- Hot Chili Limited (HCH) has started drilling across the western extension of its Cortadera copper-gold discovery on the Costa Fuego Project in Chile
- One diamond drill rig and one reverse circulation drill rig are operating on the extension where previous work found shallow copper-gold mineralization
- So far, Hot Chili has more than doubled the prospective strike length of the discovery to 5.2 kilometres
- The company is on track to complete a preliminary economic assessment and resource upgrade for the project this year
- Hot Chili Limited (HCH) is up 10.00 per cent, trading at $0.88 per share as of 2:37 p.m. EST
Hot Chili Limited (HCH) has started drilling across the western extension of its Cortadera discovery, the focal point of the Costa Fuego Project in Chile.
The company stated that one diamond drill rig and one reverse circulation drill rig are operating on the extension. Drilling will test the potential for Cortadera to host a much larger copper porphyry cluster than currently defined.
The drill rigs are working on Cortadera’s potential fourth porphyry, where previous work intersected shallow copper-gold mineralization.
The initial program covers 10,000 metres of drilling and will test a total of four new porphyry targets. So far, Hot Chili has more than doubled the prospective strike length of the discovery to 5.2 kilometres.
The Cortadera discovery’s current indicated resource is 471 million tonnes grading 0.46 per cent copper equivalent for 1.7 million tonnes of copper and 1.8 million ounces of gold. Inferred resources are recorded at 108 million tonnes grading 0.35 per cent copper equivalent for an additional 300,000 tonnes of copper and 300,000 ounces of gold.
The company shared that it is well funded to complete its planned drilling and deliver its next set of milestones for the Costa Fuego project this year, including a preliminary economic assessment and a resource upgrade.
Hot Chili Limited (HCH) is up 10.00 per cent, trading at $0.88 per share as of 2:37 p.m. EST.