That high-grade copper-gold zone at Cortadera just got a lot bigger
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Special Report: Drilling confirms that Hot Chili’s Cortadera project in Chile is one of the most significant global copper-gold porphyry discoveries of recent times.
Hot Chili (ASX:HCH) is fully funded to complete up to 15 very deep drill holes, part of a plan to rapidly move its remarkable Cortadera discovery towards an initial resource estimate.
Early results from a second diamond drill hole now confirm that a newly discovered high-grade zone extends an extra 300m at the main porphyry, Cuerpo 3.
The new 350m-long intersection includes a higher grade 184m grading 0.7 per cent copper and 0.3g/t gold – which also comes with significant silver and molybdenum credits.
Because of their easy-mining and very large volumes, these porphyry orebodies can be economic from copper concentrations as low as 0.15 per cent.
But discoveries on this sort of (potential) scale are pretty rare – probably why the Hot Chili share price is up over 400 per cent so far this year.
The entire southern flank of the main porphyry is now open, Hot Chili says, demonstrating that high grade copper-gold could extend across the entire thing.
‘Open’ means that Hot Chili doesn’t know where this mineralisation ends.
Results for the remaining 440m of the second drill hole will be released in the coming weeks. A third diamond drill hole is currently at a depth of ~360m, targeting the northern flank of the high-grade zone to the main porphyry.
Given the shortage of new large copper supply from low-risk, stable mining jurisdictions, Hot Chili says it is well positioned to establish itself as a premier ASX-listed copper developer.
“A strong flow of drilling updates and results is expected to continue into the New Year as the company advances through a very exciting discovery phase — which looks set to establish Cortadera as a potential stand-out, large-scale, global copper-gold development.”
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