Challenger Exploration Limited (ASX:CEL) re-started trading on the Australian Securities Exchange at 10am AEST today after raising $5 million at 3 cents per share.
The raising was part of a re-compliance process with funds expected to be used to progress the Hualilan Gold Project in Argentina and the El Guayabo Copper-Gold Project in Ecuador.
Both projects have extensive historical drilling evidencing their highly prospective nature.
In position to “quickly advance” two projects
Challenger managing director Kris Knauer said: “We would like to welcome new shareholders and thank existing shareholders for their support.
“We are now in a position to quickly advance our two highly prospective South American gold and copper projects.
“Importantly both projects have the benefit of significant historical exploration and expenditure that provides us with a lot of confidence.”
The Hualilan Gold Project in San Juan, Argentina, is a near-term development opportunity and over the coming 12 months the company aims to redefine the scope of the project to determine its strategy.
Substantial copper and associated gold
The El Guayabo Project in Ecuador was last drilled by Newmont Mining in 1995 and 1997 targeting gold in hydrothermal beccias.
This historical drilling has demonstrated potential to host substantial copper and associated gold and silver mineralisation.
In the past three months CEL has completed the acquisition of a 16 square kilometre geophysics and MMI sampling program to define targets for drilling.