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Base Metals Energy Junior Mining

Green Metals- Copper is the New Oil


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Diamond Drilling at Cortadera

Hot Chili (ASX:HCH) is pleased to provide the latest Commodities Research by Goldman Sachs, published 13 April 2021. 

An excerpt from the research is below:

No decarbonisation without copper. After a year of the global pandemic, with its supply chain disruptions, race for PPE, testing kits and vaccines, the critical importance of securing sufficient raw materials in combating society’s problems has never been more in focus. This importance extends to the next greatest challenge of our time: climate change. The critical role copper will play in achieving the Paris climate goals cannot be understated.

To read the research report in full please click on the link below.


Goldman Sachs Commodities Research: Green Metals- Copper is the new oil

Cortadera Copper Project

Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company. 

The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.

Hot Chili Limited
Head Office (Perth)
First Floor, 768 Canning Highway,
Applecross, Western Australia 6153

P: 08 9315 9009

Categories
Base Metals Energy Junior Mining

Copper Market heading for a severe supply shortage


Read Here


Visit the Cortadera Copper Project

Diamond Drilling at Cortadera

Hot Chili (ASX:HCH) is pleased to provide the following article taken from “Ahead of the Heard”. The article discusses the future of copper and the fact that the copper market is heading for a severe supply shortage due to a perfect storm of under-exploration/ lack of discovery of new deposits, clashing with a huge increase in demand due to electrification and decarbonization.

Cortadera Copper Project

Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company. 

The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.

Hot Chili Limited
Head Office (Perth)
First Floor, 768 Canning Highway,
Applecross, Western Australia 6153

P: 08 9315 9009

Categories
Base Metals Blog Energy Junior Mining

VAT Refund Approval from Chilean Tax Authority

Hot Chili (ASX: HCH) is pleased to announce that it has been granted a VAT refund exporting benefit (VAT Refund Payment) from the Chilean Ministry of Economy, Development, and Tourism) for all expenditure associated with its 100% subsidiary Frontera SpA.

Frontera SpA controls the Cortadera copper-gold discovery, the centrepiece of Hot Chili’s Costa Fuego combined copper development, located along the Chilean coastal range 600km north of Santiago.

The VAT Refund Payment significantly strengthens the Company’s cash  position in 2021 with an estimated refund of up to A$4 million expected to be paid to Hot Chili.

An initial VAT Refund Payment of A$1.8 to A$2 million (for previously accumulated VAT) is expected to be received in the coming months and further VAT Refund Payments will be received against all forthcoming
expenditure which attracts the 19% tax rate (drilling and assay costs etc).

The VAT Refund Payment relates to the future exporting capacity of Hot Chili’s Cortadera copper-gold project where Hot Chili is now able to claim VAT refund payments for ongoing expenditure up to US$258 million over
the course of its development activities.

Under the terms of the Vat Refund Payment, the Company has until the 1st January 2025 to commercialise production from Cortadera and meet certain export targets. Hot Chili also has the right to extend this term. In
the event that the term is not extended and Hot Chili does not meet certain export targets, Hot Chili will be required to re-pay the VAT Refund Payments to the Chilean Treasury subject to certain terms and conditions.
However, if Hot Chili achieves the export targets from Cortadera within that timeframe or its renewal, if required, any VAT Refund Payments will not be required to be re-paid.

Hot Chili had previously been granted a VAT Refund Payment for its Productora copper project in July 2014, which is active and also remains in-place until 1st January 2025.

This second VAT Refund Payment recognises the Company’s combined development approach for Costa Fuego and reinforces Chile’s proactive stance towards providing a stable and attractive destination for foreign
investment.

Further updates on multiple work streams across Costa Fuego are expected shortly.

This announcement is authorised by the Board of Directors for release to ASX.

For more information please contact:

Christian Easterday Tel: +61 8 9315 9009

Managing Director Email: christian@hotchili.net.au

or visit Hot Chili’s website at www.hotchili.net.au

Figure 1 Location of Cortadera and Productora in relation to the coastal range infrastructure of Hot Chili’s combined Costa Fuego copper project, located 600km north of Santiago in Chile.

Refer to ASX Announcement “Costa Fuego Becomes a Leading Global Copper Project” (12th October 2020) for JORC Table 1 information related to the Cortadera JORC compliant Mineral Resource estimate by Wood and the Productora re-stated JORC compliant Mineral Resource estimate by AMC ConsultantsCopper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price
1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical
Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
** Reported on a 100% Basis – combining Cortadera and Productora Mineral Resources using a +0.25% CuEq reporting cut-off grade

Qualifying Statements

Independent JORC Code Costa Fuego Combined Mineral Resource (Reported 12th October 2020)

Reported at or above 0.25% CuEq*. Figures in the above table are rounded, reported to appropriate significant figures, and reported in accordance with the JORC Code – Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Metal rounded to nearest thousand, or if less, to the nearest hundred. * * Copper Equivalent (CuEq) reported for the resource were calculated using the following formula:: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the
average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate

Competent Person’s Statement- Exploration Results

Exploration information in this Announcement is based upon work compiled by Mr Christian Easterday, the Managing Director and a fulltime employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient
experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is
undertaking to qualify as a ‘Com
petent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on
their information in the form and context in which it appears.

