News

Hot Chili expands La Verde high-grade core with new copper-gold hits

• Hot Chili strikes 472m at 0.41% CuEq from 49m at La Verde, including 105.8m at 0.70% CuEq
• Drilling continues to confirm broad, shallow Cu-Au mineralisation and expand high-grade core
• Maiden MRE for La Verde planned for later this year

Special Report: Hot Chili has served up more significant copper-gold hits at its La Verde porphyry discovery in Chile, with drilling expanding the high-grade core ahead of a maiden resource estimate.

One step-out diamond hole returned 472m at 0.41% copper equivalent from 49m, including a richer 105.8m interval grading 0.70% CuEq from 397m.

The higher-grade zone also included 32.6m at 0.90% CuEq from 438m.

Hot Chili (ASX:HCH) said the results helped confirm that the high-grade core at La Verde remains open, with mineralisation extending at depth to the south and north.

Assays from the final 142.7m of the hole are yet to be reported.

In-fill RC drilling also strengthened confidence in the continuity of near-surface bulk mineralisation at La Verde.

One RC hole returned 182m at 0.50% CuEq from 24m, extending a previously reported 108m intercept by a further 74m downhole.

Another shallow RC hole targeting an up-dip extension of La Verde’s high-grade core delivered 272m at 0.40% CuEq, including 42m at 0.50% CuEq from 92m.

The hole featured multiple mineralised intervals and confirmed continuity of higher-grade zones at La Verde.

Assays from another 18 holes remain pending.

The bigger picture

La Verde forms part of the company’s broader Costa Fuego project in Chile’s Atacama region.

Hot Chili said Costa Fuego ranks amongst the five largest copper development projects globally not controlled by a major mining company.

It hosts an indicated resource base totalling 798Mt at 0.45% CuEq across three deposits: Productora, San Antonio and Cortadera.

Last year’s PFS outlined a 20-year mine life for Costa Fuego, with first production targeted for early next decade.

Hot Chili believes integrating La Verde could increase the project’s scale and improve its economics.

The company has now added a fourth rig to accelerate drilling at La Verde, with operations expanded to six shifts per day.

A maiden MRE is targeted for later this year.

A revised PFS for Costa Fuego incorporating La Verde is expected to follow, along with submission of an environmental impact assessment in the second quarter of next year.