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Hot Chili to consolidate entire Cortadera copper-gold discovery


Published 04-FEB-2019 10:42 A.M.


2 minute read

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ASX junior Hot Chili (ASX:HCH) has clinched a formal option agreement with a private Chilean group to acquire 100% of a mining right which contains a portion of the Cortadera copper-gold discovery.

Cortadera is situated 14 kilometres directly southeast of HCH’s large-scale Productora copper project, which is located at low altitude along Chile’s coastal range.

Together with memorandum of understanding (MOU) executed with SCM Carola (as also announced separately today), this clears a path for consolidation of the entire Cortadera copper-gold discovery In Chile.

The mining right, called Purisima, contains approximately 500 metres strike extent of the entire two kilometres long Cortadera discovery zone.

Approximately 4,000 metres of diamond drilling has been completed across Purisima containing several significant drilling intersections.

These results, like those announced at Cortadera today, have never been previously released and include:

  • 214m grading 0.5% copper and 0.1g/t gold from surface (including 82m grading 0.7% copper and 0.1g/t gold)
  • 148m grading 0.5% copper and 0.1g/t gold from surface (including 76m grading 0.7% copper and 0.2g/t gold)
  • 132m grading 0.4% copper and 0.1g/t gold from 146m down-hole depth (including 40m grading 0.6% copper and 0.1g/t gold)
  • 48m grading 0.5% copper and 0.1g/t gold from 34m down-hole depth (including 12m grading 1.0% copper and 0.4g/t gold)

Extensional and in-fill drilling expected to kick off within the coming months.

Hot Chili’s first announcement today outlined key terms for an option to acquire an 100% interest in approximately 1.5 kilometres of the two kilometres long Cortadera discovery zone.

Location of Productora project in relation to Cortadera, new growth projects and coastal range infrastructure

The Cortadera copper-gold discovery lies 14 kilometres directly southeast of Productora and comprises a cluster of three copper-gold porphyry centres extending from surface to depths of 900 metres, as currently drill tested.

Some 4,000 metres of the entire 23,231m of diamond drilling (HQ core) completed at Cortadera are contained within the Purisima mining right, accounting for one of the three porphyry centres discovered to date.

Significant drilling intersections at Purisima, similar to those announced already, reveal wide copper and gold mineralisation from surface which remains open at depth and along strike.

Below is a plan view across the Cortadera discovery area displaying significant copper-gold drilling intersections across two confirmed tonalitic porphyry intrusive centres.

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Consolidation of the entire footprint of the discovery zone will allow Cortadera’s growth potential to be maximised along strike.

Within the coming months, HCH plans to begin systematic exploration and resource definition drilling across Cortadera.

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