | 0.25 | |||
| and | 235.00 | 31.00 | 0.4 | 0.6 | 0.08 | 0.43 | 0.00 | 0.00 | |||
| inc | 242.50 | 1.50 | 1.0 | 2.1 | 0.21 | 1.1 | 0.01 | 0.01 | |||
| GNDD083 | 11.00 | 21.00 | 0.22 | 10.0 | 0.15 | 0.41 | 0.00 | 0.01 | 2 | ||
| inc | 19.20 | 1.80 | 1.0 | 6.1 | 0.10 | 1.1 | 0.00 | 0.00 | |||
| and | 170.00 | 1.00 | 1.3 | 3.6 | 0.22 | 1.4 | 0.02 | 0.26 | |||
| GNRC084 | 4 | 1 | 1.2 | 2.0 | 0.07 | 1.2 | 0.00 | 0.06 | |||
| and | 41 | 3 | 5.2 | 6.4 | 5.0 | 7.5 | 0.08 | 0.14 | |||
| and | 60 | 4 | 3.6 | 11.6 | 5.0 | 6.0 | 0.02 | 0.05 | |||
| and | 78 | 21 | 0.81 | 2.6 | 0.08 | 0.88 | 0.00 | 0.00 | 2 | ||
| inc | 91 | 1 | 6.7 | 10.7 | 0.42 | 7.0 | 0.01 | 0.00 | |||
| and | 97 | 2 | 1.6 | 1.2 | 0.03 | 1.6 | 0.01 | 0.00 | |||
| and | 143 | 2 | 0.67 | 4.9 | 0.87 | 1.1 | 0.00 | 0.01 | |||
| GNDD085 | 22.50 | 1.30 | 5.47 | 75.6 | 0.08 | 6.5 | 0.01 | 0.09 | |||
| and | 39.30 | 2.20 | 2.11 | 2.4 | 0.55 | 2.4 | 0.01 | 0.24 | |||
| GNRC086 | 3 | 21 | 0.38 | 1.5 | 0.33 | 0.55 | 0.01 | 0.08 | 2 | ||
| inc | 4 | 1 | 0.85 | 3.4 | 0.89 | 1.3 | 0.03 | 0.27 | |||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| and | 90.50 | 1.50 | 1.8 | 0.10 | 0.01 | 1.8 | 0.00 | 0.00 | |||
| and | 224.00 | 39.00 | 5.5 | 2.0 | 0.30 | 5.6 | 0.01 | 0.00 | 2 | ||
| incl | 231.50 | 14.40 | 14.4 | 3.3 | 0.67 | 14.8 | 0.00 | 0.00 | |||
| incl | 238.50 | 7.40 | 23.4 | 5.7 | 1.27 | 24.1 | 0.01 | 0.01 | 1 | ||
| GNDD089 | 20.00 | 30.00 | 0.95 | 1.69 | 0.09 | 1.0 | 0.00 | 0.02 | 2 | ||
| inc | 22.00 | 2.00 | 1.4 | 2.7 | 0.18 | 1.5 | 0.00 | 0.00 | |||
| inc | 30.50 | 1.70 | 2.9 | 2.3 | 0.12 | 3.0 | 0.00 | 0.01 | |||
| inc | 40.00 | 10.00 | 1.4 | 0.55 | 0.09 | 1.4 | 0.00 | 0.02 | |||
| and | 94.50 | 21.70 | 0.88 | 1.59 | 0.43 | 1.1 | 0.00 | 0.04 | 2 | ||
| inc | 94.50 | 5.10 | 2.4 | 1.6 | 0.06 | 2.4 | 0.01 | 0.07 | |||
| inc | 102.50 | 1.50 | 1.9 | 1.5 | 0.15 | 2.0 | 0.01 | 0.03 | |||
| inc | 109.00 | 1.50 | 1.8 | 11.3 | 0.32 | 2.1 | 0.01 | 0.16 | |||
| GNRC090 | 7 | 13 | 0.35 | 2.7 | 0.25 | 0.49 | 0.01 | 0.07 | 2 | ||
| inc | 14 | 1 | 1.1 | 7.3 | 0.45 | 1.4 | 0.02 | 0.21 | |||
| GNRC091 | 30 | 24 | 0.38 | 3.7 | 0.20 | 0.51 | 0.01 | 0.10 | 2 | ||
| inc | 43 | 4 | 1.4 | 3.5 | 0.40 | 1.6 | 0.01 | 0.36 | |||
| GNDD092 | 164.50 | 9.00 | 0.29 | 0.72 | 0.12 | 0.35 | 0.00 | 0.05 | 2 | ||
| and | 213.00 | 17.00 | 0.23 | 0.63 | 0.06 | 0.26 | 0.00 | 0.04 | 2 | ||
| and | 257.50 | 1.00 | 3.6 | 5.9 | 0.60 | 3.9 | 0.05 | 0.21 | |||
| GNDD093 | 75.30 | 1.40 | 2.1 | 10.6 | 7.8 | 5.6 | 0.18 | 0.22 | |||
| and | 153.65 | 0.50 | 1.4 | 7.3 | 0.17 | 1.6 | 0.11 | 0.03 | |||
| GNRC094 | 13 | 12 | 0.83 | 4.6 | 0.44 | 1.1 | 0.01 | 0.06 | 2 | ||
| inc | 13 | 1 | 1.1 | 6.3 | 0.17 | 1.2 | 0.02 | 0.12 | |||
| inc | 17 | 1 | 8.3 | 20.6 | 0.27 | 8.7 | 0.06 | 0.52 | |||
| inc | 23 | 1 | 0.21 | 4.5 | 3.8 | 1.9 | 0.01 | 0.03 | |||
| GNDD095 | 47.00 | 17.47 | 0.28 | 1.0 | 0.44 | 0.49 | 0.02 | 0.09 | 2 | ||
| inc | 50.00 | 1.30 | 1.0 | 0.92 | 2.8 | 2.3 | 0.18 | 0.61 | |||
| and | 121.00 | 1.00 | 2.6 | 1.7 | 0.01 | 2.6 | 0.00 | 0.00 | |||
| GNDD096 | NSI | ||||||||||
| GNRC097 | 49 | 8 | 0.39 | 2.2 | 0.04 | 0.44 | 0.00 | 0.02 | 2 | ||
| inc | 50 | 1 | 1.1 | 2.8 | 0.03 | 1.2 | 0.00 | 0.03 | |||
| GNRC098 | 40 | 19 | 0.21 | 1.8 | 0.19 | 0.32 | 0.01 | 0.16 | 2 | ||
| and | 88 | 8 | 4.9 | 4.5 | 0.76 | 5.3 | 0.02 | 0.07 | 2 | ||
| inc | 88 | 2 | 15.6 | 15.9 | 2.8 | 17.0 | 0.07 | 0.20 | 2 | ||
| 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 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m shares ASX: CEL 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
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| and | 101.00 | 1.00 | 2.9 | 64.4 | 0.04 | 3.7 | 0.01 | 0.04 | |||
| GNDD100 | NSI | ||||||||||
| GNDD101 | NSI | ||||||||||
| GNDD102 | 36.00 | 11.00 | 0.59 | 3.2 | 0.18 | 0.71 | 0.01 | 0.11 | 2 | ||
| inc | 36.00 | 2.00 | 1.5 | 5.9 | 0.13 | 1.6 | 0.01 | 0.14 | |||
| and | 77.40 | 8.90 | 0.10 | 2.5 | 0.82 | 0.49 | 0.01 | 0.06 | 2 | ||
| inc | 84.30 | 0.90 | - | 1.3 | 3.3 | 1.4 | 0.02 | 0.03 | |||
| GNDD103 | NSI | ||||||||||
| GNRC104 | 141 | 1 | 45.6 | 40.0 | 2.6 | 47.2 | 0.25 | 3.4 | 1 | ||
| GNDD105 | NSI | ||||||||||
| GNDD106 | 100.00 | 25.00 | 0.66 | 0.29 | 0.01 | 0.67 | 0.00 | 0.00 | 2 | ||
| inc | 114.00 | 1.50 | 1.8 | 1.7 | 0.01 | 1.8 | 0.00 | 0.00 | |||
| inc | 121.00 | 4.00 | 2.6 | 0.34 | 0.01 | 2.6 | 0.00 | 0.00 | |||
| and | 141.35 | 1.05 | 1.2 | 2.8 | 0.84 | 1.6 | 0.01 | 0.01 | |||
| and | 205.00 | 8.00 | 0.48 | 1.0 | 0.02 | 0.50 | 0.00 | 0.00 | 2 | ||
| inc | 211.00 | 2.00 | 1.1 | 2.2 | 0.03 | 1.1 | 0.00 | 0.00 | |||
| GNRC107 | 16 | 27 | 3.6 | 14.8 | 0.25 | 3.9 | 0.01 | 0.1 | 2 | ||
| inc | 23 | 1 | 0.17 | 74.4 | 0.07 | 1.1 | 0.01 | 0.1 | |||
| inc | 29 | 2 | 1.2 | 12.2 | 0.06 | 1.3 | 0.01 | 0.1 | |||
| inc | 35 | 7 | 13.3 | 12.6 | 0.80 | 13.8 | 0.02 | 0.3 | |||
| and | 52 | 1 | 0.18 | 73.2 | 0.11 | 1.2 | 0.00 | 0.1 | |||
| and | 93 | 1 | 0.12 | 51.2 | 3.1 | 2.1 | 0.03 | 0.65 | |||
| GNDD108 | NSI | ||||||||||
| GNDD109 | NSI | ||||||||||
| GNRC110 | 11 | 44 | 2.8 | 62.7 | 0.05 | 3.7 | 0.01 | 0.25 | 2 | ||
| inc | 12 | 1 | 1.7 | 1.0 | 0.00 | 1.7 | 0.00 | 0.04 | |||
| inc | 20 | 11 | 1.8 | 37.2 | 0.02 | 2.3 | 0.01 | 0.37 | |||
| inc | 36 | 12 | 8.3 | 190 | 0.12 | 10.7 | 0.02 | 0.51 | |||
| inc | 41 | 3 | 27.3 | 613 | 0.05 | 35.1 | 0.03 | 0.87 | 1 | ||
| GNRC111 | 31 | 18 | 0.31 | 12.2 | 0.13 | 0.52 | 0.01 | 0.03 | 2 | ||
| inc | 33 | 1 | 1.3 | 59.4 | 0.02 | 2.1 | 0.01 | 0.27 | |||
