- Drilling at Hot Chili’s Cortadrea discovery is continuing to lift the global significance of the area
- Phase 2 drilling will focus on determining the order of magnitude at Cortadrea and if it a capable of growing towards a Tier-1 copper deposit
- A second drill rig is expected to begin testing new growth targets once regulatory approvals have been received
- Hot Chili’s share price is up 4.29 per cent with shares trading for 3.7 cents apiece
Drilling at Hot Chili’s Cortadrea discovery in Chile is continuing to lift the global significance of the area.
Following a run of record drill results from the high-grade core, Hot Chili is now preparing to begin an expansion phase of drilling given that Cortadrea remains largely open.
Hot Chili’s phase 2 drill program will focus on determining the order of magnitude of Cortadrea and if it is capable of growing towards a Tier-1 copper deposit.
Hot Chili has now submitted regulatory applications for clearing and access to expanding the area of drilling around the four existing porphyries.
Included in regulatory applications is a program of first-pass drilling which will be directed towards two large growth targets, Cortadrea North and Cuerpo 3 North, which have never previously been drill tested.
Hole CRP0020D is being drilled and is currently at a depth of approximately 860 metres down-hole. This hole has recorded mineralised and strongly mineralised porphyry from surface to its current depth.
The hole is planned to be drilled to 1000 metres however, this will be reviewed in consideration of the geology and mineralisation over the coming days.
Results from the recently completed CRP0019D are due to be released within the coming week and results from hole CRP0020D are expected to be released in the following weeks.
Once received, these results will conclude Hot Chili’s successful initial drill definition to Cuerpo 3.
Expansion drilling is expected to begin once CRP0020D is completed and will initially test the northern and southern extension of Cuerpo 3.
Drilling will focus on expanding the size of the largest porphyries at Cortadrea in addition to determining the extent of high-grade copper-gold distribution and whether the porphyries join at depth.
A second drill rig will be used to drill test the large Cortadrea North and Cuerpo 3 North targets once regulatory approvals have been received.
Hot Chili’s share price is up 4.29 per cent with shares trading for 3.7 cents apiece at 1:59 pm AEDT.