Hot Chili Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint
Hot Chili Announces Latest Drill Results for La Verde, Doubling
Porphyry Discovery Footprint
Highlights
Rapidly Expanding Discovery, Multiple Higher-Grade Centres Confirmed
Latest assays
from phase-one Reverse Circulation (RC) drilling confirm
copper-gold (Cu-Au) mineralisation now extending over 1 km in
length and up to
750 m
in width, from near surface
Higher-grade centres confirmed
across the extent of the shallow oxide and sulfide discovery
New significant drill results include:
389 m
grading 0.4% Cu and 0.1 g/t Au from
4 m
depth to end-of-hole
(
DKP030
)
including
46 m
at 0.6% Cu and 0.2 g/t Au from
238 m
including
34 m
at 0.6% Cu and 0.2g/t Au from
322m
120 m
grading 0.4% Cu and 0.1 g/t Au from
6 m
depth
(
DKP028
)
including
48 m
at 0.5% Cu and 0.1 g/t Au from
26 m
And,
114m
at 0.3% Cu, 0.1g/t Au from
318m
depth to end-of-hole
including
34m
at 0.4% Cu, 0.2g/t Au from
380 m
to end-of-hole
114 m
grading 0.4% Cu from
86 m
depth
(
DKP024
)
including
52 m
at 0.5% Cu and 0.1 g/t Au from
96 m
286 m
grading 0.3% Cu and 0.1 g/t Au from
4 m
depth (DKP027)
including
154 m
at 0.4% Cu, 0.1g/t Au from
44 m
228 m
grading 0.3% Cu and 0.2 g/t Au from
42 m
depth
(
DKP013
)
including
104 m
at 0.4% Cu and 0.3 g/t Au from
42 m
202 m
grading 0.3% Cu and 0.1 g/t Au from
50 m
depth (DKP017)
including
14 m
at 0.4% Cu and 0.1 g/t Au from
96 m
including
16 m
at 0.4% Cu and 0.1 g/t Au from
180 m
138 m
grading 0.3% Cu and 0.1 g/t Au from
6m
depth to end-of-hole (DKP020)
including
24 m
at 0.4% Cu and 0.1 g/t Au from
6 m
including
48 m
at 0.4% Cu and 0.1 g/t Au from
36 m
including
36 m
at 0.4% Cu and 0.1 g/t Au from
102 m
Open Laterally and At-Depth, Larger Cu-Au Porphyry Discovery Emerging
Over half of Hot Chili's drill holes ended in significant mineralisation
at the limit of RC drilling depth capability; deeper diamond drilling
planned for phase 2 to extend higher grade centres at depth
Regulatory application for phase-two drilling access progressing
Exploration activity streams investigating potential for larger porphyry cluster at La Verde,
further updates expected
Potential for Significant Open Pit Mine Life Addition for Costa Fuego Cu-Au Hub
Further Development Study Updates Expected for Costa Fuego and Huasco Water
PERTH, Australia
,
May 20, 2025
/CNW/ - Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") is pleased to
report a third round of strong assay results from its La Verde copper-gold (Cu-Au) discovery, located approximately 30km south of the Company's
Costa Fuego Cu-Au Project ("Costa Fuego" or "the Project") planned central processing hub at low elevation in the coastal range of the Atacama
region,
Chile
.
The Company concluded a phase-one drilling campaign across the La Verde Cu-Au porphyry discovery on
10 April 2025
, with a total of 31 RC drill
holes (
9,600 m
) completed to date. Following a period of delayed laboratory turnaround time, final assay results have been received and compiled.
Initial assay results from the first 12 RC drill holes at La Verde confirmed a
400 m
by
550 m
discovery footprint, extending from near-surface to
approximately
300 m
vertical depth (refer to announcement dated
11 February 2025
).
Recently returned assay results have now more than doubled the initial discovery footprint, resulting in an extensive +0.2% Cu mineralisation footprint
of
1,000 m
by
750 m
extending up to
400 m
vertical depth (Figures 2 and 5) and remaining open laterally and at depth.
Importantly, multiple distinct higher-grade centres have been confirmed from near surface (Figures 2, 3 and 5). Assessment of each of these higher-
grade centres indicates:
1.
North-East (NE) Higher-Grade Centre
Located approximately
180 m
to the north-east of the historical shallow copper oxide open pit
Higher-grade Cu-Au zone defined in six RC drill holes
Current dimensions:
180 m
strike by
280 m
width by
320 m
in vertical extent
Remains open along strike to the north-east (beneath shallow gravel cover) and at depth
2.
