STOCKHEAD | April 14, 2022
Hot Chili newest drill intersection has added more weight to the Cortadera high-grade core.
Hot Chili is not resting on its laurels despite a recent, sizeable resource upgrade with drilling returning yet another outstanding intersection of mineralisation at Cortadera.
Drill hole CORMET006 demonstrated the strong continuity of high-grade resources with +0.6% copper equivalent at Cortadera with the intersection of a 206m zone grading 0.9% copper equivalent (0.7% copper and 0.3 grams per tonne gold) within a much broader 876m intercept at 0.5% copper equivalent from a downhole depth of 246m.
Such results are pretty much par for the course at Cortadera – as can be seen here, here and here – and provide greater confidence in the Indicated Resource of 725 million tonnes grading 0.47% copper equivalent.
CORMET006 is the first of five development study diamond holes that Hot Chili (ASX:HCH) has already completed to aid with hydrological and geotechnical modelling with a sixth hole being planned.
While assays are pending for the four other completed holes, visual observations have recorded wide, strongly mineralised, intersections.
Hot Chili is also giving some love to the Productora project, the other major part of its Costa Fuego copper-gold hub, with two diamond rigs drilling development holes and a reverse circulation rig undertaking exploration drilling.
Assays from both the Productora drilling and remaining Cortadera development study holes are expected shortly.
Costa Fuego has already drawn considerable attention from the likes of Glencore, which inked an offtake agreement with the company in early March.
Glencore – also Hot Chili’s largest shareholder – agreed to take 60% of copper concentrate from Costa Fuego for eight years from start of commercial production at “arm’s-length commercially-competitive” benchmark terms.
This article was developed in collaboration with Hot Chili, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.