Copper explorer Hot Chili (ASX: HCH) has unearthed a 972m copper and gold mineralised intersection at its Cortadera project in what it claims is “one of the best global drill results of 2019”.
According to Hot Chili the results “rival drill intersections” from some of the world’s most recent and significant copper-gold discoveries including Cascabel in Ecuador and Timok in Serbia.
The 972m intersection extended from surface and graded 0.5% copper and 0.2 grams per tonne gold.
Within that intersection was 412m at 0.7% copper and 0.3g/t gold from 436m.
The intersection also contained silver and molybdenum credits.
“Cortadera is continuing to outperform expectations that company had set following our announcement of a deal to acquire the privately-held discovery in February this year,” Hot Chili managing director Christian Easterday said.
“We have recorded many stand-out drill results this year, but this latest 972m drill result from surface firmly announces Cortadera’s arrival on global copper stage.”
“In little over nine months, we have transformed the growth trajectory for our company and outlined what could become the world’s next tier-one copper-gold discovery,” Mr Easterday added.
Today’s result was from a diamond drill hole undertaken close to a 1km intersection and confirmed the extensive copper and gold mineralisation in the Cuerpo 3 zone.
Hot Chili noted the average grade the company had uncovered within Cuerpo 3 ranged between 0.7-0.9% copper and 0.3-0.4g/t gold.
According to the company Cuerpo “compares favourably” with the reserve grade of several notable large-tonnage underground mines including Newcrest’s Cadia East in Australia (0.3% copper and 0.47g/t gold) and Lundin Mining’s Candelaria operation in Chile (0.85% copper).
Prior to Christmas, Hot Chili plans to complete another diamond drill hole along with three deep reverse circulation holes.
Previous drilling at Cortadera
Late last month, Hot Chili revealed drilling at the Cortadera project in Chile had uncovered 334.1m at 0.5% copper and 0.2g/t gold from 654m to end of hole.
This intersection comprised a 54.1m interval grading 0.7% copper and 0.2g/t gold.
Another extremely thick intersection was 864m at 0.4% copper and 0.1g/t gold from 62m.
This also contained a higher grade interval of 348m at 0.6% copper and 0.2g/t gold.
Under the agreement to acquire Cortadera, Hot Chili can secure 100% of the project over 30 months for US$31.5 million.