Hot Chili increases Cortadera copper footprint
Hot Chili’s exploration success continues with more
high-grade copper-gold intercepts across the northern flank of its Cortadera
deposit in Chile. The new intercepts have effectively increased the width of
the main porphyry, Cuerpo 3, by approximately 100 metres, demonstrating a
strong continuity of high-grade mineralisation.
Drilling across the northern flank of the deposit’s Cuerpo 3
target unearthed a massive 362m at 0.6 per cent copper-gold equivalent, which
translates to 0.5 per cent copper and 0.2 grams per tonne gold.
Within the 362m hit was a substantial 82m higher grade zone
with 0.7 per cent copper and 0.3 g/t gold which reports as 1 per cent copper
equivalent.
The company has also received final assays from a previously
reported hole which have “significantly upgraded the initial result”. Best
numbers include 486m grading 0.6 per cent copper equivalent, which translates
to 0.5 per cent copper and 0.2 g/t gold, including 168m grading 1 per cent
copper equivalent or 0.8 per cent copper and 0.3 g/t gold.
Hot Chili expects even further expansion of the north flank
to be confirmed with assay results pending from another step-out diamond hole
which returned a wide visual intersection of mineralised porphyry between 480m
and 830m depth down-hole.
Hot Chili has three drill rigs operating at Cortadera with a
fourth rig currently being sourced to accelerate the program further. A
whopping 6,302m of assay results are pending from 27 holes and the company is
expecting a flood of results back by the end of October.
The company also reported successful reverse circulation
drill testing of additional open flanks at the Cuerpo 2 target, with assay
results pending for five drill holes which visually had wide intersections of
strong porphyry mineralisation from surface. Further drilling is being
undertaken to assess the potential of Cuerpo 2.
The company is aiming to upgrade the 451 million tonne
resource for the Cortadera deposit, which is part of the wider 724Mt Costa
Fuego project. Work at Cortadera will also feed into preliminary feasibility
work for the Costa Fuego project.
Underpinning the accelerated program is a recent $40 million
capital raise which saw mining heavyweight Glencore take a strategic position
in Hot Chili - and a seat on the board.
The company is also planning to list on the TSXV exchange in
the December quarter.
Mr Easterday said, “Following our recent $40 million capital
raising and Glencore’s strategic investment, we are now well-positioned to
accelerate and broaden our growth plans for Costa Fuego’s existing 724 million
tonne resource base.”
In the coming months Hot Chili says it expects to deliver
several announcements across all activity fronts including exploration,
resource drilling, development studies and corporate.
The company’s progress with the Cortadera acquisition and
development has been astonishingly rapid with the deal struck less than three
years ago and world class drill results delivered within six months and a
maiden resource announced just over a year later. The Perth-based explorer now
owns of one the largest copper deposits in the world, which just seems to keep
on giving as it edges closer and closer to official Tier-1 mineable status.
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