GOLD DRILLING NEWS RESULTS
Challenger finds 44 m of 1.54 g/t Au in old core
2011-01-12 05:12 PT - News Release
Mr. Simon Tam reports
CHALLENGER DEVELOPMENT CORP.: HIGH GRADE GOLD IN HISTORICAL DRILLING ON TANZANIA PROPERTY
Challenger Development Corp. has provided a technical update on its property acquisition in Tanzania, announced in Stockwatch news on Dec. 3, 2010. This new property (target 1) is composed of approximately 212 square kilometres. A review of previous drilling on the property has revealed numerous high-grade gold assays, and the potential for further gold mineralization at depth.
The target 1 property is located within the prospective Rwamagaza greenstone belt, part of the Sukuma Land greenstone belt, within the Lake Victoria gold fields. This greenstone belt hosts the Tulawaka gold mine (1.7 million ounces), the Bulyanhulu gold mine (18 million ounces) and the Buzwagi gold mine (4.5 million ounces) which are owned and operated by African Barrick Gold. The property forms part of the Buziba-Busolwa-Buckreef project area that received extensive investigation by East Africa Mines Ltd., Spinifex Gold, Anglo Gold Ashanti, Gallery Gold Ltd. prior to 2006 and Iamgold Tanzania Ltd. between 2006 and 2009. Gallery Gold and Iamgold Tanzania completed different exploration stages, including regional geochemical and geophysical surveys, as well as reverse circulation, aircore and diamond drilling on the property. Better drilling results from the property are included in the table.
RESULTSFrom To Over GradeHole ID Type (m) (m) (m)(g/t Au)BDD011 DD 43 44.5 1.5 19.08BDD02 DD 10 31 21 7.16BDD07 DD 50.5 53 2.5 114.4BPRC168 RC 16 18 2 36.6MWBR461 RC 92 93 1 60.5MWBR157(i) RC 1 9 8 50.8719 38 19 52.15MWBR242 RC 98 99 1 40.5MWBR377 RC 67 81 14 34.35MWBD016 DD 90 93.5 3.5 34.13MWBR247 RC 116 117 1 28.25MWBR395 RC 60 62 2 27.73MWBR109 RC 17 19 2 19.03MWBR223(i) RC 22 25 3 18.21MWBR421 RC 47 55 8 14.45MWBD024 DD 109.5 111.5 2 12.3MWBR120(i) RC 90 97 7 11.19MWBR225 RC 22 27 5 11MWBR066 RC 56 62 6 10.33MWBR263 RC 51 58 7 10.08MWBR506 RC 41 85 44 1.54MWBR391 RC 22 58 36 2.26MWBR217 RC 27 62 35 5.92MWBR401 RC 20 52 32 3.24MWBR238 RC 96 127 31 2.18MWBR508 RC 84 112 28 2.51MWBR396 RC 59 87 28 2.2MWBR393 RC 79 104 25 2.85MWBR290 (90(i)dip) RC 6 38 32 2.56(i) Previously disclosed in press release in Stockwatchdated Dec. 3, 2010.
The intersections are for drill holes at a dip of 60 degrees unless otherwise indicated.
Most of this drilling on the property, carried out by both Iamgold Tanzania and Gallery Gold Ltd., did not investigate beyond 100 metres vertical depth, was ended prematurely in basaltic rock (host to much of the gold mineralization on the property) and most of the mineralization is still open at depth. Any new drilling would have to investigate the potential of further gold mineralization below 100 metres vertical depth.
Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.