Hot Chili Limited (ASX: HCH) announced that the diamond drilling of its Cortadera copper-gold prospect in Chile is providing strong encouragement for the continued growth of the resource.
The company reported that further diamond drilling at the Cortadera porphyry discovery recorded wide zones of strong mineralisation. HCH said that the high-grade copper-gold core is expected to grow significantly.
Hot Chili said that the recently completed drill hole CRP0016D recorded a broad 220m zone of strongly mineralised porphyry confirming a major expansion of the high-grade core. The company said that assays are pending on priority turnaround.
HCH reported that the drill hole CRP0042D recorded 330m of mineralised porphyry to end of hole at 945m, while a third hole, CRP0043D, has commenced testing further potential extensions to the high-grade core.
The company said that the maiden resource estimates for Cortadera and San Antonio remain on schedule.
Hot Chili’s 100%-owned Cortadera is a major copper-gold porphyry discovery located along the Chilean coastal range. It lies 14km directly southeast of HCH’s large-scale Productora copper development and adjacent to the high-grade El Fuego satellite copper projects.
The Cortadera discovery remains largely open and has demonstrated potential to host a large copper-gold deposit that the Company considers may be amenable to open pit mining.
There are four porphyries discovered to date at Cortadera. They are Cuerpo 1, Cuerpo 2, Cuerpo 3, and Cuerpo 4. The Cuerpo 3 is the largest of the four porphyries and remains open to the north, south and at depth.
On 22 February 2019, Hot Chili announced the execution of a formal Option Agreement to acquire a 100% interest in Cortadera.
Drilling at Cortadera
In early April, the Company had commenced a confirmation drilling programme at Cortadera comprising 17 holes.
HCH said that the drilling has confirmed and extended areas of surface enrichment and wide, higher-grade, copper-gold sulphide mineralisation at depth, which had not previously been closed off by 23,000m of historical diamond drilling.
Cuerpo 3 assays
Hot Chili said that its recent drill holes at Cuerpo 3 included some of the worlds’ stand-out copper-gold porphyry drill results reported in recent time.
Significant intersections include 972m grading 0.5% copper and 0.2g/t gold from surface (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 (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 (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 (including 348m grading 0.6% copper and 0.2g/t gold); 649m grading 0.4% copper and 0.1g/t gold from 328m down-hole depth (including 440m grading 0.5% copper and 0.2g/t gold); 596m grading 0.5% copper and 0.2g/t gold from 328m down-hole depth (including 184m grading 0.7% copper and 0.3g/t gold); and 542m grading 0.5% copper and 0.2g/t gold from 422m down-hole depth, (including 218m grading 0.7% copper and 0.2g/t gold)
Diamond drilling at Cortadera
Hot Chili reported that it has now made some more important discoveries from three diamond drill holes, CRP0016D, CRP0042D, and DRP0043D.
Hole CRP0016D, a 350m diamond tail, was designed to test the potential for a significant up-dip extension to the southern flank of the high-grade copper-gold core.
HCH said that strongly mineralised porphyry has been observed over a broad 220m zone in recently completed drill hole CRP0016D.
Hot Chili said that the results from CRP0016D are being prioritised for analysis and are expected to be reported within the coming fortnight.
The company said that Diamond drill hole CRP0042D recorded approximately 330m of mineralised porphyry.
HCH reported that the hole was terminated early (in mineralisation) owing to significant deviation from its intended target and will be re-entered for a wedge hole at a later date.
The third diamond drill hole, CRP0043D was designed to test a major up-dip extension to the northern flank of the high-grade copper-gold core. The company said that it has just commenced the third diamond drill hole CRP0043D.
The Company announced that it would release the drilling results from CRP0016D and CRP0042D once all assays are received.
Maiden resource estimates on schedule
The company announced that resource workstreams remain on-track for delivering first resource estimates at Cortadera and then San Antonio in late July.
HCH said that it will carefully assess the potential implications of these new drill holes on the forthcoming resource estimate for Cortadera. The maiden resource estimate, currently in preparation, incorporates all previous drilling.
The company announced that the current drilling programme at Cortadera is initially focussed on growth of high-grade copper and gold within the 2.3km discovery zone and aims to facilitate a second resource estimate for Cortadera.
Cortadera to become a globally significant standalone project
The company said that Cortadera is shaping up as a globally significant standalone copper-gold project which can utilise the Productora project resources, and leverage from a central processing and combined infrastructure approach along the coastline of Chile.
The Company reported that its recent discovery and definition of a higher-grade bulk tonnage underground development opportunity in combination with shallow, high grade bulk tonnage open pit sources places Cortadera in a unique position amongst potential large-scale global copper-gold developments.