First Diamond Drillhole Confirms Gold-Rich Major Copper Discovery in Coastal Chile La Verde Porphyry Discovery Exceeds Expectations
First Diamond Drillhole Confirms Gold-Rich Major Copper
Discovery in Coastal Chile
La Verde Porphyry Discovery Exceeds Expectations
First Diamond Drillhole Confirms Gold-Rich Major Copper Discovery in Coastal Chile (CNW Group/Hot Chili Limited)
Highlights
First diamond drillhole DKD032 records
529 m
grading 0.41% Cu and 0.21 g/t Au from
41m
to end of hole
including
148 m
grading 0.60% Cu and 0.30 g/t Au
from
70 m
depth
and including
66 m
grading 0.45% Cu and 0.31 g/t Au
from
295 m
depth
Twin diamond drillhole DKD032 significantly extends discovery drill result from DKP002, which previously recorded
308m
grading 0.5%
Cu and 0.3g/t Au from
46m
depth to end of hole.
Copper-gold mineralisation extended both laterally and vertically, with
end of hole recording
14 m
grading 0.35% Cu and 0.12 g/t Au.
2,700m
of drilling complete, with
assays pending for five diamond drillholes
, all of which intersected broad widths of copper porphyry
style mineralisation.
PERTH, Australia
,
Nov. 27, 2025
/CNW/ - Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") is
pleased to announce a drilling update from its La Verde copper–gold (Cu-Au) discovery, located roughly 30 km south of the Company's Costa
Fuego Copper-Gold (Cu-Au) Project ("Costa Fuego" or "the Project") planned central processing hub in
Chile's
coastal Atacama region.
Phase two diamond drilling began on
22 September 2025
with one rig operating on a double-shift basis, with six drillholes now complete. This
program aims to extend the initial +0.2% Cu discovery footprint of
1,000 m
by
750 m
by
400 m
depth, while also extending the +0.3 g/t Au
distribution identified during Phase one.
Initial assays from twin diamond drillhole DKD032 have exceeded expectations, delivering a standout result of
529 m
grading
0.41% Cu and 0.21 g/t Au from
41m
to end of hole. Importantly the new drill result:
Confirms convergence of higher-grade Cu-Au mineralisation centres at depth (Figure 2)
Significantly expands both vertical and lateral extent of the northeastern higher-grade mineralisation centre, characterised by
a high gold-to-copper ratio (Figure 3)
Materially extends the original
308 m
intercept (RC hole DKP002) by a further
221 m
to end of hole (
570 m
) (Figure 4)
These latest results have significant implications for the growth of Hot Chili's Costa Fuego Mineral Resource base and scale of
planned future operations.
DKD032 was terminated early due to mechanical issues and there are plans to re-enter the hole following completion of the Phase two
program, with the final sample recording 0.53% Cu and 0.20 g/t Au. Remaining drillholes are predominantly diamond tails of Phase one RC
drillholes, which like discovery drillhole DKP002 - ended in mineralisation.
All six drillholes completed to date have intersected porphyry-style copper mineralisation beyond the previous RC drill limit, pushing the
vertical extent of the system to approximately
600 m
deep with further lateral growth to the east and west. Three of the holes twinned earlier
RC drilling and continued deeper, while three were drilled as diamond tails to further extend mineralisation at depth.
Assay results for the remaining holes are pending, with laboratory turnaround times extended due to high seasonal sample volumes across
Chile
. Further results will be released to the ASX in the coming weeks.
Impact modelling by Hot Chili has outlined the potential for significant additional open pit material to be added to the front-end of Coast
Fuego's 20 year mine schedule, providing both mine life growth and materially enhanced financial metrics to Hot Chili's
March 2025
Pre-
feasibility Study for Costa Fuego.
The Company looks forward to providing further updates on the results from drilling activities at La Verde.
This announcement is authorised by the Board of Directors for release to ASX and TSXV.
For more information please contact:
Christian Easterday
Managing Director & CEO – Hot Chili
Tel: +61 8 9315 9009
Email:
Carol Marinkovich
Company Secretary – Hot Chili
Tel: +61 8 9315 9009
Email:
Graham Farrell
Investor & Public Relations
Email:
or visit Hot Chili's website at
www.hotchili.net.au
Figure 1. Location of La Verde in relation to Costa Fuego, coastal range Chile (CNW Group/Hot Chili Limited)
Table 1. New Significant Drilling Intersections from La Verde
Hole ID
Coordinates
Azim.
