Hot Chili keeps big copper hits coming in Chile

The West Australian

Sep 08

Hot Chili Limited has delivered another round of high-grade, near-surface copper-gold results from its La Verde porphyry discovery in Chile, headlined by a massive 398-metre intersection grading 0.45 ...

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The results come from the company’s ongoing drilling at La Verde, which sits 35 kilometres south of the planned central processing hub for its massive Costa Fuego copper-gold project, strategically positioned at low altitude in the coastal Atacama region.The impressive drill hit included a significant higher-grade component of 62m grading 0.91 per cent copper equivalent from just 20m depth, reinforcing the potential for a high-grade starter pit at the burgeoning discovery. The 62-metre zone itself contained even sweeter sections, with a 12-metre hit returning one per cent copper equivalent from 20m and a 34-metre slice going one per cent copper equivalent from 42m.A second new hole returned a partial result of 132m grading 0.57 per cent copper equivalent from 24m, including 42m at 0.70 per cent copper equivalent from 96m. Notably, assays for the remaining 177m of the hole are still outstanding, with results expected shortly.A third hole, collared at the southern end of La Verde’s high-grade core, returned 126m grading 0.45 per cent copper equivalent from 54m depth. The hole included a 26-metre section grading 0.70 per cent copper equivalent from 108m, in addition to a second deeper intersection of 74m at 0.35 per cent copper equivalent from 276m.Hot Chili also received the final assays for a previous deeper diamond drill hole. A further 123.1m grading 0.30 per cent copper equivalent from 642.1m was added to the previous reported result of 472m running at 0.41 per cent copper equivalent. The result confirms the continuity of the mineralised porphyry system down to a depth of 765.2m and was punctuated by a narrow, high-grade vein running 2.3m at a stellar 4.56 per cent copper from 655.5m.The hole is among the strongest near-surface intersections we have drilled at La Verde so far, with comparable grades are now appearing across the deposit, we have confidence in the scale of a potential high-grade starter pit for Costa Fuego. With assays from 22 holes still to come, our focus is on converting this drilling into a maiden Mineral Resource and, from there, integrating this into an enhanced and upscaled Costa Fuego Prefeasibility study.Hot Chili Limited managing director Christian Easterday The latest findings come against a backdrop of record-high copper prices, with the red metal trading near all-time highs for most of 2026. Copper prices have been exceptionally strong recently, with three-month futures on the London Metal Exchange briefly hitting a new record overnight, reaching US$14,533 (A$20,128) a tonne on US tariff anticipation and tightening supply outside North America.Chile’s own state copper commission has raised its 2026 price forecast to US$13,117 (A$18,220) per tonne and is predicting only a small market surplus, underscoring the favourable conditions for new discoveries. The country’s July copper production also fell 9.4 per cent year-on-year, highlighting potential supply-side constraints in the world’s biggest copper-producing nation.The company says assays from 22 drillholes remain pending, providing a steady flow of results as it pushes towards a maiden mineral resource estimate for La Verde, targeted for completion later this year. The company has added a fourth rig to accelerate operations and has extended its drilling to six shifts per day, comprising two diamond rigs on double shift and two reverse circulation rigs running on single shift.Following the resource estimate, Hot Chili plans to release a revised prefeasibility study for the entire Costa Fuego project, which will incorporate the new La Verde discovery. A formal submission of the Costa Fuego Environmental Impact Assessment is slated for the second quarter of 2027.Management expects the integration of La Verde to significantly enhance the scale and economics of Costa Fuego, which already ranks among the world’s largest undeveloped copper projects not in the hands of a major.Hot Chili is keeping the drill bits spinning at a critical time. As the world scrambles for new sources of copper to fuel the green energy transition, any new, large-scale discovery in a tier-one jurisdiction such as Chile seems destined to attract some significant attention.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport,express","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}