Hot Chili Limited (ASX: HCH) has announced another exceptional result from a 100m step-out drill hole to the main porphyry of its Cortadera copper-gold discovery in Chile.
The company reported a significant drill result of 542m grading 0.5% copper & 0.2g/t gold from 422m down-hole depth including a wide high-grade zone of 218m grading 0.7% copper & 0.2g/t gold from 616m down-hole depth (plus additional silver and molybdenum credits) from hole CRP0040D.
HCH said that the latest drill result also significantly extends the strike length of the main porphyry’s vertically extensive high-grade core.
The Company said that its next expansion diamond drill hole CRP0042D – a 250m step-out hole – has successfully intersected the southern contact of the main porphyry and is currently at a down-hole depth of 616m within mineralised porphyry.
Hot Chili announced that the drilling operations have been temporarily suspended owing to the global Coronavirus pandemic and the Company will utilise this time to accelerate preparations towards estimation of a large first resource for Cortadera.
HCH said that the results from outstanding RC and DD holes are expected to be received over the coming weeks.
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.
High-grade DD result at Cortadera
The company has now announced new result from Diamond (DD) drill hole CRP0040D at Cortadera. HCH reported it to be another record drill result and another large boost to the scale of the rapidly emerging Cortadera copper-gold porphyry discovery in Chile.
HCH reported that the new result from Diamond (DD) drill hole CRP0040D recorded a 542m intersection grading 0.5% copper and 0.2g/t gold from 422m depth down-hole, which included a wide higher-grade zone of 218m grading 0.7% copper and 0.2g/t gold.
It is Hot Chili’s sixth record drill result delivered at Cortadera since July last year.
The company said that the drill result has significantly extended the strike length of the largest porphyry discovered to date – Cuerpo 3 – by a further 100m.
The high-grade core is now over 500m in strike length, 200m in width, extending from 200m vertical depth, and still open, with average drill intersection grades ranging between 0.7% to 0.9% copper and 0.2g/t to 0.5g/t gold.
The company said that the bulk tonnage high grade core discovered at Cuerpo 3 is continuing to expand in size and importance as a key value driver in the development potential of Cortadera.
Hot Chili said that in response to the rapidly developing Coronavirus global pandemic, it has temporarily suspended its drilling operations in Chile.
The company said that further updates in relation to results for outstanding drill holes and advanced discussions with key stakeholders are expected over the coming weeks ahead.
The Company said that it will utilise this time as an opportunity to accelerate its preparations towards the estimation of a significant first resource for the Cortadera discovery.
Expansion DD hole CRP0042D drilled
Hot Chili reported that, prior to operational shutdown, it had drilled its next expansion DD hole (CRP0042D) to a depth of 616m down-hole.
The company said that the 250m step-out hole is designed to test the southern extension of Cuerpo 3 at depth. The hole was temporarily suspended in mineralised porphyry, having intersected mineralised skarn and mineralised porphyry dykes from a depth of approximately 480m down-hole.
CRP0042D is planned to be completed to a depth of 1,200m upon re-commencement of drilling.
Two RC pre-collars across Cuerpo 3
Hot Chili announced that it has completed two deep Reverse Circulation (RC) pre-collars, CRP0041 and CRP0043, across the Cuerpo 3 North target, located 500m north of the main porphyry.
The company reported that both holes CRP0041 and CRP0043 intersected wide zones of skarn alteration in association with strong pyrite mineralisation above the position of a large coincident chargeability and conductivity geophysical anomaly.
HCH said that Diamond drill tails are planned to extend both holes at depth and further four deep RC holes are also planned.
The company reported that the results from DD hole CRPO042D and RC holes CRP0041 and CRP0043 are expected to be received in the coming weeks, subject to reduced turn-around time from laboratories.
The Company announced that it remains well funded with over A$2 million cash at hand and the ability to pivot it’s activities towards delivery of key resource growth milestones over the coming months ahead.
The company announced that potential work across the Cortadera project may include further verification drilling, sampling, assaying and QA/QC.
Other further work may also include mapping, surface sampling, ground or airborne geophysics as well as in-fill or exploratory drilling.
The Directors of HCH said that they look forward to receiving next drilling results and confirming the eventual re-commencement of operational activities.