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Australian gold explorer Hot Chili (ASX:HCH) is now planning to fast-track further drilling at its flagship La Verde copper-gold porphyry discovery after second-phase results continued to highlight its shallow potential.
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New hits from La Verde, which is located within the Costa Fuego project in Chile, from two additional diamond tail extensions RC drillholes have expanded the discovery’s copper mineralised footprint laterally toward the east.
Hot Chili’s MD and CEO, Christian Easterday, said these latest February returns have provided Hot Chili with the confidence to expand its phase two drill program, with a second drill rig expected to commence shortly.
Highlight result for the two holes included the recording of an additional 54m grading 0.42% copper equivalent (CuEq) from 593m depth, including 19m grading 0.66% CuEq from 593 m depth. The original RC drillhole recorded 80m grading 0.3% CuEq from 234 m, and 46m grading 0.3% CuEq from 324m.
“Initial metallurgical testwork for La Verde, also using seawater, indicates similar recoveries to those recorded at Costa Fuego,” Mr Easterday told shareholders today. “Sample selection for further metallurgical testwork is underway, and assay results are outstanding for five diamond drillholes.”
The significant intersections returned from the two new drillholes add to nine previously recorded significant drill intersections, which have defined a 400m by 400m higher-grade, near-surface copper-gold zone.
“These look likely to contribute a higher-grade starter pit to the Costa Fuego open pit mine schedule, significantly reducing payback and positively impacting key financial metrics of Hot Chili’s March 2025 pre-feasibility study,” Mr Easterday said.
Hot Chili’s managing director also added: “Similar to previous near-surface drill intersections, these latest significant results commence immediately beneath shallow gravel cover, indicating the potential for simple, cost-effective overburden removal in a future higher-grade starter pit development.”
HCH is down -4.44% through Monday afternoon, to $1.62.
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