| inc | 41 | 1 | 2.1 | 82.7 | 0.01 | 3.2 | 0.01 | 0.10 | |||
| GNDD112 | 95.00 | 0.40 | 0.5 | 26.6 | 6.0 | 3.5 | 0.10 | 1.9 | |||
| GNDD113 | 149.50 | 37.50 | 0.59 | 17.0 | 0.12 | 0.86 | 0.01 | 0.08 | 2 | ||
| 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 |
Challenger Exploration Limited
ACN 123 591 382
ASX: CEL
Issued Capital
653.1m 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 | 223.00 | 7.00 | 1.1 | 2.5 | 0.09 | 1.1 | 0.00 | 0.05 | |||
| GNDD113A | 61.00 | 2.00 | 0.59 | 2.6 | 0.74 | 0.95 | 0.03 | 0.07 | |||
| and | 139.00 | 107.00 | 0.30 | 3.0 | 0.09 | 0.37 | 0.00 | 0.04 | 2 | ||
| inc | 185.00 | 1.40 | 1.6 | 2.5 | 0.07 | 1.7 | 0.00 | 0.05 | |||
| inc | 197.00 | 2.00 | 1.2 | 0.94 | 0.17 | 1.3 | 0.00 | 0.04 | |||
| inc | 202.00 | 1.50 | 3.2 | 2.4 | 0.90 | 3.6 | 0.02 | 0.16 | |||
| inc | 209.00 | 2.00 | 1.2 | 1.9 | 0.25 | 1.3 | 0.01 | 0.25 | |||
| and | 262.00 | 104.00 | 1.5 | 2.7 | 0.39 | 1.7 | 0.01 | 0.12 | 2 | ||
| inc | 266.00 | 2.00 | 1.0 | 1.8 | 0.22 | 1.1 | 0.00 | 0.02 | |||
| inc | 274.00 | 2.00 | 1.3 | 1.4 | 0.06 | 1.3 | 0.00 | 0.01 | |||
| inc | 280.00 | 15.00 | 3.6 | 6.9 | 0.56 | 3.9 | 0.04 | 0.73 | |||
| inc | 289.45 | 3.65 | 6.7 | 20.2 | 1.5 | 7.6 | 0.15 | 2.6 | 1 | ||
| inc | 298.65 | 7.45 | 2.9 | 3.7 | 0.63 | 3.2 | 0.02 | 0.01 | |||
| inc | 315.50 | 1.20 | 1.0 | 1.4 | 0.13 | 1.1 | 0.00 | 0.02 | |||
| inc | 333.80 | 4.20 | 11.3 | 22.8 | 5.3 | 13.9 | 0.12 | 0.04 | |||
| inc | 333.80 | 0.70 | 60.8 | 133 | 31.4 | 76.1 | 0.70 | 0.22 | 1 | ||
| inc | 354.00 | 4.00 | 1.4 | 0.8 | 0.02 | 1.4 | 0.00 | 0.00 | |||
| 274.00 | 84.00 | 1.7 | 3.3 | 0.48 | 2.0 | 0.02 | 0.14 | 4 | |||
| and | 390.00 | 30.00 | 0.35 | 0.36 | 0.05 | 0.38 | 0.00 | 0.00 | 2 | ||
| inc | 394.00 | 2.00 | 1.2 | 0.33 | 0.04 | 1.2 | 0.00 | 0.00 | |||
| 139.00 | 227.00 | 0.83 | 2.7 | 0.22 | 1.0 | 0.01 | 0.07 | 3 | |||
| 139.00 | 281.00 | 0.71 | 2.2 | 0.19 | 0.82 | 0.01 | 0.06 | 3 | |||
| 106.00 | 314.00 | 0.65 | 2.1 | 0.17 | 0.75 | 0.01 | 0.05 | ||||
| GNDD114 | 64.00 | 14.70 | 3.2 | 3.3 | 0.08 | 3.3 | 0.01 | 0.06 | |||
| inc | 77.80 | 0.90 | 50.3 | 27.2 | 0.18 | 50.7 | 0.03 | 0.65 | |||
| GNDD115 | 68.70 | 1.10 | 0.62 | 9.2 | 2.0 | 1.6 | 0.04 | 0.36 | |||
| and | 144.00 | 2.00 | 0.30 | 16.2 | 1.2 | 1.0 | 0.07 | 0.38 | |||
| and | 176.50 | 34.50 | 0.28 | 0.68 | 0.01 | 0.29 | 0.00 | 0.03 | 2 | ||
| GNDD116 | 27.50 | 4.50 | 1.3 | 14.6 | 0.06 | 1.5 | 0.00 | 0.02 | 2 | ||
| inc | 27.50 | 1.00 | 3.7 | 41.4 | 0.13 | 4.3 | 0.01 | 0.05 | |||
| and | 73.70 | 0.80 | 2.4 | 3.9 | 0.26 | 2.5 | 0.00 | 0.00 | |||
| GNDD117 | 30.00 | 54.80 | 0.58 | 4.2 | 0.13 | 0.69 | 0.01 | 0.07 | 2 | ||
| inc | 61.00 | 10.00 | 2.5 | 10.2 | 0.16 | 2.7 | 0.01 | 0.14 | |||
| inc | 84.20 | 0.60 | 1.4 | 4.1 | 0.11 | 1.5 | 0.01 | 0.02 | |||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m shares 86.6m options 120m perf shares 16m perf rights
Australian Registered Office Level 1 1205 Hay Street
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
www.challengerex.com
| Criteria | JORC Code explanation | Commentary | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| GNDD120 | NSI | ||||||||||
| GNDD121 | NSI | ||||||||||
| GNDD122 | 11.50 | 18.10 | 0.64 | 2.2 | 0.03 | 0.68 | 0.00 | 0.01 | 2 | ||
| inc | 21.00 | 6.00 | 1.1 | 3.2 | 0.04 | 1.2 | 0.00 | 0.01 | |||
| and | 54.00 | 21.00 | 0.41 | 0.80 | 0.12 | 0.47 | 0.00 | 0.04 | 2 | ||
| inc | 71.00 | 2.00 | 1.2 | 1.0 | 0.14 | 1.2 | 0.00 | 0.09 | |||
| and | 191.00 | 1.50 | 1.6 | 24.4 | 0.95 | 2.3 | 0.10 | 1.24 | |||
| and | 213.80 | 3.20 | 1.7 | 2.1 | 0.23 | 1.8 | 0.01 | 0.02 | |||
| and | 236.00 | 1.50 | 4.8 | 4.9 | 0.63 | 5.1 | 0.03 | 0.16 | |||
| GNDD123 | 21.00 | 30.00 | 0.11 | 1.6 | 0.32 | 0.27 | 0.01 | 0.04 | 2 | ||
| GNDD124 | 44.00 | 7.00 | 0.08 | 3.6 | 0.65 | 0.40 | 0.02 | 0.13 | 2 | ||
| GNDD125 | NSI | ||||||||||
| GNDD126 | 107.30 | 1.10 | 12.8 | 10.3 | 0.74 | 13.3 | 0.00 | 0.16 | 1 | ||
| and | 120.00 | 2.00 | 3.2 | 3.6 | 0.16 | 3.4 | 0.01 | 0.00 | |||
| and | 157.30 | 0.50 | 1.0 | 22.1 | 2.2 | 2.2 | 0.11 | 2.3 | |||
| and | 179.00 | 2.00 | 1.7 | 0.62 | 0.01 | 1.7 | 0.00 | 0.00 | |||
| GNDD127 | NSI | ||||||||||
| GNDD128 | 63.00 | 20.00 | 0.49 | 0.42 | 0.02 | 0.50 | 0.00 | 0.00 | 2 | ||
| inc | 77.50 | 1.50 | 4.1 | 0.36 | 0.04 | 4.1 | 0.00 | 0.00 | |||
| GNDD129 | 15.00 | 21.00 | 0.72 | 1.8 | 0.10 | 0.79 | 0.00 | 0.05 | 2 | ||
| inc | 24.00 | 10.00 | 1.0 | 2.1 | 0.13 | 1.1 | 0.00 | 0.04 | |||
| and | 132.50 | 0.70 | 6.7 | 14.1 | 0.15 | 7.0 | 0.01 | 0.12 | |||
| GNDD130 | NSI | ||||||||||
| GNDD131 | NSI | ||||||||||
| GNDD134 | 17.70 | 15.30 | 0.80 | 7.5 | 0.07 | 0.92 | 0.00 | 0.11 | 2 | ||
| inc | 19.00 | 10.00 | 1.04 | 9.9 | 0.08 | 1.2 | 0.01 | 0.12 | |||
| and | 47.00 | 39.75 | 0.26 | 0.5 | 0.10 | 0.31 | 0.00 | 0.04 | 2 | ||
| and | 129.50 | 7.50 | 0.45 | 0.5 | 0.06 | 0.48 | 0.00 | 0.02 | 2 | ||
| and | 161.00 | 20.00 | 0.29 | 3.6 | 0.23 | 0.44 | 0.01 | 0.03 | 2 | ||
| inc | 177.50 | 0.50 | 3.79 | 29.8 | 5.23 | 6.4 | 0.16 | 0.10 | |||
| and | 196.00 | 4.00 | 5.3 | 86.2 | 10.60 | 11.0 | 0.24 | 0.57 | |||
| and | 240.00 | 2.00 | 6.2 | 1.3 | 0.02 | 6.2 | 0.00 | 0.00 | |||
| and | 272.00 | 50.00 | 0.22 | 0.5 | 0.14 | 0.28 | 0.00 | 0.00 | 2 | ||
| and | 500.10 | 0.95 | 2.3 | 8.1 | 0.16 | 2.5 | 0.21 | 0.00 | |||
| 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 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 | 560.25 | 0.75 | 0.09 | 2.0 | 4.94 | 2.3 | 0.05 | 0.00 | |||
