Hot Chili has announced a significant copper-gold porphyry discovery at its La Verde prospect in Chile, part of the company’s Domeyko project. Drilling results, including a 320-meter interval grading 0.3% copper and 0.1 g/t gold, confirm the presence of a substantial mineralized system with the potential to become Hot Chili’s third major project in the world’s leading copper-producing nation.
Drilling across 12 holes has revealed wide zones of consistent mineralization extending over 300 meters vertically and starting from shallow depths. Highlights include:
- 200m at 0.4% copper and 0.1 g/t gold from 48m to the end of the hole, including 38m at 0.5% copper and 0.2 g/t gold from 68m.
- 172m at 0.4% copper and 0.2 g/t gold from 48m, including 20m at 0.5% copper and 0.2 g/t gold from 62m and 32m at 0.6% copper and 0.2 g/t gold from 232m.
Notably, eight of the 12 holes ended in mineralization, and assays are pending for seven additional holes, all of which exhibit porphyry-style veining. Hot Chili has commenced step-out drilling to expand the known 550m by 400m mineralized area, which remains open in all directions and may be masked by gravel cover.
“This discovery has all the signs of becoming our third bulk-tonnage, copper-gold deposit and is open in all directions and growing fast,” said Hot Chili Managing Director Christian Easterday. “We’re also preparing to deploy AI-powered exploration to fast-track our nearby exploration growth pipeline, leveraging 16 years of expertise in Chile.”
These results complement previously reported assays, including a 308m interval at 0.5% copper and 0.3 g/t gold. The company is planning a deeper diamond drill program to test for mineralization below 1km, similar to discoveries at its Costa Fuego project (Cortadera) and BHP/Lundin Mining’s Filo del Sol.
La Verde is strategically located 30km south of Costa Fuego’s planned processing hub, potentially adding feed to the mill. Hot Chili is advancing a pre-feasibility study for Costa Fuego, which boasts a substantial resource of 798 million tonnes at 0.45% copper equivalent.
The company is also developing the Huasco Water project, a joint venture with Compañía Minera del Pacífico, to address regional water needs through seawater intake and desalination.
With $19 million in cash at the end of last year, Hot Chili is well-positioned to capitalize on this discovery and advance its projects at a time of anticipated copper shortages and strong gold prices.