Hot Chili’s Cortadera project closes in on the big leagues
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Special Report: Hot Chili’s latest drilling result firmly cements the Cortadera project’s position as one of the most sensational global discoveries in 2019.
While the rest of the world is ramping up towards the Christmas holiday, Hot Chili (ASX:HCH) has arguably been feeling festive since June when it received its first standout copper-gold hit from the Cortadera project in Chile.
This feeling is set to continue with the company saying that the latest result makes Cortadera one of the most significant global discoveries of 2019, with drill intersections rivalling some of the world’s most recent and significant copper-gold discoveries including Cascabel in Ecuador and Timok in Serbia.
Just what has gotten Hot Chili so excited you ask?
How does a whopping 972m intersection grading 0.5 per cent copper and 0.2 grams per tonne (g/t) gold from surface sound?
To investors it sounded mighty fine, with Hot Chili’s share price nearing gains of 20 per cent on Wednesday morning on large volume trades of over 85 million shares.
That this intersection includes the widest zone of higher-grade material – 412m at 0.7 per cent copper and 0.3g/t gold with silver and molybdenum credits – makes it all the sweeter by confirming that a large, vertically extensive core of higher grade material underpins the Cortadera project.
By way of comparison, this result from the sixth deep hole at the main Cuerpo 3 porphyry compares favourably with drill intersections from Solgold’s tier 1 Cascabel project, which has a global resource of 5.2 million tonnes of copper and 12.3 million ounces of gold.
And this could just be the beginning for Hot Chili.
The company has already recorded mineralised porphyry over a width of approximately 662m starting from a depth of 320m at the first diamond expansion hole that was drilled to test the northern extension of Cuerpo 3 while another diamond hole is underway.
This will be followed by a further three deep reverse circulation holes that will be completed before Christmas.
Not bad for a project that was originally acquired as a bulk tonnage, open pit mine to complement the company’s planned production hub development, centred around the nearby Productora copper project.
“Cortadera is continuing to outperform expectations the company had set following our announcement of a deal to acquire the privately held discovery in February this year,” managing director Christian Easterday said.
“We have recorded many stand-out drill results this year, but this latest 970m drill result from surface firmly announces Cortadera’s arrival on the global copper stage.
“In little over nine months we have transformed the growth trajectory for our company and outlined what could become the world’s next Tier-1 copper-gold discovery.”