Challenger Gold launches Hualilan Project drill program

·       Challenger Gold commenced a 35,000-metre diamond drilling programme at its Hualilan Gold Project using two initial rigs.

·       The company's shares closed flat at $0.124 in the latest trading session.

·       Management is driving the programme to test mineralisation extensions and support resource conversion following an equity raise.

Challenger Gold (ASX:CEL) initiated a 35,000-metre diamond drilling programme at the Hualilan Gold Project with two active rigs on site.

This activity marks the first exploration drilling programme at the flagship site in more than three years following a 2023 campaign.

The four-rig programme targets extensions of mineralisation at depth and along strike alongside mineral resource conversion inside the open pit design.

Approximately 5,000m will focus on geotechnical drilling for the Phase 1 standalone heap leach project, while the balance tests regional targets.

Following the announcement, the Challenger Gold share price was unchanged at $0.12.

The company is concurrently running a property-wide geophysical review involving data reinterpretation to generate new exploration targets across the district.

Funding for this campaign and a larger follow-up programme is supported by a recent capital raise of $85 million.