High-grade copper results for Hot Chili’s San Antonio mine

Published at Aug 30, 2018, in Small Caps

Hot Chili Limited (ASX:HCH), a copper junior with multiple projects in Chile, has today announced further strong drill results from its rapidly emerging San Antonio copper deposit, part of the company’s new El Fuego copper project in Chile.

These new drill results add to a remarkable list of stand-out drilling intersections recorded from the company’s recently completed drill program, which include:

- 9m grading 2.0% copper from 132m down-hole depth,

- 16m grading 1.1% copper from 93m down-hole (including 5m grading 2.7% copper),

- 6m grading 2.1% copper from 65m down-hole depth,

- 19m grading 2.0% copper from 61m down-hole depth (including 11m grading 2.4% copper),

- 15m grading 1.7% copper from 80m down-hole depth,

- 13m grading 1.3% copper from 17m down-hole depth (including 5m grading 2.3% copper),

- 53m grading 0.9% copper from 72m down-hole depth (including 27m grading 1.3% copper),

- 10m grading 1.6% copper from 58m down-hole depth (including 4m grading 2.7% copper),

- 5m grading 2.5% copper from 31m down-hole depth (including 2m grading 4.3% copper),

- 18m grading 1.3% copper from 52m down-hole depth (including 5m grading 2.1% copper), and

- 11m grading 1.6% copper from 83m down-hole depth

Given the shallow, high-grade nature of mineralisation, San Antonio looks set to become a key addition to HCH’s large-scale open pit resource inventory with the potential to make a positive material impact on the head grade of the company’s future copper production plans.

Strong continuity of mineralisation confirmed by results

The full results from HCH’s recent 5,000m drilling program have added further confidence in the discovery of a large high-grade extension to the San Antonio copper mine. San Antonio lies 20km east of HCH’s Productora copper project in Chile and forms part of the company’s consolidated El Fuego high-grade growth project as shown below.

The new consolidated El Fuego copper project in relation to the company’s existing large-scale Productora copper project.

Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.

Final drill results at San Antonio have been received and they continue to highlight strong continuity of shallow, high-grade copper mineralisation over 700m strike extent. Recent results included 9m grading 2.0% copper from 132m down-hole depth (SAP0032), 5m grading 2.7% copper from 104m down-hole depth (SAP0028 - contained within 16m grading 1.1% copper from 93m down-hole) and 6m grading 2.1% copper from 65m downhole depth (SAP0023).

Mineralisation at San Antonio remains open at depth and along strike as displayed below:

Plan displaying the location of significant drill intercepts in relation to the San Antonio underground development and interpretation of high grade copper mineralisation approximately 50m below surface (1,150m RL).Long Section (looking west) displaying the pierce point locations of stand-out drill results (circles) at San Antonio.Cross Section (looking north) displaying the continuation of the San Antonio Main Lode below the existing underground mine development as confirmed by recent drill results. Note the shallow dip of high grade copper mineralisation and confirmation of wide high grade copper at depth in SAP0031.

Drill planning is currently underway in advance of submission of regulatory applications to commence follow-up and resource definition drilling at San Antonio. Results are expected shortly from three drill holes completed at the Valentina copper mine.

These results will also assist in the design of further drilling to define a second high grade resource opportunity.

San Antonio is fast shaping as the first of several high grade satellite copper deposits that HCH is looking to incorporate into its large-scale, bulk tonnage Productora copper development, located 20km to the west.

The San Antonio underground mine has reportedly produced approximately 2Mt grading 2% copper from shallow depths. The average copper grade indicated by recent extensional drilling and mining at San Antonio is approximately three to four times the average resource grade of Productora (0.48% copper).

In addition, gold and silver co-products at San Antonio could potentially provide valuable additional credits. San Antonio is now positioned to become a key addition to the company’s existing large resource base — already standing at 1.5Mt copper and 1.0Moz gold.

HCH next aims to confirm and advance the high grade Valentina copper mine (located 5km north of San Antonio) toward the commencement of resource definition, providing a second nearby resource growth opportunity. In addition to Valentina, the Lulu copper mine extension and multiple large copper targets defined along the San Antonio – Valentina corridor (8km) offer a strong pipeline of additional high grade copper exploration targets within the consolidated El Fuego copper project.

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S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

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