Hot Chili Files NI 43-101 Technical Report For Costa Fuego
The Assay | May 17, 2022
Hot Chili Ltd (TSXV:HCH, OTCQX:HHLKF, ASX:HCH) has filed a National Instrument 43-101 Technical Report for its Costa Fuego copper-gold project in Chile with the Canadian Securities Administrators.
The filing of the report is further to its mineral resources upgrade announcement released to ASX on March 31, 2022 “Hot Chili Delivers Next Level of Growth” (Mineral Resources Upgrade Announcement).
The Report titled “Resource Report For the Costa Fuego Copper Project Located in Atacama, Chile Technical Report NI43-101” and dated May 13, 2022, with an effective date of March 31 2022, was prepared pursuant to Canadian National Instrument 43-101.
It is available for review on both SEDAR (www.sedar.com) and the company’s website (www.hotchili.net.au). The Report supports the news release dated March31, 2022 announcing a significant increase in the company’s mineral resource estimates at Costa Fuego.
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The Assay | May 20, 2022

Hot Chili Limited (ASX: HCH) (TSXV: HCH) has obtained another outstanding drill result at the Cortadera porphyry deposit, part of the company’s Costa Fuego, coastal range, copper-gold hub in Chile.
Managing Director Christian Easterday said that Cortadera has a track record of outperforming expectation.
“The PFS in-fill drill programme across Cortadera has collected important geotechnical and hydrogeological information and has also continued to define and expand high grade resources,” Mr Easterday said.
“Upgrading our resources with wide drill intersections grading 0.8% to 1.0% copper equivalent is a great outcome, which demonstrates the quality and growth potential of Costa Fuego as one of the only low-altitude, material, copper developments in the world capable of near-term development.”
Latest Significant Drill Results from Cortadera
Latest results from development study drilling at Cortadera have returned further significant intersections.
Diamond drill hole CORMET005 returned 658m grading 0.6% CuEq (0.4% Cu, 0.2g/t Au, 122ppm Mo) from 232m depth, including 134m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 181ppm Mo) from 470m depth, and including 130m grading 0.9% CuEq (0.6% Cu, 0.2g/t Au, 253ppm Mo) from 662m depth.
CORMET005 was drilled across the northern flank to the high-grade core within the main porphyry (Cuerpo 3) at Cortadera.
Mr Easterday said that pleasingly, the wide significant intersection again confirmed further extension to the high grade core and included an impressive 30m grading 1.4% CuEq (1.1% Cu, 0.5g/t Au, 165ppm Mo) from 690m depth outside of the current high grade (+0.6% CuEq) resource model.
The latest result follows the previous two outstanding drill results in April 2022 from Cuerpo 3, which also confirmed further growth of the high grade core, notably:
• 552m at 0.6% CuEq from 276m depth, including 248m at 0.8% CuEq (CORMET003), and
• 876m grading 0.5% CuEq from 246m depth, including 206m grading 0.9% CuEq (CORMET006)
In addition, diamond drill hole CORMET002 has returned 370m grading 0.4% CuEq (0.3% Cu, 0.1g/t Au) from surface, including 20m grading 0.8% CuEq (0.6% Cu, 0.4g/t Au) from 24m depth, and including 22m grading 1.0% CuEq (0.8% Cu, 0.5g/t Au) from 136m depth at Cuerpo 2.
These high-grade intersections were also outside the current high grade resource at Cuerpo 2.
A final development study diamond drill hole (CORMET004) is being completed at Cortadera and results are also pending for four metallurgical diamond drill holes completed at Productora.
High-Grade Satellite Resource Drilling Underway
Resource growth drilling has commenced targeting the San Antonio and Valentina high grade copper deposits, located 5 kms northeast of Cortadera.
High-grade, copper-gold mineralisation at both deposits remains open at depth and along strike. Drilling is already underway at Valentina where ten drill holes are planned. A further thirteen drill holes are planned at San Antonio.
San Antonio’s maiden Inferred resource, reported in March, extends from surface and already stands at 4.2Mt @ 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287kt Ag. Both high grade satellite deposits are intended to form part of Costa Fuego’s next resource upgrade and combined PFS open pit mine schedule later this year.
Santiago Z Target Prepared for First-Ever Drilling Platform and access clearing across the Santiago Z exploration target is expected to be complete in the coming week and first-pass drilling is expected to commence following conclusion of drilling at Valentina and San Antonio.
Hot Chili’s soil results and mapping have confirmed a potentially large copper porphyry footprint measuring.
