(NewsDirect)
Highlights
· More significant results from development study drilling at the Cortadera porphyry discovery , part of the Company's low-altitude, Costa Fuego senior copper development in Chile
Hot Chili Ltd. ("Hot Chili" or the "Company") (TSXV:HCH, OTCQX:HHLKF, ASX:HCH) is pleased to announce that it has filed a National Instrument 43-101 Technical Report ("The Report") for its Costa Fuego copper-gold project in Chile.
The Report titled "Resource Report For the Costa Fuego Copper Project Located in Atacama, Chile Technical Report NI43-101" and dated May 13, 2022, with an effective date of March 31 2022, was prepared pursuant to National Instrument 43-101 (the "Technical Report"). It is available for review on both SEDAR (www.sedar.com) and the Company's website (www.hotchili.net.au).
The Report supports the news release dated 31 March 2022 announcing a significant increase in the Company's mineral resource estimates at Costa Fuego. This release is also available on SEDAR and at the company's website. There are no material differences between the Technical Report and the information disclosed in the news release dated 31 March 2022.
Technical Information
Scientific and technical information in this Announcement has been reviewed and approved by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG) and a Qualified Person as defined in NI 43-101. For further information on Costa Fuego please see the Technical Report.
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location - low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward-looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward-looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements.
All forward-looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
(NewsDirect)
· More significant results from development study drilling at the Cortadera porphyry discovery , part of the Company's low-altitude, Costa Fuego senior copper development in Chile
· CORMET005 returned 658m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 122ppm molybdenum (Mo)) from 232m depth down-hole, including 134m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 181ppm Mo) from 470m depth, and including 130m grading 0.9% CuEq (0.6% Cu, 0.2g/t Au, 253ppm Mo) from 662m depth at the main porphyry (Cuerpo 3)
· 30m grading 1.4% CuEq (1.1% Cu, 0.5g/t Au, 165ppm Mo) from 690m depth was recorded outside of the current high grade (+0.6% CuEq) resource model in CORMET005
· All three drill holes reported from Cuerpo 3 at Cortadera confirm expansion of the high grade core ahead of a planned Pre-feasibility study (PFS) and resource upgrade for Costa Fuego later this year
· Drilling underway across three fronts - Cortadera, Productora and Valentina - with further drill results expected in the coming weeks
· Update on PFS workstreams and port negotiations expected shortly
* Copper Equivalent (CuEq) reported for the drill holes at Cortadera were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%.
Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or "Company") is pleased to report another outstanding drill result at the Cortadera porphyry deposit, part of the Company's Costa Fuego, coastal range, copper-gold hub in Chile.
Hot Chili's Managing Director Christian Easterday stated that Cortadera has a track record of outperforming expectation.
"The PFS in-fill drill programme across Cortadera has collected important geotechnical and hydrogeological information and has also continued to define and expand high grade resources.
"Upgrading our resources with wide drill intersections grading 0.8% to 1.0% copper equivalent is a great outcome, which demonstrates the quality and growth potential of Costa Fuego as one of the only low-altitude, material, copper developments in the world capable of near-term development."
Latest Significant Drill Results from Cortadera
Latest results from development study drilling at Cortadera have returned further significant intersections.
Diamond drill hole CORMET005 returned 658m grading 0.6% CuEq (0.4% Cu, 0.2g/t Au, 122ppm Mo) from 232m depth, including 134m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 181ppm Mo) from 470m depth, and including 130m grading 0.9% CuEq (0.6% Cu, 0.2g/t Au, 253ppm Mo) from 662m depth.
CORMET005 was drilled across the northern flank to the high grade core within the main porphyry (Cuerpo 3) at Cortadera. Pleasingly, the wide significant intersection again confirmed further extension to the high grade core and included an impressive 30m grading 1.4% CuEq (1.1% Cu, 0.5g/t Au, 165ppm Mo) from 690m depth outside of the current high grade (+0.6% CuEq) resource model .
