Hot Chili scores another win in South American copper probe

Headshot of Matt Birney
Matt BirneySponsored
Core logging at Hot Chile’s Cortadera porphyry discovery.
Camera IconCore logging at Hot Chile’s Cortadera porphyry discovery. Credit: File

South America-focused miner Hot Chili has recorded another batch of significant results from a development drilling study at its Cortadera porphyry discovery, part of its larger Costa Fuego copper development in Chile. Notable figures include a massive 658m section at 0.6 per cent copper equivalent, including a 130m interval grading 0.9 per cent copper equivalent from a depth of 232m.

The over 600m hit housed a medley of lucrative metals including 0.4 per cent copper, 0.2 grams per tonne gold and 122 parts per million molybdenum.

The banner strike also included a 134m component grading 0.8 per cent copper equivalent comprised of 0.6 per cent copper, 0.2 grams per tonne gold and 181 parts per million molybdenum from 470m.

According to the company, the campaign also teased out a 30m section running 1.4 per cent copper equivalent from 690m outside of its current high-grade resource model – suggesting it could have its foot on more mineralisation at Cortadera.

Hot Chili’s latest results follow the delivery of two outstanding drill hits that validated the growth potential of its high-grade core.

The figures included a 552m section at 0.6 per cent copper equivalent from 276m with a 248m component grading at 0.8 per cent in one hole, whilst another showed an 876m interval running 0.5 per cent copper equivalent from 246m with a 206m section at 0.9 per cent copper equivalent.

Results from all three drill holes corroborate the extension of the high-grade core in advance of a pre-feasibility study and resource upgrade at Costa Fuego, that is earmarked for later this year.

Management believes Cortadera’s history of surpassing expectations has remained intact following the delivery of the new results.

According to Hot Chili, its in-fill drill program in Cortadera has allowed it to scoop up critical geotechnical and hydrogeological data whilst also defining and expanding its high-grade copper resources.

The company says its new results, particularly those grades between 0.8 to 1.0 per cent copper equivalent, could cement Costa Fuego as one of only a few low-altitude, material copper projects with near-term development opportunities. Hot Chili believes the operation’s grade and scale could help drive it to new heights.

Hot Chili has also leapt into a resource expansion play at the San Antonio and Valentina high-grade copper deposits, located about 5 kilometres north-east of Cortadera. The company says high-grade copper-gold mineralisation remains accessible at depth and along strike at both occurrences.

The company will sink 10 holes at Valentina and is planning on plunging about half a dozen more at San Antonio.

The inferred resource stands at 4.2Mt at 1.2 per cent copper equivalent. The grade is comprised of 1.1 per cent copper and 2.1 g/t silver for 48,000 tonnes of copper and 287,000 tonnes of silver.

Both high-grade discoveries are expected to be fed into Costa Fuego’s next resource update and together with the delivery of a pre-feasibility study, is expected to be punched out later this year.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

Get the latest news from thewest.com.au in your inbox.

Sign up for our emails