Cortadera looks set to position Hot Chili with one of the largest copper-gold inventories in the hands of a junior company globally that will be able to leverage a central processing and combined infrastructure approach to underpin a globally significant new copper development along the coastline of Chile. Given the shortage of new large copper supply from low-risk, stable mining jurisdictions, Hot Chili is now well positioned to establish itself in 2020 as the premier ASX-listed copper developer.
Cortadera is a privately-owned, major copper-gold porphyry discovery located along the Chilean coastal range, where historical world-class discovery drill results were only publicly released by Hot Chili in February 2019.
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 to the north, south and at depth. 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 the discovery in February 2019 and the Company now considers that the Cortadera discovery zone alone is likely to grow towards a Tier 1 status (+5Mt contained copper).
972m grading 0.5% copper and 0.2g/t gold from surface.
Six world-class Cu-Au drill results now recorded
Building a tier 1 asset in a tier 1 jurisdiction
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.