Hot Chili strikes further wide intersections at Cuerpo 3
Hot Chili Limited (ASX:HCH) has reported another exceptionally wide drilling intersection from its Cortadera copper-gold porphyry discovery in Chile.
The new result from Diamond (DD) drill hole CRP0029D recorded a 649 metre intersection grading 0.4% copper and 0.1g/t gold from a depth of 330 metres down-hole, which included a 440 metre wide zone grading 0.5% copper and 0.2g/t gold.
The 649 metre intersection is Hot Chili's fifth record drill result from Cortadera in the past five months.
Importantly, CRP0029D ended in mineralised porphyry and has confirmed a significant 70 metre extension of significant mineralisation along the northern contact of the largest porphyry discovered to date at Cortadera -Cuerpo 3.
The positioning of CRP0029D relative to the broader Cuerpo 3 drilling site can be seen in the following diagram (box is shaded in pink).
Significant in terms of upcoming resource estimate
Given the northern contact of Cuerpo 3 is approximately 200 metres in width and still remains open, the extensional result is considered a very significant addition to the continued growth of the Cortadera discovery.
CRP0029D is the first of eight diamond holes planned to expand the size of the existing discovery, a key focus for Hot Chili in advance of completing a first resource estimate for Cortadera within the first half of 2020.
Hot Chili plans to be in a position to release a large initial resource estimate and robust view of Cortadera's potential magnitude following the outcome of accelerated drilling activities over the coming months.
Indicating the multiple share price catalysts that are on the horizon, results are currently being compiled from the remainder of the 2019 drill campaign, and these are expected to be released shortly.
39 drill platforms planned for 2020
Hot Chili’s 2020 drilling campaign at Cortadera started a fortnight ago with the commencement of platform and access clearing activities, following regulatory approval late last year for access to construct a further 39 new drill platforms.
Two drill rigs are set to commence in the coming days with drilling to be focused across two key areas of growth at Cortadera.
Double-shift DD drilling activities will continue across large extents of Cuerpo 3 and Cuerpo 2, the two largest porphyries discovered which remain open.
Reverse Circulation (RC) drilling will test the Cuerpo 3 North target which lies 500 metres north of Cuerpo 3 before completing first-pass scout drilling across the 1.5 kilometre long Cortadera North target, located 2 kilometres north of the Cortadera discovery.
Additional shallow RC drilling is also scheduled across the shallow high grade chalcocite zones at Cortadera, following on from positive initial results released late last year.
The delineation of near surface high-grade mineralisation would certainly enhance the commercial viability of a potential project.
Short-term positions in small, early stage ASX companies,
with high potential and near term price catalysts.
Focusing on resource exploration, early-stage tech, and biotech.
Exceptional opportunities across a broad range of
early-stage growth sectors with strong management.
Seeking 1,000% plus returns across medium to long-term holds.
Longer-term positions in a variety of sectors.
Seeking strong management where traction is established and have entered into a growth phase.
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.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.