Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or the “Company”) is pleased to announce that drilling has re-commenced across the western extension of the Cortadera porphyry resource, part of the Company’s Costa Fuego Copper-Gold Project (“Costa Fuego” or “the Project”) located 600 km north of Santiago, at low elevation (<1,000 m) in the coastal range of the Atacama Region, Chile.
Drilling operations have been underway for five days with one reverse circulation rig in operation and further diamond drill rigs to be added as the Company ramps up its fully-funded 30,000m expansion drilling programme across Costa Fuego.
Given the Company’s significant advance on its Pre-Feasibility Study for Costa Fuego (over 80% complete) and high Indicated categorisation of the current Mineral Resource (82% Indicated), the majority of planned drilling is being directed toward exploration and mineral resource growth.
A mineral resource update for Costa Fuego is planned to be completed in H2 2023 and will include drilling from the current 30,000m programme as well as significant drilling undertaken across Costa Fuego since the beginning of 2022.
The Company is well funded with approximately A$26 million in treasury following closing of its recent investment agreement with Osisko Gold Royalties for US$15 million (as announced 26th July 2023).
A PEA technical report prepared in accordance with NI 43-101 (as defined below) will be filed on SEDAR+ by 11th August 2023.
The Company looks forward to providing further updates on results from drilling activities and ongoing development study workstreams.
To access the announcement please click on the link below.
