To achieve the Company’s expanded growth strategy, Hot Chili has executed agreements to secure majority interest in two of the regions’ highest grade and most substantial underground mines- San Antonio and Valentina, collectively known as El Fuego.
El Fuego is located 20km east of Productora, where the Company has completed a first-pass 5,000m drilling programme across two consolidated high grade copper mines (San Antonio and Valentina), which had seen little previous modern exploration owing to their private ownership for over 50 years.
The majority of drilling was directed towards San Antonio which had reportedly produced approximately 2M tonnes grading 2% copper and 0.3g/t gold and 17g/t silver from shallow depths since mining commenced in 1964.
Selected significant results include:
- 9m grading 2.0% copper from 132m down-hole depth,
- 6m grading 2.1% copper from 65m down-hole depth,
- 19m grading 2.0% copper from 61m down-hole depth (including 11m grading 2.4% copper),
- 15m grading 1.7% copper from 80m down-hole depth,
- 10m grading 1.6% copper from 58m down-hole depth (including 4m grading 2.7% copper),
- 5m grading 2.5% copper from 31m down-hole depth (including 2m grading 4.3% copper),
Successful first-pass drilling at El Fuego has highlighted a shallow copper deposit which will add further scale to Hot Chili’s targeted high grade resource inventory.
19m grading 2.0% copper from 61m down-hole depth, including 11m grading 2.4% copper
9m grading 2.0% copper from 132m own-hole depth
6m grading 2.1% copper from 65m own-hole depth
Workstreams underway in preparation for El Fuego maiden resource.