Hot Chili Drilling Update - La Verde Cu-Au Porphyry Discovery
Hot Chili (HHLKF) has expanded its drilling coverage at the La Verde copper-gold porphyry discovery in Chile's Atacama region. The first-pass drill coverage now extends across 1,000m by 550m, with 27 reverse circulation holes totaling 8,162m completed to date.
The company has doubled its drilling coverage since February 2025, with shallow porphyry mineralization remaining open in all directions. Eight of 12 reported drill holes showed significant mineralization to end-of-hole, with assay results pending for fifteen additional holes. The discovery is located approximately 30km south of the company's planned Costa Fuego Project central processing hub.
Hot Chili is planning deeper diamond drill testing, while experiencing delays in assay turnaround time due to peak summer drilling season. The Pre-Feasibility Studies (PFS) for Costa Fuego and Huasco Water are in their final stages of completion.
Hot Chili (HHLKF) ha ampliato la sua copertura di perforazione nella scoperta di porfido rame-oro La Verde nella regione di Atacama in Cile. La copertura di perforazione di prima fase si estende ora per 1.000m per 550m, con 27 fori di circolazione inversa completati fino ad oggi per un totale di 8.162m.
L'azienda ha raddoppiato la sua copertura di perforazione da febbraio 2025, con mineralizzazione porfirica superficiale che rimane aperta in tutte le direzioni. Otto dei 12 fori di perforazione riportati hanno mostrato mineralizzazione significativa fino alla fine del foro, con risultati delle analisi in attesa per quindici fori aggiuntivi. La scoperta si trova a circa 30 km a sud del centro di elaborazione centrale del progetto Costa Fuego pianificato dall'azienda.
Hot Chili sta pianificando test di perforazione a diamante più profondi, mentre sta affrontando ritardi nei tempi di risposta delle analisi a causa della stagione di perforazione estiva di punta. Gli studi di fattibilità preliminari (PFS) per Costa Fuego e Huasco Water sono nelle fasi finali di completamento.
Hot Chili (HHLKF) ha ampliado su cobertura de perforación en el descubrimiento de porfido de cobre-oro La Verde en la región de Atacama de Chile. La cobertura de perforación de primera fase ahora se extiende por 1.000m por 550m, con 27 agujeros de circulación inversa completados hasta la fecha, totalizando 8.162m.
La empresa ha duplicado su cobertura de perforación desde febrero de 2025, con mineralización porfirica superficial que permanece abierta en todas las direcciones. Ocho de los 12 agujeros de perforación reportados mostraron mineralización significativa hasta el final del agujero, con resultados de análisis pendientes para quince agujeros adicionales. El descubrimiento está ubicado aproximadamente a 30 km al sur del centro de procesamiento central del proyecto Costa Fuego planeado por la empresa.
Hot Chili está planeando pruebas de perforación de diamante más profundas, mientras experimenta retrasos en el tiempo de respuesta de los análisis debido a la temporada máxima de perforación de verano. Los Estudios de Pre-factibilidad (PFS) para Costa Fuego y Huasco Water están en sus etapas finales de finalización.
핫 칠리 (HHLKF)는 칠레 아타카마 지역의 라 베르데 구리-금 포르피리 발견지에서 시추 범위를 확장했습니다. 첫 번째 단계의 시추 범위는 이제 1,000m x 550m로 확장되었으며, 현재까지 총 8,162m의 27개 역순환 구멍이 완료되었습니다.
회사는 2025년 2월 이후 시추 범위를 두 배로 늘렸으며, 모든 방향에서 얕은 포르피리 광물이 열려 있습니다. 보고된 12개의 시추 구멍 중 8개가 구멍 끝까지 중요한 광물화를 보여주었으며, 추가 15개 구멍에 대한 분석 결과는 대기 중입니다. 이 발견지는 회사가 계획한 코스타 후에고 프로젝트 중앙 처리 허브에서 남쪽으로 약 30km 떨어진 곳에 위치해 있습니다.
