Hot Chili (ASX: HCH) has revealed a 750m copper and gold intersection while drilling at the Cortadera project in Chile, which the company claims extends the “best drilling intersection in the company’s history” at the project.
Final assays showed the 750m intersection was from a depth of 204m and graded 0.6% copper and 0.2 grams per tonne gold.
Within the exceptionally thick intersection is a higher-grade zone of 188m at 0.9% copper and 0.4g/t gold from 516m, including 100m at 1% copper and 0.5g/t gold from 530m.
Hot Chili is now reviewing the new data with historical reports to develop geological models and assist with planning the phase two diamond and reverse circulation drilling program.
The company has also engaged an independent consult to prepare a maiden resource for the project.
According to Hot Chili, the bulk tonnage, higher-grade zone at the project is similar to some of the world’s more notably large-scale underground porphyry mines.
“The potential scale of this zone is unknown and remains largely open, representing a very exciting focus for Hot Chili’s second phase of drilling,” the company stated.
“Hot Chili’s open pit development approach to combine two bulk tonnage deposits in Productora and Cortadera (located within 14km of one another), along with nearby high-grade satellites, has been materially enhanced by the addition of this new bulk tonnage, high-grade zone.”
Diamond drilling is underway at the Cuerpo 3 zone at Cortadera where previous drilling intersected 864m at 0.4% copper and 0.1g/t gold from 62m, including 348m at 0.6% copper and 0.2g/t gold.
Meanwhile, Productora has a reserve of 166.7Mt at 0.43% copper, 0.09g/t gold and 138 parts per million molybdenum, for 716,800t of contained copper, 470,700oz gold and 23,100t of molybdenum.
Adding to Productora’s reserve is a mineral resource of 236.6Mt at 0.48% copper, 0.1g/t gold, and 135ppm molybdenum for 1.32Mt of contained copper, 730,000oz gold and 32,000t molybdenum.
Shares in the copper and gold explorer were up almost 15% on the news to sit at $0.039 mid-morning.