Near term development option

  • Two separate parallel veins were mined in the past with average grades mined estimated to be 87g/t Au (2.8oz of gold per ton). Between these two shear hosted veins is a breccia zone that is up to 15metres wide that represents resources to be mined at Challenger. The veins continue to depth and so there would be scope for high grade ores at depth. Challenger Extended is the northern extension to the deposit that is largely unexplored at depth.
  • Currently the decline has provided access to a level approximately 80m below surface as shown on this section.
  • The high-grade veins continue to depth and will require access via a decline.

Challenger Project JORC Code compliant Mineral Resource Estimate (1g/t Au cutoff)1

Resource Class Proportion by oz Tonnes (t) Gold (g/t) Gold (oz)
Measured 51% 459,000 3.07 45,000
Indicated 26% 268,000 2.67 23,000
Inferred 23% 290,000 2.16 20,000
Total 100% 1,017,000 2.71 89,000*

* errors due to rounding

Challenger Project – longitudinal cross section.