Colin Sandell-Hay | The Assay | April 14, 2022
Hot Chili Limited (ASX: HCH) (TSXV:HCH) (OTCQX: HHLKF) continues to obtain strong results from its Cortadera porphyry discovery, the centrepiece of the company’s low-altitude, Costa Fuego senior copper development in Chile.
Five development study Diamond Drill (DD) holes, of a six-hole programme, have been completed at Cortadera this year in preparation of the Costa Fuego PFS, forecast for completion in Q3 2022.
Assay results returned from the first (CORMET006) of these five diamond drill holes have delivered an outstanding intersection of 876m grading 0.5% CuEq (0.4% copper (Cu), 0.1g/t gold (Au)) from 246m depth down-hole, including 206m grading 0.9% CuEq (0.7% Cu, 0.3g/t Au) from 414m depth (excluding 18m unsampled and excluding 4m unsampled due to geotechnical test work).
This latest significant drilling intersection from the main porphyry (Cuerpo 3) at Cortadera provides further confidence in the recently announced resource upgrade for Costa Fuego.
Costa Fuego’s High Grade (+0.6% CuEq) Indicated resources have grown by 53% and now account for over one third of contained copper and gold (previously 20%).
High Grade Indicated resources stand at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag and 24kt Mo.
A significant component of the recently announced resource upgrade was driven by the definition of a large high-grade core extending over one km vertically at Cuerpo 3.
Results from CORMET006 have confirmed the estimation of the Cuerpo 3 high grade core is robust, while also providing critical hydrological and geotechnical testwork for mining studies.
Two DD rigs are in operation (development drilling) and one Reverse Circulation (RC) drill rig is undertaking exploration drilling at Productora, located 14km from Cortadera.
Assay results being returned from exploration drilling at Productora are also expected to be released shortly.