Hot Chili (ASX:HCH) reported a breakthrough at its Costa Fuego Copper-Gold Project in coastal Chile, reporting a major high-grade extension at the La Verde porphyry discovery.
The standout drill result revealed a substantial intercept of 62m grading at 1.03% copper equivalent (CuEq).
The high-grade zone is contained within a much broader mineralised envelope of 725m at 0.42% CuEq, starting from a shallow depth of just 18m.
The results are being hailed as a pivotal development for the project, confirming the continuity and scale of the La Verde deposit.
Currently, two drill rigs are in active operation at the site, focused on further delineating the extent of this porphyry system.
By intersecting high-grade mineralisation so close to the surface, the company has bolstered the potential for favourable project economics and future open-pit mining operations.
Management indicated that the extension at La Verde not only increases the known mineralised footprint but also provides critical data for upcoming resource upgrades.
At the time of reporting, Hot Chili's share price was $1.52.