- Hot Chili Limited (HCH) has announced strong operational results for its latest quarter
- Its Costa Fuego Project delivered “outstanding” copper-gold drill results and is on track with a pre-feasibility study
- It reported a cash position of AU$23.6 million at end of its second quarter
- Productora and Cortadera intercepted “impressive” mineralization
- Models are being made to assess the resource potential of Valentina for a maiden mineral resource estimate
- Hot Chili Limited (HCH) is up 9.84 per cent trading at $0.67 per share as of 4:25 p.m. ET
Hot Chili Limited (HCH) has announced strong operational results for its latest quarter.
The company stated its Costa Fuego Project delivered “outstanding” copper-gold drill results. The results showed modest copper and gold mineralization between the Cortadera and Productora areas. It’s development study drilling is also complete, and exploration is continuing at high-grade deposits at the San Antonia and Valentina mines.
Hot Chili is on track with the project’s pre-feasibility study after its expansion and expects to be done by the beginning of next year. It also boasts having a cash position of AU$23.6 million at the end of its second quarter.
Assay results from the Costa Fuego program exceeded the company’s expectations and confirmed further high-grade growth ahead of a planned resource upgrade for Costa Fuego later this year.
An alleged six development study diamond drill holes have been completed at Cortadera this year. All four development study drill holes are what confirmed the expansion of the high-grade core.
Four diamond drill holes have been completed for metallurgical testing across the Productora resource. Hot Chili stated the goal of this test work was to confirm the processing flowsheet focused on material extracted in the first three years of production. Every hole drilled achieved impressive intersections, which the company believes to be opportunistic.
Additionally, 27 drill holes have been completed at the high-grade Valentina copper mine during the quarter. Initial drilling confirmed a strong intercept south of the underground mine workings. Drilling will be done soon, and assays are expected shortly.
Work is underway to create models to assess the resource potential of Valentina for a maiden mineral resource estimate for later this year.
Hot Chili Limited (HCH) is up 9.84 per cent trading at $0.67 per share as of 4:25 p.m. ET.