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Hot Chili nabs maritime concession for sea water for its green Costa Fuego copper project
STOCKHEAD | Dec 07, 2022
Hot Chili has taken another bite of the cherry, expanding the footprint of its Cortadera copper-gold play. Pic via Getty Images.
The Chilean Naval Authority has granted copper developer Hot Chili access to the physical land of its Maritime Concession for extraction of sea water just 60km from the proposed location of Costa Fuego’s central processing facilities in Chile.
It’s another feather in the cap for the company, whose Costa Fuego project is slated to be a green copper development using sea water – with no ground water or desalination plant required.
Hot Chili (ASX:HCH) says the approval of its maritime application (water extraction right and associated land access rights) shows the Government’s support for the development of a new large-scale copper hub for the Vallenar region of Chile.
100% run on renewables too
This news adds another layer to the project’s environmental credentials at the Costa Fuego project, with Hot Chili able to operate off a mix of nearby solar, wind and hydroelectric generators, and having a clean (arsenic-free) concentrate.
Plus, the company recently received approval from Chile’s Central Authority Electrical Regulator to connect to the Maitencillo substation 17km from the centre of the Costa Fuego development.
It opens access for Hot Chili to the national electricity grid, with the company able to negotiate with the multiple renewable energy providers in the South American nation.
A process to select one or more electrical providers is expected to begin in the fourth quarter of 2022.
Hot Chili bulks up Cortadera land position – again.
STOCKHEAD | Nov 30, 2022
Hot Chili has taken another bite of the cherry, expanding the footprint of its Cortadera copper-gold play. Pic via Getty Images.
Mere days after securing a second major porphyry, Hot Chili has further expanded the footprint of its Cortadera copper-gold play by acquiring new mining rights.
The new rights – secured at low-cost through a government-run public auction – cover the western extension of the discovery and increases its prospective strike length to 5.2km, an increase from the 4.1km following the Cuerpo 4 acquisition.
Importantly for Hot Chili (ASX:HCH), the seven new mining rights covering 757 hectares host four large porphyry targets that have the potential to materially increase the scale of the broader Costa Fuego copper-gold development.
It also consolidates the western extension of Cortadera, allowing the company to test a potentially much larger porphyry cluster.

Extending two major trends
Hot Chili’s new ground extends the prospective strike lengths of two mineralised trends.
The Las Canas trend, which includes three of the new porphyry targets and the Cuerpo 4 porphyry, has been extended by more than 1.8km.
Meanwhile, the key Cortadera trend has been extended by 1.1km with the addition of a new porphyry target that is directly along strike from Cortadera on the Serrano fault, an important mineralising fault corridor connecting the Cortadera and Productora copper-gold deposits.
Hot Chili adds second major Cortadera porphyry, double exploration strike
STOCKHEAD | Nov 28, 2022
Hot Chili is set to grow its Cortadera copper-gold project over a large mineralised porphyry outcropping. Pic via Getty Images.
Hot Chili has executed an option agreement to extend its Cortadera copper-gold project over a large outcropping of mineralised porphyry similar in size to the main Cuerpo 3 porphyry.
The consolidation of Cortadera not only presents the opportunity to add significant mineralisation, it also about doubles the prospective strike length from 2.3km to 4.1km.
Given that Cuerpo 3 makes up a significant portion of the Cortadera mineralisation, which currently consists of a high confidence Indicated Resource of 471Mt grading 0.46% copper equivalent (CuEq) and an Inferred Resource of 108Mt at 0.35% CuEq, this could be hugely beneficial for the company.
Drilling of the new Cuerpo 4 porphyry by the vendor, Antofagasta Minerals (AMSA), has already confirmed several significant shallow drilling intersections including a thick 128m interval at 0.5% CuEq from a down-hole depth of 28m with a higher grade zone of 16m at 1.3% CuEq (1% copper and 0.5 grams per tonne gold) from 28m.
Hot Chili (ASX:HCH) intends to start a 6,000m drill program over the 700m by 300m Cuerpo 4 porphyry as soon as possible to assess a potential material resource addition to the broader Costa Fuego development.
New ground
The five mining rights acquired from AMSA cover 517 hectares and contain other identified porphyry targets besides Cuerpo 4.
Four of the five holes drilled by AMSA in 2005 returned wide intersections of mineralisation with their shallow nature highlighting open pit resource growth potential.
Hot Chili’s planned first pass program of both diamond and reverse circulation drilling will test Cuerpo 4 and two other targets within the new mining rights.
Drilling is also planned across the existing Cortadera North target, where earlier exploration drilling targeting a large surface molybdenum anomaly in 2020 intersected wide zones of silver mineralisation.
