Hot Chili drills 0.5% CuEq over 270 metres at Costa Fuego, Chile

Hot Chili Ltd. [HCH-TSXV, ASX; HHLKF-OTCQX] reported encouraging drill results that confirm the potential for further resource growth at the Cortadera copper-gold resource, the centrepiece of the company’s low-altitude Costa Fuego copper-gold project in Chile.

Highlights: New drill assay results from the Cortadera copper-gold resource in Chile confirm significant mineralization outside of the current Cuerpo 1 mineralized envelope – increasing the potential for future Mineral Resource expansion dot Standout results include 270 metres grading 0.5% CuEq (0.4% copper (Cu), 0.1 g/t gold (Au)) from surface (CRP0202D), including 114 metres grading 0.7% CuEq (0.6% Cu, 0.1g/t gold) from 70 metres depth, 84 metres grading 0.4% CuEq (0.4% Cu) from 336 metres depth downhole (CORMET001), including 26 metres grading 0.6% CuEq (0.6% Cu, 0.1 g/t Au) from 374 metres depth.

Results are pending for three additional drill holes (including CRP0201D) that are testing the depth potential of copper-gold mineralization below Cuerpo 1.

Completion of first-pass drill program across new AMSA landholding, results pending for 15 reverse circulation drill holes. Compilation of results and planning are underway for second-pass drill program on new AMSA landholding expected to commence in the coming weeks

Cortadera’s Mineral Resource comprises three porphyry centres, which extend from surface over a strike extent of 2.3 km. Cortadera’s two eastern porphyries have been defined to vertical depths up to 1.3 km; however, drilling across the western-most porphyry (Cuerpo 1) had previously not intersected higher grade mineralization (+0.3% CuEq) below 220 metres depth prior to 2023’s drill program.

New drill results now confirm that higher grade mineralization (+0.3% CuEq) extends and remains open at depth below Cuerpo 1 ahead of a planned Mineral Resource update for the second half of 2023.

In 2022, the Company recorded an end-of-hole drill result (CORMET001, 6 metres grading 0.6% Cu from 354m depth) from a development study geotechnical drill hole located below the Mineral Resource envelope for Cuerpo 1.

Over the past two months, the company has extended diamond drill hole CORMET001, and completed a further five drill holes below Cuerpo 1. Initial assay results confirm a significant extension to mineralization below the current Mineral Resource, intersecting mineralized porphyry (early- and intra-mineral) up to 300 metres below the Indicated Mineral Resource for Cuerpo 1.

Complete results have been received for three of six holes completed, and only partial results for two diamond holes (CRP0201D and CRP0202D) and one reverse circulation RC hole (CRP0203). Significant intersections recorded to date include 270 metres grading 0.5% CuEq (0.4% Cu, 0.1 g/t Au) from surface (CRP0202D), ncluding 114 metres grading 0.7% CuEq (0.6% Cu, 0.1 g/t Au) from 70 metres depth, or including 60 metres grading 0.9% CuEq (0.8% Cu, 0.1g/t Au) from 110 metres depth; 54 metres grading 0.5% CuEq (0.4% Cu, 0.1 g/t Au, 55 ppm Mo) from surface (CRP0201D); 84 metres grading 0.4% CuEq (0.4% Cu) from 336 metres (CORMET001), including 26 metres grading 0.6% CuEq (0.6% Cu, 0.1 g/t Au) from 374 metres depth; 256 metres grading 0.3 per cent CuEq (0.3 per cent Cu) from 192 metres depth (CRP0200D), including 36 metres grading 0.5% CuEq (0.5% Cu, 0.1  g/t Au) from 210 metres depth and including 74 metres grading 0.4% CuEq (0.4% Cu) from 374 metres depth

The Company looks forward to the return of the remaining drillholes from this program in the coming weeks.

Once all assay results have been received and reviewed, the Company and Antofagasta Minerals (AMSA) will plan a second-pass drill program to follow-up the initial results of this program as part of the 6,000-metre drill commitment to the option agreement.