핫 칠리는 더 깊은 다이아몬드 드릴 테스트를 계획하고 있으며, 여름 시추 시즌의 정점으로 인해 분석 결과 회신 시간에 지연을 겪고 있습니다. 코스타 후에고와 후아스코 워터에 대한 예비 타당성 연구(PFS)는 완료 단계에 있습니다.
Hot Chili (HHLKF) a élargi sa couverture de forage sur la découverte de porphyre cuivre-or La Verde dans la région d'Atacama au Chili. La couverture de forage de première phase s'étend désormais sur 1.000m par 550m, avec 27 trous de circulation inverse complétés à ce jour, totalisant 8.162m.
L'entreprise a doublé sa couverture de forage depuis février 2025, avec une minéralisation porphyrique peu profonde restant ouverte dans toutes les directions. Huit des 12 trous de forage signalés ont montré une minéralisation significative jusqu'à la fin du trou, avec des résultats d'analyse en attente pour quinze trous supplémentaires. La découverte est située à environ 30 km au sud du centre de traitement central du projet Costa Fuego prévu par l'entreprise.
Hot Chili prévoit des tests de forage diamantés plus profonds, tout en rencontrant des retards dans les délais de réponse des analyses en raison de la saison de forage estivale de pointe. Les études de faisabilité préliminaire (PFS) pour Costa Fuego et Huasco Water sont dans leurs dernières étapes d'achèvement.
Hot Chili (HHLKF) hat seine Bohrabdeckung bei der Kupfer-Gold-Porphyr-Entdeckung La Verde in der Atacama-Region Chiles erweitert. Die erste Bohrabdeckung erstreckt sich jetzt über 1.000m x 550m, mit 27 abgeschlossenen Reverse-Circulation-Bohrlöchern, die insgesamt 8.162m ausmachen.
Das Unternehmen hat seine Bohrabdeckung seit Februar 2025 verdoppelt, wobei die flache Porphyrmineralisierung in alle Richtungen offen bleibt. Acht der 12 berichteten Bohrlöcher zeigten bis zum Ende des Lochs eine signifikante Mineralisierung, während die Analyseergebnisse für fünfzehn weitere Löcher ausstehen. Die Entdeckung liegt etwa 30 km südlich des geplanten zentralen Verarbeitungszentrums des Costa Fuego Projekts des Unternehmens.
Hot Chili plant tiefere Diamantbohrtests und erlebt Verzögerungen bei den Analysezeiten aufgrund der Hochsaison der Sommerbohrungen. Die Voruntersuchungen (PFS) für Costa Fuego und Huasco Water befinden sich in der Endphase der Fertigstellung.
- Drilling coverage doubled since February 2025, expanding to 1,000m by 550m area
- 8 of 12 reported drill holes showed significant mineralization to end-of-hole
- Pre-Feasibility Studies for Costa Fuego and Huasco Water in final stages
- Shallow porphyry mineralization remains open in all directions, indicating growth potential
- Delays in assay result turnaround time from laboratories
- drilling depth capability with current RC drilling (up to 350m vertical)
Highlights
Drilling Coverage at La Verde Doubled and Continuing to Expand
- First-pass drill coverage now extends across an area measuring 1,000 m by 550 m: 27 reverse circulation ("RC") holes for 8,162 m drilled to date
- Assay results pending for fifteen drill holes: Assay turnaround time from laboratories slower than usual due to peak summer drilling season in the high Andes
- Shallow porphyry mineralisation remains open in all directions: Drilling planned to continue
- Deeper diamond drill testing being planned: 8 of 12 drill RC holes reported to date recorded significant mineralisation to end-of-hole
Development Studies Update
- Pre-Feasibility Studies (PFS) for Costa Fuego and Huasco Water in final stages of completion
The Company previously reported a 400 m by 550 m discovery footprint at the La Verde, extending from shallow depth to approximately 300 m vertically, confirmed by assay results from the first 12 RC drill holes, which all recorded broad zones copper-gold porphyry mineralisation (refer to announcement dated February 11, 2025). Eight of these holes recorded significant mineralisation to end-of-hole, as displayed in figures 2 to 4.
