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- Hot Chili (HCH) begins its first drilling program for 2023
- The company is completing a 10,000-metre program targeting the recently secured western extension to the Cortadera copper-gold discovery in Chile
- The two-rig operation is currently at the discovery’s fourth potential porphyry, Cuerpo 4, where historical drilling intersected “encouraging” shallow mineralisation
- Additionally, Hot Chili will complete a preliminary economic assessment for its Costa Fuego project in the first half and a resource upgrade later in 2023
- HCH shares are up 7.37 per cent to trade at $1.02 at 1:00 pm AEDT
Hot Chili (HCH) has officially begun drilling across the recently secured western extension to the Cortadera copper-gold discovery in Chile.
The 10,000-metre reverse circulation and diamond drilling program is testing four porphyry targets that were added to Cortadera after the company consolidated its Costa Fuego project late last year.
Overall, this two-rig drilling effort is testing the potential for the 5.2-kilometre-long discovery to host a much larger copper porphyry cluster than what is currently defined.
Both rigs are currently drilling at Cuerpo 4, Cortadera’s fourth potential porphyry, where historical drilling intersected “encouraging” shallow copper-gold porphyry mineralisation.
Highlights from the program included 128 metres at 0.5 per cent copper equivalent from 28 metres, including 16 metres at 1.3 per cent copper equivalent.
Hot Chili assured investors it’s well-positioned and funded to complete exploration activities and deliver on development milestones for Costa Fuego this year, which include a preliminary economic assessment in the first half and a resource upgrade later in 2023.
Furthermore, the company intends to complete a pre-feasibility study for the Costa Fuego project in early 2024 and said it’s on track to do so.
HCH shares were up 7.37 per cent to trade at $1.02 each at 1:00 pm AEDT.
