Hot Chili makes 350m copper/gold hit in Chile
Perth-based Hot Chili has nailed a 350m long copper gold drill intersection at its Cuerpo 3 deposit as the Perth-based company turns up the heat at its Cortadera copper-gold discovery in central Chile
The ASX-listed junior said this week that its latest hole, the second of its current phase two 17-hole drill program, had returned an intersection of 350 metres at 0.6% copper and 0.2g/t gold starting from a depth of 344m down-hole.
Importantly, the drill intercept also contains a higher-grade zone comprising 184m at 0.7% copper and 0.3 g/t gold from 430m.
Results for a further 440m of diamond core drilling are still pending and may add even further excitement, however, this early work has confirmed that a newly uncovered, bulk tonnage, higher-grade zone extends from the northern to the southern flank of the main porphyry at Cuerpo 3.
The new hits are over 300m from the discovery diamond hole that returned 188m at 0.9% copper and 0.4g/t gold from 516m at the project.
The entire southern flank of the main porphyry is now open and therefore, higher-grade copper-gold mineralisation could extend right across Cortadera’s main porphyry, management said.
Located 14 kilometres south-east of Hot Chili’s open-pit Productora copper-gold-molybdenum deposit, Cortadera has already returned several highly encouraging drill results following the company’s bid to acquire a 100% interest in the privately-held discovery earlier this year.
A third deep vertical diamond drill hole is now underway and Hot Chili is now fully funded to complete up to 15 additional deep holes as part of the phase two work program. Upon completion of this work, an initial resource estimate should be established for Cortadera.
The company recently completed a $12.1 million capital raise to help it develop what it says is one of the South American country’s most significant copper-gold porphyry finds of the past decade.
The phase two drill program will also include shallow RC holes associated with near-surface high-grade chalcocite zones intersected in drilling across Cortadera’s three other outcropping porphyry centres.
Hot Chili Managing Director Christian Easterday said: “We are very pleased to be attracting new high-quality investors to the company who share our view that Cortadera is showing all the hallmarks of a company-maker.”
“This funding support allows Hot Chili to maintain its ability to control 100% of Cortadera through the most value accretive stages of a major global discovery.”
“The company will continue to advance its longer-term strategic funding discussions while focusing our efforts to establish Cortadera’s credentials as one of the world’s top potential stand-alone copper-gold developments.”
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