1. New drilling results indicate significant copper-gold mineralization at La Verde. 2. Confirmed higher-grade centers expand the discovery footprint significantly. 3. Regulatory applications for further drilling are advancing. 4. Potential for large open-pit mine life addition at Costa Fuego. 5. Phase-two deeper drilling planned to explore higher-grade centers.
The confirmation of high-grade copper-gold mineralization substantially increases HHLKF's growth potential and investor interest, similar to previous mining discoveries that saw a surge in stock prices after positive drilling results.
The detailed assay results and future drilling plans indicate robust growth and heightened interest, drastically impacting market perceptions of HHLKF.
With ongoing exploration and potential resource increases, HHLKF’s long-term projections appear positive, reminiscent of companies like First Quantum Minerals whose stock performed well through phase expansion.
Open Laterally and At-Depth, Larger Cu-Au Porphyry Discovery Emerging
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 /PRNewswire/ - 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 and remaining open laterally and at depth.
Importantly, multiple distinct higher-grade centres have been confirmed from near surface. Assessment of each of these higher-grade centres indicates:
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. 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.
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.
Christian Easterday
Tel: +61 8 9315 9009
Managing Director – Hot Chili
Email: email@example.com
Carol Marinkovich
Tel: +61 8 9315 9009
Company Secretary – Hot Chili
Email: email@example.com
Graham Farrell
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or visit Hot Chili's website at www.hotchili.net.au
| Hole ID | Coordinates | Azim. | Dip | Hole Depth | Intersection | Interval | Copper | Gold | Silver | Molybdenum | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DKP013 | 6785971, 324839 | 1192 | -60 | 437 | 42 | 270 | 228 | 0.3 | 0.2 | 0.3 | 7 |
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.
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.
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.
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.
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 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.
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.
SOURCE Hot Chili Limited