New Drill Results Boost Cortadera’s Copper-Gold Growth Potential CRP0201D (390m depth downhole, located below Cuerpo 1 resource extent) intersecting 2% chalcopyrite-pyrite sulphide mineralisation and porphyry B-veining within strongly biotite altered hornfels, assay results pending.
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New Drill Results Boost Cortadera’s
Copper-Gold Growth Potential
CRP0201D (390m depth downhole, located below Cuerpo 1 resource extent) intersecting 2% chalcopyrite-pyrite
sulphide mineralisation and porphyry B-veining within strongly biotite altered hornfels, assay results pending.
Highlights
• New drill assay results from the Cortadera copper-gold resource in Chile confirm significant
mineralisation outside of the current Cuerpo 1 mineralised envelope – increasing the
potential for future Miner Resource expansion
• Standout results include:
o 270m grading 0.5% CuEq* (0.4% Copper (Cu), 0.1g/t Gold (Au)) from surface (CRP0202D)
including 114m grading 0.7% CuEq (0.6% Cu, 0.1g/t Au) from 70m depth,
o 84m grading 0.4% CuEq (0.4% Cu) from 336m depth downhole (CORMET001)
including 26m grading 0.6% CuEq (0.6% Cu, 0.1g/t Au) from 374m depth.
• Results pending for three additional drill holes (including CRP0201D) that are testing the depth
potential of copper-gold mineralization below Cuerpo 1
• Completion of first-pass drill programme across new AMSA landholding, results pending for
fifteen reverse circulation drill holes
• Compilation of results and planning underway for second-pass drill programme on new AMSA
landholding expected to commence in the coming weeks
* Copper Equivalent (CuEq) reported for the drillhole intersections 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 × Cu_recovery).
The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. The entire ty of the intersection is assumed as
fresh. The recovery and copper equivalent formula for Cortadera – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.56 x Au(g/t) + 0.00046 x
Mo(ppm) + 0.0043 x Ag(g/t)
Announcement
Tuesday 4th April 2023
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Hot Chili Limited (ASX: HCH) (TSXV:HCH) (OTCQX: HHLKF) (“Hot Chili” or “Company”) is pleased to
announce encouraging drill results that confirm the potential for further resource growth at the
Cortadera copper-gold resource, the centrepiece of the Company’s low-altitude, Costa Fuego copper-
gold project in Chile.
Cortadera’s Mineral Resource comprises three porphyry centres , which extend from surface over a strike
extent of 2.3km. Cortadera’s two eastern porphyries have been defined to vertical depths up to 1.3km ,
however, drilling across the western-most porphyry (Cuerpo 1) had previously not intersected higher grade
mineralisation (+0.3% CuEq) below 220m depth prior to 2023’s drill programme.
New drill results now confirm that higher grade mineralisation (+0.3% CuEq) extends and remains open at
depth below Cuerpo 1 ahead of a planned Mineral Resource update for the second half of 2023.
New Results Confirm Extension to Mineralisation at Cuerpo 1
In 2022, the Company recorded an end-of-hole drill result (CORMET001, 6m grading 0.6% Cu from 354m
depth) from a development study geotechnical drill hole (see Announcement released 29th April 2022) located
below the Mineral Resource envelope for Cuerpo 1.
Over the past two months, the Company has extended diamond drill hole CORMET001, and completed a
further five drill holes below Cuerpo 1 . Initial assay results confirm a significant extension to mineralisation
below the current Mineral Resource, intersecting mineralised porphyry (early- and intra-mineral) up to 300m
below the Indicated Mineral Resource for Cuerpo 1.
Complete results have been received for three of six holes completed, and only partial results for two diamond
holes (CRP0201D and CRP0202D) and one reverse circulation RC hole (CRP0203). Significant intersections
recorded to date include:
• 270m grading 0.5% CuEq (0.4% Cu, 0.1g/t Au) from surface (CRP0202D1)
including 114m grading 0.7% CuEq (0.6% Cu, 0.1g/t Au) from 70m depth,
or including 60m grading 0.9% CuEq (0.8% Cu, 0.1g/t Au) from 110m depth
• 54m grading 0.5% CuEq (0.4% Cu, 0.1g/t Au, 55ppm Mo) from surface (CRP0201D1)
• 84m grading 0.4% CuEq (0.4% Cu) from 336m (CORMET0012)
including 26m grading 0.6% CuEq (0.6% Cu, 0.1g/t Au) from 374m depth.
