Hot Chili (ASX:HCH) is pleased to announce that drilling has commenced across the recently secured western extension to the Cortadera copper-gold discovery, located in Chile.
The initial programme, comprising approximately 10,000m of drilling, will test four porphyry targets to determine the potential for Cortadera to host a larger copper porphyry cluster than currently defined.
The resource of Cortadera currently stands at 471Mt grading 0.46% CuEq for 1.7Mt copper and 1.8Moz gold, located within three porphyries.
The Company is well funded to complete the drilling programme and is on track to deliver a Preliminary Economic Assessment (PEA) in H1, a resource upgrade in H2, and a Pre-feasibility Study (PFS) in H1 2024.
The Company plans to produce +100 ktpa Cu in the next five years.
Following the announcement, shares of Hot Chili (ASX:HCH) were up 10%.