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Highlights
- Significant Drill Results: Latest drilling at La Verde confirms extensive copper-gold mineralisation over 300m vertically.
- Growth Potential: The discovery could significantly enhance the scale of the Costa Fuego project.
- Market Reaction: Hot Chili shares surged 8.21% to 72.5 cents following the announcement.
Hot Chili (ASX:HCH) has confirmed a major copper-gold porphyry system at its La Verde discovery in Chile, with recent drilling revealing extensive mineralisation that further supports the potential expansion of its Costa Fuego project.
The second round of reverse circulation (RC) drilling delivered broad and consistent mineralised intersections extending over 300 metres vertically from shallow depths. Key highlights include:
- 320m at 0.3% Cu and 0.1 g/t Au from 34m to end-of-hole, including:
- 134m at 0.4% Cu and 0.2 g/t Au from 180m
- 56m at 0.5% Cu and 0.2 g/t Au from 258m
- Another drill hole returned 200m at 0.4% Cu and 0.1 g/t Au from 48m to end-of-hole, including:
- 38m at 0.5% Cu and 0.2 g/t Au from 68m
These results build on the December 2024 findings, which previously intersected 308m at 0.5% Cu and 0.3 g/t Au, indicating La Verde’s continued growth and resource potential.
Boosting Costa Fuego’s Prospects
Hot Chili’s Managing Director, Christian Easterday, highlighted the significance of the discovery, stating that La Verde is shaping up to be the company’s next major copper-gold discovery, with the potential to substantially enhance the scale of Costa Fuego.
“With primary copper supply declining, copper and gold prices rising, and pre-feasibility studies (PFS) nearing completion for both our copper-gold and water businesses, momentum is building fast,” Easterday said.
Market Response
Following the announcement, HCH shares jumped 8.21% to 72.5 cents at 10:30 AM AEDT.
