Hot Chili Feeling Spicy In South America

The Assay | Colin Sandell-Hay | 20 March 2020

Another Record Step-Out Drilling Result In Chile

Hot Chili Limited (ASX: HCH) has announced another record drill result and another large boost to the scale of its rapidly emerging Cortadera copper-gold porphyry discovery in Chile.

The new result from Diamond (DD) drill hole CRP0040D recorded a 542m intersection grading 0.5% copper and 0.2g/t gold from 422m depth down-hole, which included a wide higher-grade zone of 218m grading 0.7% copper and 0.2g/t gold.

It is Hot Chili’s sixth record drill result delivered at Cortadera since July last year, and importantly, it has significantly extended the strike length of the largest porphyry discovered to date – Cuerpo 3 – by a further 100m.

Managing Director Christian Easterday said the bulk tonnage high grade core discovered at Cuerpo 3 is continuing to expand in size and importance as a key value driver in the development potential of Cortadera.

Mr Easterday also reported that owing to restrictions on travel and the company’s own duty of care to its personnel, Hot Chili have temporarily suspended all drilling, clearing and exploration operational activities in Chile.

He said the company will utilise this time as an opportunity to accelerate its preparations towards the estimation of a significant first resource for the Cortadera discovery.

Prior to operational shutdown, the company had drilled its next expansion DD hole to a depth of 616m down-hole. The 250m step-out hole is designed to test the southern extension of Cuerpo 3 at depth. The hole was temporarily suspended in mineralised porphyry, having intersected mineralised skarn and mineralised porphyry dykes from a depth of approximately 480m down-hole.

The hole is planned to be completed to a depth of 1,200m upon re-commencement of drilling. In addition, Hot Chili have completed two deep Reverse Circulation (RC) pre-collars across the Cuerpo 3 North target, located 500m north of the main porphyry.

Both holes intersected wide zones of skarn alteration in association with strong pyrite mineralisation above the position of a large coincident chargeability and conductivity geophysical anomaly. Diamond drill tails are planned to extend both holes at depth and further four deep RC holes are also planned.

Results are expected to be received in the coming weeks, subject to reduced turn-around time from laboratories.

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The Assay – Hot Chili Feeling Spicy In South America