South-east (SE) Higher-Grade Centre
Located approximately
70 m
to the south-east of the historical shallow copper oxide open pit
High-grade Cu-Au zone defined by nine RC drill holes
Current dimensions:
320 m
strike by
340 m
width by
400 m
in vertical extent
Remains open to the west beneath the open pit, to the east (beneath shallow gravel cover), and at depth
3.
South-west (SW) Higher-Grade Centre
Located
310 m
to the south of the historic open pit
High grade Cu-Au zone defined by two RC drill holes
Current dimensions:
90 m
strike by
120 m
width by
260 m
in vertical extent
Remains open to the south (beneath shallow gravel cover) and at depth
The extent of mineralisation beneath the existing La Verde open pit remains untested at this stage, due to limitations of RC drilling through clay
altered structures.
The Company is reviewing multi-element assay results to enhance understanding of the La Verde discovery, validate geological interpretations, and
guide four-dimensional modelling and future drilling plans.
Three-dimensional magnetic inversion modelling has revealed a NNE-SSE trending weak magnetic anomaly aligned with the tonalitic porphyry
intrusion (Figure 4). This relationship is guiding the evaluation of regional geophysical and geochemical assessments to identify extensions of the La
Verde system and new porphyry targets within the broader magnetic destruction zone (Figure 6).
Regulatory applications for further drill access at La Verde are advancing, with phase-two drilling (RC and diamond drilling) planned to commence
once approvals are received.
The Company looks forward to providing further updates, including advancements in exploration understanding of La Verde's growth potential, as
well as various development study activities related to the current Pre-Feasibility Study optimisation phase for its Costa Fuego and Huasco Water
projects.
This announcement is authorised by the Board of Directors for release to ASX and TSXV.
For more information please contact:
Christian Easterday
Tel: +61 8 9315 9009
Managing Director – Hot Chili
Email:
Carol Marinkovich
Tel: +61 8 9315 9009
Company Secretary – Hot Chili
Email:
Graham Farrell
Email:
Investor & Public Relations
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)
Figure 2. Oblique long-section of La Verde Cu-Au porphyry discovery (facing 335 azimuth +35 plunge) outlining the size potential of the emerging
higher-grade centres and the broader copper mineralisation model, which remains open in all directions. Copper interpolants displayed as 3D
meshes, drillholes displayed as thin black traces. (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)
DKP013
6785971
324839
1192
244
-60
437
42
270
228
0.3
0.2
0.3
7
Incl
42
146
104
0.4
0.3
0.3
6
Or Incl
50
116
66
0.5
0.3
0.3
5
296
437
141
0.2
0.1
0.4
19
Incl
334
358
24
0.3
0.1
0.7
18
DKP014
6785852
324747
1149
299
-61
444
0
12
12
0.3
0.1
0.3
7
194
204
10
0.3
0.2
0.4
5
306
402
96
0.3
0.1
0.6
20
And incl
340
352
12
0.4
0.1
0.9
14
And incl
366
376
10
0.4
0.2
0.8
14
424
444
20
0.2
0.0
0.5
29
DKP015
6786096
324434
1159
130
-60
313
2
34
32
0.3
0.0
0.9
22
176
313
137
0.2
0.1
0.5
29
Incl
236
242
6
0.4
0.1
0.9
20
DKP016
6785947
324416
1111
111
-60
360
0
48
48
0.4
0.0
0.6
39
Incl
0
22
22
0.6
0.0
0.6
23
286
304
18
0.3
0.1
0.9
52
DKP017
6786094
324685
1184
97
-61
336
50
252
202
0.3
0.1
0.5
31
Incl
96
110
14
0.4
0.1
0.3
12
And incl
144
152
8
0.4
0.2
1.2
55
And incl
180
196
16
0.4
0.1
0.5
55
DKP018
6785835
324429
1094
97
-60
145
16
134
118
0.2
0.0
0.4
24
Incl
20
46
26
0.3
0.0
0.8
19
DKP019
6785720
324718
1130
253
-61
279.5
106
144
38
0.3
0.1
0.5
16
Incl
114
122
8
0.5
0.2
0.7
25
202
279.5
77.5
0.3
0.1
0.5
27
DKP020
6785748
324586
1125
273
-60
144
6
144
138
0.3
0.1
0.9
23
Incl
6
30
24
0.4
0.1
1.1
6
And incl
36
84
48
0.4
0.1
0.9
20
And incl
102
138
36
0.4
0.1
0.8
31
DKP021
6785619
324325
1178
75
-60
402
118
128
10
0.3
0.0
0.4
18
234
314
80
0.3
0.1
0.4
21
Incl
284
300
16
0.4
0.1
0.6
13
324
370
46
0.3
0.1
0.6
14
DKP022
6785527
324414
1184
78
-60
288
44
202
158
0.2
0.0
0.4
18
Incl
44
66
22
0.4
0.1