| inc | 570.20 | 0.50 | 1.22 | 9.6 | 2.36 | 2.4 | 0.17 | 0.02 | |||
| and | 630.30 | 0.70 | 0.9 | 1.6 | 0.21 | 1.0 | 0.18 | 0.00 | |||
| GNDD137 | 27.00 | 38.00 | 0.38 | 1.1 | 0.05 | 0.42 | 0.00 | 0.02 | 2 | ||
| inc | 33.00 | 4.00 | 1.70 | 1.2 | 0.13 | 1.8 | 0.00 | 0.02 | |||
| and | 186.25 | 1.35 | 8.12 | 29.5 | 7.3 | 11.6 | 0.12 | 0.03 | |||
| GNDD139 | 80.00 | 207.50 | 0.75 | 1.7 | 0.10 | 0.82 | 0.00 | 0.02 | 2 | ||
| inc | 80.00 | 32.00 | 1.6 | 2.5 | 0.06 | 1.6 | 0.00 | 0.03 | |||
| inc | 148.00 | 4.25 | 1.2 | 3.8 | 0.15 | 1.3 | 0.00 | 0.09 | |||
| inc | 167.00 | 14.00 | 1.5 | 0.32 | 0.01 | 1.5 | 0.00 | 0.01 | |||
| inc | 243.00 | 9.00 | 2.4 | 3.7 | 0.62 | 2.8 | 0.00 | 0.01 | |||
| inc | 266.00 | 6.00 | 1.6 | 0.61 | 0.01 | 1.6 | 0.00 | 0.00 | |||
| 243.00 | 29.00 | 1.2 | 1.6 | 0.24 | 1.3 | 0.00 | 0.00 | 4 | |||
| GNDD141 | 101.50 | 6.50 | 14.3 | 43.6 | 3.4 | 16.3 | 0.15 | 1.6 | 2 | ||
| inc | 101.50 | 2.50 | 36.8 | 111 | 8.6 | 41.9 | 0.30 | 4.2 | 1 | ||
| GNDD142 | 55.8 | 0.7 | 0.7 | 13.3 | 4.0 | 2.7 | 0.05 | 0.03 | |||
| and | 81.5 | 27.5 | 2.4 | 11.1 | 0.9 | 2.9 | 0.03 | 0.06 | 2 | ||
| inc | 92.0 | 11.5 | 5.4 | 19.9 | 2.0 | 6.5 | 0.08 | 0.13 | |||
| inc | 107.0 | 2.0 | 0.9 | 5.3 | 0.2 | 1.0 | 0.00 | 0.03 | |||
| and | 125.0 | 11.0 | 0.3 | 3.2 | 0.1 | 0.39 | 0.00 | 0.01 | 2 | ||
| inc | 132.9 | 1.1 | 1.6 | 4.6 | 0.1 | 1.7 | 0.01 | 0.08 | |||
| and | 152.0 | 40.0 | 5.1 | 11.7 | 1.9 | 6.1 | 0.05 | 0.12 | 2 | ||
| inc | 153.1 | 1.0 | 23.4 | 40.1 | 13.5 | 29.8 | 0.34 | 0.00 | 1 | ||
| inc | 160.0 | 10.7 | 10.7 | 28.4 | 4.9 | 13.2 | 0.13 | 0.15 | |||
| inc | 166.2 | 4.5 | 23.9 | 41.3 | 11.0 | 29.2 | 0.29 | 0.27 | 1 | ||
| inc | 177.2 | 12.8 | 5.2 | 9.3 | 0.7 | 5.6 | 0.02 | 0.24 | |||
| inc | 187.1 | 1.0 | 44.0 | 53.8 | 6.5 | 47.5 | 0.15 | 2.1 | 1 | ||
| and | 237.0 | 0.5 | 1.1 | 2.7 | 0.1 | 1.2 | 0.01 | 0.17 | |||
| 81.5 | 110.5 | 2.5 | 7.4 | 0.9 | 3.0 | 0.03 | 0.06 | 3 | |||
| GNDD143 | NSI | ||||||||||
| GNDD145 | NSI | ||||||||||
| GNDD148 | 16.00 | 7.00 | 0.14 | 1.7 | 0.43 | 0.35 | 0.01 | 0.18 | 2 | ||
| and | 59.00 | 2.00 | 0.00 | 1.0 | 2.7 | 1.2 | 0.01 | 0.01 | |||
| GNDD149 | 8.00 | 4.00 | 0.63 | 1.5 | 0.28 | 0.77 | 0.01 | 0.07 | |||
| GNDD151 | 379.75 | 0.50 | 0.71 | 18.6 | 8.9 | 4.8 | 0.17 | 0.17 | |||
| GNDD155 | 59.00 | 209.00 | 1.0 | 1.4 | 0.09 | 1.1 | 0.00 | 0.02 | 2 | ||
| inc | 59.00 | 34.00 | 3.8 | 4.6 | 0.20 | 3.9 | 0.02 | 0.03 |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m shares ASX: CEL 86.6m options
Issued Capital
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 | 81.00 | 4.00 | 13.4 | 10.5 | 0.06 | 13.5 | 0.05 | 0.02 | |||
| inc | 102.00 | 6.00 | 1.2 | 1.1 | 0.10 | 1.2 | 0.00 | 0.03 | |||
| 59.00 | 49.00 | 2.8 | 3.6 | 0.16 | 3.0 | 0.01 | 0.02 | 4 | |||
| inc | 151.55 | 0.45 | 7.7 | 2.9 | 4.5 | 9.6 | 0.00 | 0.10 | |||
| inc | 182.00 | 1.00 | 8.8 | 17.1 | 2.2 | 10.0 | 0.07 | 0.89 | |||
| inc | 224.00 | 2.00 | 2.0 | 0.29 | 0.01 | 2.0 | 0.00 | 0.00 | |||
| inc | 244.00 | 11.00 | 1.1 | 0.56 | 0.04 | 1.1 | 0.00 | 0.00 | |||
| inc | 266.00 | 0.55 | 1.8 | 1.2 | 0.02 | 1.8 | 0.00 | 0.00 | |||
| and | 338.00 | 9.00 | 0.41 | 0.33 | 0.05 | 0.43 | 0.00 | 0.00 | 2 | ||
| GNDD156 | 5.00 | 7.00 | 0.68 | 3.0 | 0.70 | 1.0 | 0.02 | 0.15 | |||
| GNDD157 | 20.00 | 66.00 | 0.52 | 1.1 | 0.08 | 0.57 | 0.00 | 0.07 | 2 | ||
| inc | 54.00 | 10.00 | 2.2 | 1.8 | 0.14 | 2.3 | 0.00 | 0.24 | |||
| and | 132.90 | 10.00 | 0.18 | 6.6 | 0.52 | 0.48 | 0.01 | 0.08 | 2 | ||
| inc | 132.90 | 0.50 | 0.88 | 13.1 | 1.4 | 1.6 | 0.03 | 0.67 | |||
| inc | 142.30 | 0.60 | 1.0 | 29.1 | 6.6 | 4.2 | 0.11 | 0.33 | |||
| and | 237.20 | 130.80 | 2.3 | 1.6 | 0.37 | 2.5 | 0.00 | 0.01 | 2 | ||
| inc | 237.20 | 0.80 | 1.7 | 59.1 | 5.6 | 4.9 | 0.18 | 1.2 | |||
| inc | 255.80 | 1.20 | 0.63 | 5.3 | 9.4 | 4.8 | 0.01 | 0.01 | |||
| inc | 289.00 | 12.00 | 20.4 | 4.8 | 1.0 | 20.9 | 0.00 | 0.00 | |||
| inc | 290.50 | 4.06 | 55.7 | 12.9 | 2.1 | 56.8 | 0.01 | 0.01 | 1 | ||
| inc | 321.00 | 2.00 | 1.3 | 0.6 | 0.01 | 1.3 | 0.00 | 0.00 | |||
| inc | 331.00 | 6.00 | 2.5 | 1.9 | 0.61 | 2.8 | 0.01 | 0.01 | |||
| inc | 343.00 | 9.00 | 1.7 | 0.6 | 0.10 | 1.7 | 0.00 | 0.00 | |||
| and | 407.50 | 0.50 | 2.2 | 1.2 | 0.37 | 2.4 | 0.00 | 0.00 | |||
| GNDD159 | NSI | ||||||||||
| 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 | ||
| 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 | |||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m shares 86.6m options 120m perf shares
Australian Registered Office Level 1 1205 Hay Street
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 | 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 | |||
| 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 | |||
| 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 | ||
| 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 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 |
|---|---|
| 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 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 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 inc 24.0 1.0 0.78 4.5 22.4 10.6 0.02 0.12 1 |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 |
|---|---|
| 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 31.2 136. 9 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 (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 of high-grade results and longer lengths of low-grade results the procedure used for such aggregation should be stated and some typical examples of such |
