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Challenger Gold Limited Announces Positive Resource Drilling Results from Colorado-V Project in Ecuador

Challenger Gold Limited (“Challenger”) is pleased to announce positive results from the next six holes of its ongoing 15-hole resource drilling program at the Colorado-V Project in Ecuador.

Highlights:

  • Drilling Success: Results from the latest six drill holes at the CV-A anomaly continue to yield exceptional intercepts.
  • Key Highlights Include:
    • 701.7 m at 0.4 g/t AuEq, with intervals of 461.0 m at 0.5 g/t AuEq and 244.8 m at 0.6 g/t AuEq (CVDD-24-028).
    • 711.6 m at 0.4 g/t AuEq, including 401.1 m at 0.5 g/t AuEq and 210.9 m at 0.6 g/t AuEq (CVDD-24-024).
    • 537.6 m at 0.5 g/t AuEq from surface (CVDD-24-026).
  • Anomaly Coverage: The CV-A anomaly spans an area of 400 x 800 meters and is confirmed as mineralized from the surface.

Kris Knauer, Managing Director of Challenger Gold, commented: "Our resource drilling program in Ecuador continues to deliver positive results. These intersections are higher grade and wider than those from the first holes in the program. This round of drilling has produced intersections of over 700 meters and confirms that the entire CV-A anomaly covering an area of 400 meters x 800 meters is mineralised from surface and open at depth.

“We are excited to see what this will mean in terms of a maiden Colorado V Mineral Resource Estimate when the program is complete.”

Colorado V Drill Program:

The current program is part of a 15-hole campaign, with 11 holes currently completed. The ongoing drilling aims to establish a maiden Mineral Resource Estimate (MRE) in compliance with the JORC (2012) Code.

Strategic Importance:

The Colorado V Project, adjacent to Challenger’s El Guayabo project with a reported 4.5 Moz AuEq MRE, positions Challenger as a significant player in the Ecuadorian gold sector. This resource drilling program advances Challenger's strategic objective to unlock the full value of its Ecuadorian assets.

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