Hot Chili Limited (ASX: HCH) (TSXV:HCH) has hit a significant drill intersection of shallow copper-gold porphyry mineralization on the recently secured western extension to the Cortadera copper-gold resource, the centrepiece of the company’s low-altitude, Costa Fuego copper-gold project in Chile.
New assay results have recorded the significant drill intersection of shallow copper-gold porphyry mineralization, confirming the presence of a fourth porphyry (Cuerpo 4) at Cortadera.
Diamond drill hole LD0001 was drilled as a confirmatory twin hole to historical1 AMSA drill hole COR-03 that intersected 128m grading 0.5% CuEq (0.4% Cu and 0.1g/t Au) from 28m downhole depth, including 16m grading 1.3% CuEq (1% Cu and 0.5g/t Au) from 28m depth.
LCD0001 has successfully returned a similar result to AMSA’s hole, intersecting 120m grading 0.5% CuEq (0.4% Cu, 0.2g/t Au from 22m depth down-hole to end of hole. Importantly, the wide intersection also included 38m grading 1.0% CuEq (0.8% Cu, 0.4g/t Au) from 22m depth, or 18m grading 1.3% CuEq (1.0% Cu, 0.5g/t Au) from 32m depth.
Sulphide mineralization (chalcopyrite-pyrite) is primarily hosted within an early and intra-mineral stage tonalitic porphyry with sericite-chlorite-biotite alteration and two to seven per cent A-B porphyry vein abundance (typical of higher-grade sulphide porphyry mineralization at the Cortadera resource). Results for a further eight Reverse Circulation (RC) drill holes at Cuerpo 4 are pending.
The company also confirmed potential for a significant depth extension to the current Mineral Resource (resource) below Cuerpo 1 at Cortadera.
Cuerpo 1 Resource Growth Potential Expanding
Diamond drill hole CORMET001 was completed to a depth of 350m in April 2022 and confirmed significant mineralization below the defined limits of the Cuerpo 1 resource, with the hole ending in 6.0m grading 0.6% copper in mineralized porphyry.
CORMET001 has now been extended to 611m depth and has recorded a 70m intersection of visually identified sulphides in mineralized porphyry between 350m and 420m depth down hole. Visually identified sulphide mineralization comprised one to three per cent chalcopyrite as disseminations and in association with pyrite and two to 10% A-B porphyry veining within early-stage and intra-mineral host porphyry.
Assay results are pending for CORMET001 and a further four drill holes have been added to drill test below the highest grade sulphide zone of Cuerpo 1, which remains open at depth for resource expansion.
First-Pass Drill Programme Expanded and Advancing
Five new porphyry targets are being tested as part of Hot Chili’s first-pass 6,000m drill programme for 2023 following the inclusion of additional targets at Cortadera North and Cuerpo 1. These additional targets are located within Hot Chili’s 100% landholdings and add to Cortadera’s larger porphyry cluster potential.
Since drilling commenced on 11th January, a total of 10 drill holes for 3,300m have been completed and a further 15 drill holes for 2,700m remain.
A second-pass 4,000m drill programme is planned to commence following review of the first-pass programme drill results.
The current status of the drill programme is as follows:
1. Cuerpo 4 (AMSA Option Agreement for 100% ownership) Nine drill holes complete (results pending for eight drill holes), two drill holes planned
2. Target 2 (AMSA Option Agreement for 100% ownership) One drill hole planned
3. Target 3 (AMSA Option Agreement for 100% ownership) Three drill holes planned
4. Cuerpo 1 Depth Extension (100% Hot Chili ownership) One drill hole complete (assay results pending), four drill holes planned (two holes underway)
5. Cortadera North (100% Hot Chili ownership) Five drill holes planned
Further assay results are expected over the coming weeks.
For further information please visit: https://www.hotchili.net.au/