Competent Person’s Statement- Productora Mineral Resources

The information in this Announcement that relates to the Productora Project Mineral Resources, is based on information compiled by
Mr N Ingvar Kirchner. Mr Kirchner is employed by AMC Consultants (AMC). AMC has been engaged on a fee for service basis to provide
independent technical advice and final audit for the Productora Project Mineral Resource estimates. Mr Kirchner is a Fellow of the
Australasian Institute of Mining and Metallurgy (AusIMM) and is a Member of the Australian Institute of Geoscientists (AIG). Mr Kirchner
has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being
undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’ (the JORC Code 2012). Mr Kirchner consents to the inclusion in this report of the matters based on
the source information in the form and context in which it appears.
ears.

Competent Person’s Statement- Cortadera and Costa Fuego Mineral Resources

The information in this report that relates to Mineral Resources for the Cortadera and combined Costa Fuego Project is based on
information compiled by Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of the Australasian Institute
of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Elizabeth Haren is employed as an associate Principal
Geologist of Wood, who was engaged by Hot Chili Limited. Elizabeth Haren has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined
in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Elizabeth Haren
consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Reporting of Copper Equivalent

Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne  ×  Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.

Forward Looking Statements

This Announcement is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Announcement and nothing contained in the Announcement is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Announcement contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties and may differ materially from results ultimately achieved.

The Announcement contains “forward-looking statements”. All statements other than those of historical facts included in the Announcement are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining
plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake
any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Announcement and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Announcement nor any information contained in the Announcement or subsequently communicated to any person in connection with the Announcement is, or should be taken as, constituting the giving of investment advice to any person.

 

 
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Base Metals Energy Junior Mining

HCH Equity Research


Discover the Value Proposition Here

HCH operations map

 

About Us — Chilean Copper Company

Hot Chili is a copper company listed on the Australian Stock Exchange (HCH:ASX). Our focus is copper exploration and development in Chile’s Atacama Region, and we aim to be one of the largest copper companies operating in the area.

Our Mission

Hot Chili has three key high-grade copper projects—Cortadera, Productora, and El Fuego—all located in close proximity to one another. In developing these projects, our copper mining company seeks to create a new Chilean mining hub called Costa Fuego. We believe this kind of project portfolio is special among junior copper mining companies.

Current Projects

The centerpiece of our copper company’s ambitious discovery program is our Cortadera copper-gold project. In addition to Cortadera, our Productora copper-gold project entered production in 2020 through a partnership agreement with Chilean government-owned ENAMI, and our El Fuego project encompasses two historic high-grade copper mines.

Cortadera

Until February of 2019, when Hot Chili entered into an agreement to acquire a 100 percent interest, Cortadera was privately owned and little was publicly known about the discovery. Since acquiring Cortadera, our Chile copper company has engaged in an aggressive discovery program. Our drill results already include six world-class copper-gold intersections in a single zone of mineralization. We believe that Cortadera may be one of the most signficant copper discoveries of the last decade.

Cortadera’s Maiden Mineral Resource (+0.25% CuEq) of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum.The Cortadera Maiden Mineral Resource includes a higher grade component (+0.6% CuEq) of 104Mt at 0.74% CuEq.

Productora

Productora is a large-scale, advanced stage copper-gold project. To date, there has been approximately US$100 million of investment at Productora, and the project is estimated to have probable reserves of 166.9 million tonnes grading 0.43% Cu, 0.09g/t Au and 138 ppm Mo. With our ongoing development of Productora, along with Cortadera and El Fuego (discussed below), Hot Chili aims to be one of the top copper mining companies in the area.

El Fuego

Hot Chili has a majority interest in the El Fuego copper project. The property encompasses two historic underground mines—San Antonio and Valentina. At one time, these were two of the highest grade copper mines in the region. Both sites, however, were under private ownership for 50+ years, and modern exploration of these copper companies was minimal.

Our Team

Our executives, directors, and technical staff are based in Australia and Chile. Together, they have many decades of experience in the copper mining industry, particularly in Chile and Latin America. They are backed by the support of an impressive consulting and advisory team, which includes the likes of Dr. Steve Garwin, a copper and gold porphyry expert who played an instrumental role in identifying the potential for a major copper-gold discovery at Cortadera, and whom is leading the exploration efforts at our Chile copper projects.

About Hot Chili Limited

Hot Chili (HCH) is an ASX-listed Australian mineral exploration company, well advanced in developing its portfolio of copper projects on the coastal range in Region III, Chile.

Contact Hot Chili Limited
Australia

P: 08 9315 9009

F: 08 9315 5004

E: admin@hotchili.net.au

Categories
Base Metals Energy Junior Mining

$25.6M Institutional Placement to Secure Cortadera Copper-Gold Discovery and Accelerate Drilling


Click here


Corporate Presentation


https://youtu.be/3yFYkwv4hJU

Highlights

Successful A$25.6M private placement led and supported by several of Australia’s top resource funds

New funds satisfy next acquisition payment of US$10M for the Cortadera copper-gold discovery in Chile, ensuring 100% control is maintained

An aggressive 40,000m Phase-4 drill programme at Cortadera is now fully funded for 2021 and set to be significantly accelerated to five shifts of drilling per day using three drill rigs

Expansion drilling at Cortadera has recorded a second 500m wide intersection of porphyry mineralisation – results pending

Resource upgrades over the next 12 months expected to add significantly to the Company’s combined Costa Fuego development, currently standing at 2.9Mt copper, 2.7Moz gold, 9.9Moz silver and 64kt molybdenum (as announced to ASX on 12th October 2020)

This announcement is authorised by the Board of Directors for release to ASX.
For more information please contact:
Christian Easterday
Managing Director
Tel: +61 8 9315 9009
Email: christian@hotchili.net.au
or visit Hot Chili’s website at www.hotchili.net.au