Hot Chili (ASX: HCH) has hit higher-grade copper extensions across the northern flank of its Cortadera deposit in Chile.
Drilling across the northern flank of the deposit’s Cuerpo 3 target (and main porphyry) unearthed 362m at 0.6% copper-gold equivalent (0.5% copper and 0.2 grams per tonne gold).
Within this was an 82m higher grade zone with 1% copper equivalent (0.7% copper and 0.3g/t gold).
The company has also received final assays from a previously reported hole which have “significantly upgraded the initial result”.
This hole now assays at 486m grading 0.6% copper equivalent (0.5% copper and 0.2g/t gold), including 168m grading 1% copper equivalent (0.8% copper and 0.3g/t gold).
Width of the main porphyry Cuerpo 3 has now increased by about 100m.
Hot Chili managing director Christian Easterday said these results demonstrate continuity of the higher-grade mineralisation.
“The north flank of the high-grade core to the main porphyry is a significant resource addition with wide results of plus-1% copper equivalent now recorded in multiple holes.”
As well as the positive results from Cuerpo 3, Mr Easterday said drilling at Cuerpo 2 was returning “highly encouraging” wide intersections.
Hot Chili has three drill rigs operating at Cortadera with 6,302m of assay results pending from 27 holes.
A fourth rig is currently being sourced to accelerate the program further.
The company is aiming to upgrade the 451 million tonne resource for the deposit, which is part of the wider 724Mt Costa Fuego project.
Underpinning this accelerated program is a recent $40 million capital raising which saw major mine Glencore taking a strategic position in the company.
Hot Chili is also planning to list on the TSXV exchange in the December quarter.
Work at Cortadera will also feed into preliminary feasibility work for the Costa Fuego project.
Mr Easterday said in the coming months the company expected to deliver several announcements across all activity fronts including exploration, resource drilling, development studies and corporate.