Option to acquire 97.5 square kilometres of concessions in the greater Hualilan area.
Increases CEL’s land position from approximately 80 to 177.5 square kilometres.
The concessions are located 3 kilometres north of CEL’s existing Hualilan tenements, adjoining Newmont’s concessions, and cover approximately 15 kilometres of prospective strike.
The tenements contain the same limestone and sedimentary sequence that hosts Hualilan.
Limited previous exploration, which was never followed up, returned stream sediment samples over 2 g/t gold which is exceptionally high for stream sediment samples and suggests a proximal gold source.
The company has a 4-year option to acquire 100% of the tenements for a total of US$450,000
Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce that it has entered into agreements to acquire a package of Exploration Licences adjacent to the Company’s existing Hualilan Gold Project. The concessions comprise five contiguous exploration licenses which are collectively called the Cordon del Peñon tenements.
