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Hot Chili Limited executes Carola Option Agreement

Mining News - Published on Thu, 28 Feb 2019

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Hot Chili Limited confirmed that a formal Option Agreement to acquire a 100% interest in a major, privately-owned, copper-gold porphyry discovery, named Cortadera, has been secured. On Friday 22nd February 2019, following execution of a binding Memorandum of Understanding and completion of successful legal due diligence, Chilean mining group SCM Carola and Hot Chili’s 100% Chilean subsidiary (Frontera SpA) executed a formal Option Agreement. The Option Agreement, covers Carola’s Vallenar landholdings (including the Cortadera discovery) adjoining the Company’s Productora and El Fuego copper projects, located on the Chilean coastal range.

Cortadera lies 14km directly southeast of Productora (as displayed in Figure 1 below) and its acquisition would allow Hot Chili an opportunity to develop both bulk tonnage deposits with a central processing option, creating one of the premier ASX listed copper developers.

As previously announced to ASX on 4th February 2019, drill results from the Cortadera discovery had never previously been publicly released, and included numerous significant drilling intersections from over 23,000m of diamond drilling completed to date, including:
90m grading 1.0% copper and 0.4g/t gold from 4m down-hole depth
52m grading 0.9% copper and 0.4g/t gold from 6m down-hole depth
864m grading 0.4% copper and 0.1g/t gold from 62m down-hole depth (including 348m grading 0.6% copper and 0.2g/t gold)
268m grading 0.4% copper and 0.2g/t gold from 120m down-hole depth (including 42m grading 0.8% copper and 0.4g/t gold)
406m grading 0.4%copper and 0.2g/t gold from 276m down-hole depth (including 146m grading 0.6% copper and 0.2g/t gold)
198m grading 0.6% copper and 0.2g/t gold from 652m down-hole depth

Cortadera’s results are considered one of the most significant set of copper-gold porphyry discovery drilling intersections since the discovery of SolGold’s Cascabel deposit located in Ecuador.

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Posted By : Rabi Wangkhem on Thu, 28 Feb 2019
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