Hot Chili Confirms Wide High Grade Copper-Gold Drill Result from Surface at Cortadera

By Meagan Evans. Published at Dec 19, 2019, in Mining

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.

The new HCH drilling intersection recorded in CRP0021 (magenta) and previously reported HCH drill intersections (red)
The new HCH drilling intersection recorded in CRP0021 (magenta) and previously reported HCH drill intersections (red)

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.

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.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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