Cortadera Copper Project

Overview

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.

Cortadera Mineral Resource Estimate (reported +0.25% CuEq)

Oblique Long Section (looking NNE) displaying the Maiden Cortadera Mineral Resource extents in relation to drilling

For further information on the Cortadera Maiden Resource please click on this link ASX Release- Maiden Resource at Cortadera

Hot Chili’s combined Costa Fuego project now ranks as one of the world’s largest low-altitude, clean concentrate (no arsenic), copper-gold Mineral Resources not controlled by a major mining company, in what is considered to be one of the most desirable copper development locations in the world.

Importantly, Cortadera lies 14km from the Company’s large-scale Productora copper development and adjacent to the high grade El Fuego satellite copper projects.

In February 2019, Hot Chili announced the execution of a formal Option Agreement to acquire a 100% interest in Cortadera. Since announcing the deal, Hot Chili has delivered six of the world’s best copper-gold porphyry drill results from Cuerpo 3 (the largest of the four porphyries discovered to date), confirming Cortadera as one of the most significant copper-gold discoveries of the past decade in Chile.

Cuerpo 3 porphyry remains open in several key directions. Significant intersections include:

  • 972m grading 0.5% copper and 0.2g/t gold from surface (including 412m grading 0.7% copper and 0.3g/t gold)
  • 750m grading 0.6% copper and 0.2g/t gold from 204m down-hole depth (including 188m grading 0.9% copper and 0.4g/t gold)
  • 848m grading 0.4% copper and 0.2g/t gold from 112m down-hole depth (including 184m grading 0.7% copper and 0.3g/t gold)
  • 649m grading 0.4% copper and 0.1g/t gold from 328m down-hole depth (including 440m grading 0.5% copper and 0.2g/t gold)
  • 596m grading 0.5% copper and 0.2g/t gold from 328m down-hole depth (including 184m grading 0.7% copper and 0.3g/t gold), and
  • 542m grading 0.5% copper and 0.2g/t gold from 422m down-hole depth (including 218m grading 0.7% copper and 0.2g/t gold)

Cortadera is shaping up as a globally significant standalone copper-gold project which can utilise the Productora project resources, and leverage from a central processing and combined infrastructure approach along the coastline of Chile.

The Company’s recent confirmation of a higher grade bulk tonnage underground development opportunity in combination with shallow, high grade bulk tonnage open pit source – places Cortadera in a unique position amongst potential large-scale global copper-gold developments.

The deposit has doubled in size since Hot Chili announced the deal to acquire Cortadera, and the Company now considers that Cortadera is likely to grow towards a Tier 1 status (+5Mt contained copper).

The Company looks forward to an exciting 12 months ahead with further drilling results and resource growth

Location Map

Cortadera Location Map

Aerial View

Cortedara - Hot Chili Limited

Highlights

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

Cortadera Resource of 451Mt at 0.46% 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

Cortadera Resource includes a higher grade component of 104Mt at 0.74% CuEq, with second Resource estimate planned for Cortadera in 2021

Growth & Development

The deposit comprises a cluster of outcropping tonalitic porphyry bodies which have been vertically intruded along a regionally significant NW-trending fault corridor, through a shallowly dipping sequence of intercalated felsic volcaniclastics and sediments. Multiple phases of tonalitic porphyries have been mapped and recognised in diamond core including an early, intermediate and late phase of intrusion.

Drilling across the porphyries recorded strong intersections of copper, gold, molybdenum +/- silver from surface to depths of approximately 900m vertical. Copper and gold show a strong correlation from assay results throughout the deposit with molybdenum generally increasing in grade at depth.

The Cortadera resource remains open and Hot Chili, is continuing drilling at Cortadera to increase resources by targeting:

  • Cuerpo 2 – potential for another high grade core;
    Cuerpo 3 North – potential for the main porphyry to extend a further 500m to the north;
  • Cuerpo2/3 Gap Zone – potential for the “gap” between Cuerpo 2 and 3 to join; and
  • Cortadera North– “look-alike” potential for a second large porphyry discovery, located 2km north of Cortadera

Drilling is underway at the Cortadera North and Cuerpo 3 Deeps targets, with resource expansion drilling at Cuerpo 2 and 3 to feature in a resource upgrade planned for 2021.

While, a discovery at Cortadera North would transform the scale of the Cortadera project.

Trucks, cranes and equipment at Cortadera site