Hot Chili Confirms Wide High Grade Copper-Gold Drill Result from Surface at Cortadera
Hot Chili Limited (ASX:HCH) has today announced new drill results outlining a second large source of bulk tonnage, high grade copper and gold at the Cortadera Project — a major copper-gold porphyry discovery located along the Chilean coastal range.
Drilling is continuing to grow the discovery and is providing strong encouragement for both open pit and underground, high grade, development options.
Over the past three weeks, in parallel with diamond drilling activities, a second drill rig has been testing the extent of shallow chalcocite enrichment zones across three of Cortadera's four porphyry centres discovered to date.
Thirteen shallow Reverse Circulation (RC) drill holes (average depth of 130m) have been completed so far, with results returned for seven holes and results pending for six holes.
Results returned from RC drilling across Cuerpo 2 (the second largest porphyry at Cortadera) have confirmed and extended a bulk tonnage zone of high grade copper and gold from surface.
The new drill result from CRP0021 remains open along strike to the east and recorded 80m grading 0.8% copper and 0.3g/t gold from surface, including a high grade chalcocite zone of 26m grading 1.7% copper and 0.7g/t gold from a down-hole depth of 54m.
High grade zones related to chalcocite enrichment have been drill confirmed at Cuerpo 1, 2 and 4, from surface and from shallow depth, with drill intersection copper grades ranging between 0.7% - 1.6% and gold grades ranging between 0.3 - 0.7g/t.
Hot Chili is well positioned to capitalise on the numerous world-class drill results that have established Cortadera as one the stand-out global copper-gold discoveries of 2019.
It expects to release more results from the shallow RC drill program and expansion diamond drill program early in the new year.
Drilling activities are then set to accelerate in 2020 toward a first resource estimate and the company directors look forward to advancing various future funding discussions with several large domestic and international groups.
Recently received regulatory approval provides access to expand the company's phase 2 drilling program. The expanded program will also include first drill testing of two exciting, large growth targets identified close to the Cortadera discovery window: Cuerpo 3 North and Cortadera North.
Hot Chili has had a strong year, the stock is now up 367% since January supported by the Cortadera acquisition and the positive drilling results received to date.