Hot Chili Heightens Cortadera’s Open Pit Potential

THE DRILL SERGEANT: Hot Chili (ASX: HCH) reported recent drill results achieved from the company’s Cortadera copper-gold discovery in Chile.

Hot Chili said the results had continued to expand the deposit ahead of an anticipated global resource upgrade for the company’s Costa Fuego coastal copper development.

The company’s drilling in late 2021, focussed on expanding any remaining open flanks on each of Cortadera’s three porphyries and completing required in-fill drill holes for upgrading resource classification.

Initial results analysed from shallow Reverse Circulation (RC) drilling across Cuerpo 1 and Cuerpo 2 has confirmed wide intersections of copper-gold mineralisation from surface across both porphyries.

Three months of drilling results from the end of the company’s 2021 drilling campaign at Cortadera are being compiled and further announcements are expected.

The new drill results from the Cortadera copper-gold porphyry deposit confirm growth of shallow resources at both Cuerpo 1 and 2.

These include:

156m at 0.4 per cent copper equivalent (CuEq) (0.4 per cent copper, 0.1 grams per tonne gold) from surface, including 32m at 0.6 per cent CuEq (0.5 per cent copper, 0.2g/t gold) from 90m depth; and

80m at 0.4 per cent CuEq (0.4 per cent copper, 0.1g/t gold) from 10m depth, including 12m at 0.6 per cent CuEq (0.6 per cent copper, 0.1g/t gold) from 44m depth.

“We commence the year with $34 million in treasury, 100 percent ownership of Cortadera, Glencore as a strategic investor and our company now consolidated and dual-listed in Canada,” Hot Chili managing director Christian Easterday said in the company’s ASX announcement.

“It is pleasing to see further growth in Cortadera’s open pit potential with these new drill results and we look forward to announcing further results soon.

“A resource upgrade this quarter and a combined pre-feasibility study in the third quarter will position Costa Fuego as a production front-runner in the senior copper development space this year.

“In addition, we have kicked off our next phase of growth, with first drilling well underway across the first of several large exploration targets we will be testing this year, all capable of materially lifting the scale and economics of Costa Fuego even further.”