“One of the world’s best Iron-Oxide-Copper-Gold (IOCG) provinces”
The Los Mantos copper project is located on the coastal range in Region IV, Chile approximately 60km south of La Serena.
Late in 2012, the Company significantly increased the size of its Los Mantos copper project under a joint venture earn-in agreement with a wholly owned subsidiary of CODELCO, the world's largest copper producer. The agreement represents the early stages of Hot Chili's strategy to significantly expand the size of its Los Mantos copper project and build a substantial exploration land position immediately adjacent to Teck's large-scale Andacolla copper-gold operation. Figure 6 displays Hot Chili's expanded landholding at the Los Mantos copper project.
The project is structurally located along a N-S trending fault zone which splays off the regionally significant Romeral Fault, thought to represent a southward extension of the Atacama Fault Zone. The Los Mantos project is located at the contact of Cretaceous diorite-monzodiorite and Arqueros Formation andesites.
At Los Mantos, skarn alteration of andesites has occurred with magnetite-actinolite-tourmaline development associated with hypogene copper (cpy). Locally significant ENE-trending cross fault structures are evident at surface and act as feeders to copper mineralisation. These structures define an ENE trending corridor of structural disruption extending to the large Andocolla copper mine, approximately 15km ENE of Los Mantos. Mineralisation is characterised by multiply-stacked tabular mantos horizons that dip moderately toward the east. At surface, mantos zones locally display widths up to six metres and extend along strike semi-continuously over several hundred metres. Mineralisation is evident at surface in numerous pits, trenches and adits.
Hot Chili has completed an airborne geophysical survey over the expanded Los Mantos project area to assist with geological assessment. The aeromagnetic and radiometric geophysical surveys will be used in conjunction with surface mapping and systematic surface geochemical sampling to define prospective target areas within the expanded project area.