Next Investors logo grey

Hot Chili’s extends 'stunning' discovery drill results at Cortadera Gold-copper project


Published 05-JUL-2019 11:45 A.M.


2 minute read

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

The extension of the best drilling intersection in the company’s history has confirmed that Hot Chili’s Cortadera Project has among the world’s best copper-gold porphyry drill intersections ever recorded.

Cortadera lies adjacent to the high grade El Fuego satellite copper projects and is just 14km from Hot Chili’s Productora copper development, a significant advantage as the combination of Productora with Cortadera leveraging central processing and infrastructure would underpin a globally significant new copper development along the Chilean coastline.

Today’s news that final assays at Cortadera has delivered a 750m copper-gold porphyry drill result, puts Hot Chili one step closer to achieving this aim and sets it up perfectly for future planned drilling.

The stock was up as much as 24% this morning following the announcement to the ASX.

Productora and the Cortadera discoveries in relation to the consolidation of new growth projects and coastal range infrastructure.

Final assay results for the remaining 359.9m of diamond hole CRP0013D expanded the initial significant intersection by a further 128m down-hole, extending the standout result to 750m grading 0.6% copper and 0.2g/t gold from 204m down-hole depth.

The new high grade bulk tonnage zone discovered in diamond hole CRP0013D remains unchanged, comprising 188m grading 0.9% copper and 0.4g/t gold from 516m down-hole depth (which includes 100m grading 1.0% copper and 0.5g/t gold from 530m down-hole depth).

Highlights of the results include:

750m grading 0.6% copper and 0.2g/t gold from 204m depth, including a New High Grade Zone (unchanged) comprising:

i) 188m grading 0.9% copper and 0.4g/t gold from 516m depth which includes:

ii) 100m grading 1.0% copper and 0.5g/t gold from 530m depth

Plan view across the Cortadera discovery area displaying significant historical copper-gold DD intersections across Cuerpo 1, 2 and 3 tonalitic porphyry intrusive centres.

The CRP0013D result has outlined the beginnings of a bulk tonnage, high grade zone at depth at Cortadera. This is important because it materially changes the potential scale and pedigree of the Cortadera copper-gold porphyry discovery.

Of further importance is this new bulk tonnage, high grade zone exhibits many similar characteristics present in some of the world’s most notable large-scale underground porphyry mines and developments, not least its combined copper and gold grade.

Whilst the scale of this zone is unknown and remains largely open, it represents a very exciting focus for Hot Chili’s second phase of drilling.

Next steps

Hot Chili’s team is now compiling historical and new data sets at Cortadera to facilitate various geological models aimed at refining its approach to drill design for the second phase of diamond (DD) and reverse circulation (RC) drilling.

In parallel with the drilling campaign that began in April comprising 17 holes for approximately 5000m of RC and 1500m of DD drilling, Hot Chili has been confidently working on an initial Mineral Resource to be estimated at Cortadera. The company has engaged independent consultant AMC to prepare an initial Mineral Resource estimate for Cortadera.

Further results are due shortly as planned drilling gets underway, along with future funding initiatives.

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.