Challenger pursuing new acquisitions

Vancouver-listed Challenger Minerals is looking to expand its property holdings.

The junior is evaluating a gold property in the Battle Mountain Trend of Nevada and several large gold projects in Burkina Faso and Ghana in Western Africa.

At the same time that it pursues these and other opportunities abroad, the company remains excited about the potential of its Marshall Lake massive sulphide property in northwestern Ontario. At a meeting in Toronto, President Gary Oakley told investors and analysts “we believe we are close to a discovery hole at Marshall Lake.”

This past winter, Challenger drilled 10,000 ft. on the property, situated 160 miles northeast of Thunder Bay, with several holes intersecting strong alteration and stringer sulphide mineralization. The second hole cut a 45-ft. mineralized section which yielded several intervals, including 0.32% copper, 1.27% zinc, 0.78 oz. silver per ton over 7.9 ft., and 0.74% copper, 0.58% zinc, and 1.21 oz. silver over 5.9 ft.

At the same meeting, Challenger director James Gill, who is also president of Aur Resources (TSE), said “exploration work to depth on the Marshall Lake property is in its infancy.”

So that it can continue exploring Marshall Lake, as well as pursue other acquisitions, Challenger is planning a financing in the near future. It currently has 4.7 million shares outstanding and was recently trading near the 50 cents level.