Weighted average significant intercepts are reported to a gold grade equivalent (AuEq). Results are reported to cut-off grade of a 1.0 g/t Au equivalent and 10 g/t Au equivalent allowing for up to 2m of internal dilution between samples above the cut-off grade and 0.2 g/t Au equivalent allowing up to 6m of internal dilution between samples above the cut-off grade. The following metals and metal prices have been used to report gold grade equivalent: Au US$ 1780 / oz Ag US$24 /oz and Zn US$ 2800 /t. Metallurgical recoveries for Au, Ag and Zn have been estimated from metallurgical test work completed by SGS Metallurgical Operations in Lakefield, Ontario using a combination of gravity and flotation of a combined metallurgical sample from 5 drill holes. Usingdata from the test results,and for thepurposes of the AuEq |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital 653.1m 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 | JORC Code explanation | Commentary |
|---|---|---|---|
| aggregations should be shown in detail. | calculation gold recovery is estimated at 89%, silver at 84% and zinc at 79%. Accordingly, the formula used is | ||
| - | The assumptions used for any reporting of metal | 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)]. | |
| equivalent values should be clearly stated. | 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 important in the | The mineralisation is moderately or steeply dipping and strikes NNE and ENE. For some drill holes, there is |
| between | reporting of Exploration Results. | insufficient information to confidently establish the true width of the mineralized intersections at this stage of | |
| mineralisation | - | If the geometry of the mineralisation with respect to | the exploration program. |
| widths and intercept lengths |
- | the drill hole angle is known its nature should be reported. If it is not known and only the down hole lengths are |
Apparent widths may be thicker in the case where bedding-parallel mineralisation may intersect ENE-striking cross faults and veins. |
| reported there should be a clear statement to this | Representative cross section interpretations have been provided with release of significant intersections to allow | ||
| effect (eg ‘down hole length true width not known’). | estimation of true widths from individual drill intercepts. | ||
| Diagrams | - | Appropriate maps and sections (with scales) and | Representative maps and sections are provided in the body of report. |
| 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 reporting | - |
Where comprehensive reporting of all Exploration | All available data have been reported. |
| Results is not practicable representative reporting of | |||
| both low and high grades and/or widths should be | |||
| practiced to avoid misleading reporting of | |||
| Exploration Results. | |||
| Other substantive | - | Other exploration data if meaningful and material | Geological context and observations about the controls on mineralisation where these have been made are |
| exploration data | should be reported including (but not limited to): | provided in the body of the report. | |
| geological observations; geophysical survey results; | |||
| geochemical survey results; bulk samples – size and | 229 specific gravity measurements have been taken from the drill core recovered during the drilling program. | ||
| method of treatment; metallurgical test results; bulk | These data are expected to be used to estimate bulk densities in future resource estimates. | ||
| density groundwater geotechnical and rock | |||
| characteristics; potential deleterious or | Eight Induced Polarisation (IP) lines have been completed in the northern area. Each line is approximately 1 | ||
| contaminating substances. | kilometre in length lines are spaced 100m apart with a 50m dipole. The initial results indicate possible extension | ||
| of the mineralisation with depth. Data will be interpreted including detailed re-processing and drill testing. |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 E: [email protected]
16m perf rights
www.challengerex.com
| Criteria | JORC Code explanation | JORC Code explanation | Commentary | Commentary | Commentary |
|---|---|---|---|---|---|
| A ground magnetic survey and drone magnetic survey have been completed. The results of these data are being | |||||
| processed and interpreted with the geological information provided from surface and in the drilling and will be | |||||
| used toguide future exploration. | |||||
| Further work | - | The nature and scale of planned further work (eg | • | CEL Plans to undertake the following over the next 12 months | |
| tests for lateral extensions or depth extensions or | • | Additional data precision validation and drilling as required; | |||
| large-scale step-out drilling). | • | Detailed interpretation of known mineralized zones; | |||
| - | Diagrams clearly highlighting the areas of possible | • | Geophysical tests for undercover areas. | ||
| extensions including the main geological interpretations and future drilling areas provided this information is not commercially sensitive. |
• | Structural interpretation and alteration mapping using high resolution satellite data and geophysics to better target extensions of known mineralisation. |
|||
| • | Field mapping program targeting extensions of known mineralisation. | ||||
