Hot Chili continue to deliver hot results at copper-gold project

By Jonathan Jackson. Published at Mar 20, 2020, in Mining

Hot Chili has delivered another exceptional result from a 100m step-out drill hole to the main porphyry of its Cortadera copper-gold discovery in Chile.

Cortadera is a privately-owned, major copper-gold porphyry discovery, just 14km from Hot Chili’s large-scale Productora copper development and adjacent to the high grade El Fuego satellite copper projects.

HCH see Cortadera as a premier discovery that could position the company with one of the largest copper-gold inventories in the hands of a junior listed company globally.

In fact, Cortadera's continued delivery of world-class drill results has positioned Hot Chili as one of the few juniors globally controlling a potential Tier 1 copper-gold asset in a Tier 1 mining jurisdiction.

Hot Chili is well funded with over A$2 million cash at hand and the ability to pivot it’s activities towards delivery of key resource growth milestones over the coming months ahead.

Cortadera stacks up well against its peers:

Highlights of this latest drill program include:

  • 542m grading 0.5% copper & 0.2g/t gold from 422m down-hole depth including a wide high grade zone of:
  • 218m grading 0.7% copper & 0.2g/t gold from 616m down-hole depth (plus additional silver and molybdenum credits)

The latest drill result for CRP0040D significantly extends the strike length of the main porphyry’s vertically extensive high grade core, which is now over 500m in strike length, 200m in width, extending from 200m vertical depth, and still open, with average drill intersection grades ranging between 0.7% to 0.9% copper and 0.2g/t to 0.5g/t gold.

Plan view across the Cortadera discovery area displaying significant historical copper -gold DD intersections across Cuerpo 1, 2 and 3 tonalitic porphyry intrusive centres (represented by modelled copper envelopes, yellow - +0.2% Cu and red +0.4% Cu). Note the location of the inset plan area for Cuerpo3 associated with the following figures. The new HCH drilling intersection recorded in CRP0040D (majenta) and previously reported HCH drill intersections (Red) and historical drilling intersections (white).
Plan view across the Cortadera discovery area displaying significant historical copper -gold DD intersections across Cuerpo 1, 2 and 3 tonalitic porphyry intrusive centres (represented by modelled copper envelopes, yellow - +0.2% Cu and red +0.4% Cu). Note the location of the inset plan area for Cuerpo3 associated with the following figures. The new HCH drilling intersection recorded in CRP0040D (majenta) and previously reported HCH drill intersections (Red) and historical drilling intersections (white).

Of course, Hot Chili like many companies, hasn’t been immune to current events and has temporarily suspended operations due to the coronavirus pandemic, however the company won’t sit idle and is utilising this time to accelerate preparations towards estimation of a large first resource for Cortadera.

Prior to shut down, Hot Chili drilled its next expansion DD hole (CRP0042D) to a depth of 616m down-hole. The 250m step-out hole is designed to test the southern extension of Cuerpo 3 at depth.

This hole will be completed to a depth of 1,200m upon re-commencement of drilling.

Hot Chili has also completed two deep Reverse Circulation (RC) pre-collars across the Cuerpo 3 North target, located 500m north of the main porphyry.

Both holes (CRP0041 and CRP0043) intersected wide zones of skarn alteration in association with strong pyrite mineralisation above the position of a large coincident chargeability and conductivity geophysical anomaly. Diamond drill tails are planned to extend both holes at depth and further four deep RC holes are also planned.

Meanwhile, results from DD hole CRPO042D and RC holes CRP0041 and CRP0043 are expected to be received in the coming weeks, subject to reduced turn-around time from laboratories.

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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