Hot Chili Limited (ASX: HCH) has announced new significant drill results from hole CRP0017D at the Cortadera copper-gold porphyry discovery in Chile.
HCH said that the second diamond drill result of the Company’s fully funded phase 2 drilling programme delivered a major 300m step-out to the newly discovered high grade zone of Cortadera coastal range porphyry discovery.
The company reported that the latest results include 350m grading 0.6% copper & 0.2g/t gold from 344m down-hole depth including a Higher Grade Zone comprising 184m grading 0.7% copper & 0.3g/t gold from 430m down-hole depth.
HCH said that remaining results are pending between 694m and 1,133.5m (end of hole). The company reported that the results for a further 90m of strongly mineralised porphyry are expected soon.
The company said that the assays for the remaining 440m of CRP0017D are expected to be released once received and compiled in the coming weeks.
Hot Chili announced that a third Diamond drill hole, CRP0018D, is currently at a depth of ~360m, targeting the northern flank of the high grade zone to the main porphyry, with first results expected to be received in the coming fortnight.
Cortadera project
The Cortadera copper-gold porphyry discovery is located on the Chilean coastal range, and lies 14km directly southeast of HCH’s Productora project.
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, Cuerpo 1, Cuerpo 2, Cuerpo 3, and Cuerpo 4. Among them, Cuerpo 3 is the largest of the four.
Phase 2 drilling at Cortadera
The company had recently commenced phase 2 drill programme at Cortadera aimed at rapidly expanding Cortadera ahead of an initial resource estimate. Hot Chili said that it is fully funded to complete up to 15 additional deep drill holes as part of its phase 2 programme.
HCH said that definition of a high grade core to the discovery will be an early focus of drilling which will then transition into step-out drilling across the largest two porphyries at Cortadera.
The company said that the phase 2 drilling programme will also include future shallow RC drilling associated with near-surface high grade chalcocite zones intersected in drilling across three of Cortadera’s three other outcropping porphyry centres, Cuerpo 1, Cuerpo 2, and Cuerpo 4.
Second hole CRP0017D
Hot Chili reported that it has received assay results for the first 350m of the second diamond drill hole, CRP0017D at Cuerpo 3.
It may be noted that CRP0017D was terminated early owing to significant deviation from its intended target at depth (northern flank of high grade zone). Meanwhile, the results for a further 440m of diamond core are pending.
High-grade results from CRP0017D
The company reported that CRP0017D delivered a stand-out drill result, recording 350m grading 0.6% copper and 0.2g/t gold from 344m down-hole depth.
Hot Chili said that the intersection contains a high grade zone comprising 184m grading 0.7% copper and 0.3g/t gold from 430m down-hole depth.
HCH reported that the remaining results are expected to increase the width of the drilling intersection from CRP0017D with a further 90m of strongly mineralised porphyry, followed by poorly mineralised porphyry recorded to end of hole.
Drilling extends Cortadera
The company reported that the initial results from the first 350m of CRP0017D confirm bulk tonnage, high grade, copper-gold extends from the northern to the southern flank of Cortadera’s main porphyry, with the intersection expected to grow with further results.
HCH reported that the entire southern flank of the main porphyry is now open and demonstrates that high grade copper-gold could extend across the entire main porphyry at Cortadera.
Ongoing drilling at hole CRP0018D
The company reported that a third deep diamond drill hole, CRP0018D is already underway. HCH said that CRP0018D is currently at a depth of approximately 360m and is planned as a vertical 1km deep drill hole.
The hole CRP0018D will test continuity of the northern flank high grade bulk tonnage zone at Cuerpo 3.
Updates and Next steps
The company said that a strong flow of drilling updates and results is expected to continue into the New Year. Hot Chili reported that it is advancing through a very exciting discovery phase, which looks set to establish Cortadera as a potential stand-out, large-scale, global copper-gold development.
The company reported that the 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.
