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The Hualilan Gold Project has a rare combination of both grade and scale






Challenger Gold Limited (ASX: CEL) is a gold and copper exploration company.

Challenger Gold Limited’s aspiration is to become a globally significant gold producer.

The Company is developing two complementary gold/copper projects in South America with a 2.8 million ounce resource estimate recently announced for the Hualilan Gold Project in San Juan, Argentina. In the 100% owned portion of its El Guayabo project in Ecuador the Company has announced a maiden 4.5 million ounce resource estimate.

The Company strategy is for the 100% owned Hualilan Gold Project to provide a high-grade low capex operation in the near term while it prepares for much larger bulk gold operations at both Hualilan and El Guaybo in Ecuador.

Our value proposition:

Hualilan, Argentina:

Low Capex | High Margin | Low Technical Risk | Superior Economics

Mineral Resource Estimate of 2.8 million ounces (AuEq1)
including a high-grade core of 1.6 million ounces at 5.0 g/t AuEq.
Clear potential for resource to grow significantly
with mineralisation remaining open in all directions.
Scoping Study nearing completion focussing on
the high-grade core of the mineralisation.

The aim of this study is to deliver a low capex, low-cost project that CEL can execute.

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1Read footnote...

1Gold Equivalent (AuEq) values – Requirements under the JORC Code

  • Assumed commodity prices for the calculation of AuEq is Au US$1900 Oz, Ag US$24 Oz, Zn US$4,000/t, Pb US$2000/t
  • Metallurgical recoveries are estimated to be Au (95%), Ag (91%), Zn (67%) Pb (58%) across all ore types (see JORC Table 1 Section 3 Metallurgical assumptions) based on metallurgical test work.
  • The formula used: AuEq (g/t) = Au (g/t) + [Ag (g/t) x 0.012106] + [Zn (%) x 0.46204] + [Pb (%) x 0.19961]
  • 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
Close footnote...

El Guayabo, Ecuador:

World Class Belt | Outstanding Results | First Modern Exploration

Maiden Mineral Resource Estimate of 4.5 million ounces at 0.52 g/t (AuEq)
Contains a coherent high-grade core of mineralisation:
1.5 million ounces at 1.0 g/t AuEq (0.65 g/t AuEq cut-off)
1.0 million ounces at 1.2 g/t AuEq (0.80 g/t AuEq cut-off)

This 4.5 million ounce resource is from 2 of the 7 main Au-Cu anomalies
to produce significant drill intersections.

Results from other anomlaies include:
805.3m at 0.5 g/t AuEq inc. 546.7m at 0.7 g/t AuEq (GY-C)
773.9m at 0.4 g/t AuEq inc. 402.8m at 0.6 g/t AuEq (CV-A)
570.0m at 0.4 g/t AuEq inc. 307.0m at 0.5 g/t AuEq (CV-B)

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