Hot Chili remains very 'hot' on Cortadera as drilling continues

HOT Chili remains convinced its Cortadera prospect is “one of the most significant Chilean copper porphyry discoveries of the past decade”, with recent results said to “confirm” the mineralised porphyry extends from shallow depths across a large extent of the main porphyry not previously drill tested.
Hot Chili remains very 'hot' on Cortadera as drilling continues Hot Chili remains very 'hot' on Cortadera as drilling continues Hot Chili remains very 'hot' on Cortadera as drilling continues Hot Chili remains very 'hot' on Cortadera as drilling continues Hot Chili remains very 'hot' on Cortadera as drilling continues

An aerial view of Hot Chili's Cortadera project in Chile

The company has had "visual confirmations" of mineralisation in two recent diamond core holes as well as assays from another hole recording 264m at 0.4% copper and 0.2 grams per tonne gold from 52m down hole.

Assays from the other two holes are expected in the first half of next month, while drilling is ongoing.

Following a deal signed earlier this year, Hot Chili is in the process of acquiring 100% of Cortadera for staged payments totalling US$30 million.

Last month Hot Chili reported a A$12 million fund raising pricing new shares at 3.6c each.

Cortadera lies 14km directly southeast of the potential Productora copper development where Hot Chili has been working for much of the decade.

Shares in Hot Chili were unchanged at 3.5c in late trade capitalising the company at $56 million.