The latest result follows the previous two outstanding drill results (see announcements dated 4 th April 2022 and 29 th April 2022) from Cuerpo 3, which also confirmed further growth of the high grade core, notably:
· 552m at 0.6% CuEq from 276m depth, including 248m at 0.8% CuEq (CORMET003), and
· 876m grading 0.5% CuEq from 246m depth, including 206m grading 0.9% CuEq (CORMET006)
In addition, diamond drill hole CORMET002 has returned 370m grading 0.4% CuEq (0.3% Cu, 0.1g/t Au) from surface, including 20m grading 0.8% CuEq (0.6% Cu, 0.4g/t Au) from 24m depth, and including 22m grading 1.0% CuEq (0.8% Cu, 0.5g/t Au) from 136m depth at Cuerpo 2. These high grade intersections were also outside the current high grade resource at Cuerpo 2.
A final development study diamond drill hole (CORMET004) is being completed at Cortadera and results are also pending for four metallurgical diamond drill holes completed at Productora.
High Grade Satellite Resource Drilling Underway
Resource growth drilling has commenced targeting the San Antonio and Valentina high grade copper deposits, located 5 kms northeast of Cortadera. High grade, copper-gold mineralisation at both deposits remains open at depth and along strike.
Drilling is already underway at Valentina where ten drill holes are planned. A further thirteen drill holes are planned at San Antonio.
San Antonio's maiden Inferred resource, reported in March, extends from surface and already stands at 4.2Mt @ 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287kt Ag.
Both high grade satellite deposits are intended to form part of Costa Fuego's next resource upgrade and combined PFS open pit mine schedule later this year.
Santiago Z Target Prepared for First-Ever Drilling
Platform and access clearing across the Santiago Z exploration target is expected to be complete in the coming week and first-pass drilling is expected to commence following conclusion of drilling at Valentina and San Antonio.
Hot Chili's soil results and mapping have confirmed a potentially large copper porphyry footprint measuring over 4km in length and 2km in width at the Santiago Z landholding, located immediately south of Cortadera.
The Company looks forward to releasing further updates from its exploration, drilling and development study workstreams shortly.
This announcement is authorised by the Board of Directors for release to ASX.
For full report please visit www.SEDAR.com
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Investor Relations
Graham Farrell
+1 416-842-9003
Graham.Farrell@harbor-access.com
Investor Relations
Jonathan Paterson
+1 475-477-9401
Jonathan.Paterson@Harbor-Access.com
Managing Director
Christian Easterday
https://www.hotchili.net.au/investors/
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(NewsDirect)
Hot Chili Ltd. ("Hot Chili" or the "Company") (TSXV:HCH, OTCQX:HHLKF, ASX:HCH) is pleased to announce that it has filed a National Instrument 43-101 Technical Report ("The Report") for its Costa Fuego copper-gold project in Chile.
The Report titled "Resource Report For the Costa Fuego Copper Project Located in Atacama, Chile Technical Report NI43-101" and dated May 13, 2022, with an effective date of March 31 2022, was prepared pursuant to National Instrument 43-101 (the "Technical Report"). It is available for review on both SEDAR ( www.sedar.com ) and the Company's website ( www.hotchili.net.au ).
The Report supports the news release dated 31 March 2022 announcing a significant increase in the Company's mineral resource estimates at Costa Fuego. This release is also available on SEDAR and at the company's website. There are no material differences between the Technical Report and the information disclosed in the news release dated 31 March 2022.
Technical Information
Scientific and technical information in this Announcement has been reviewed and approved by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG) and a Qualified Person as defined in NI 43-101. For further information on Costa Fuego please see the Technical Report.
