Hot Chili’s extends 'stunning' discovery drill results at Cortadera Gold-copper project
The extension of the best drilling intersection in the company’s history has confirmed that Hot Chili’s Cortadera Project has among the world’s best copper-gold porphyry drill intersections ever recorded.
Cortadera lies adjacent to the high grade El Fuego satellite copper projects and is just 14km from Hot Chili’s Productora copper development, a significant advantage as the combination of Productora with Cortadera leveraging central processing and infrastructure would underpin a globally significant new copper development along the Chilean coastline.
Today’s news that final assays at Cortadera has delivered a 750m copper-gold porphyry drill result, puts Hot Chili one step closer to achieving this aim and sets it up perfectly for future planned drilling.
The stock was up as much as 24% this morning following the announcement to the ASX.
Final assay results for the remaining 359.9m of diamond hole CRP0013D expanded the initial significant intersection by a further 128m down-hole, extending the standout result to 750m grading 0.6% copper and 0.2g/t gold from 204m down-hole depth.
The new high grade bulk tonnage zone discovered in diamond hole CRP0013D remains unchanged, comprising 188m grading 0.9% copper and 0.4g/t gold from 516m down-hole depth (which includes 100m grading 1.0% copper and 0.5g/t gold from 530m down-hole depth).
Highlights of the results include:
750m grading 0.6% copper and 0.2g/t gold from 204m depth, including a New High Grade Zone (unchanged) comprising:
i) 188m grading 0.9% copper and 0.4g/t gold from 516m depth which includes:
ii) 100m grading 1.0% copper and 0.5g/t gold from 530m depth
The CRP0013D result has outlined the beginnings of a bulk tonnage, high grade zone at depth at Cortadera. This is important because it materially changes the potential scale and pedigree of the Cortadera copper-gold porphyry discovery.
Of further importance is this new bulk tonnage, high grade zone exhibits many similar characteristics present in some of the world’s most notable large-scale underground porphyry mines and developments, not least its combined copper and gold grade.
Whilst the scale of this zone is unknown and remains largely open, it represents a very exciting focus for Hot Chili’s second phase of drilling.
Hot Chili’s team is now compiling historical and new data sets at Cortadera to facilitate various geological models aimed at refining its approach to drill design for the second phase of diamond (DD) and reverse circulation (RC) drilling.
In parallel with the drilling campaign that began in April comprising 17 holes for approximately 5000m of RC and 1500m of DD drilling, Hot Chili has been confidently working on an initial Mineral Resource to be estimated at Cortadera. The company has engaged independent consultant AMC to prepare an initial Mineral Resource estimate for Cortadera.
Further results are due shortly as planned drilling gets underway, along with future funding initiatives.