| • | Investigate further drilling requirements to upgrade both the unclassified mineralisation and | ||||
| mineralisation in the existing historical resources to meet JORC 2012 requirements; | |||||
| • | Initial drill program comprising verification (twin holes) and targeting extensions of the historically | ||||
| defined mineralisation; | |||||
| • | Further metallurgical test work on lower grade mineralisation in the intrusions and oxidised | ||||
| mineralisation. |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Database integrity | - Measures taken to ensure that data has not been corrupted by for |
Geological logging completed by previous explorers was done on paper copies and transcribed into |
| example transcription or keying errors between its initial collection and | the drill hole database. The data was checked for errors. Checks can be made against the original | |
| its use for Mineral Resource estimation purposes. | logs and core photographs. | |
| - Data validation procedures used. |
||
| Assay data is received in digital format. Backup copies are kept and the data is copied into the drill | ||
| hole database. | ||
| The drill hole data is backed upand is updatedperiodicallybya CompanyGIS and data team. | ||
| Site visits | - Comment on any site visits undertaken by the Competent Person and |
Site visits have been undertaken from 3 to 16 October 2019 15 to 30 November 2019 and 1-19 |
| the outcome of those visits. | February 2020. The performance of the drilling program collection of data and sampling procedures | |
| - If no site visits have been undertaken indicate why this is the case. |
were initiated duringthese visits. | |
| Geological | - Confidence in (or conversely the uncertainty of) the geological |
The interpretation is considered appropriate given the stage of the project and the nature of |
| interpretation | interpretation of the mineral deposit. | activities that have been conducted. The interpretation captures the essential geometry of the |
| - Nature of the data used and of any assumptions made. |
mineralised structure and lithologies with drill data supporting the findings from the initial | |
| - The effect if any of alternative interpretations on Mineral Resource |
underground sampling activities. | |
| estimation. | ||
| - The use of geology in guiding and controlling Mineral Resource |
The most recent resource calculation (2006 and 2003 – La Mancha) used all core drilling at the time | |
| estimation. | and detailed underground channel sampling collected by EPROM CMEC and La Mancha. Overlying | |
| - The factors affecting continuity both of grade and geology. |
assumptions included a reduction of the calculated grade in each resource block by a factor of 10% to | |
| account for possible errors in the analyses and samples. An arbitrary reduction factor was applied to | ||
| the 2006 resource whereby the net reported tonnage was reduced by 25% for indicated resource | ||
| blocks 50% for inferred resource blocks and 75% of potential mineral resource blocks. The reason for | ||
| the application of these tonnage reduction factors was not outlined in the resource report. It is noted | ||
| that at the time of this report La Mancha was in a legal dispute concerning the project with its joint | ||
| venture partner and given the acquisition of a 200000 Oz per annum producing portfolio the project | ||
| was likely no longer a core asset for La Mancha at that time. Additionally, under the original | ||
| acquisition agreement La Mancha had to issue additional acquisition shares based on resource | ||
| targets. | ||
| The effect of removing the assumptions relating to application of the arbitrary tonnage reduction | ||
| factors applied increases the overall resource tonnage by in excess of 50%. Removing these | ||
| correction factors would bringthe overall tonnage andgrade close the earlier(2003 1999 and 1996) |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 | JORC Code explanation | Commentary |
|---|---|---|---|
| tonnage and grade estimates albeit in different categories (lower confidence) which are considered | |||
| more appropriate. | |||
| The mineralisation is defined to the skarn and vein bodies detailed cross section and plan maps were | |||
| prepared for these bodies with their shapes used in controlling the resource estimate. | |||
| The structure of the area is complex and a detailed structural interpretation is recommended as this | |||
| may provide a better understanding of the continuity of mineralisation and possible extensions to it. | |||
| The deposit contains bonanza gold values and while very limited twinning has indicated acceptable | |||
| repeatability a rigorous study of grade continuity needs to be undertaken as part of future resource | |||
| calculations. | |||
| Dimensions | - | The extent and variability of the Mineral Resource expressed as length | For the historic resource no reliable information has been provided to the owner however through |
| (along strike or otherwise) plan width and depth below surface to the | further ongoing investigation is being conducted by the owner to address this information gap. | ||
| upper and lower limits of the Mineral Resource. | |||
| Estimation and | - | The nature and appropriateness of the estimation technique(s) applied | The historic resource estimation techniques are considered appropriate. The 2003 and 2006 |