• 256m grading 0.3% CuEq (0.3% Cu) from 192m depth (CRP0200D)
including 36m grading 0.5% CuEq (0.5% Cu, 0.1g/t Au) from 210m depth,
and including 74m grading 0.4% CuEq (0.4% Cu) from 374m depth
1 Partial result reported, currently awaiting assays for remaining intervals.
2Note that this intersection includes an interval from 336m to 350m previously reported in April 2022.
Hot Chili Limited ACN 130 955 725
First Floor, 768 Canning Highway, Applecross, Western Australia 6153
PO Box 1725, Applecross, Western Australia 6953
P: +61 8 9315 9009 F: +61 8 9315 5004
www.hotchili.net.au
Contact
Mr Christian Easterday
Managing Director
3
The Company looks forward to the return of the remaining drillholes from this program in the coming weeks.
Drilling CRP0201D from the Cortadera core yard, targeting Cuerpo 1 extension at depth
February 2023 (results pending)
First-Pass Drilling Completed Across Western Cortadera (AMSA Landholding)
A first-pass drill programme, comprising sixteen RC drill holes for 4,116m, is complete across three porphyry
targets within the recently secured AMSA landholding (see announcement dated 13th January 2023). These
holes are located along the western extent of the Cortadera copper -gold Mineral Resource and results for
fifteen of the sixteen holes are pending.
Drilling was primarily shallow (less than 300m depth) and focussed on defining the extent of Cortadera’s fourth
porphyry (Cuerpo 4).
The Company confirmed significant copper mineralization associated with Cuerpo 4 in February with first
results from diamond hole LCD001 (see announcement dated 23 rd February 2023), which recorded 120m
grading 0.5% CuEq* (0.4% Cu, 0.2g/t Au from 22m depth down -hole to end of hole . Importantly, this wide
intersection also included 38m grading 1.0% CuEq* (0.8% Cu, 0.4g/t Au) from 22m depth, or 18m grading
1.3% CuEq* (1.0% Cu, 0.5g/t Au) from 32m depth.
Once all assay results have been received and reviewed, the Company and Antofagasta Minerals (AMSA) will
plan a second-pass drill programme to follow-up the initial results of this programme as part of the 6,000m drill
commitment to the option agreement (see announcement dated 28th November 2022).
The Company looks forward to receiving further results in the coming weeks.
Hot Chili Limited ACN 130 955 725
First Floor, 768 Canning Highway, Applecross, Western Australia 6153
PO Box 1725, Applecross, Western Australia 6953
P: +61 8 9315 9009 F: +61 8 9315 5004
www.hotchili.net.au
Contact
Mr Christian Easterday
Managing Director
4
This announcement is authorised by the Board of Directors for release to ASX and TSX.
For more information please contact:
Christian Easterday
Managing Director – Hot Chili
Tel: +61 8 9315 9009
Email: [email protected]
Penelope Beattie
Company Secretary – Hot Chili
Tel: +61 8 9315 9009
Email: [email protected]
Harbor Access
Investor & Public Relations
Email:[email protected]
Email: [email protected]
or visit Hot Chili’s website at www.hotchili.net.au
Hot Chili Limited ACN 130 955 725
First Floor, 768 Canning Highway, Applecross, Western Australia 6153
PO Box 1725, Applecross, Western Australia 6953
P: +61 8 9315 9009 F: +61 8 9315 5004
www.hotchili.net.au
Contact
Mr Christian Easterday
Managing Director
5
Table 1. New Significant Diamond Drill Hole Assay Results at Cortadera
Hole_ID
Coordinates Azi. Dip Hole
Depth Intersection Interval Copper Gold Silver Molyb-
denum Cu Eq*
North East RL From To (m) (%Cu) (g/t
Au) (g/t Ag) (ppm
Mo)
(%
CuEq)
CORMET001¹ 6814269 334736 976 74 -60 611 222 611 389 0.2 0.0 0.5 21 0.2
Including 336 420 84 0.4 0.0 0.7 15 0.4
Or including 374 400 26 0.6 0.1 1.0 15 0.6
& Including 446 454 8 0.3 0.0 0.4 42 0.3
& Including 470 550 80 0.3 0.0 0.5 35 0.3
CRP0200D 6814269 334737 979 60 -75 624 192 448 256 0.3 0.0 0.5 20 0.3
210 246 36 0.5 0.1 0.6 5 0.5
374 448 74 0.4 0.0 0.6 19 0.4
CRP0201D2 6814340 335204 960 272 -57 582 0 54 54 0.4 0.1 1.1 55 0.5
CRP0202D2 6814249 334834 975 268 -84 534 0 270 270 0.4 0.1 1.2 21 0.5
Including 70 184 114 0.6 0.1 1.9 5 0.7
Or including 110 170 60 0.8 0.1 2.5 4 0.9
Notes:
Significant intercepts 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 an d elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true -widths of mineralisation.
