Hot Chili Confirms Fourth Porphyry At Cortadera

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 26^th 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 28^th 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 29^th 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 11^th January, a total of 10 drill holes for 3,300m have been completed and a further 15 drill holes for 2,700m remain.

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