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Long-time copper miner Hot Chili (ASX:HCH) has announced an expansion to its Chilean copper project.
That projet called Costa Fuego, Hot Chili has acquired an option to acquire the “Domeyko cluster,” which is located within a historic copper-gold mining centre some 30km south from the company’s planned processing plant.
This would reflect the largest land consolidation HCH has executed in 5 years, since it last added Cortadera to its portfolio back in 2019. The Domeyko parcel covers some 141sq.km – a 25% boost in total landholding.
That parcel contains several tenement applications with the company eyeing for other consolidations elsewhere.
According to the company, what historic mining has occurred has largely been a gold story – with copper reportedly underexploited by previous operators. One 10km long copper-gold corridor is of particular interest to HCH geotechs as historical data remains under review.
The parcel is being pawned off by a “private Chilean syndicate.”
This comes as copper prices hit US$10,000/tn on Monday – but HCH shares were down -0.77% to $1.29 as at 11.45am AEST.
HCH last traded at $1.29/sh.
