Hot Chili Limited (ASX: HCH) (TSXV:HCH) has obtained encouraging drill results that confirm the potential for further resource growth at the Cortadera copper-gold resource, the centrepiece of the company’s low-altitude, Costa Fuego copper- gold project in Chile.
Cortadera’s Mineral Resource comprises three porphyry centres, which extend from surface over a strike extent of 2.3km.
Cortadera’s two eastern porphyries have been defined to vertical depths up to 1.3 km, however, drilling across the western-most porphyry (Cuerpo 1) had previously not intersected higher grade mineralisation (+0.3% CuEq) below 220m depth prior to 2023’s drill programme.
New drill results now confirm that higher grade mineralization (+0.3% CuEq) extends and remains open at depth below Cuerpo 1 ahead of a planned Mineral Resource update for the second half of 2023.
New Results Confirm Extension to Mineralization at Cuerpo 1
In 2022, the company recorded an end-of-hole drill result (CORMET001, 6.0m grading 0.6% Cu from 354m depth) from a development study geotechnical drill hole located below the Mineral Resource envelope for Cuerpo 1.
Over the past two months, the company has extended diamond drill hole CORMET001, and completed a further five drill holes below Cuerpo 1. Initial assay results confirm a significant extension to mineralisation below the current Mineral Resource, intersecting mineralized porphyry (early- and intra-mineral) up to 300m below the Indicated Mineral Resource for Cuerpo 1.
Complete results have been received for three of six holes completed, and only partial results for two diamond holes (CRP0201D and CRP0202D) and one reverse circulation RC hole (CRP0203).
Significant intersections recorded to date include:
First-Pass Drilling Completed Across Western Cortadera (AMSA Landholding)
A first-pass drill programme, comprising 16 RC drill holes for 4,116m, is complete across three porphyry targets within the recently secured AMSA landholding.
These holes are located along the western extent of the Cortadera copper-gold Mineral Resource and results for fifteen of the 16 holes are pending.
Drilling was primarily shallow (less than 300m depth) and focussed on defining the extent of Cortadera’s fourth porphyry (Cuerpo 4).
ThecCompany confirmed significant copper mineralization associated with Cuerpo 4 in February with first results from diamond hole LCD001, which recorded 120m grading 0.5% CuEq (0.4% Cu, 0.2g/t Au from 22m depth down-hole to end of hole. Importantly, this wide intersection also included 38m grading 1.0% CuEq (0.8% Cu, 0.4g/t Au) from 22m depth, or 18m grading 1.3% CuEq (1.0% Cu, 0.5g/t Au) from 32m depth.
Once all assay results have been received and reviewed, the Company and Antofagasta Minerals (AMSA) will plan a second-pass drill programme to follow-up the initial results of this programme as part of the 6,000m drill commitment to the option agreement.