- Junior explorer Hot Chili (HCH) has reported some encouraging early results from diamond drilling at its Cortadera porphyry discovery in Chile
- Of the three diamond holes reported on, one recorded a 220-metre zone of strongly mineralised porphyry and another recorded roughly 330 metres of mineralised porphyry
- The company is expecting the maiden resource estimate for Cortadera to be released by the end of the month, though the new drill holes will be closely assessed to see how they might affect the resource estimate
- Shares in Hot Chili are trading over seven per cent higher this afternoon, currently worth 2.9 cents each
Junior explorer Hot Chili (HCH) has reported some encouraging early results from diamond drilling at its Cortadera copper-gold porphyry discovery in Chile.
The company revealed some impressive drill results from the project in February 2019 and has been taking avidly exploring since.
Today, Hot Chili revealed it has made some more important discoveries from three diamond drill holes.
In the hole dubbed CRP0016D, the company said mineralised porphyry has been observed over a broad 220-metre zone. The assay results from the hole have no yet been received, but Hot Chili said the analysis is being priorities and should be completed within the next fortnight.
The second hole, CRP0042D, was terminated early because of a significant deviation from its intended target. Still, the hole recorded roughly 330 metres of mineralised porphyry, according to Hot Chili. The company said the hole will be re-entered for a wedge drill in the future.
Hot Chili said it has just commenced the third diamond hole, DRP0043D, which is designed to test a major up-dip extension to the northern flank of the copper-gold ore.
On top of the recent diamond drilling, Hot Chili said it is still on track to deliver the first resource estimate at Cortadera and then the San Antonio copper project.
The company said it will carefully assess how the recent new drill holes might affect the upcoming resource estimate, which incorporates all previous drilling.
The company’s current Cortadera drilling program is initially focussed on the growth of high-grade copper and gold within the 2.3-kilometre discovery zone but will also aim to bring about a second resource estimate for the project.
Hot Chili shares are trading 7.41 per cent higher this afternoon, currently worth 2.9 cents each in a $67.97 million market cap.