Another drill record for Hot Chili as it completes first acquisition payment
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Hot Chili (ASX:HCH) has today released substantial news relating to its drill campaign at its Cortadera copper-gold porphyry discovery in Chile.
Today’s results herald in the completion of the company’s phase 2 drilling program, with all results for the second diamond drill hole now collated and analysed. It also marks its third record drill result in a row with diamond hole CRP0017D expanding to 596m, a significant width expansion of 246m from the initial drill result.
Grading is 0.5% copper and 0.2g/t gold from 328m down-hole depth.
The result adds to a growing list of exceptionally wide copper-gold porphyry discovery drill results released by Hot Chili.
The higher grade zone within the broad drill intersection remains unchanged and stands at 184m grading 0.7% copper and 0.3g/t gold from 430m down-hole depth.
The final result from CRP0017D demonstrates a robust large-scale distribution of copper and gold across the main porphyry (Cuerpo 3) at Cortadera which remains largely open both laterally and vertically.
These results rate as rate as some of the worlds’ stand-out copper-gold porphyry drill results ever recorded.
Some of the more significant intersections include:
- 750m grading 0.6% copper and 0.2g/t gold from 204m down-hole depth (including 188m grading 0.9% copper and 0.4g/t gold)
- 848m grading 0.4% copper and 0.2g/t gold from 112m down-hole depth (including 184m grading 0.7% copper and 0.3g/t gold)
- 864m grading 0.4% copper and 0.1g/t gold from 62m down-hole depth (including 348m grading 0.6% copper and 0.2g/t gold), and now:
- 596m grading 0.5% copper and 0.2g/t gold from 328m down-hole depth(including 184m grading 0.7% copper and 0.3g/t gold.
More drilling to come
Hot Chili holds a unique position amongst potential large-scale global copper-gold developments, with its higher grade bulk tonnage underground development opportunity.
Its current drilling program is cementing this position.
The company is currently completing an in-fill drill section targeting the new high grade zone at a spacing of approximately 150m distance from existing record drill results.
Despite a third diamond drill hole (CRP0018D) terminating at a down-hole depth of 768m, the hole successfully recorded a broad Intersection of shallow mineralised porphyry from 50m to 330m down-hole depth, followed by strongly mineralised porphyry from 494m to 622m down-3 hole depth.
All samples from this hole are currently being analysed with results expected shortly.
Hot Chili has also commenced work on a fourth diamond drill hole (CRP0019D) and is currently at a depth of approximately 434m down-hole.
So far, the drill hole has successfully intersected mineralised porphyry from 120m to 250m down-hole depth, with first results expected to be returned in the coming weeks.
Drilling across the recently discovered high grade zone at Cuerpo 3 will continue for the coming month in advance of the commencement of step-out drilling across each of the four porphyries at Cortadera.
First payment complete
Whilst results have been excellent, a further achievement is that Hot Chili has satisfied the first payment toward the 100% acquisition of Cortadera from SCM Carola.
This US$3 million payment was the second instalment to the first US$5 million payment of the Carola Option Agreement.
This payment gives Hot Chili full access to expand its drilling program at Cortadera during the remaining two-year option term.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