0.5
11
232
288
56
0.2
0.0
0.5
18
Incl
250
258
8
0.5
0.0
1.6
21
And incl
282
288
6
0.3
0.1
1.0
24
DKP023
6785421
324320
1181
90
-60
402
74
100
26
0.3
0.1
0.4
21
172
196
24
0.3
0.0
0.8
38
254
366
112
0.3
0.1
0.6
26
DKP024
6785424
324417
1186
111
-59
402
54
360
306
0.3
0.0
0.7
28
Incl
86
200
114
0.4
0.0
0.7
23
Or Incl
96
148
52
0.5
0.1
0.8
16
And incl
328
334
6
0.4
0.1
1.2
22
DKP025
6785313
324415
1187
270
-74
276
34
162
128
0.2
0.0
0.5
26
Incl
126
136
10
0.3
0.0
0.3
62
DKP026
6785870
324312
1098
105
-60
147
0
147
147
0.2
0.0
0.6
13
Incl
0
16
16
0.4
0.1
0.6
23
DKP027
6785755
324906
1139
299
-60
402
4
290
286
0.3
0.1
0.4
31
Incl
44
198
154
0.4
0.1
0.5
32
Or Incl
64
76
12
0.5
0.1
0.3
15
DKP028
6785617
324758
1136
300
-60
432
6
126
120
0.4
0.1
0.7
12
Incl
10
20
10
0.5
0.1
1.2
5
And Incl
26
74
48
0.5
0.1
0.8
13
318
432
114
0.3
0.1
0.5
53
Incl
380
414
34
0.4
0.2
0.9
106
Or Incl
384
396
12
0.5
0.2
1.1
221
DKP029
6785615
324758
1136
265
-60
366
6
102
96
0.3
0.1
0.9
19
Incl
54
64
10
0.4
0.1
0.8
27
112
206
94
0.2
0.0
0.3
44
252
264
12
0.4
0.0
1.6
33
304
366
62
0.2
0.0
0.3
43
DKP030
6785770
324774
1133
275
-60
393
4
393
389
0.4
0.1
0.9
21
Incl
20
30
10
0.5
0.2
0.5
4
And incl
186
286
100
0.5
0.1
0.9
35
Or Incl
238
284
46
0.6
0.2
0.9
49
And incl
322
356
34
0.6
0.2
0.9
28
DKP031
6785789
324564
1129
279
-60
279
Mineralised, No significant result
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.
For previously released significant intercepts see announcement dated 18th December 2024 and 11th February 2025.
Figure 3. Plan view map of the La Verde porphyry system showing significant intercepts compared with +0.1% copper (light blue outline), +0.2%
copper (yellow), +0.3% copper (red), +0.4% copper (Magenta) mineralisation interpolants from returned assay results. A - A' indicates position of
long section in Figure 4. (CNW Group/Hot Chili Limited)
Figure 3 - Legend (CNW Group/Hot Chili Limited)
Figure 4. Plan view slice at 950 RL (± 50 m clipping) of tonalitic (pink polygon) and dioritic porphyry (red polygon) intrusions compared to the
footprint of the +0.2% Copper interpolant (yellow outline). Returned Cu grades graphed downhole. (CNW Group/Hot Chili Limited)
Figure 4 - Legend (CNW Group/Hot Chili Limited)
Figure 5. NNW facing longitudinal section (A - A’) of the La Verde porphyry system showing significant intercepts compared to +0.2% copper
(yellow), +0.3% copper (red), +0.4% copper (Magenta) mineralisation interpolants from returned assay results. 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 6. La Verde porphyry intrusions and +0.2% Cu interpolant (yellow line) from Phase 1 drilling displayed in relation to the interpreted regional
magnetic destruction footprint of La Verde porphyry system (dashed red line) and local La Verde magnetic low feature (dashed blue line) defined
from ground magnetic survey (RTP) and the 3D magnetic inversion model. 3D inversion model shown on left hand side (displayed as blocks & sliced
at 950 RL), and extent of gravel cover displayed on right hand side. (CNW Group/Hot Chili Limited)
Qualifying Statements
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 Results 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.
Mineral Resources and Competent Persons – JORC and ASX
The information in this announcement that relates to Mineral Resources for the Costa Fuego Project was previously reported in the Company's
announcements released to ASX on
26 February 2024
'Hot Chili Indicated Resource at Costa Fuego Copper-Gold Project Increases to 798
Mt", which is available to view on the Company's website at
www.hotchili.net.au/investors/asx-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 and, that all material
assumptions and technical parameters underpinning the mineral resource estimates contained in the original market announcements continue to
apply and have not materially changed.
Disclaimer
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 Report.
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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