“One of the world’s best Iron-Oxide-Copper-Gold (IOCG) provinces”
The Los Mantos Project is located 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.
During early 2013, Hot Chili completed an airborne geophysical survey over the expanded Los Mantos project area to assist with geological assessment. The aeromagnetic and radiometric geophysical survey will be used in conjunction with surface mapping and geochemical sampling to define prospective target areas within the expanded project area. It is expected that drill targeting exercises for the Los Mantos project will occur in 2014 following completion of a regional soil geochemical programme.