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Investor Relations
Graham Farrell
+1 416-842-9003
Graham.Farrell@harbor-access.com
Investor Relations
Jonathan Paterson
+1 475-477-9401
Jonathan.Paterson@Harbor-Access.com
Managing Director
Christian Easterday
https://www.hotchili.net.au/investors/
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(NewsDirect)
Highlights
· Additional significant intersections returned from development study drilling at the Cortadera porphyry discovery , part of the Company's Costa Fuego senior copper development in Chile
· CORMET003 delivered 552m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 89ppm molybdenum (Mo)) from 276m depth down-hole, including 248m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 179ppm Mo) from 574m depth - confirming further high grade growth potential at Cuerpo 3
· High grade Indicated resources (+0.6% CuEq), currently standing at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag & 24kt Mo , set to be further expanded in next resource upgrade later this year
· Assays returned for eleven Reverse Circulation (RC) holes drilled into the large-scale Productora Central target, with several intersections requiring follow-up Diamond Drill (DD) tails
· Drilling to commence across shallow high-grade resource growth opportunities at Valentina and San Antonio in the coming weeks and first drill testing across the large-scale Santiago Z target in the coming month
· Further drill results from Cortadera expected in the coming weeks
* Copper Equivalent (CuEq) reported for the drill holes at Cortadera were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%.
Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or "Company") is pleased to announce another strong result from its Cortadera porphyry discovery, as well as first assay results from exploration drilling being undertaken across its coastal range, Costa Fuego copper-gold hub in Chile.
Development study drill holes at Cortadera continue to return impressive assay results, with high-grade intersections reported from all holes in the program so far.
CORMET003 returned a significant intersection of 552m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 89ppm molybdenum (Mo)) from 276m depth down-hole, including 248m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 179ppm Mo) from 574m depth.
Importantly, the high grade core of the main porphyry (Cuerpo 3) at Cortadera continues to demonstrate further growth potential following the recently announced resource upgrade for Costa Fuego comprising Indicated resources of 725Mt grading 0.47% CuEq for 2.8Mt Cu, 2.6Moz Au, 10.5Moz Ag & 67kt Mo with high grade Indicated resources (+0.6% CuEq) standing at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag & 24kt Mo ( see announcement dated 31st March 2022).
CORMET001 was drilled into Cuerpo 1 and also returned a strong result of 70m grading 0.6% CuEq (0.5% Cu, 0.1g/t Au and 11ppm Mo) from 86m depth down-hole. CORMET001 also ended in 6m grading 0.6% copper and supplied critical hydrological and geotechnical data that will be used to inform the Costa Fuego Pre-Feasibility Study (PFS) due Q3 2022.
Hot Chili is also pleased to provide an exploration update on drilling and access clearing activities across several large-scale and high grade, satellite targets being tested this year.
Assay results returned for the first eleven drill holes completed at the Productora Central target this year have provided encouragement and further drilling is planned.
In addition, clearing activities are well advanced across Valentina, San Antonio and Santiago Z. Drilling is planned to commence at Valentina and then San Antonio in the coming weeks, and Santiago Z in the coming month.
Further development study drill results from Cortadera are expected in the coming weeks.
Productora Central Exploration Target - First-pass Drill Results
Results have been returned for eleven deep Reverse Circulation (RC) holes drilled across the Productora Central target. Productora Central is a 1.2km by 1.0km geochemical target, located along the western flank of the planned Productora open pit.
Drilling across the target has proved challenging due to issues penetrating an advanced argillic clay zone (alteration zones are known to overlie large-scale porphyry systems), with several drillholes not achieving planned hole depths.
The most encouraging result was returned from drill hole PRF003, located close to the Serrano fault where clay zones mask the target along strike to the northwest. PRF003 recorded an end of hole intersection of 36m grading 0.2% CuEq (0.2% Cu, 0.1g/t Au, 0.5g/t Ag) from 290m, including 12m grading 0.4% CuEq (0.4% Cu, 0.1g/t Au, 0.4g/t Ag).
Importantly, PRF003 ended in copper mineralisation and a diamond tail is planned to extend the drill hole this quarter.
Results from this first-pass RC programme will be used to refine the Company's three-dimensional geochemical model in advance of follow-up drill design. The next phase of drilling will aim to successfully penetrate the clay zone which is masking an area of elevated molybdenum along the Serrano fault.
