Hot Chili Limited Confirms Second Porphyry Discovery at La Verde in Chile

In a remarkable development for the mining industry, Hot Chili Limited has confirmed the discovery of a second significant porphyry center at its La Verde copper-gold project in Chile. This discovery, identified as La Verde South, considerably enhances the overall growth potential of the already promising La Verde site, located just 30 km south of the company’s central processing hub for the Costa Fuego project.

The recent exploration efforts, particularly through step-out drilling, have revealed substantial mineralization that highlights the increasing significance of the La Verde project on a global scale. The first reverse circulation (RC) drill hole, designated DKP084, was strategically positioned approximately 250 meters south of the current +0.4% copper mineralization zone at La Verde. The results returned an impressive 148 meters of mineralization grading 0.44% copper equivalent (CuEq), consisting of 0.39% copper and 0.07 grams per ton (g/t) gold, beginning at a depth of 36 meters. Notably, a segment within this hole delivered 44 meters grading 0.56% CuEq (0.50% Cu, 0.06 g/t Au), indicating a promising deposit.

Furthermore, the diamond drill hole DKD100, positioned 100 meters further south of DKP084, has visually confirmed a considerable 307 meters of copper porphyry-style mineralization. This drill hole is currently ongoing, with plans to extend it to a depth of 500 meters, with mineralization detected to 347 meters downhole. These results underscore the potential for higher-grade copper-sulphide mineralization deeper below the wider zone of oxide mineralization previously observed.

Christian Easterday, the Managing Director of Hot Chili, expressed optimism regarding these exploratory results, noting that the presence of a second porphyry center could parallel La Verde's scale. He stated, “These initial results provide yet another boost to Hot Chili's growth plans for its Costa Fuego copper hub. This discovery is a game changer for the company.” The timely addition of a maiden Mineral Resource Estimate (MRE) for La Verde, paired with confirmation of a much larger discovery, augurs well for the company’s future.

Drilling activities have been intense, with four rigs operational at La Verde, focusing on both step-out drilling and resource definition, as assay results for 25 drilling holes await analysis. The approach previously employed at La Verde has already established a solid foundation for understanding the copper resources, with over 40,000 meters of drilling data collected to date.

Looking forward, upcoming results from the ongoing drilling at both La Verde and the newly discovered La Verde South porphyry center are eagerly anticipated, making this a pivotal moment for Hot Chili and their operations in Chile. With increasing investments and attention in the mining sector, this discovery further positions Hot Chili among the top five independent copper development projects in the landscape.

In conclusion, the confirmation of a second porphyry center at La Verde presents a significant leap in growth potential for Hot Chili Limited, with the anticipated MRE highlighting the substantial mineral wealth lying beneath the Chilean terrain. The momentum of successful drilling outcomes hints at a bright future for both the company and the broader mining sector as they explore these rich resources further.