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Hot Chili unearths new copper/gold target in Chile

South American focussed copper developer, Hot Chili, has outlined another large porphyry copper-gold target at its emerging Cortadera project in central Chile.

The new Cortadera North target covers an area of about two square kilometres and is defined by a coincident geophysical induced polarisation chargeable anomaly and strong surface enrichment of the element molybdenum, which are fundamental features of the nearby Cortadera ore system, according to the company.

Its identification followed a detailed review of historical geophysical and geochemical data sets that Hot Chili inherited after acquiring the assets earlier this year.

The new target was previously delineated but never drill tested during the period of private project ownership that preceded the company’s interest in exploring the region.

Management said that Cortadera North exhibited a similar areal extent and discovery signature to Cortadera deposits and hence, outlines the growth potential for the broader project holdings.

Hot Chili has now recognised several areas for potential resource expansion at Cortadera, including extending the existing Cuerpo 1, 2 and 3 porphyry centres along strike and at depth and completing preliminary subsurface evaluations of its new finds at Cuerpo 4 and Cortadera North.

On-site, preparations are well underway for follow-up exploratory programs and diamond drilling, which are expected to kick off again in the coming weeks.

Drilling will initially focus on expanding the prospective, higher-grade zone discovered at Cuerpo 3.

That porphyry copper-gold ore system was recently extended to a vertical depth of 940m from the surface following the receipt of drill assays from a diamond hole nearly 1.2km long.

Those results generated a 750-metre long intersection grading 0.6% copper and 0.2g/t gold from 204m down-hole and incorporated a thick, higher-grade zone of 188m @ 0.9% copper and 0.4g/t gold from 516m down-hole.

Additionally, that wide intersection recorded a separate 100m zone with an elevated copper content of 1% and gold of 0.5g/t, from 530m.

This latter zone also included significant silver and molybdenum credits and has the company pumped about the potential for Cuerpo 3.

Management said that identifying a bulk tonnage, higher-grade zone at considerable depth at Cortadera has altered its approach to future potential development mining options across the project.

Hot Chili recently engaged Perth-based geological consultants AMC to commence preparing a maiden mineral resource estimate for Cortadera, based off the historical and more recent company drilling results and geological interpretations for the mineralised porphyry deposits.

The Cortadera system is outlined by a substantial, alteration-related footprint some 4km long by 3km wide, which includes the new target at Cortadera North.

Hot Chili believes the deposits bear all the hallmarks of a potentially world-class, gold-rich, large and integrated porphyry copper system in this prospective, underexplored region of Chile.

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