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

Low-Altitude Sizeable Copper Development in South America Keep Reading...
Critical Mineral Resources

Diamond Core Rig Arrived on Site

Critical Mineral Resources plc (“CMR”, “Company”) is delighted to announce the arrival of its diamond core drilling rig at Agadir Melloul, marking a major step forward that puts the project in an excellent position to accelerate drilling activity. The team is now focused on commissioning the rig... Keep Reading...
Critical Mineral Resources

Drilling results confirm new copper discovery with district scale potential

Critical Mineral Resources plc (“CMR”, “Company”) is delighted to announce extremely encouraging results from its maiden core drilling programme at Agadir Melloul, confirming a significant new, shallow copper discovery and establishing the foundations for a potential district scale sediment... Keep Reading...
Nick Hodge, gold bars.

Nick Hodge: Copper is My Top 2026 Pick, but Gold, Silver Run Not Done

Nick Hodge, publisher at Digest Publishing, is most bullish on copper and uranium in 2026, but also believes gold and silver prices have further to go despite recent gains. "We are in the middle of a precious metals bull market," he said. "Silver hasn't had its day yet, so I think that's a... Keep Reading...
 Adam Woolridge, CEO of Cobre.

Cobre Advances Botswana Copper Project as Market Rerates Company

Cobre (ASX:CBE) CEO Adam Wooldridge says investor enthusiasm for the company has been driven by significant progress at its Ngami copper project in Botswana. “Investors are starting to see it as a real development opportunity,” he said, noting that Cobre has achieved in-situ copper recoveries of... Keep Reading...
Empire Metals

Empire Metals Limited Announces Appointment of Joint Corporate Broker

Empire Metals Limited, the AIM-quoted and OTCQX-traded exploration and development company, is pleased to announce the appointment of Canaccord Genuity Limited ("Canaccord") as joint corporate broker with immediate effect. Canaccord will work alongside S. P. Angel Corporate Finance LLP and Shard... Keep Reading...

Latest Press Releases

Related News