viewHot Chili Ltd

Hot Chili delivers its best-ever copper-gold-porphyry drill result

The hole has been terminated early at 1,185.9 metres in mineralised porphyry with assay results pending for the remaining 359.9 metres.

Hot Chili looks forward to providing an update on final drill results soon

Hot Chili Ltd (ASX:HCH) has recorded its best-ever drill result with a diamond hole confirming the discovery of a large high-grade zone at the Cortadera Copper-Gold Project in Chile.

The drilling delivered 622 metres grading 0.6% copper and 0.2 g/t gold from 204 metres.

This includes a new high-grade zone comprising 188 metres grading 0.9% copper and 0.4 g/t gold from 516 metres and within this was 100 metres grading 1% copper and 0.5 g/t gold from 530 metres.

“One of the world’s standout copper-gold porphyry intersections”

Hot Chili’s managing director Christian Easterday said the assay results had transformed the company’s view of Cortadera, opening large possibilities.

“We have achieved one of the world’s standout copper-gold porphyry drill intersections at Cortadera – one that is comparable to some of the best discovery drill results of recent times."

The result is comparable to some of SolGold plc’s (LON:SOLG) early discovery results which outlined the beginnings of a bulk tonnage, high-grade zone on its world-class Cascabel copper-gold deposit in Ecuador.

Another hole returned 200 metres at 0.4% copper and 0.2 g/t gold from 378 metres which confirms a ‘significant’ northern extension to the main porphyry which has now been drilled over 600 metres in strike length.

Easterday said: “What is really exciting is this new 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.”

Further results soon

The new high-grade zone extends for 188 metres vertically and is related to high vein abundance, elevated magnetite alteration and high sulphide content in association with strong chalcopyrite and minor molybdenite.

Most of the vein orientations are generally at a moderate to high angle-to-core, indicating the high-grade zone is likely to be close to true width.

Hot Chili looks forward to releasing final drill results once all assays are received.

Easterday added: “We are now pausing drilling activities while we await remaining assay results and plan the next steps towards commencement of a second phase of drilling and a preliminary resource estimation at Cortadera.”

Quick facts: Hot Chili Ltd

Price: 0.015 AUD

Market: ASX
Market Cap: $25.91 m

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