| modelling | and key assumptions including treatment of extreme grade values | resources used a longitudinal section polygonal method was used for estimating resources with | |
| techniques | domaining interpolation parameters and maximum distance of | individual blocs representing weighted averages of sampled underground and/or areas of diamond | |
| extrapolation from data points. If a computer assisted estimation | drill pierce points with zones of influence halfway to adjacent holes. The area of the block was | ||
| method was chosen include a description of computer software and | calculated in AutoCad directly from the longitudinal sections. | ||
| parameters used. | |||
| - | The availability of check estimates previous estimates and/or mine | Check assaying by PG Consulting returned values in the check assay sample which were 3.4% and | |
| production records and whether the Mineral Resource estimate takes | 13% greater for Au and Ag than the original assays. A number pf previous resource estimates were | ||
| appropriate account of such data. | available to check the 2006 resource estimate when the arbitrary tonnage reduction factors are | ||
| - | The assumptions made regarding recovery of by-products. | removed brings the overall tonnage and grade close the earlier (2003 1999 and 1996) tonnage and | |
| - | Estimation of deleterious elements or other non-grade variables of | grade estimates albeit indifferent categories which are considered more appropriate. | |
| economic significance (eg sulphur for acid mine drainage | |||
| characterisation). | It was assumed only gold silver and zinc would be recovered and that no other by products would be | ||
| - | In the case of block model interpolation the block size in relation to the | recovered. This is viewed as conservative given metallurgical data pointing to the production of a | |
| average sample spacing and the search employed. | saleable zinc concentrate. | ||
| - | Any assumptions behind modelling of selective mining units. | ||
| - | Any assumptions about correlation between variables. | Based on the preliminary metallurgy estimation of deleterious elements or other non-grade variables | |
| - | Description of how the geological interpretation was used to control the | of economic significance was not required. |
|
| resource estimates. | |||
| - | Discussion of basis for using or not using grade cutting or capping. | The minimum mining width of 0.8m was assumed for veins less than 0.6m and for wider widths a | |
| - | The process of validation the checking process used the comparison of | dilution of 0.2m was used to calculate the grade. | |
| model data to drill hole data and use of reconciliation data if available |
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 653.1m 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 |
|---|---|---|---|
| No assumptions were made regarding correlation between variables. | |||
| The mineralisation is defined within skarn and associated vein deposits. Detailed cross section and | |||
| plan maps were prepared for these domains with their shapes used in controlling the resource | |||
| estimate. Long sections of the veins and skarn were taken and sampling was plotted and the blocks | |||
| outlined considering this. | |||
| Grade cutting was not used in the calculation of the resource and no discussion was given as to why | |||
| it was not employed. It is recommended that a study be undertaken to determine if an appropriate | |||
| top cut need be applied | |||
| No data is available on theprocess of validation. | |||
| Moisture | - | Whether the tonnages are estimated on a dry basis or with natural | No data is available. |
| moisture and the method of determination of the moisture content. | |||
| Cut-off parameters | - | The basis of the adopted cut-off grade(s) or quality parameters applied. | The Mineral Resource Estimate is above a cut-off grade of 3.89 g/t Au. This is based on the assumed |
| miningcost at the time of the estimate. | |||
| Mining factors or | - | Assumptions made regarding possible mining methods minimum | The Mineral Resource Estimate considered the assumptions outlined below which are considered |
| assumptions | mining dimensions and internal (or if applicable external) mining | appropriate; | |
| dilution. It is always necessary as part of the process of determining | - Metal prices: Au US$550 Oz Ag US$10 Oz |
||
| reasonable prospects for eventual economic extraction to consider | - Metallurgical Recovery; Au – 80% Ag – 70% Zn - nil |
||
| potential mining methods but the assumptions made regarding mining | - Operating cost: US$55t based on underground cut and fill mining and flotation and |
||
| methods and parameters when estimating Mineral Resources may not | cyanidation combined | ||
| always be rigorous. Where this is the case this should be reported with | The minimum mining width of 0.8m was assumed for veins less than 0.6m and for wider widths a | ||
| an explanation of the basis of the mining assumptions made. | dilution of 0.2m was used to calculate the grade. | ||
| Metallurgical | - | The basis for assumptions or predictions regarding metallurgical | Historical metallurgical test-work assumptions were 80% recovery for Au, Ag and Zn. |
