• Home News Hot Chili Delivers its Seventh World-Class Drill Result from Cortadera

Hot Chili Delivers its Seventh World-Class Drill Result from Cortadera

Posted 03 Apr-2021 02:32 PM by Nelda | 1042

Highlights

  • New drill result confirms the Company’s Cortadera copper-gold porphyry discovery in Chile is on-track to deliver a significant resource upgrade later this year
Significant Drill Result for CRP0061D

813m grading 0.4% copper & 0.1g/t gold from 54m depth to end of hole

Including an Intercept Extending the High Grade Core of:

318m grading 0.6% copper & 0.2g/t gold from 440m depth

(plus additional silver and molybdenum credits)
  • The new result demonstrates the high grade core within the main porphyry (Cuerpo 3) at Cortadera is growing rapidly and predictably
  • Results are expected shortly from CRP0046D which intersected two wide zones of well mineralised porphyry within a broad zone of mineralisation at Cuerpo 3 (as outlined in ASX announcement “Cortadera Rising RIU presentation”, 16th Feb 2021)
  • An update on diamond drilling at Cortadera (two drill rigs operating 24 hrs a day) and Reverse Circulation drilling at Cortadera North (single rig on day shift) to be provided shortly
  • Assay results from a large soil geochemical programme completed across the newly consolidated Santiago Z project are also expected shortly
Hot Chili Limited (ASX code HCH) (“Hot Chili” or “Company”) is pleased to announce yet another exceptionally wide drill intersection from its Cortadera copper-gold porphyry discovery in Chile. The new drill result ranks as one of the widest intersections recorded by Hot Chili at Cortadera and most importantly – confirms that the high grade core discovered in the main porphyry (Cuerpo 3) is expanding rapidly. Cortadera has delivered a remarkable run of world-class copper-gold drill intersections since the Company announced a deal to acquire the private discovery in early 2019.

Cortadera Returns Another Outstanding Drill Result

Hot Chili has delivered its seventh world-class drill result from the Cortadera copper-gold porphyry discovery as the Company advances toward a major resource upgrade this year. Results received from CRP0061D recorded 813m grading 0.4% copper and 0.1g/t gold from a depth of 54m down-hole depth to end of hole. The hole was planned to 1,500m depth but unfortunately had to be abandoned in mineralised porphyry at 863m depth owing to mechanical issues. Importantly, CRP0061D successfully achieved its target of testing a predicted extension of the high grade core across the southern flank of Cuerpo 3. From 440m depth, CRP0061D recorded a very wide intersection of 318m grading 0.6% copper, 0.2g/t gold, 89ppm molybdenum and 1g/t silver. The high grade zone recorded in CRP0061D provides confidence in Hot Chili’s approach to rapidly and predictably growing high grade, bulk tonnage, resources at Cortadera. The high grade core at Cuerpo 3 currently stands at 104Mt grading 0.74% Cu Eq (0.6% Cu and 0.22g/t Au) and is a key growth focus for the Company’s 40,000m drill programme which aims to significantly upgrade Cortadera’s maiden resource estimate of 451Mt grading 0.46% Cu Eq this year (refer to ASX announcement “Costa Fuego Becomes Leading Global Copper Project, date 12th October 2020). Hot Chili’s recent drill holes at Cuerpo 3 (the largest of the four porphyries discovered to date) include some of the worlds’ stand-out copper-gold porphyry drill results. The new drill result from CRP0061D rates as one of the best drill results recorded at Cortadera:

Cortadera’s Most Significant Drill Intersections to Date

  • 972m grading 0.5% copper and 0.2g/t gold from surface (CRP0020D)
(including 412m grading 0.7% copper and 0.3g/t gold),
  • 750m grading 0.6% copper and 0.2g/t gold from 204m down-hole depth (CRP0013D)
(including 188m grading 0.9% copper and 0.4g/t gold),
  • 848m grading 0.4% copper and 0.2g/t gold from 112m down-hole depth (CRP0011D)
(including 184m grading 0.7% copper and 0.3g/t gold),
  • 864m grading 0.4% copper and 0.1g/t gold from 62m down-hole depth (FJOD-23 – Minera Fuego)
(including 348m grading 0.6% copper and 0.2g/t gold),
  • 813m grading 0.4% copper and 0.1g/t gold from 54m down-hole depth (CRP0061D)
(including 318m grading 0.6% copper and 0.2g/t gold),
  • 649m grading 0.4% copper and 0.1g/t gold from 328m down-hole depth (CRP0029D)
(including 440m grading 0.5% copper and 0.2g/t gold), and
  • 596m grading 0.5% copper and 0.2g/t gold from 328m down-hole depth (CRP0017D)
(including 184m grading 0.7% copper and 0.3g/t gold)
  • 542m grading 0.5% copper and 0.2g/t gold from 422m down-hole depth (CRP0040D)
(including 218m grading 0.7% copper and 0.2g/t gold) Cortadera continues to be one of the few large global copper discoveries to regularly achieve copper-sector leading drill results from its continued exploration and resource growth drilling activities. The Company looks forward to a rich period of news flow related to its multiple activity streams spanning exploration, resource growth and lease mining activities at its Costa Fuego copper development in Chile. This announcement is authorised by the Board of Directors for release to ASX. For more information please contact: Christian Easterday Tel: +61 8 9315 9009 Managing Director Email: christian@hotchili.net.au or visit Hot Chili’s website at www.hotchili.net.au