Dip
Hole Depth
Intersection
Interval
Copper
Gold
Silver
Molybdenum.
North
East
RL
From
To
(m)
(% Cu)
(g/t Au)
(ppm Ag)
(ppm Mo)
DKP0032
6,785,967
324,835
1,202
270
-60
569.9
41
569.9
528.9
0.41
0.21
0.85
13
And incl
70
218
148
0.60
0.30
0.84
13
And incl
295
361
66
0.45
0.31
0.96
10
And incl (to EOH)
556
569.9
13.9
0.35
0.12
0.79
13
Notes to Table 1: Significant intercepts for La Verde are calculated above a nominal cut-off grade of 0.2% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.2% Cu). Significant
intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.2% Cu for significant intersection cut-off grade is aligned with marginal economic cut-off grade for bulk tonnage polymetallic copper
deposits of similar grade in Chile and elsewhere in the world.
Figure 2. NNW facing longitudinal section (A - A’) of the La Verde porphyry system showing +0.2% copper (yellow), +0.3% copper (red),
+0.4% copper (magenta) mineralisation interpolants before (top) and after (bottom) returned diamond assay results from DKD032.
Weathering profile displayed as top of fresh material (black line). Returned Cu grades graphed downhole along hole traces (grey). (CNW
Group/Hot Chili Limited)
Figure 3. Plan view map of the La Verde porphyry system showing planned drilling compared with updated +0.2% copper (yellow), +0.3%
copper (red), +0.4% copper (Magenta) mineralisation interpolants. Conceptual open pit shells1 displayed for $US3.50/lb Cu (blue) and
$US6.00/lb Cu (green) displayed as dashed lines. (CNW Group/Hot Chili Limited)
Figure 3 Legend (CNW Group/Hot Chili Limited)
Figure 4. North facing cross section B – B’ (± 40m clipping) through the La Verde porphyry system showing DKD032 twin diamond drillhole
and original RC drill hole DKP002. Conceptual open pit shells1 displayed for $US3.50/lb Cu (blue) and $US6.00/lb Cu (green) displayed as
dashed lines. (CNW Group/Hot Chili Limited)
Figure 4 Legend (CNW Group/Hot Chili Limited)
1
See Page 7 of this announcement for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient
exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Qualifying Statements
Conceptual Open Pit Shells
Conceptual open pit shells represent Exploration Targets as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' (JORC Code). They are based on completed exploration activities reported in the
announcement released
19 May 2025
(
'Hot Chili Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint'
).
The conceptual open pit shells were generated using copper (Cu) prices of
US$3.50
/lb Cu and
US$6.00
/lb Cu on a series of nested Cu grade
shells. Other input parameters informing the conceptual open-pit shells (pit slope angles, mining cost, processing cost, etc.) were derived
from values reported in the
March 2025
Costa Fuego Pre-feasibility Study and are considered appropriate for the style of mineralisation
encountered at the La Verde Cu-Au porphyry discovery.
Any potential quantity and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a
Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Further exploration activities are detailed in this announcement and include (but may not necessarily be limited to) a program of diamond
drillholes aiming to extend the mineralised footprint at La Verde. Drilling commenced on
22 September 2025
, with the length of the program
dependent on a number of considerations including (but not limited to) the results of the exploration activities and regulatory applications and
approvals.
Qualified Person – NI 43-101
The technical information in this announcement has been reviewed and approved by Mr.
Christian Easterday
, MAIG, Hot Chili's Managing
Director and a qualified person within the meaning of NI43-101.
Competent Person – JORC
The information in this announcement that relates to Exploration Targets for the La Verde project is based upon information compiled by Mr
Christian Easterday
, the Managing Director and a full-time employee of Hot Chili Limited, who 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 deposits under
consideration and to the activity which he is undertaking 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' (JORC Code). Mr Easterday consents to the inclusion in
this announcement of the matters based on their information in the form and context in which it appears.
