Hot Chili ready to dig deep at Cortadera
Hot Chili Limited (ASX:HCH) has recommenced diamond drilling at the Cortadera copper-gold porphyry discovery in Chile.
Cortadera is 14 kilometres from the company’s Productora copper development along the coastal range of Chile and has been the source of several exceptional drill results following the execution of option agreements to acquire a 100% interest in the major privately-held discovery earlier this year.
Promising exploration results have boosted management’s confidence in Cortadera being part of a much larger system, and they have also provided significant share price momentum for Hot Chili which is now up approximately 200% since the start of the year.
Hot Chili’s first phase of confirmation drilling exceeded expectation, dramatically re-shaping management’s view of the potential size and grade of the Cortadera discovery.
Focusing on largest of four porphyries
The second-phase drilling programme will initially focus on the largest of the four porphyries discovered to date at Cortadera.
Recent results confirmed the discovery of a new, high grade, bulk tonnage zone of 188 metres grading 0.9% copper and 0.4g/t gold within a standout diamond drill intersection of 750 metres grading 0.6% copper and 0.2g/t gold from 204 metres down-hole depth.
Pre-collars for the first two diamond holes of the second-phase drill programme are complete and double-shift diamond drilling is advancing well.
Highly regarded porphyry specialist Dr Steve Garwin is consulting to Hot Chili’s exploration team to refine the company’s understanding of Cortadera and assist in drill targeting and design.
Garwin’s extensive experience with recent tier-1 copper-gold porphyry discoveries, most notably SolGold’s giant Cascabel deposit in Ecuador and the Batu Hijau deposit in Indonesia, is providing strong guidance to Hot Chili’s exploration and resource definition approach for Cortadera.
While only at an early stage, the Cortadera discovery has demonstrated many characteristics commonly associated with major gold-rich, copper-gold porphyry systems.