Table 1 New Significant DD Drill Results at Cortadera

Figure 1 Location of Productora and the Cortadera discovery in relation to the coastal range infrastructure of Hot Chili’s combined Costa Fuego copper project, located 600km north of Santiago in Chile

Refer to ASX Announcement “Costa Fuego Becomes a Leading Global Copper Project” (12th October 2020) for JORC Table 1 information related to the Cortadera JORC compliant Mineral Resource estimate by Wood and the Productora re-stated JORC compliant Mineral Resource estimate by AMC Consultants * Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%. ** Reported on a 100% Basis – combining Cortadera and Productora Mineral Resources using a +0.25% CuEq reporting cut-off grade

Figure 2 Plan view across the Cortadera discovery area displaying significant historical copper-gold DD intersections across Cuerpo 1, 2, 3 and 4 tonalitic porphyry intrusive centres (represented by modelled copper envelopes, yellow- +0.1% Cu and magenta +0.4% Cu). Note the selected HCH drilling intersections (White) and the new result reported from CRP0061D (Red).

Figure 3 Plan view across the Cortadera discovery area displaying significant historical copper-gold DD intersections across Cuerpo 2 and 3. The plan view displays the Mineral Resource extents (represented by modelled copper envelope, yellow- +0.1% Cu). Note the selected HCH drilling intersections (White) and the new results reported from CRP0061D (Red collars) as well as the location of current deep diamond holes (white traces).

Figure 4 Long Section displaying the location of CRP0061D in relation to the Cortadera copper-gold discovery window

Figure 5 Long Section across Cuerpo 3 with a 100m slicing window (+/-50m viewing) through the bulk copper envelope (+0.1%Cu model) and high grade copper envelope (+0.4% Cu model). Note the location of CRP0061D high grade intersection in relation to the high grade model and the implications for significant extension of the October 2020 high grade core copper model

Qualifying Statements

Independent JORC Code Costa Fuego Combined Mineral Resource (Reported 12th October 2020)

Competent Person’s Statement- Exploration Results

Reported at or above 0.25% CuEq*. Figures in the above table are rounded, reported to appropriate significant figures, and reported in accordance with the JORC Code – Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Metal rounded to nearest thousand, or if less, to the nearest hundred. * * Copper Equivalent (CuEq) reported for the resource were calculated using the following formula:: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%. ** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate Exploration information in this Announcement is based upon work compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Competent Person’s Statement- Productora Mineral Resources

The information in this Announcement that relates to the Productora Project Mineral Resources, is based on information compiled by Mr N Ingvar Kirchner. Mr Kirchner is employed by AMC Consultants (AMC). AMC has been engaged on a fee for service basis to provide independent technical advice and final audit for the Productora Project Mineral Resource estimates. Mr Kirchner is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a Member of the Australian Institute of Geoscientists (AIG). Mr Kirchner has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code 2012). Mr Kirchner consents to the inclusion in this report of the matters based on the source information in the form and context in which it appears.

Competent Person’s Statement- Cortadera and Costa Fuego Mineral Resources

The information in this report that relates to Mineral Resources for the Cortadera and combined Costa Fuego Project is based on information compiled by Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Elizabeth Haren is employed as an associate Principal Geologist of Wood, who was engaged by Hot Chili Limited. Elizabeth Haren has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Elizabeth Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Reporting of Copper Equivalent

Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+( Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.

Forward Looking Statements

This Announcement is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Announcement and nothing contained in the Announcement is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Announcement contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties and may differ materially from results ultimately achieved. The Announcement contains “forward-looking statements”. All statements other than those of historical facts included in the Announcement are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Announcement and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Announcement nor any information contained in the Announcement or subsequently communicated to any person in connection with the Announcement is, or should be taken as, constituting the giving of investment advice to any person

To download the announcement please click on the below link.
Cortadera Delivers Outstanding 813m Drill Result
News Source - https://www.hotchili.net.au/cortadera-delivers-outstanding-813m-drill-result/

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Company Information

Company Name Contact Person Contact Number Email Id Website Address
Hot Chili Limited Nelda Kirk 61893159009 admin@hotchili.net.au https://www.hotchili.net.au/ Applecross - WA

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