Hot Chili Limited (ASX: HCH/TSXV: HCH) has received the company’s highest ever grade copper results with new drilling at the Valentina project in Chile.
First assays returned from drilling across the historical Valentina high-grade copper mine confirm a significant 120m strike extension to the deposit, recording 8.0m grading 5.9% CuEq (5.7% copper (Cu), 24.1g/t silver (Ag)) from 27m downhole in reverse circulation (RC) drill hole VAP0009.
Valentina and its neighbouring San Antonio satellite copper deposit (Inferred resource of 4.2Mt grading 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287koz Ag) are located immediately to the east of Cortadera, the centre-piece of the company’s Costa Fuego, coastal range, copper-gold hub in Chile.
Both deposits represent shallow high grade open pit opportunities, with the potential to provide front-end ore sources and make a positive material impact on the payback period and overall project economics of the Costa Fuego copper-gold development.
Hot Chili’s recently completed phase-one drilling programme at Valentina primarily focussed on proving continuity of the mineralised trend along strike of the successful 2018 drill campaign
Of the nine holes as part of a phase-one programme, four drill holes recorded significant intersections. Best drill intersections include:
• 8.0m grading 5.9% CuEq (5.7% Cu, 24.1g/t Ag) from 27m depth
• 2.0m grading 1.9% CuEq (1.8% Cu, 11g/t Ag) from 46m depth (VAP0009)
• 7.0m grading 2.0% CuEq (1.9% Cu, 11g/t Ag) from 163m depth (VAP0004)
Drilling has confirmed continuity of the mineralised Valentina structure 120m south of current underground workings, in an area previously masked at-surface by a shallow horizon of Atacama gravels.
Mineralisation is interpreted to be fault-hosted, dipping steeply towards the east within a sequence of volcanic-sedimentary units, similar to the deposit setting of the neighbouring San Antonio resource.
Copper grades between 27m and 35m depth in VAP0009 were associated with both copper sulphide (2-5 % chalcopyrite) and oxide mineralisation.
Importantly, the result in RC drill hole VAP0009 is complimented by a twin Diamond Drill (DD) hole (VALMET0002 drilled for metallurgical test work), which recorded a much wider 17m visual intersection of copper sulphide and oxide mineralisation.
Assay results for VALMET0002 are expected to be received shortly following additional test work requirements and delays in receiving ore grade analysis results. A second-phase of 17 shallow RC drill holes has been recently completed at Valentina with results expected to be received over the coming weeks.
Sixteen Drillholes Completed at San Antonio Ahead of Updated Mineral Resource
Thirteen RC and three DD drill holes have been completed at the San Antonio high-grade copper resource to upgrade its categorisation from Inferred to Indicated, ahead of a planned resource upgrade for Costa Fuego in late 2022.
RC drill holes have in-filled and extended the mineralised trend along interpreted high-grade plunging shoots, with most of the drill holes supporting the current interpretation of structure and mineralisation at San Antonio.
Diamond drillholes will provide material for metallurgical testwork, key to the inclusion of the San Antonio Resource in the Costa Fuego combined prefeasibility study (PFS) due in Q1 2023.
Assay results from San Antonio drilling are also expected to be received in the coming weeks. First drilling is now underway across the Santiago Z porphyry target, one of several large-scale targets planned for testing this year.
For further information please visit: https://www.hotchili.net.au/
