ASX-listed Hot Chilli has unearthed two large geochemical targets, Productora Central and Santiago, considered to be potential “game changers” at its Costa Fuego copper-gold development hub in Chile. Employing the latest advanced 3D geochemistry technology, Hot Chili says both targets come in at over 1km in diameter and look to be larger than the main Cuerpo 3 porphyry at the company’s massive Cortadera copper-gold discovery.
Hot Chilli says it has accelerated its exploration programs across its coastal range landholdings over the past year, completing expanded surface geochemical surveys, detailed surface mapping and ground magnetic surveys.
Hot Chili conducted an extensive multi-element base-line geochemical survey using a cutting edge 3D technique over its Cortadera deposit which already boasts a resource of 451 million tonnes at 0.46 per cent copper equivalent. The baseline survey confirmed the techniques ability to locate Hot Chili’s existing copper-gold resources.
The company has named the two new targets Productora Central and Santiago.
Productora Central is located within the Productora tenure owned by the Socieadad Minera El Aguila SpA – or “SMEA” joint venture company. Hot Chili is the majority owner of the company at 80 percent with CMP Productora holding the remaining 20 per cent.
Copper-gold mineralisaton at Productora is breccia-hosted and is located along the eastern flank of a 6km long porphyry lithocap. Exploration to date has been unsuccessful in locating the potential primary porphyry source of the mineralisation.
A promising 3D geochemical target measuring 1.2 kilometres by 1km in dimension has been located along the western flank of the planned central pit area of the Productora resource which already stands at 1.2 million tonnes of copper and 0.8 million ounces of gold. Historical drilling over the prospect has been shallow and is yet to penetrate the basement rock.
At Santiago, management said a recent ground magnetic survey confirmed a large coincident magnetic low in association with a previously identified 4km long surface molybdenum anomaly. Modelling of the geochemical anomaly reportedly has identified a corresponding high probability target measuring 1.6km by 1km.
With three rigs drilling furiously at the Cortadera deposit where the company is aiming to upgrade the 451 million tonne resource, Hot Chili says it has secured a fourth rig to commence exploration drilling at Productora Central later this year.
The company said a regulatory application to conduct first-pass drilling at Santiago has also been submitted and is expected to be approved in December.
Further extensional surface geochemistry and mapping programmes are continuing across the Cortadera project as part of a larger exploration rationalisation and prioritisation process underway across the company’s landholding.
Hot Chili is now the largest ASX-listed copper developer. It has full ownership of the massive Cortadera copper porphyry project, a strong cash position, a rapidly growing resource base, the backing of mining giant Glencore and now two potentially “game-changing” new targets to play with as the year starts to draw to a close.
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By Matt Birney
