Hot Chili Limited (ASX: HCH) (TSXV: HCH) has obtained further strong results from drilling across the company’s Costa Fuego coastal range copper-gold project in Chile.
Assays from metallurgical testwork diamond drillholes have continued to exceed expectations, with near- surface, high grade intersections returned at the Productora and Alice porphyry deposits.
This is in addition to two new significant intersections at the Valentina high-grade satellite, which represents a potential front-end, open pit ore source for the combined Costa Fuego coastal copper super-hub.
First-ever drill results from the large-scale Santiago Z porphyry target have returned several wide silver and molybdenum intersections from shallow depths, however no significant copper-gold intersections were encountered. The results of this programme are being reviewed and a follow-up programme is being planned. Only thirty five percent of the target area at Santiago Z has been drill tested.
Further drill results are expected in the coming weeks and the company looks forward to providing an update on resource upgrade and Pre-feasibility Study (PFS) work streams shortly.
Latest Drilling Results Outperform Productora Resource Estimate
Four diamond drill holes completed for metallurgical testwork across the Productora resource in Q2 this year have returned further wide zones of copper, following analysis of remaining unsampled core.
Strong visual intersections of mineralisation in each of the metallurgical drill holes provided encouragement to undertake sampling of all remaining unsampled diamond core intervals.
Results for the first two holes of the programme (Productora central pit area and Alice satellite pit area) have delivered better than expected copper grades, including:
o 244m grading 0.8% CuEq (0.7% Cu and 0.2g/t Au)from 23m depth (MET025 – Productora) including 71m grading 1.0% CuEq (0.8% Cu, 0.2g/t Au)
o 152m grading 0.6% CuEq (0.6% Cu & 0.1g/t Au) from 42m depth (MET028 – Alice porphyry) including 39m grading 1.1% CuEq (1.0% Cu, 0.1g/t Au)
and 23m grading 0.9%CuEq (0.8% Cu) from 226m to end of hole
New results have added further high-grade growth ahead of a planned resource upgrade for Costa Fuego. Productora and Alice have continued to demonstrate grade upside with in-fill drilling, providing positive reconciliation ahead of any future mining activities.
Entire hole results from the remaining two diamond holes at Productora (MET026 and MET027) are expected to be received in the coming weeks.
Results Returned from Valentina High Grade Satellite Resource Drilling
Valentina and its neighbouring San Antonio satellite copper deposit (Inferred resource of 4.2Mt grading 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287koz Ag, reported March 2022) are located immediately to the east of Cortadera.
Results from an expanded drill programmr at Valentina have returned additional intersections of shallow copper sulphide and oxide mineralisation.
Highlights include:
o 3m grading 1.4% CuEq (1.3% Cu, 3.0g/t Ag) from 46m downhole (VAP0027)
o 6m grading 1.3% CuEq (1.3% Cu) from 10m downhole and 2m grading 1.1% CuEq (1.1% Cu) from 23m (VAP0029)
Of the four holes drilled in the expanded programme, two recorded significant intersections, one intersected historic underground workings and one did not intersect the mineralised trend.
High-grade copper-silver mineralisation at Valentina is currently defined over 300m and is open along strike and at depth.
A regulatory clearing application has been submitted to facilitate follow-up drilling at Valentina, which will expand resource drill definition across this potential high-impact future addition to Costa Fuego.
Phase One Drilling Complete at Santiago Z Intersects Wide Zones of Shallow Silver
Five deep Reverse Circulation (RC) drill holes for 2,146m were completed across the northern extent of the large-scale Santiago-Z porphyry target, lying approximately 5km south of the Cortadera resource.
First-ever drilling on the 4km long by 2km wide porphyry footprint has not intersected any significant widths of copper mineralisation. However, drilling has recorded wide zones of silver mineralisation indicating a potential distal response to copper porphyry mineralisation.
Results for four of the five drill holes completed have been returned (results pending for SZP0005). Interesting drill results from Santiago Z so far include:
o 30m @ 4.5g/t Ag and 69ppm molybdenum (Mo) from surface (SZP0004) and 6m @ 0.1% Cu, 2.5g/t Ag, 37ppm Mo from 178m
o 38m @ 2.9g/t Ag, 20ppm Mo from surface (SZP0003) including 14m @ 4.9g/t Ag & 9ppm Mo
Drilling encountered a sequence of intensely folded sandstones, limestones and carbonaceous limestone units with wide zones of significant pyrite mineralisation (1-2% pyrite logged) associated with hydrothermal breccias and thin tonalitic porphyry dykes (quartz-feldspar-phyric and typically 2.0 to 6.0m in down-hole width).
Molybdenum appears to be preferentially enriched over the area of drilling owing to the presence of carbonaceous limestone units, with higher grade silver mineralisation encountered toward the southern extent of drilling (SZP0003 and SZP0004).
An updated geological model is being created using RC chip logging and downhole multi-element geochemistry. This information will be used for any additional phases of exploration at the Santiago Z target.
Exploration will focus on the southern extent of the Santiago Z porphyry footprint in advance of any planned second-pass clearing and drilling activities.
For further information please visit: https://www.hotchili.net.au/
