Spicy drill trio delivers early porphyry heat for Hot Chili
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Special Report: Hot Chili has reported significant assays from its Cortadera project in Chile, further expanding the discovery’s high grade copper-gold porphyry core.
The latest results from Cortadera, where a fully-funded 40,000 metre, three-rig drilling campaign is currently underway, confirm both continuity and extensions of the core – a key focus for Hot Chili’s (ASX:HCH) targeted major resource upgrade in 2021.
They include 382m at 0.4 per cent copper and 0.1 grams per tonne gold from 524 metres, including a zone of 80m at 0.6 per cent copper and 0.2g/t gold, in drill hole CRP0052D.
An exceptionally wide visual result was also reported from the current diamond drill hole CRP0046D, where 750m of porphyry mineralisation was reported.
This included two intervals of strongly mineralised porphyry, from 250m to 350m and from 550m to 720m. That hole, which is currently drilled to 1km, is planned to a 1.2km depth, and results are pending.
“Importantly, the results provide confidence for further growth in predictive extensional areas where the high grade core is absent from Cortadera’s maiden resource, owing to low or no density drilling,” HCH said in today’s announcement.
The exploration work is designed to expand the current mineral resource for the high grade core at Cortadera, which currently sits at 104 million tonnes at 0.74 per cent copper equivalent within a broader 451Mt mineral resource.
The current program of drilling at Cortadera kicked off on January 11, with two drills on site. Third rig is scheduled to join the campaign in February, with each to focus on key growth areas within the discovery window.
Large satellite growth opportunities will also be targeted.
The breakdown of the campaign is as follows:
Diamond drill rig 1 – currently operational
Diamond drill rig 2 – scheduled for February
Reverse circulation drill rig 1 – currently operational
“The directors look forward to an exciting year of news flow and the opportunity to continue growing Cortadera as one of the most significant global copper discoveries of recent times,” Hot Chili said.
Hot Chili is currently mining the Productora copper-gold project in Chile, where it agreed to expand production by 50% in December.
The company raised $25.6 million towards its campaign at Cortadera that same month.
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.