Challenger Gold (ASX:CEL) has doubled the resource of its El Guayabo and Colorado V to an overall mineral resource estimate (MRE) of 570.3 million tonnes (Mt) at 0.50 grams per tonne (g/t) of gold equivalent (AuEq, equating to 0.36 g/t Au, 2.2 g/t Ag, 0.07% Cu, and 9.7 parts per million- ppm Mo, or molybdenum).
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
This yields 9.1 million ounces of AuEq – an increase from 4.5Moz of AuEq.
Specifically, the update comprises an MRE of 4.4Moz gold equivalent at a grade of 0.50 g/t AuEq for the Colorado V project – which Challenger has a 50% stake in, and a 4.7Moz AuEq at 0.50 g/t AuEq for El Guayabo.
Colorado V’s AuEq is estimated to include 0.35 g/t Au, 2.2 g/t Ag, 0.08% Cu, and 14.3 ppm Mo, while El Guyabo’s comprises 0.38 g/t Au, 2.3 g/t Ag, 0.06% Cu, and 7.5 ppm Mo.
“I would like to congratulate our exploration team in Ecuador for their outstanding work in doubling project resources from 4.5Moz to 9.1Moz AuEq, including a high-grade core of 2.1Moz at 1.0g/t AuEq,” managing director Kris Knauer said.
Challenger achieved the MRE upgrade through drilling of five of the 15 regionally significant Au-Cu soil anomalies identified across the territory; of these 13 have been drilled, with all returning significant mineralisation.
“This resource update represents a transformational milestone for Challenger Gold shareholders, enabling us to move forward with unlocking significant value from our Ecuador assets while focusing entirely on bringing our flagship Hualilan project into production,” he added.
More market news
Levy beef: Trump whacks Oz with 10% tariffs on “Liberation Day”
Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst
Mr Knauer continued: “This is only the beginning for the asset – the current resource is based on drilling just five of fifteen major anomalies identified across our Ecuador projects, with all thirteen anomalies drilled so far returning significant mineralisation.”
CEL shares were trading at 5.5 cents to close today.
Join the discussion: See what HotCopper users are saying about Challenger Gold and be part of the conversations that move the markets.
The material provided in this podcast is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.