Disclaimer
The information in this announcement relating to the Exploration Results for La Verde was previously reported in the Company's
announcements 'Hot Chili Confirms Major Cu-Au Porphyry Discovery at La Verde', 'Hot Chili Announces Latest Drill Results for La Verde,
Doubling Porphyry Discovery Footprint' and 'District-Scale Porphyry Cluster Potential Emerging at La Verde Cu-Au Discovery' released to
ASX on
26 February 2024
,
19 May 2025
and
29 May 2025
respectively, which are available to view on the Company's website at
www.hotchili.net.au/investors/investor-centre/market-announcements
. The Company confirms that it is not aware of any new information or
data that materially affects the information included in the original market announcements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this announcement.
Forward Looking Statements
This announcement contains certain statements that are "forward-looking information" within the meaning of Canadian securities legislation
and Australian securities legislation (each, a "forward-looking statement"). Forward-looking statements reflect the Company's current
expectations, forecasts, and projections with respect to future events, many of which are beyond the Company's control, and are based on
certain assumptions. No assurance can be given that these expectations, forecasts, or projections will prove to be correct, and such forward-
looking statements included in this announcement should not be unduly relied upon. Forward-looking information is by its nature prospective
and requires the Company to make certain assumptions and is subject to inherent risks and uncertainties. All statements other than
statements of historical fact are forward-looking statements. The use of any of the words "estimate", "expectations", "may", "plan",
"potential", "project", "reinforce", "unlock", "large-scale", "could", "should", "will", "would", variants of these words and similar expressions are
intended to identify forward-looking statements.
The forward-looking statements within this announcement are based on information currently available and what management believes are
reasonable assumptions. Forward-looking statements speak only as of the date of this announcement.
In this announcement, forward-looking statements relate, among other things, to: the potential of the La Verde discovery; regulatory
applications and approvals; the timing and results of future economic studies; and the Company's future exploration and other business plans.
Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results,
performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or
implied by the forward-looking statements. A number of factors could cause actual results to differ materially from a conclusion, forecast or
projection contained in the forward-looking statements in this announcement, including, but not limited to, the following material factors: the
ability of drilling and other exploration activities to accurately predict mineralisation; operational risks; risks related to the cost estimates of
exploration; sovereign risks associated with the Company's operations in
Chile
; changes in estimates of mineral resources or mineral
reserves of properties where the Company holds interests; recruiting qualified personnel and retaining key personnel; future financial needs
and availability of adequate financing; fluctuations in mineral prices; market volatility; exchange rate fluctuations; ability to exploit successful
discoveries; the production at or performance of properties where the Company holds interests; ability to retain title to mining concessions;
environmental risks; financial failure or default of joint venture partners, contractors or service providers; competition risks; economic and
market conditions; and other risks and uncertainties described elsewhere in this announcement and elsewhere in the Company's public
disclosure record.
Although the forward-looking statements contained in this announcement are based upon assumptions which the Company believes to be
reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect
to forward-looking statements contained in this announcement, the Company has made assumptions regarding: future commodity prices and
demand; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of
increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation
by governmental agencies; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing; and
assumptions underlying estimates related to adjusted funds from operations. The Company has included the above summary of assumptions
and risks related to forward-looking information provided in this announcement to provide investors with a more complete perspective on the
Company's future operations, and such information may not be appropriate for other purposes. The Company's actual results, performance
or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so,
what benefits the Company will derive therefrom.
For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made herein,
please refer to the public disclosure record of the Company, including the Company's most recent Annual Report, which is available on
SEDAR+ (
www.sedarplus.ca
) under the Company's issuer profile. New factors emerge from time to time, and it is not possible for
management to predict all those factors or to assess in advance the impact of each such factor on the Company's business or the extent to
which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statement.
The forward-looking statements contained in this announcement are expressly qualified by the foregoing cautionary statements and are made
as of the date of this announcement. Except as may be required by applicable securities laws, the Company does not undertake any
obligation to publicly update or revise any forward-looking statement to reflect events or circumstances after the date of this announcement
or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Investors
should read this entire announcement and consult their own professional advisors to ascertain and assess the income tax and legal risks and
other aspects of an investment in the Company.
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