Hot Chili Limited

Next Phase of Copper-Gold Growth Begins

Drilling Underway Across Major Extension to Cortadera

Hot Chili Limited (ASX: HCH) (TSXV:HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") is pleased to announce that drilling has commenced across the recently secured western extension to the Cortadera copper-gold discovery, the centrepiece of the Company’s low-altitude, Costa Fuego senior copper development in Chile.


One diamond drill rig (operating on a double-shift basis) and one reverse circulation drill rig (operating on a single-shift basis) are in operation, testing the potential for Cortadera to host a much larger copper porphyry cluster than currently defined.

The initial programme, comprising approximately 10,000m of drilling, will test four porphyry targets (including three targets on the recently optioned AMSA landholding) added to Cortadera through successful consolidation efforts announced in late November 2022.

Importantly, Hot Chili has more than doubled the prospective strike length of the discovery from 2.3km to 5.2km (as outlined in figure 3), increasing the near term, material resource growth potential for Hot Chili.

Cortadera’s current Indicated resource of 471Mt grading 0.46% CuEq for 1.7Mt copper and 1.8Moz gold and Inferred resource of 108Mt grading 0.35% CuEq for an additional 0.3Mt copper and 0.3Moz gold (ASX announcement dated 31st March 2022) is contained within three porphyry centres.

Both drill rigs are currently drilling Cortadera’s potential fourth porphyry (Cuerpo 4), where previous historical drilling had intersected encouraging shallow copper-gold porphyry mineralisation, including COR-03 which recorded 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 (as announced to ASX and TSXV on 28th November 2022).

The Company is well funded to complete its planned drilling and deliver its next set of key growth and development milestones for Costa Fuego this year, including: a Preliminary Economic Assessment (PEA) in H1; and a resource upgrade in H2.

This next growth phase provides an opportunity to optimise and potentially up-scale Costa Fuego’s future annual metal production rates, currently being studied at up to 100kt Cu and up to 70koz Au for a +20-year life of mine.

The Company plans to deliver Costa Fuego’s Pre-feasibility Study (PFS) in H1 2024 and remains on-track as one of only a few near-term production projects in the world capable of producing +100 ktpa Cu in the next five years, while also boasting low capital intensity and strong ESG credentials.

The Directors look forward to an exciting period of news flow and results from drilling activities at Cortadera this year.


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.

HCH:AU
The Conversation (0)
Hot Chili Limited

Hot Chili Limited

Low-Altitude Sizeable Copper Development in South America

​African Discovery Group (OTC:AFDG)

AFDG - Embracing US strategy, acquisition of Butembo copper deposit in the DRC. Copper added to draft list of US strategic minerals

African Discovery Group (OTC:AFDG) ("AFDG" or the "Company") has signed a term sheet to acquire the Butembo Copper exploration license in the Democratic Republic of Congo (DRC) by acquiring 100% of the shares of SOCIETE GRABIN MINING SAS (the "Transaction"). With this proposed acquisition, AFDG... Keep Reading...
ACG Metals

ACG Amends Terms of Gediktepe Royalty Agreement to Support Transition from Gold to Copper Production

ACG announces that the net smelter return royalty agreement dated 17 July 2019 (the "Royalty Agreement") originally entered into between Lidya Madencilik Sanayi ve Ticaret A.Ş. (which assigned its interest to ACG Holdco 1 Limited), Polimetal Madencilik Sanayi ve Ticaret A.Ş. ("Polimetal") and... Keep Reading...

African Discovery Group

AFRICAN DISCOVERY GROUP, INC. (AFDG or the "Company") acquired 100% of African Discovery Group, Inc., a Delaware corporation, in November, 2020. The Company's previous South African car rental business was spun off to the Company's former principals. Through its 100%-owned subsidiary, the... Keep Reading...
Preliminary data of Butembo Copper prospect, with near surface high-grade copper oxidized ore with grades of up to 18%

Preliminary data of Butembo Copper prospect, with near surface high-grade copper oxidized ore with grades of up to 18%

African Discovery Group (OTC:AFDG) (“AFDG” or the “Company”) has entered into a term sheet to acquire the Butembo Copper exploration license in the Democratic Republic of Congo (DRC) by acquiring 100% of the shares of SOCIETE GRABIN MINING SAS (the “Transaction”). The Butembo Copper project is a... Keep Reading...

Latest Press Releases

Related News