San Antonio and Valentina – Drilling to Commence in Coming Weeks
Following the recent Costa Fuego resource upgrade ( see announcement dated 31 st of March 2022 ), Hot Chili have been completing platform clearing across the San Antonio and Valentina high grade copper deposits, located 5 kms northeast of Cortadera.
The Inferred maiden resource for San Antonio ( 4.2Mt @ 1.2% CuEq (1.1% Cu, 2.1g/t Ag) is intended to be upgraded in classification and also tested along strike and at depth. Approximately 13 drill holes are planned and clearing is underway.
Platform clearing across the Valentina historical, high grade, copper mine is well advanced with ten platforms already cleared. Drilling will follow-up previous significant intersections recorded by Hot Chili in 2018 including 12m grading 1.5% copper from 28m down-hole depth (including 6m grading 2.7% copper) in drill hole VAP0001 and 8m grading 2.0% copper from 124m down-hole depth (including 2m grading 4.8% copper) in drill hole VAP0003 ( see ASX announcement dated 5 th September 2018 ).
Drilling is expected to commence at Valentina in the coming weeks and then at San Antonio.
Santiago Z Target – First Access and Platform Clearing Well Advanced
Earthmoving works are in progress at Santiago Z, with a 7km principal access track already constructed and six initial drill platforms expected to be ready for drill testing in late Q2 2022.
Hot Chili's soil results and mapping have confirmed a potentially large copper porphyry footprint measuring over 4km in length and 2km in width at the Santiago Z landholding, located immediately south of Cortadera.
Santiago Z contains a large soil molybdenum anomaly that is twice the size and four times the tenor of the soil molybdenum anomaly related to the Cortadera copper-gold porphyry discovery ( see ASX announcement date 9 th May 2021 ).
Hot Chili's soil programmes over Santiago Z in 2021 confirmed enrichment in copper, gold and silver (Cortadera metal signature) and other element zonation patterns consistent with the presence of a potentially large copper porphyry system at depth.
Mapping by Hot Chili has recognised several areas of outcropping copper-bearing hydrothermal breccia at Santiago Z with no drill testing having ever been undertaken across the target area.
Santiago Z will be a priority target as soon as access is fully established for initial drill testing.
Reported on a 100% Basis - combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred. Total Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground. Refer to Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) for JORC Table 1 information related to the Costa Fuego Mineral Resource estimates.
* Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average metallurgical recoveries were Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were Cu=83%, Au=51%, Mo=67% and Ag=23%.
This announcement is authorised by the Board of Directors for release to ASX.
Table 1 New Significant DD Results at Cortadera
Significant intercepts are calculated above a nominal cut-off grade of 0.2% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.2% Cu). Significant intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.2% Cu for significant intersection cut-off grade is aligned with marginal economic cut-off grade for bulk tonnage polymetallic copper deposits of similar grade in Chile and elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true-widths of mineralisation
* Copper Equivalent (CuEq) reported for the drill holes at Cortadera were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%.
Table 2 New RC Drill Results at Productora Central
Significant intercepts are calculated above a nominal cut-off grade of 0.1% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.1% Cu). Significant intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.1% Cu for intersection cut-off grade above is selected on the basis of exploration significance and is not meant to represent potential marginal economic cut-off grade for bulk tonnage polymetallic copper deposits of similar grade in Chile and elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true-widths of mineralisation
* Copper Equivalent (CuEq) reported for the drill holes at Productora were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries used were: Cu=89%, Au=58%, Mo=60%, and Ag=0%
Significant intercepts are calculated above a nominal cut-off grade of 0.1% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.1% Cu). Significant intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.1% Cu for intersection cut-off grade above is selected on the basis of exploration significance and is not meant to represent potential marginal economic cut-off grade for bulk tonnage polymetallic copper deposits of similar grade in Chile and elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true-widths of mineralisation
* Copper Equivalent (CuEq) reported for the drill holes at Productora were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries used were: Cu=89%, Au=58%, Mo=60%, and Ag=0%
Figure 2. Location of development study diamond drill holes at Cortadera
Reported on a 100% Basis - combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred. Total Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground. Refer to Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) for JORC Table 1 information related to the Costa Fuego Mineral Resource estimates.
