Hot Chili Limited

Hot Chili Confirms Fourth Porphyry At Cortadera

120m grading 0.5% CuEq* incl. 38m grading 1.0% CuEq

Hot Chili Limited (ASX: HCH) (TSXV:HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") is pleased to announce first drill results from the recently secured western extension to the Cortadera copper-gold resource, the centrepiece of the Company’s low-altitude, Costa Fuego copper-gold project in Chile.


Highlights

  • First assay results returned from stage-one drilling across the recently consolidated western extension to the Company’s Cortadera copper-gold porphyry resource in Chile
  • New assay results confirm a fourth porphyry at Cortadera, returning a wide diamond drill intersection from shallow depth, similar in tenor to historical twin drill hole results recorded by Antofagasta Minerals SA in 2005 (see announcement dated 26th November 2022):
    • 120m grading 0.5% CuEq* (0.4% Cu, 0.2g/t Au) from 22m depth down-hole to end of hole;
      • including 38m grading 1.0% CuEq* (0.8% Cu, 0.4g/t Au) from 22m depth;
        or including 18m grading 1.3% CuEq* (1.0% Cu, 0.5g/t Au) from 32m depth
  • Wide intercept of mineralised porphyry intersected below Cortadera’s Cuerpo 1 porphyry
  • confirming significant resource expansion potential; assay results pending
  • Drill programme expanded to test five new targets across Cortadera’s larger porphyry cluster footprint with ten drill holes complete and a further fifteen drill holes remaining in stage-one
  • Fully funded with cash balance of approximately A$10 million

LCD0001 (56m depth) grading 1.0% Cu, 0.7g/t Au, 4.6g/t Ag. Tonalitic porphyry with sericite-chlorite alteration and 2% A-B porphyry vein abundance. Confirmation drill hole across new fourth porphyry at Cortadera

New assay results have recorded a significant drill intersection of shallow copper-gold porphyry mineralisation, confirming the presence of a fourth porphyry (Cuerpo 4) at Cortadera.

Diamond drill hole LD0001 was drilled as a confirmatory twin hole to historical1 AMSA drill hole COR-03 that intersected 128m grading 0.5% CuEq* (0.4% Cu & 0.1g/t Au) from 28m downhole depth, including 16m grading 1.3% CuEq* (1% Cu & 0.5g/t Au) from 28m depth (as announced on 28th November 2022).

LCD0001 has successfully returned a similar result to AMSA’s hole, intersecting 120m grading 0.5% CuEq* (0.4% Cu, 0.2g/t Au from 22m depth down-hole to end of hole. Importantly, the wide intersection also included 38m grading 1.0% CuEq* (0.8% Cu, 0.4g/t Au) from 22m depth, or 18m grading 1.3% CuEq* (1.0% Cu, 0.5g/t Au) from 32m depth.

Sulphide mineralisation (chalcopyrite-pyrite) is primarily hosted within an early and intra-mineral stage tonalitic porphyry with sericite-chlorite-biotite alteration and 2 to 7% A-B porphyry vein abundance (typical of higher grade sulphide porphyry mineralisation at the Cortadera resource). Results for a further eight Reverse Circulation (RC) drill holes at Cuerpo 4 are pending.

The Company is also pleased to confirm potential for a significant depth extension to the current Mineral Resource (resource) below Cuerpo 1 at Cortadera.

Cuerpo 1 Resource Growth Potential Expanding

Diamond drill hole CORMET001 was completed to a depth of 350m in April 2022 and confirmed significant mineralisation below the defined limits of the Cuerpo 1 resource, with the hole ending in 6m grading 0.6% copper in mineralised porphyry (as announced 29th April 2022).

CORMET001 has now been extended to 611m depth and has recorded a 70m intersection of visually identified sulphides in mineralised porphyry between 350m and 420m depth down hole. Visually identified sulphide mineralisation comprised 1 to 3% chalcopyrite as disseminations and in association with pyrite and 2 to 10% A-B porphyry veining within early-stage and intra-mineral host porphyry.

Assay results are pending for CORMET001 and a further four drill holes have been added to drill test below the highest grade sulphide zone of Cuerpo 1, which remains open at depth for resource expansion.

First-Pass Drill Programme Expanded and Advancing

Five new porphyry targets are being tested as part of Hot Chili’s first-pass 6,000m drill programme for 2023 following the inclusion of additional targets at Cortadera North and Cuerpo 1. These additional targets are located within Hot Chili’s 100% landholdings and add to Cortadera’s larger porphyry cluster potential.

Since drilling commenced on 11th January, a total of 10 drill holes for 3,300m have been completed and a further 15 drill holes for 2,700m remain.


Click here for the full ASX Release

This article includes content from Hot Chili Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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