Hot Chili Limited (ASX: HCH) has announced 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 assay results for the first two diamond (DD) holes completed into Cuerpo 3 porphyry includes 200m grading 0.4% copper and 0.2g/t gold from 378m depth and 622m grading 0.6% copper and 0.2g/t gold from 204m depth.
The company reported that the standout diamond drill result confirms the discovery of a new, large, high-grade zone at depth on the main porphyry of the Cortadera copper-gold discovery.
HCH said that the final drill results from hole CRP0013D would be released once all assays are received. The company said that in the coming weeks, it would update key work streams and progress associated with its strategic funding discussions.
Cortadera copper-gold discovery
HCH’s 100%-owned Cortadera is major copper-gold porphyry discovery located along the Chilean coastal range. It lies 14km from the Company’s large-scale Productora copper development and adjacent to the high-grade El Fuego satellite copper projects.
In early April, the Company commenced a confirmation drilling programme comprising 17 holes for approximately 5,000m of RC and 1,500m of DD drilling.
Cortadera has four porphyries discovered to date, Cuerpo 1, Cuerpo 2, Cuerpo 3, and Cuerpo 4; of which Cuerpo 3 is the largest.
Diamond (DD) drilling is currently being completed across Cuerpo 3 where previous DD drilling had recorded wide copper sulphide intersections which remained open.
The two DD holes at Cuerpo 3
HCH said that that it has received assay results for the first two diamond (DD) holes completed into Cuerpo 3 discovered to date at the Cortadera copper-gold discovery in Chile.
The DD holes were designed to test strike extensional potential and the potential for an increasing grade profile with depth at Cuerpo 3.
The first DD hole (CRP0012D) tested the northwest strike extent of the Cuerpo 3 porphyry, while the second hole (CRP0013D) tested the extent of a potential higher grade core at Cuerpo 3.
Results from hole CRP0013D
The company reported excellent assay results from hole CRP0013D.
The important intersections include 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 company said that 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.
The company noted that the result in CRP0013D is comparable to some of SolGold’s 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.
The company reported that assay results are outstanding between 826m and 1,185.9m depth.
Results from hole CRP0012D
The intersections from hole CRP0012D includes 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.
HCH said that the 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.
The Company said that it looks forward to releasing final drill results from CRP0013D once all assays are received.
HCH said that the 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.
The company said that strategic funding discussions are ongoing with several large domestic and international groups.
HCH reported that it is looking forward to providing an update in relation to key work streams and progress associated with its strategic funding discussions in the coming weeks ahead.
HCH noted that the potential work across the Cortadera project may include further verification drilling, sampling, assaying and QA/QC while other further work may also include mapping, surface sampling, ground or airborne geophysics as well as in-fill or exploratory drilling.
Hot Chili’s Managing Director Christian Easterday announced that the assay results the first two diamond holes have transformed the Company’s view of Cortadera, opening up large possibilities.
Easterday said: “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.