#Chile #Hot Chili #La Verde #Costa Fuego #Atacama

Significant Copper-Gold Discovery at La Verde

Hot Chili Limited has made a remarkable discovery at the La Verde mining site in Chile, which is likely to enhance the operations of its Costa Fuego Copper-Gold Project. An initial review of the drilling results points to extensive mineralisation, indicating a potentially lucrative resource for the company.

The company conducted a series of drilling activities, during which the first hole—designated as DKP001—returned an impressive intercept of 202 meters grading 0.6% copper (Cu) and 0.3 g/t gold (Au) starting from a depth of 70 meters. Expanding further, the second hole, DKP002, located approximately 120 meters southeast of the first, confirmed the impressive mineral diversity with 308 meters grading 0.5% Cu and 0.3 g/t Au from 46 meters depth to the end of the drill hole. Within this interception, a concentrated 202 meters graded 0.6% Cu and 0.3 g/t Au from 70 meters depth. Notably, it also included a section that revealed 100 meters with a grading of 0.7% Cu and 0.3 g/t Au from 118 meters depth.

Expansion of Drilling Program

Due to these promising results, Hot Chili has expanded its drilling program to cover a total of 6,000 meters, with drilling efforts ongoing and ten additional holes awaiting results. With a total historical footprint of approximately 850 meters by 700 meters, the La Verde porphyry is comparable to Hot Chili's Cortadera Cuerpo 3 deposit, situated about 30 kilometers to the north. This growth in potential resource size is encouraging, as it aligns with the company's recent consolidation of the Domeyko landholding and positions it well for future mining exploitation.

The region around La Verde has a history of copper production from previous operations, which have previously focused on shallow oxide mineralisation. However, prior exploration had limited depth testing, which sets the current endeavors apart as they delve deeper into the mineralization potential.

Key Findings from Initial Drilling Intersections

1. Drill Hole DKP001:
- Depth: 36m to 210m
- Results: 174m grading 0.4% Cu, 0.1 g/t Au
- Notable high-grade sections included 10m at 0.6% Cu, 0.1 g/t Au from 72m.
2. Drill Hole DKP002:
- Depth: 46m to 354m
- Results: 308m grading 0.5% Cu, 0.3 g/t Au
- High-grade interval included 100m at 0.7% Cu, 0.3 g/t Au from 118m.

Analysts interpret these findings as indicative of a possible extension of the porphyry system, suggesting robust exploration prospects. Should this trend continue, the company may significantly increase its mineral resources in response to ongoing testing and refinement.

Financial Health and Development Plans

As of September 30, 2024, Hot Chili maintains a robust treasury of approximately A$25.7 million, which bodes well for their development plans. This financial strength will aid in the continued advancement of their projects, including the anticipated release of the Pre-feasibility Study (PFS) and a Water Supply Business Case Study scheduled for early 2025.

In conclusion, the latest drilling results at La Verde coupled with the company’s proactive exploration strategy suggest that Hot Chili Limited is poised for significant growth within the copper-gold sector. As new results emerge, stakeholders will be updated with progress reports detailing Hot Chili's exciting exploration journey at La Verde and broader implications for the Costa Fuego project.