11/08/2020 - 18:10

Hot Chili extends copper-gold core to 800m depth in Chile

11/08/2020 - 18:10

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As Hot Chili gets closer to delivering a maiden resource estimate for its Cortadera copper-gold project in Chile, new diamond drilling has continued to expand the exciting porphyry discovery. Wide assays from the first two drill holes in phase three of the drilling campaign confirm the high-grade core within the largest porphyry at Cortadera, known as Cuerpo 3, where the mineralisation continues 800m down-hole.

As Hot Chili gets closer to delivering a maiden resource estimate for its Cortadera copper-gold project in Chile, new diamond drilling has continued to expand the exciting porphyry discovery. Wide assays from the first two drill holes in phase three of the drilling campaign confirm the high-grade core within the largest porphyry at Cortadera, known as Cuerpo 3, where the mineralisation continues 800m down-hole.

One of the more notable diamond intersections was 190m going 0.6 per cent copper and 0.2 grams per tonne gold from 392m down-hole in a predicted extension to the currently delineated high-grade core. Hot Chili says this result is not included in the forthcoming Cortadera maiden resource estimate, which is in its final stages of estimation, validation and review.

The Cuerpo 3 porphyry deposit remains open to the north, south and at depth. With the maiden Cortadera resource being finalised, Hot Chili is now preparing for its first drill testing outside of the main Cuerpo 3 porphyry discovery zone at Cortadera.

The copper-gold hopeful is currently drilling multiple RC pre-collars to pave the way for more diamond holes at what it calls “three large growth targets” – Cuerpo 2, Cuerpo 3 North and Cortadera North, with the second largest porphyry deposit, Cuerpo 2, to be first cab off the rank. Diamond drilling is expected to resume shortly.

Following this round of drilling, the company hopes to come up with a second resource estimate for Cortadera in early 2021.

According to management, Cortadera is shaping up as a globally significant stand-alone copper-gold project which can leverage a central processing and combined infrastructure approach along the coastline of Chile.

Drilling undertaken by the company since April last year has confirmed and extended areas of surface enrichment and wide, higher-grade, copper-gold sulphide mineralisation at depth, which had not previously been closed off by 23,000m of historical diamond drilling.

Hot Chili’s drill results at Cuerpo 3 include some of the world’s most spectacular copper-gold porphyry intercepts in recent times, such as 972m grading 0.5 per cent copper and 0.2 g/t gold from surface, 750m at 0.6 per cent copper and 0.2 g/t gold from 204m down-hole and 848m at 0.4 per cent copper and 0.2 g/t gold from 112m down-hole.

The discovery of the higher-grade bulk tonnage underground development opportunity in combination with shallow, high-grade bulk tonnage open-pit sources places Cortadera in a unique position amongst potential large-scale global copper-gold developments.

 

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

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