While this work vectored towards Cuerpo 4, the company had then ceased all exploration there until an agreement could be entered into with AMSA.
These rights are expected to provide relatively low cost and highly accretive resource growth potential.
Worth the wait
The acquisition has led the company to revise the release date for its next resource update to the second half of 2023 rather than late 2022 to include results from the proposed drilling.
Additionally, the combined Costa Fuego Pre-Feasibility Study – targeting annual production rates of up to 100,000t copper and up to 70,000oz of gold over a mine life of more than 20 years – will be paused until the company can assess the impact of resource growth potential at Cortadera.
This ensures that future expenditure relating to the PFS can be optimised for infrastructure location and a potentially larger scale copper operation.
Hot Chili keeps bringin’ the heat at its Costa Fuego copper development
STOCKHEAD | Oct 31, 2022
Pic: Hot Chili has gone back to basics to win a huge uptick in the value of its Costa Fuego copper development. Pic via Getty Images.
Here’s how to make an already attractive project even more lucrative: take some previously unsampled intervals and get high-grade results out of them.
Not exactly easy in real life but that’s exactly what Hot Chili (ASX:HCH) has managed at its Costa Fuego copper development in Chile with previously unsampled diamond core at the Productora and Alice pits yielding higher than expected copper grades.
And the results are encouraging to say the least – especially coming from a development that is no stranger to multi hundred metre copper-gold intersections.
Over at the Productora central pit area, the core returned an intersection of 244m at 0.8% copper equivalent (0.7% copper and 0.2g/t gold) from a down-hole depth of just 23m and includes a higher-grade zone of 71m at 1% CuEQ (0.8% copper and 0.2g/t gold).
The Alice satellite pit area yield a 152m zone at 0.6% CuEqu (0.6% copper and 0.1g/t gold) from 42m including 39m at 1.1% CuEq (1% copper and 0.1g/t gold) and a separate 23m interval at 0.9% CuEq from 226m to the end of hole.
This is on top of final drill results from the Valentina deposit returning a 6m interval at 1.3% copper from 10m down-hole while first ever drilling at Santiago Z did not intersect significant widths of copper but returned wide zones of silver which may indicate a potential distal response to copper porphyry mineralisation.
Drill results
The results from the first holes at the Productora and Alice pits provide further high grade growth ahead of a planned resource upgrade for Costa Fuego.
Both have continued to demonstrate grade upside with infill drilling, providing positive reconciliation ahead of any future mining activities.
Entire hole results from the remaining two diamond holes at Productora are expected to be received in the coming weeks.
Valentina and its neighbouring San Antonio satellite copper deposit are immediately to the east of the company-making Cortadera deposit.
Of the four holes drilled in the expanded program at Valentina, two recorded significant intersections while one hit historical underground workings.
A regulatory clearing application has been submitted to facilitate follow-up drilling at Valentina, which will expand resource drill definition across this potential high-impact future addition to Costa Fuego that could provide early, high-grade copper feed.
The company is also updating its Santiago Z geological model using RC chip logging and downhole multi-element geochemistry for use in any additional phases of exploration.
Further exploration is expected to focus on the southern extent of the Santiago Z porphyry footprint in advance of any planned second-pass clearing and drilling activities.
This article was developed in collaboration with Hot Chili, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Hot Chili’s satellite drilling to spice up Costa Fuego development
STOCKHEAD | Sep 08, 2022
Pic: Via Getty Images
Hot Chili is all but certain to be upgrading resources at its Costa Fuego copper development after reporting new copper-silver intersections at the high-grade San Antonio deposit.
Resource upgrade drilling results such as 21m grading 1.6% copper equivalent (CuEq) from 74m down-hole, 13m at 1.3% CuEq from 133m and 7m at 1.6% CuEq from 11m are likely to see most if not all of the current Inferred resource of 4.2Mt grading 1.2% CuEq upgraded to the higher confidence Indicated category.
This will also allow Hot Chili (ASX:HCH) to include San Antonio – one of the satellite deposits at the Costa Fuego copper hub in Chile – in its mine plan.
Final drill results are also pending from the Valentina satellite deposit, which has proven to be an even spicier meal with initial assays returning results such as 3m at 12.1% CuEq.
A regulatory application for follow-up drilling at Valentina is being prepared while drilling is currently underway at the Santiago Z porphyry exploration target where five holes have been completed.
San Antonio drilling
The company completed 13 reverse circulation drill holes across the San Antonio resource window to test extensional potential as well as infill areas of lower geological confidence.
