Another drill record for Hot Chili as it completes first acquisition payment

By Jonathan Jackson. Published at Oct 16, 2019, in Mining

Hot Chili (ASX:HCH) has today released substantial news relating to its drill campaign at its Cortadera copper-gold porphyry discovery in Chile.

Today’s results herald in the completion of the company’s phase 2 drilling program, with all results for the second diamond drill hole now collated and analysed. It also marks its third record drill result in a row with diamond hole CRP0017D expanding to 596m, a significant width expansion of 246m from the initial drill result.

Grading is 0.5% copper and 0.2g/t gold from 328m down-hole depth.

The result adds to a growing list of exceptionally wide copper-gold porphyry discovery drill results released by Hot Chili.

The higher grade zone within the broad drill intersection remains unchanged and stands at 184m grading 0.7% copper and 0.3g/t gold from 430m down-hole depth.

The final result from CRP0017D demonstrates a robust large-scale distribution of copper and gold across the main porphyry (Cuerpo 3) at Cortadera which remains largely open both laterally and vertically.

Hot Chili continues to deliver record results.

These results rate as rate as some of the worlds’ stand-out copper-gold porphyry drill results ever recorded.

Some of the more significant intersections include:

  • 750m grading 0.6% copper and 0.2g/t gold from 204m down-hole depth (including 188m grading 0.9% copper and 0.4g/t gold)
  • 848m grading 0.4% copper and 0.2g/t gold from 112m down-hole depth (including 184m grading 0.7% copper and 0.3g/t gold)
  • 864m grading 0.4% copper and 0.1g/t gold from 62m down-hole depth (including 348m grading 0.6% copper and 0.2g/t gold), and now:
  • 596m grading 0.5% copper and 0.2g/t gold from 328m down-hole depth(including 184m grading 0.7% copper and 0.3g/t gold.

More drilling to come

Hot Chili holds a unique position amongst potential large-scale global copper-gold developments, with its higher grade bulk tonnage underground development opportunity.

Its current drilling program is cementing this position.

The company is currently completing an in-fill drill section targeting the new high grade zone at a spacing of approximately 150m distance from existing record drill results.

Despite a third diamond drill hole (CRP0018D) terminating at a down-hole depth of 768m, the hole successfully recorded a broad Intersection of shallow mineralised porphyry from 50m to 330m down-hole depth, followed by strongly mineralised porphyry from 494m to 622m down-3 hole depth.

All samples from this hole are currently being analysed with results expected shortly.

Hot Chili has also commenced work on a fourth diamond drill hole (CRP0019D) and is currently at a depth of approximately 434m down-hole.

So far, the drill hole has successfully intersected mineralised porphyry from 120m to 250m down-hole depth, with first results expected to be returned in the coming weeks.

Drilling across the recently discovered high grade zone at Cuerpo 3 will continue for the coming month in advance of the commencement of step-out drilling across each of the four porphyries at Cortadera.

First payment complete

Whilst results have been excellent, a further achievement is that Hot Chili has satisfied the first payment toward the 100% acquisition of Cortadera from SCM Carola.

This US$3 million payment was the second instalment to the first US$5 million payment of the Carola Option Agreement.

This payment gives Hot Chili full access to expand its drilling program at Cortadera during the remaining two-year option term.

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