Hot Chili is continuing to undertake systematic step-out drilling at La Verde with 27 RC drill holes (for 8,162 m) completed to date, including seven drill holes to the south of the initial discovery footprint testing potential for "blind" extensions below gravel cover. Surface gravels obscure the underlying geology and appear to be limited to 10 - 15 m vertical thickness in the southern extent of drilling as displayed on page 1 of this announcement.
Drill coverage has more than doubled since mid-February 2025 with first pass drilling extended across an area measuring 1,000 m by 550 m and tested to the depth of RC drilling capability (up to 350 m vertical) as displayed in figure 3. Assay results for fifteen holes are pending.
RC drilling is expected to continue, and the Company is planning an initial phase of diamond drilling to test below broad, higher-grade, copper-gold zones intersected by Hot Chili's drilling and which remain open at depth.
The Company has experienced delays in turn-around time for drill assay results from regional laboratories due to peak summer drilling season in the high Andes. This is expected to moderate over the coming months moving into winter season.
The Company looks forward to releasing further exploration updates and assay results as they become available.
This announcement is authorised by the Board of Directors for release to ASX and TSXV.
For more information please contact:
Christian Easterday Managing Director – Hot Chili | Tel: +61 8 9315 9009 Email: admin@hotchili.net.au |
Carol Marinkovich Company Secretary – Hot Chili | Tel: +61 8 9315 9009 Email: admin@hotchili.net.au |
Graham Farrell Investor & Public Relations | Email: graham@hotchili.net.au |
or visit Hot Chili's website at www.hotchili.net.au
Qualifying Statements
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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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.
Disclaimer
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 announcement.
Forward-Looking Statements
Statements in this announcement that are not historical facts are "forward-looking statements" or "forward-looking information" within the meaning of Canadian securities legislation and Australian securities legislation. The use of any of the words "anticipate", "expect", "imminent", "opportunity", "planned", "potential", "projected", "upcoming", "would be", "should be", "will", variants of these words and similar expressions are intended to identify forward-looking statements.
In this announcement, forward-looking information includes, but is not limited to: the Company's plans with respect to continued drilling and drill testing; the anticipated timeline for receiving assay results and completion of the PFS for the Costa Fuego and Huasco Water projects; the timing prospects, and projections related to the Company's business and projects and the anticipated success thereof.
In preparing the forward-looking information herein, the Company has applied several material assumptions, including, but not limited to assumptions: that the Company's ongoing drilling, economic studies (including the Costa Fuego PFS and the PFS-level study for the Huasco Water joint venture project) and other programs will proceed as planned and that the results thereof will be consistent with the Company's expectations; that the Company will have, or will be able to obtain, sufficient funding to finance the foregoing; that the foregoing will be funded and completed on the expected timeline; that all requisite information, including assay results, will be available in a timely manner; that the current exploration, development, environmental and other objectives concerning the Costa Fuego Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold and copper will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for planned activities on the Costa Fuego Project will be obtained in a timely manner and on acceptable terms; that permitting and operations costs will not materially increase; the continuity of the price of gold, copper and other metals, economic and political conditions and operations; that drilling and related equipment will be available as required and on reasonable terms; the continuity of tax rates and operating costs; and the assumptions set out in the technical report titled "Costa Fuego Copper Project – NI 43-101 Technical Report Mineral Resource Estimate Update" dated 8 April 2024, with an effective date of 26 February 2024 (the "Technical Report"), a copy of which is available on the Company's profile on SEDAR+ at www.sedarplus.ca, in the Company's public filings with the Australian Securities Exchange (ASX) and the Company's Canadian public disclosure record.
Factors that could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking information in this announcement, include, among others: operational risks and contractual obligations; the industry-wide risks and project-specific risks identified in the Technical Report and the Company's public filings; changes in exploration programs based upon results of exploration; sovereign risks associated with the Company's operations in
Although the Company has attempted to identify important factors that could cause actual results to vary materially from those projected in such forward-looking information, there can be no assurance that forward-looking information will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking information.
The forward-looking information in this news release is based on plans, expectations, and estimates of management as at the date hereof and the Company undertakes no obligation to update such forward-looking information, other than as required by applicable law.
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SOURCE Hot Chili Limited
FAQ
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