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate
Competent Person's Statement- Exploration Results
Exploration information in this Announcement is based upon work compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person' as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Competent Person's Statement- Costa Fuego Mineral Resources
The information in this report that relates to Mineral Resources for Cortadera, Productora and San Antonio which constitute the combined Costa Fuego Project is based on information compiled by Ms Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Ms Haren is a full-time employee of Haren Consulting Pty Ltd and an independent consultant to Hot Chili. Ms Haren has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Ms Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears. For further information on the Costa Fuego Project, refer to the technical report titled "Resource Report for the Costa Fuego Technical Report", dated December 13, 2021, which is available for review under Hot Chili's profile at www.sedar.com.
Reporting of Copper Equivalent
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
For further information please visit www.SEDAR.com
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity.The Costa Fuego landholdings, contains an Indicated Resource of 391Mt grading 0.52% CuEq (copper equivalent), containing 1.7 Mt Cu, 1.5 Moz Au, 4.2 Moz Ag, and 37 kt Mo and an Inferred Resource of 334Mt grading 0.44% CuEq containing 1.2Mt Cu, 1.2 Moz Au, 5.6 Moz Ag and 27 kt Mo, at a cut-off grade of 0.25% CuEq.The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Investor Relations
Graham Farrell
+1 416-842-9003
Graham.Farrell@harbor-access.com
Investor Relations
Jonathan Paterson
+1 475-477-9401
Jonathan.Paterson@Harbor-Access.com
Managing Director
Christian Easterday
https://www.hotchili.net.au/investors/
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(NewsDirect)
Hot Chili Limited (ASX:HCH; TSXV:HCH; OTCQX:HHLKF) (" Hot Chili " or the " Company ") advises that with respect to the quarter ended 31 March 2022, the Company has paid to the holders (the " Holders ") of convertible notes (the " Convertible Notes ") issued on 22 June 2017 and 8 September 2017, interest (the " Interest Payment ") in the amount of A$121,960.72 by the issue of 87,904 ordinary shares of the Company (" Ordinary Shares ") at a deemed issue price of A$1.38695 per Ordinary Share.
In addition Hot Chili advises that it has issued 66,606 Ordinary Shares at a deemed value of A$1.6665 per Ordinary Share to certain holders of the Convertible Notes, who elected to convert their Convertible Notes in accordance with the terms thereof. The Convertible Notes were issued by the Company on the terms set out in a trust deed dated May 25, 2017 and varied June 19, 2017.
The Ordinary Shares were issued to persons in offshore jurisdictions pursuant to Ontario Securities Commission Rule 72-503 Distributions Outside Canada and such securities are not subject to a statutory hold period.
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity.The Costa Fuego landholdings, contains an Indicated Resource of 391Mt grading 0.52% CuEq (copper equivalent), containing 1.7 Mt Cu, 1.5 Moz Au, 4.2 Moz Ag, and 37 kt Mo and an Inferred Resource of 334Mt grading 0.44% CuEq containing 1.2Mt Cu, 1.2 Moz Au, 5.6 Moz Ag and 27 kt Mo, at a cut-off grade of 0.25% CuEq.The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Investor Relations
Graham Farrell
+1 416-842-9003
Graham.Farrell@harbor-access.com
Investor Relations
Jonathan Paterson
+1 475-477-9401
Jonathan.Paterson@harbor-access.com
Managing Director
Christian Easterday
https://www.hotchili.net.au/investors/
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) is pleased to announce the XRF results for VMS mineralization collected from the Wedge mine site in the world-famous Bathurst Mining Camp, New Brunswick, Canada (“BMC”). Discovered in 1956, Cominco operated the mine between 1962 to 1968 producing 1.5 million tonnes of predominantly copper ore. Despite a long exploration and operating history, technical data regarding the mine was not required to be reported to the New Brunswick Department of Energy and Mines (“NBDEM”), including drill logs, assay certificates, production figures and underground mine plans. Prior to commencing the 2023 exploration drill program, the ground will be mapped at surface and representative samples analyzed to determine the base and precious metal assay values. Initial samples have been collected at site, cut, and analyzed utilizing an Olympus Vanta 50 portable XRF equipped with a 50Kv workstation and Reflex XRF software. The XRF process included calibrating the machine and utilizing 3 standards in the sample stream (OREAS622, CDN-CGS-10 and CDN-BL-10) twice during analysis. Each sample consisted of numerous cut slabs represented by the number in brackets adjacent to the sample number below. As such, the samples were not homogeneous. Each slab was analyzed in 3 separate locations and the results averaged by the Reflex XRF software. The sum of the averages for each individual sample was divided by the number of pieces, the results of which are presented below. There was a total of 102 data points collected. The same samples have been shipped to ALS Global in Moncton for preparation and certified assaying.
