#Hot Chili Limited #Australia #La Verde #Perth #Cu-Au Porphyry

Hot Chili Limited Updates on La Verde Drilling

Hot Chili Limited has made significant progress in its drilling operations at the La Verde copper-gold porphyry site, located in the Atacama region of Chile. The company has doubled its drilling coverage, now extending across an area of 1,000 meters by 550 meters, significantly enhancing its exploration efforts.

Overview of Drilling Activity

As of now, Hot Chili has completed 27 reverse circulation (RC) drill holes, amounting to a total of 8,162 meters drilled. Among these, approximately eight of the twelve initial drill holes have encountered substantial mineralization all the way to the end of the hole, a promising indicator of the copper-gold potential in the area. The recent drilling has systematically tested areas previously obscured by gravel cover, enhancing the understanding of this copper-gold porphyry system.

Drilling is anticipated to continue, with plans for additional diamond drilling to delve deeper into the promising zones that remain open at depth. The company has faced some delays in the turnaround time for assay results from regional laboratories, spurred by the peak summer drilling season in the high Andes. However, it expects these delays to resolve as the season transitions into winter.

Hot Chili Limited's proactive strategy demonstrates its commitment to advancing its understanding of the La Verde discovery. The company’s systematic approach to exploration aims to unlock the full potential of the La Verde site, which lies just 30km south of the central processing hub planned for the Costa Fuego copper-gold project.

Exploration Findings and Next Steps

Recent exploration efforts have effectively expanded the known area of porphyry mineralization. The footprint of the discovery spans 400 by 550 meters and stretches vertically from shallow depths up to about 300 meters. The drilling has confirmed broad zones of copper-gold mineralization, which offers an encouraging outlook for the project.

The results from the drilling are integral to the ongoing pre-feasibility studies for the Costa Fuego and Huasco Water projects, both of which are currently nearing completion. Once these studies are concluded, Hot Chili plans to leverage the insights gained from this expansive drilling program for future project developments.

Geological Insights

In analyzing the geology, the company reported extensive copper mineralization within the porphyry system. This involves examining the tonalitic and dioritic porphyry intrusions that form the basis of the ongoing drilling efforts. Figures shared by the company highlight the areas of significant mineralization and the nature of rock formations encountered thus far.

Conclusion

As the drilling at La Verde continues to move forward, Hot Chili Limited remains committed to releasing further updates and assay results to shareholders and stakeholders. This update underscores the company's growth trajectory and focus on resource exploration in one of the world's premier mining regions. The findings so far indicate a strong potential for significant discoveries, and investors will be keen to watch how the assays from the upcoming drilling will shape the future of the La Verde project.

For further information regarding this update and future developments, visit Hot Chili’s website or contact their investor relations team.