Hot Chili prepares to expand the size of porphyries at Cortadera
Hot Chili Ltd (ASX:HCH) has reported that its current drill hole at the Cortadera copper-gold porphyry discovery in Chile is on track to deliver another stand-out result.
Following an outstanding run of record drill results from the recently discovered high grade core to the main porphyry, Hot Chili is now preparing to commence an expansion phase of drilling given the Cortadera discovery remains largely open.
Indeed, Hot Chili has continued to deliver with the drill bit, resulting in an approximate four-fold increase in its share price this year.
The company’s phase 2 drill programme will focus on determining the order of magnitude of the Cortadera discovery and if the discovery is capable of growing towards a Tier-1 copper deposit (+5 million tonnes contained copper metal).
Hot Chili has now submitted regulatory applications for clearing and access to expand the area of drilling around the existing four porphyries discovered to date.
Included in the regulatory application is a programme of first-pass drilling which will be directed towards two large growth targets, Cortadera North and Cuerpo 3 North.
Given these targets have not previously been drill tested, there appears to be strong potential for a game changing discovery, particularly given the company’s success to date.
Cuerpo 3 the largest of four porphyry centres
The following plan view across the Cortadera discovery area shows the location of CRP0019D and CRP0020D across the main porphyry (Cuerpo 3), the largest of the four porphyry centres discovered to date at Cortadera.
CRP0020D is being drilled and is currently at a depth of approximately 860 metres down-hole.
The DD hole has recorded mineralised and strongly mineralised porphyry from surface to its current depth.
CRP0020D is planned be drilled to 1,000 metres, however this will be reviewed in consideration of the geology and mineralisation over the coming days.
Results for the recently completed DD hole CRP0019D are due to be released within the coming week and results for CRP0020D are expected to be released in the weeks following, indicating there are potential near-term share price catalysts.
These results will conclude the company's very successful initial definition of a high grade core to Cuerpo 3.
Expansion drilling is expected to commence once CRP0020D is complete, and will initially test the northern and southern extension of Cuerpo 3.
Drilling will focus on expanding the size of the largest porphyries at Cortadera (Cuerpo 2 and Cuerpo 3), in addition to determining the extent of high grade copper-gold distribution and whether these porphyries join at depth.
A second drill rig will be utilised to drill test the large Cortadera North and Cuerpo 3 North targets once regulatory approvals have been received, something for shareholders to look forward to in 2020.