Hot Chili Limited (ASX: HCH) has received significant results from resource upgrade drilling across the high-grade San Antonio copper deposit, part of the company’s Costa Fuego, coastal range, copper-gold hub in Chile.
Importantly, several drill holes recorded higher grades than estimated in the current San Antonio Inferred resource model.
The new drill results will upgrade the classification of the existing resource at San Antonio from Inferred to Indicated – allowing the resource to be included in open pit reserve estimates for the Costa Fuego Prefeasibility Study (PFS).
A total of 13 Reverse Circulation (RC) drill holes for 2,009m were complete across the San Antonio resource window to test extensional potential, as well as in-fill areas of lower geological confidence. Seven RC drill holes recoded significant intersections. In addition, three diamond holes for 495m were completed for metallurgical testwork purposes.
The current resource at San Antonio ((Inferred resource of 4.2Mt grading 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287koz Ag, reported March 2022) extends from surface over a strike length of approximately one km, and is amenable to open pit mining with relatively low strip-ratio.
Drilling undertaken across San Antonio, and its neighbouring high grade deposit Valentina, have provided significant encouragement for the addition of two potential high grade, front-end, open pit, ore sources for the combined Costa Fuego coastal copper super-hub.
Expanded Drill Programme Planned for Valentina
Recent drill results from San Antonio’s neighbouring deposit Valentina recorded a number of outstanding shallow results, including 3.0m grading 12.1% CuEq (11.8% Cu & 52.6g/t Ag) within a broader drilling intersection of 12m grading 4.6% CuEq (4.5% Cu & 16.5g/t Ag) from 25m depth down-hole.
High grade copper-silver mineralisation at Valentina is defined over 300m and is open along strike and at depth. Importantly, these new high grade drill results recorded in VALMET002, which lie 120m south of the historical Valentina underground mine, remain open and untested to the south below a shallow cover sequence of gravels.
A regulatory clearing application is being prepared to facilitate follow-up drilling at Valentina, which will expand resource drill definition across this potentially high-impact future resource addition to Costa Fuego.
For further information please visit: https://www.hotchili.net.au/
