Target Mineralisation
Following extensive exploration assessment including detailed surface mapping, surface geochemistry, airborne geophysical surveys and drilling, Hot Chili has delineated the potential size of the mineralised footprint relating to the central area resource at Productora.
The main mineralised corridor at Productora relates to a coincident NNE trending magnetic and induced polarisation (IP) chargeability anomaly that is approximately 9.5km in strike length. Extensional drilling along strike from the central area resource has already successfully intersected breccia hosted multi-commodity mineralisation for over 3.7km of this strike extent. Drilling confirms that the magnetic anomaly relates to a magnetite zones along the western margin of the mineralised breccia corridor.
A major drilling programme comprising 55,000m of RC drilling and 8,000m of diamond drilling has commenced to expand the initial resource adjacent to, along strike and at depth. A component of the diamond drilling programme will also aim to up-grade the categorisation of the central area resource from inferred to indicated.
Based on the expanded understanding of the project, Hot Chili has revised its target mineralisation at Productora. The revised target mineralisation is summarised below.
| Tonnage (Mt) | Grade | Contained Metal | ||||||
| From | To | Unit | From | To | Unit | From | To | |
| Copper | 280 | 320 | % | 0.5 | 0.7 | Tonnes | 1,400,000 | 2,240,000 |
| Gold | 280 | 320 | (g/t) | 0.1 | 0.2 | Ounces | 900,223 | 2,057,653 |
| Molybdenum | 280 | 320 | (g/t) | 120 | 180 | Tonnes | 33,600 | 57,600 |
| Copper Eq* | 280 | 320 | % | 0.7 | 1.0 | Tonnes | 1,876,000 | 3,168,000 |
References to exploration target size and target mineralisation in this announcement are conceptual in nature and should not be construed as indicating the existence of a JORC Code compliant mineral resource. Target mineralisation is based on projections of established grade ranges over appropriate widths and strike lengths having regard for geological considerations including mineralisation style, specific gravity and expected mineralisation continuity as determined by qualified geological assessment. There is insufficient information to establish whether further exploration will result in the determination of a mineral resource within the meaning of the JORC Code