Challenger Exploration announced results from the remainder of its Phase 1 drilling program which targeted eight of the nine remining regionally significant Au-Ag-Cu soil anomalies in the greater El Guayabo Project area1. Additionally, the Company has received the results from its first four Phase 2 drill holes on the GY-B Anomaly on the 100% owned El Guaybo concession. The results confirm the potential of the greater El Guayabo project to produce one of South America's next significant gold discoveries. The results of the additional Phase 1 exploration drilling is summarised. These 11 drill holes tested eight of the nine remaining regionally significant Au-Cu-soil anomalies in the project. All holes intersected mineralisation with all 14 regionally significant Au-Cu soil anomalies drilled in the greater El Guayabo Gold Project having produced significant gold intercepts with seven of these 14 now regarded as high-priority targets for resource drilling by the Company. The seven high-priority drill targets consist of the main GY-A discovery trend and GY-B which are currently the subject of a resource infill drilling program. GY-C and GY-D are also within the 100% owned El Guayabo concession. CV-A and CV-B are located in the Colorado V concession where the Company is earning a 50% interest, and CP-A is located in the Cerro Pelado concession. GYDD-22-018 was the first hole drilled to test the GY-D Au-Cu soil anomaly which is located on the greater GY-A discovery trend approximately 700 metres west along strike from all GY-A drilling. The hole intersected 730.1 m at 0.2 g/t AuEq2(0.1 g/t Au, 0.7 g/t Ag, 0.03% Cu, 5.8 ppm Mo) from 4.0m including 311.7m at 0.3 g/t AuEq2(0.2 g/t Au, 0.7 g/t Ag, 0.03% Cu, 7.4 ppm Mo) from 4.0m including
56.0m at 0.6 g/t AuEq2 (0.5 g/t Au, 0.7 g/t Ag, 0.02% Cu, 5.7 ppm Mo from 4.0m and 42.6m at 0.5 g/t AuEq2(0.4 g/t Au, 1.0 g/t Ag, 0.1% Cu, 5.4 ppm Mo from 583.9m. The intersection significantly upgrades the El Guayabo Project as it supports the interpretation of a 1.4 kilometre zone of continuous mineralisation along the trend that contains the GY-A (main discovery zone
which has produced intersections including 257.8m at 1.4 g/t AuEq) and GY-D anomalies. The company has drilled two holes on the trend between the bulk of the GY-A drilling and GYDD-22-018, including GYDD-21-010 targeting a geophysical anomaly which intersected 809.9m at 0.3 g/t AuEq from 70.2m, including 217.1m at 0.5 g/t AuEq) and GYDD-21-007 a 200 metre step-out to the west of GY-A which intersected 360.1m at 0.3 g/t from 149.5m including 43.0m at 0.6 g/t AuEq from 450.2m. GYDD-22-019 was the first hole to be drilled on the small Cerro Pelado concession which lies between El Guayabo and Colorado V. The company has entered into an agreement with the local artisanal mining association that owns the three Cerro Pelado concessions where it can farm in to earn an initial 80% interest with the option to move to 100% ownership. The local mining association is currently working narrow high-grade veins which occur through-out the bulk porphyry/Intrusive breccia hosted
mineralisation down to a depth of almost 900 metres. The intersection of 778.2 m at 0.3 g/t AuEq2 (0.2 g/t Au, 0.6 g/t Ag, 0.01% Cu, 0.8 ppm Mo) from 77.3m including 277.7m at 0.4 g/t AuEq (0.3 g/t Au, 0.7 g/t Ag, 0.01% Cu, 2.6 ppm Mo) from 292.3m including 171.3m at 0.5 g/t AuEq2 (0.5 g/t Au, 0.9 g/t Ag, 0.01% Cu, 2.1 ppm Mo) including 98.4m at 0.7 g/t AuEq2
(0.6 g/t Au, 0.6 g/t Ag, 0.01% Cu, 2.3 ppm Mo) from 328.1m and a higher grade zone of 42.0m at 0.9 g/t AuEq (0.8 g/t Au, 0.4 g/t Ag, 0.01% Cu, 3.1 ppm Mo) including 24.0m at 1.3 g/t AuEq (1.3 g/t Au, 0.5 g/t Ag, 0.02% Cu, 3.5 ppm Mo). Additionally, the main intercept includes a deeper higher-grade zone of 167.3m at 0.4 g/t AuEq2 (0.4 g/t Au, 0.5 g/t Ag, 0.02% Cu, 3.7 ppm Mo) from 688.2m including 150.8m at 0.5 g/t AuEq2 (0.4 g/t Au, 0.6 g/t Ag, 0.02% Cu, 3.1 ppm Mo) from 688.2m including 42.5m at 1.4 g/t AuEq2 (1.3 g/t Au, 1.2 g/t Ag, 0.1% Cu, 2.4 ppm Mo) including 22.5m at 2.4 g/t AuEq2 (2.3 g/t Au, 1.9 g/t Ag, 0.1% Cu, 2.4 ppm Mo). The CP-A anomaly Is part of a circular gold in soil feature approximately 600 metres long and 500
metres wide. The results of this first hole on the anomaly coupled with the extensive artisanal workings which have been mapped by the Company indicate an extensive gold discovery. Prior to the Phase 2 resource drilling program on the main GY-A discovery zone a series of four holes were drilled on the GY-B anomaly to follow up CEL drillhole GYDD-21-009 which Intersected 692.7m at 0.3 g/t AuEq including a higher-grade zone of 220.5m at 0.6 g/t AuEq including. 20.7m at 1.0 g/t AuEq and 80.5m at 0.9 g/t AuEq. This drilling has significantly upgraded the GY-B target with all four holes intersecting more than 150 grams x metres of mineralisation from near surface and three of the four holes ending in mineralisation. which shows the main GY-A Discovery Zone and the GY-B anomaly the Company is eagerly awaiting the results of Drillhole GYDD-22-025 as this is testing the potential for the GY-A and GY-B anomalies to join forming a greater 1-1.2 kilometre wide zone of mineralisation.