Highlights:
SAMPLE # | Cu % | Pb (%) | Zn (%) | (Pb + Zn) % | Ag (g/t) | Au (g/t) |
W23001 (6) | 0.17 | 5.80 | 17.05 | 22.85 | TBD | TBD |
W23002 (5) | 3.08 | 0.12 | 0.95 | 1.07 | TBD | TBD |
W23003 (3) | 4.76 | 0.17 | 2.70 | 2.87 | TBD | TBD |
W23004 (4) | 4.03 | 0.14 | 4.20 | 4.34 | TBD | TBD |
W23005 (4) | 6.22 | 0.18 | 1.18 | 1.36 | TBD | TBD |
W23006 (2) | 2.22 | 0.17 | 2.05 | 2.22 | TBD | TBD |
W23007 (2) | 1.99 | 0.15 | 2.19 | 2.34 | TBD | TBD |
W23008 (4) | 9.80 | 0.12 | 0.28 | 0.40 | TBD | TBD |
W23009 (4) | 8.79 | 0.14 | 0.63 | 0.77 | TBD | TBD |
It is important to note that the Ag and Au values will be reported upon receipt of the certified assay results from ALS Global.
Patrick J Cruickshank, MBA, CEO & Director stated, “We are extremely surprised at the high-grade Copper values from this 1st group of samples from the Wedge Mine Ore. In addition to resuming our Nine Mile Brook drill program in the next 2 weeks, our current financial raise will enable us to drill the Wedge Project (along with our Canoe Landing VMS Project and follow up exploration work on our California Lake VMS Project) this season as opposed to next year. I am particularly interested in receiving the silver & gold assay results from the ALS Labs. We look forward to additional ore sampling at the Wedge project and receiving the EarthEx Geophysical Solutions (“EarthEx”) geophysical reprocessing analysis in preparation to our 2023 drill program. The Wedge proves to be a valuable asset in our portfolio.”
“The grades of copper in this initial round of sampling attest to the prospectivity of our newly acquired Wedge VMS project. In addition to the Wedge Mine, the project area includes the West Wedge, Tribag and Lower Forty Mile Brook target areas, where previous trenching and drilling have intersected VMS mineralization along this portion of the California Lake Group. EarthEx is currently reprocessing the geophysical data, with preliminary results indicating a relationship between the magnetic trends and EarthEx’s identified targets. We look forward to utilizing new technology to expand the reported Wedge Mine resource of 545,200 tonnes* grading 1.75% Cu, 5.21% Zn, 1.71% Pb (McCuthcheon et al, 2005), by working along strike and depth. Advancing the new target areas West Wedge and Tribag is also a main priority in 2023,” stated Gary Lohman, B.Sc., P. Geo., VP Exploration and Director. * Note: The resource is historical and cannot be relied upon
Sample W23008 and Rhyolite Cap at Wedge Mine Site
Historic Wedge Mine in Production
The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and reviewed and approved by Gary Lohman, B.Sc., P. Geo., Director who acts as the Company’s Qualified Person, and is not independent of the Company.
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