Hot Chili (ASX:HCH) reports it has further consolidated the Cortadera copper-gold discovery located within the Costa Fuego Project in Chile.
The ASX-listed mining company says it has secured several new mining rights at a recently held, government run public auction for the Huasco region of Chile. The new mining rights are located alongside mining rights of the transaction with Antofagasta (LSE:ANTO) announced on 25 November.
Together these new land holdings consolidate the western extension of Cortadera and allow Hot Chili to test a potentially much larger copper porphyry cluster.
The company’s share price was running hot as of 11.30am AWST, up 12.571% to $0.985.
Together these new land holdings consolidate the western extension of Cortadera and allow Hot Chili to test a potentially much larger copper porphyry cluster
Hot Chili has now secured 4 new large porphyry targets adjacent to the existing Cortadera resource (Cuerpo 1, 2, and 3), and added ‘significant’ prospective strike length across 2 mineralised trends including the Las Canas trend and the Cortadera trend.
The Las Canas trend is an over 1.8km north-south trend with 3 ‘large’ porphyry targets including the Cuerpo 4 porphyry target. The Cortadera trend is an over 1.1km northwest to southeast trend with 1 ‘large’ porphyry target located directly along strike from Cortadera on the Serrano fault, which the company reports is an important mineralising fault corridor connecting the Cortadera and Productora copper-gold deposits.
It also reports the new land holding acquired at auction contains the Cortadera trend extensions and comprises 7 mining rights covering 757 hectares (ha).
The mining rights for Falla Maipo 2, 3, and 4 were acquired for US$110,000 and the remaining 4 mining rights consisting of CF 6, 7, 8 and 9 were awarded following forfeiture of overlapping third party mining rights.
The company reports drilling across the western extension to Cortadera is planned to commence as soon as possible, and the recent strategic consolidation of the Cortadera porphyry deposit area has the potential to deliver another ‘significant’ leg of resource growth to the Costa Fuego copper hub.
Hot Chili is a copper gold exploration and development company focused on the Costa Fuego Project in Chile. Costa Fuego has an indicated resource of 725 million tonnes grading at 0.47% CuEq containing 2.8 million tonnes of copper, 2.6 million ounces of gold, 4.2 million ounces of silver and 13,000 tonnes of molybdenum.
Images: Hot Chili Ltd
