Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or “Company”) is pleased to report strong visual copper results from drilling at the high grade Valentina deposit, part of the Company’s Costa Fuego, coastal range, copper-gold hub in Chile.

Highlights

  • Drilling has discovered a significant extension to the high grade Valentina copper deposit, part of the Company’s low-altitude, Costa Fuego senior copper development in Chile
  • Diamond drill hole VALMET002 has intersected a shallow zone of copper sulphide and oxide mineralisation approximately 120m south of the Valentina underground mine workings
  • VALMET002 recorded a strong visual drilling intersection (results pending) comprising:
    • 17m visual estimate of interesting copper mineralisation from 22m depth (malachite, copper clays, chalcopyrite, chalcocite and covellite)
    • Including 8m visual estimate of very interesting copper mineralisation from 28m depth (chalcocite, cuprite, chalcopyrite, covellite, malachite, copper clays)
  • Cuprite (88.8% Cu), covellite (66.5% Cu) and chalcocite (79.8% Cu) are all high grade copper ore minerals by molecular weight
  • Results pending for ten drill holes at Valentina with a further eight drill holes planned
  • Las Losas port access and services negotiation progressing well, proposal received
  • Update on PFS workstreams and further development study drill results expected soon
  • Strong cash position of approximately $24 million, two drill rigs in operation and fully funded until mid-2023

Two drill rigs are in operation at the Valentina and San Antonio high grade copper deposits, located 5km east of the Cortadera copper porphyry discovery.

Drilling at Valentina has successfully discovered a significant shallow visual copper zone approximately 120m south of the existing underground mine development in diamond drill hole VALMET-002.

VALMET-002 recorded a 17m intersection with a visual estimate of interesting copper mineralisation from 22m depth, comprising both oxide and sulphide mineralisation (malachite, copper clays, chalcopyrite, chalcocite and covellite). The result includes a zone of 8m with a visual estimate of very interesting copper mineralisation from 28m depth, comprising chalcocite, cuprite, chalcopyrite, covellite, malachite, copper clays.

Copper mineralisation in VALMET-002 is contained as fine dissemination and strong alteration in association with 1vein abundance (quartz-pyrite-limonite). Visual estimates of sulphide and oxide minerals are not an accurate representation of final assay values and are provided for indicative purposes only.

Ten drill holes have been completed at Valentina and a further eight drill holes are planned. Drill results from VALMET-002 are expected to be released in the coming weeks

Upon completion of drilling at Valentina and San Antonio, further drilling is planned to test several large growth targets including Santiago Z and extensional porphyry targets along strike from Cortadera.

Pre-feasibility studies (PFS) have been expanded to capture additional metallurgical testwork opportunities across all deposits at Costa Fuego and preliminary mine planning is being extended to allow the incorporation of new resource growth from drilling in 2022.


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This article includes content from Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

HCH:AU
Hot Chili Limited

Hot Chili Limited


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