Highlights
• Hot Chili records a standout diamond drill result, confirming the discovery of a new, large, high grade zone at depth on the main porphyry of the Cortadera copper-gold discovery in Chile CRP0013D 622m grading 0.6% copper and 0.2g/t gold from 204m depth including a New High Grade Zone comprising: 188m grading 0.9% copper and 0.4g/t gold from 516m depth which includes: 100m grading 1.0% copper and 0.5g/t gold from 530m depth (including significant silver and molybdenum)
• CRP0013D has been terminated early at 1,185.9m vertical depth in mineralised porphyry, with assay results pending for the remaining 359.9m of the hole
• In addition, results for CRP0012D confirm a significant northern extension to the main porphyry, now drill defined over 600m in strike length, 220m in average width and remaining largely open both laterally and vertically CRP0012D 200m grading 0.4% copper and 0.2g/t gold from 378m depth
• Variation to the Carola Option Agreement executed with SCM Carola to provide a 90 day extension to US$3M of the first US$5M payment • Strategic funding discussions advancing with several large domestic and international groups
Hot Chili Limited (ASX code HCH) (“Hot Chili” or “Company”) is pleased to confirm that it has recorded the best drilling intersection in the Company’s history and the best result to date at its Cortadera copper project in Chile. The result in CRP0013D is comparable to some of SolGold’s (TSX/LSE: SOLG) early discovery drill results, which outlined the beginnings of a bulk tonnage, high grade zone at depth on its world-class Cascabel copper-gold deposit in Ecuador. 2 Hot Chili’s Managing Director Christian Easterday said the assay results from Hot Chili’s first two diamond holes have transformed the Company’s view of Cortadera, opening up large possibilities. “We have achieved one of the worlds standout copper-gold porphyry drill intersections at Cortadera; one that is comparable to some of the best discovery drill results of recent times. “At an average grade of 0.9% copper and 0.4 g/t gold, the new high grade zone currently has a vertical extent of approximately 190m. “What is really exciting is that this new high grade zone is completely open in all directions at depth, and is similar in combined average grade and depth to SolGold’s high grade zone at its world-class Cascabel discovery in Ecuador. “The result in CRP0013D demonstrates that Cortadera has the potential to become a company-maker in its own right and looks set to take centre stage ahead of our Productora project, located 14km away. “We are now pausing our drilling activities while we await remaining assay results for CRP0013D, and plan the next steps towards commencement of a second phase of drilling and a preliminary resource estimation at Cortadera” Easterday said.
First Diamond Results Deliver Immediate Growth Hot Chili has received assay results for the first two diamond (DD) holes completed into the largest of four porphyries (Cuerpo 3) discovered to date at the Cortadera copper-gold discovery in Chile. The DD holes were designed to test large potential upside recognised at Cuerpo 3, namely: 1. Strike extensional potential, and 2. The potential for an increasing grade profile with depth The first DD hole (CRP0012D) tested the northwest strike extent of the Cuerpo 3 porphyry. The hole was successful in recording a wide intersection of porphyry from much deeper downhole than expected (and further north than expected). Assays now received confirm this: 200m grading 0.4% copper and 0.2g/t gold from 378m depth including 76m grading 0.5% copper and 0.2g/t gold from 494m depth Mineralisation remains open towards the north and northwest indicating the Cuerpo 3 porphyry is at least 600m in strike extent and approximately 220m average width. 3 The second hole (CRP0013D) tested the extent of a potential higher grade core at Cuerpo 3, where previous work had highlighted an increasing grade profile with depth (evident for copper, gold, silver and molybdenum). CRP0013D has just been completed to a depth of 1,185.9m and ended in mineralised porphyry. The hole was terminated early owing to technical risk associated with the hole condition. Assay results received for the first 826m of CRP0013D have delivered an outstanding drill intersection, exceeding the Company’s expectations and outlining the discovery of a new high grade zone commencing from 516m vertical depth as follows: 622m grading 0.6% copper and 0.2g/t gold from 204m depth including a new high grade zone comprising: 188m grading 0.9% copper and 0.4g/t gold from 516m depth which includes: 100m grading 1.0% copper and 0.5g/t gold from 530m depth (including significant silver and molybdenum) The drilling intersection confirms the presence of a broad zone of high grade copper and gold mineralisation (0.9% copper and 0.4g/t gold) below the previous depth extent of historical DD drilling and is expected to grow with the receipt of the remaining 359.9m of assay results for CRP0013D. The new high grade zone extends for 188m vertically and is related to high vein abundance, elevated magnetite alteration and high sulphide content in association with strong chalcopyrite content (both disseminated and vein hosted) and minor molybdenite. The majority of vein orientations are generally at a moderate to high angle-to-core, indicating that the high grade zone is likely to be close to true width. At a depth of 890m until 990m, following 64m of mineralised porphyry below the preliminary drill intersection outlined above, CRP0013D intersects a zone of late-stage barren and poorly mineralised porphyry dykes. Following this zone, the remainder of CRP0013D has intersected moderately mineralised porphyry to end of hole. Assay results are outstanding between 826m and 1,185.9m depth. The Company has commenced a detailed review of recently secured historical information (as announced to ASX on 12th June 2019) in combination with the Company’s own drilling data. Preliminary modelling of Cuerpo 1, 2 and 3 has highlighted a much larger porphyry system than first recognised, but more importantly, exhibiting many characteristics that suggest Cortadera has the potential to get even larger. The following figures 1, 2, 3, and 4 display the location of the recent significant intersections at Cortadera in plan, long section and cross section view. Several core photographs are also provided in figure 5 displaying typical alteration, vein style and sulphide mineralisation associated with higher grades encountered in CRP0013D.
To view the full news release, click here.