| factors or | amenability. It is always necessary as part of the process of determining | - The most recent historic test work was conducted in 1999 by Lakefield Research |
|
| assumptions | reasonable prospects for eventual economic extraction to consider | (cyanidation) and CIMM Labs (flotation) in Chile on 4 samples which all contain primary | |
| potential metallurgical methods but the assumptions regarding | sulphide minerals and so can be considered primary, partial oxide or fracture oxide | ||
| metallurgical treatment processes and parameters made when | samples. | ||
| reporting Mineral Resources may not always be rigorous. Where this is | - The test work was conducted using a 150 micron grind which would appear to coarse based |
||
| the case this should be reported with an explanation of the basis of the | on petrography conducted by CEL which shows that the gold particles average 30-40 | ||
| metallurgical assumptions made. | microns. | ||
| - Rougher flotation tests were performed with a 20 minute and 30 minute floatation time. |
|||
| Generally, the longer residence time improved recovery. Recoveries to concentrate for | |||
| gold range from 59.6% - 80.6% and for silver from 63.1% – 87.2%. |
Challenger Exploration Limited Issued Capital ACN 123 591 382 653.1m 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 | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|---|
| - | Knelson concentrate tests with floatation of tailings were also completed. Applying a joint | |||
| process Knelson concentrator and floatation of the tailings of the concentrator it is found | ||||
| that the global recovery is approximately 80% for gold. | ||||
| - | While the testwork was focused predominantly on gold recovery some rougher flotation | |||
| testwork was undertaken targeting Zn recovery producing up to 85% recoveries. In | ||||
| sulphide samples this produced a Zn concentrate containing 42% Zn with grades in excess | ||||
| of 50% Zn in concentrate expected with additional 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 drill core from GMDD039, GMDD040, GMDD041, GNDD043, GNDD003 and GNDD018. The | ||||
| sample is of skarn mineralisation in limestone that has a weighted average grade of 10.4 g/t Au, | ||||
| 31.7 g/t Ag, 3.2 % Zn, 0.15 % Cu and 0.46 % Pb. Separate tests on 2 kg sub-samples were done | ||||
| with differing grinding times, Knelson and Mosley table gravity separation techniques and | ||||
| floatation techniques to provide a series of gravity and floatation concentrates. Key results are: | ||||
| - | Combined gravity and floatation concentration process resulted in recoveries 85-94% for | |||
| Au, 82-86% for silver and 77-80% for zinc. Cu had similar recoveries to Ag and Pb had | ||||
| similar recoveries to Zn. | ||||
| - | A simple gravity separation followed by a sulfide flotation process when re-combined | |||
| produced a single product with a median grade of 47 g/t Au, 120 g/t Ag and 13% Zn with a | ||||
| recovered weight of 24-33% of the sample weight. | ||||
| - | Tailings fragment analysis indicates a grind of (p80) 72-106m. Generally, a coarser grind | |||
| resulted in a higher % weight recovered to the concentrate with a corresponding lower | ||||
| grade without significantly impacting recovery. | ||||
| - | QEMSCAN analysis of the sample indicates much of the Zn not recovered is due to the | |||
| presence of Zn oxide (franklinite) and silicates (hemimorphite). | ||||
| - | Sulphides present are dominated by pyrite and sphalerite. Also present are chalcopyrite, | |||
| pyrrhotite,chalcocite,bornite andgalena. | ||||
| Environmental | - | Assumptions made regarding possible waste and process residue | It is considered that there are no significant environmental factors which would prevent the eventual | |
| factors or | disposal options. It is always necessary as part of the process of | extraction of gold from the project. Environmental surveys and assessments will form a part of future | ||
| assumptions | determining reasonable prospects for eventual economic extraction to | pre-feasibility. | ||
| consider thepotential environmental impacts of the mining and |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 | JORC Code explanation | Commentary |
|---|---|---|---|
| processing operation. While at this stage the determination of potential | |||
| environmental impacts particularly for a greenfields project may not | |||
| always be well advanced the status of early consideration of these | |||
| potential environmental impacts should be reported. Where these | |||
| aspects have not been considered this should be reported with an | |||
| explanation of the environmental assumptions made. | |||
| Bulk density | - | Whether assumed or determined. If assumed the basis for the | Densities of 2.7 t/m3 were used for mineralised veins and 2.6 t/m3 for wall rock. |
| assumptions. If determined the method used whether wet or dry the | |||
| frequency of the measurements the nature size and representativeness | No data of how densities were determined is available. | ||
| of the samples. | |||
| - | The bulk density for bulk material must have been measured by | The bulk densities used in the evaluation process are viewed as appropriate at this stage of the | |
| methods that adequately account for void spaces (vugs porosity etc) | Project. | ||
| moisture and differences between rock and alteration zones within the | |||