* Copper Equivalent (CuEq ) reported for the drillhole intersections 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 × Cu_recovery). The Metal Prices applied in the calculation
were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equ ivalent formula for Cortadera is: –
Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq(%) = Cu(%) + 0.56 x Au(g/t) + 0.00046 x Mo(ppm) + 0.0043 x Ag(g/t) .
¹Assay results already reported up to 350m in ‘Cortadera Delivers Another Strong Result’ - released 29th April 2022.
2Partial results reported, currently awaiting assays for remaining intervals.
Hot Chili Limited ACN 130 955 725
First Floor, 768 Canning Highway, Applecross, Western Australia 6153
PO Box 1725, Applecross, Western Australia 6953
P: +61 8 9315 9009 F: +61 8 9315 5004
www.hotchili.net.au
Contact
Mr Christian Easterday
Managing Director
6
Figure 1. Location of Cortadera, Productora, San Antonio and nearby coastal range infrastructure of Hot Chili’s
combined Costa Fuego copper-gold project, located 600km north of Santiago in Chile.
Refer to ASX Announcement “Hot Chili Delivers Next Level of Growth” (31st March 2022) for JORC Code Table 1 information relat ed to the Costa Fuego
JORC-compliant Mineral Resource Estimate (MRE) by Competent Person Elizabeth Haren, constituting the MREs of Cortadera, Productora and San Antonio (which combine to form Costa
Fuego).
* Copper Equivalent (CuEq) reported for the Mineral 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 × Cu_recovery).
The Metal Prices applied in the CuEq calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Metal lurgical recovery averages for each deposit consider
Indicated + Inferred material and are weighted to combine sulphide flotation and oxide leaching performance. The recovery and copper equivalent formula for each deposit is:
Cortadera and San Antonio – Weighted recoveries of 82% Cu, 55% Au, 82% Mo and 37% Ag. CuEq(%) = Cu(%) + 0.56 x Au(g/t) + 0.00046 x Mo(ppm) + 0.0043 x Ag(g/t)
Productora – Weighted recoveries of 84% Cu, 47% Au, 47% Mo and 0% Ag (not reported) . CuEq(%) = Cu(%) + 0.46 x Au(g/t) + 0.00026 x Mo(ppm)
Costa Fuego – Weighted recoveries of 83% Cu, 53% Au, 69% Mo and 23% Ag. CuEq(%) = Cu(%) + 0.52 x Au(g/t) + 0.00039 x Mo(ppm) + 0.0027 x Ag(g/t)
** Reported on a 100% Basis - combining Mineral Resource Estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures,
and reported in accordance with the JORC Code, CIM and NI 43 -101. Metal rounded to nearest thousand, or if less, to the nearest hundred.
Total Mineral Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
These Mineral Resource estimates include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable
them to be categorized as mineral reserves. It is reasonably expected that the majority of Inferred Mineral Resource s could be upgraded to measured or Indicated Mineral Resource with
continued exploration.
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Figure 2. Long-section of Cortadera looking NE showing potential addition (red dashed outline) to Cuerpo 1 +0.3% Cu (MG core) model
volume, based on returned drill holes from Resource Extension program. The potential associated expansion of the +0.21% CuEq and
+0.05% Cu models has not been shown.
Hot Chili Limited ACN 130 955 725
First Floor, 768 Canning Highway, Applecross, Western Australia 6153
PO Box 1725, Applecross, Western Australia 6953
P: +61 8 9315 9009 F: +61 8 9315 5004
www.hotchili.net.au
Contact
Mr Christian Easterday
Managing Director
8
Figure 3. Plan view showing l ocation of Cortadera Resource Extension drillholes into Cuerpo 1, Copper
mineralisation models updated with most up to date drillhole assays (*Note that CORMET001 includes an interval
from 336m to 350m previously reported in April 2022). End of hole assays pending for CRP0201D and CRP0202D.