| deposit. | CEL is collecting specific gravity measurements from drill core, which it is expected will be able to be | ||
| - | Discuss assumptions for bulk density estimates used in the evaluation | used to estimate the block and bulk densities in future resource estimates. | |
| process of the different materials. | For RC drilling, the weights of material recovered from the drill hole is able to be used as a measure | ||
| of the bulk density. | |||
| Classification | - | The basis for the classification of the Mineral Resources into varying | The Mineral Resource Estimate has both Indicated and Inferred Mineral Resource classifications |
| confidence categories. | under the National Instrument 43-101 code and is considered foreign. These classifications are | ||
| - | Whether appropriate account has been taken of all relevant factors (ie | considered appropriate given the confidence that can be gained from the existing data and results | |
| relative confidence in tonnage/grade estimations reliability of input | from drilling. | ||
| data confidence in continuity of geology and metal values quality | |||
| quantity and distribution of the data). | The reliability of input data for the 2003 and 2006 resources is acceptable as is the confidence in | ||
| - | Whether the result appropriately reflects the Competent Person’s view | continuity of geology and metal values quality quantity and distribution of the data. Appropriate | |
| of the deposit. | account has been taken of all relevant factors with the exception of studies into the appropriateness | ||
| of the application of a top cut. | |||
| The reported 2006 NI43-101 (non-JORC Code compliant Measured and Indicated) estimate for the | |||
| Hualilan Project is measured resource of 164294 tonnes averaging 12.6 grams per tonne gold and | |||
| 52.1 g/t silver and 2.5% zinc plus an indicated resource of 51022 tonnes averaging 12.4 grams per | |||
| tonne gold and 36.2 g/t silver and 2.6% zinc plus an inferred resource of 213952 tonnes grading 11.7 | |||
| grams per tonne gold and 46.6 g/t silver and 2.3% zinc. (Source La Mancha resources Toronto Stock | |||
| Exchange Release April 7 2007 - Interim Financials) – See Table 1. | |||
| The 2006 estimate did not include the east-west mineralised Magnata Vein despite the known | |||
| mineralisation in the Magnata Vein beingdrilled on a 25 x 50-metre spacing. The 2003 NI43-101 |
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Mr Scott Funston, Finance Director
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| Criteria JORC Code explanation |
Commentary |
|---|---|
| (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% 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 Resource estimates. |
The historic resource estimate has not been audited. |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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 |
|---|---|---|---|
| The earlier (1996 and 2000) Mineral Resource Estimates were audited and re-stated in a 2003 | |||
| resource report. This independent report was done to NI-43-101 standard and the results of this | |||
| report were released to the TSX. This report concluded that “Detailed resource calculations made by | |||
| three differentgroups are seen to be realistic. | |||
| Discussion of | - | Where appropriate a statement of the relative accuracy and confidence | There is sufficient confidence in the data quality drilling methods and analytical results that they can |
| relative accuracy/ | level in the Mineral Resource estimate using an approach or procedure | be relied upon. The available geology and assay data correlate well. The approach or procedure are | |
| confidence | deemed appropriate by the Competent Person. For example the | deemed appropriate given the confidence limits. The main two factors which could affect relative | |
| application of statistical or geostatistical procedures to quantify the | accuracy is grade continuity and top cut. | ||
| relative accuracy of the resource within stated confidence limits or if | |||
| such an approach is not deemed appropriate a qualitative discussion of | Grade continuity is variable in nature in this style of deposit and has not been demonstrated to date | ||
| the factors that could affect the relative accuracy and confidence of the | and closer spaced drilling is required to improve the understanding of the grade continuity in both |
||
| estimate. | strike and dip directions. It is noted that the results from the twinning of three holes by La Mancha | ||
| - | The statement should specify whether it relates to global or local | are encouraging in terms of grade repeatability. | |
| estimates and if local state the relevant tonnages which should be | |||
| relevant to technical and economic evaluation. Documentation should | The deposit contains very high grades and there is a potential need for the use of a top cut. It is | ||
| include assumptions made and the procedures used. | noted that an arbitrary grade reduction factor of 10% has already been applied to the resource as | ||
| - | These statements of relative accuracy and confidence of the estimate | reported. | |
| should be compared with production data where available. | |||
| Noproduction data is available for comparison |
Challenger Exploration Limited ACN 123 591 382 ASX: CEL
Issued Capital
653.1m 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