Several of these holes returned higher grades than estimated in the current resource estimate while a further three diamond holes were drilled for metallurgical test work purposes.
San Antonio’s shallow, high-grade nature makes it amenable for open pit mining with relatively low strip ratios.
Along with Valentina, it is expected to provide high grade, front-end ore which could have a positive material impact on the payback period and overall economics for the broader Costa Fuego development.
Costa Fuego boasts more than 3Mt of copper metal across the major Productora and Cortedera deposits, with measured indicated resources of 725Mt grading 0.47% CuEq, containing 2.75Mt Cu, 2.56Moz Au, 10.49Moz Ag, and 67.4kt Mo and an inferred resource of 202Mt grading 0.36% CuEq containing 731kt Cu, 605koz Au, 2.03Moz Ag and 13.4kt Mo.
Hot Chili’s Valentina deposit could provide early, high-grade copper feed
STOCKHEAD | Aug 18, 2022
Pic: Getty Images
Hot Chili has uncovered further evidence that it has shallow, high-grade material that can provide early feed to a development at its Costa Fuego copper hub in Chile.
Drilling at the Valentina satellite deposit returned a very rich 3m intersection grading 12.1% copper equivalent (11.8% copper and 52.6g/t silver) from a down-hole depth of just 29m within a broader 12m zone at 4.6% copper equivalent from 25m.
Adding further interest for Hot Chili (ASX:HCH), the mineralisation in VALMET0002 is dominantly sulphide and amenable to sulphide flotation, which contributes further to the deposit’s potential to contribute to early sulphide cash flow generation.
With the hole also confirming a 120m extension of high-grade, copper-silver mineralisation to the south of the historical Valentina underground mine, mineralisation at the deposit is now defined over about 300m in strike while remaining open at depth and along strike.
Along with the San Antonio deposit, Valentina is looking increasingly likely to provide high-grade ore which could have a positive material impact on the payback period and overall project economics.
Assays are pending for a further six drill holes at Valentina and 16 holes at San Antonio.
Drill results
Hot Chili has received assays for 11 of the 17 Phase 2 drill holes. Of these, four holes returned significant drill intersections while three intersected the mineralised structure (at 0.2% to 0.5% copper).
This drilling was focused on proving the continuity of the mineralised trend along strike and at depth below the historical shallow underground mine.
High-grade hits received to date – including VALMET0002 – are located on the southern extent of an area previously masked at-surface by a shallow horizon of Atacama gravels.
Hot Chili seals access to Chilean national grid, ensuring Costa Fuego copper project will run on 100% renewables
STOCKHEAD | Aug 18, 2022
Pic: Michael Duva/Stone via Getty Images
Hot Chili’s Costa Fuego copper project in Chile is already a monster, representing the lowest altitude development of a major copper deposit in the Americas.
Now it has been confirmed the mine will be able to operate on 100% renewable energy from day 1, with Hot Chili (ASX:HCH) receiving approval to connect to the Maitencillo sub-station 17km from the centre of the Costa Fuego development.
Chile’s Central Authority Electrical Regulator has approved the connection application, the company said today.
It opens access for Hot Chili to the national electricity grid, with the company able to negotiate with the multiple renewable energy providers in the South American nation.
A process to select one of more electrical providers is expected to begin in the fourth quarter of 2022.
The news adds another layer to the project’s environmental credentials to the Costa Fuego project, with Hot Chili able to operate off a mix of nearby solar, wind and hydroelectric generators.
The company is taking a low energy intensity development approach to Costa Fuego, including raw seawater processing without the need for a desalination plant. Hot Chili is fast approaching ‘infrastructure readiness’ with port access and services discussions advancing.
A PFS is due in the first quarter of 2023, making it one of the few copper mines ready to answer the call for material new sources of production as demand for the metal surges from the energy transition.
Resource growth drilling is still ongoing, with a resource upgrade expected in late 2022.
Costa Fuego boasts more than 3Mt of copper metal across the major Productora and Cortedera deposits, with measured indicated resources of 725Mt grading 0.47% CuEq, containing 2.75Mt Cu, 2.56Moz Au, 10.49Moz Ag, and 67.4kt Mo and an inferred resource of 202Mt grading 0.36% CuEq containing 731kt Cu, 605koz Au, 2.03Moz Ag and 13.4kt Mo.
Hot Chili Hits Wide Copper Zone At Cortadera
Colin Sandell-Hay | The Assay | April 29, 2022
Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) has received another strong result from its Cortadera porphyry discovery, as well as first assay results from exploration drilling being undertaken across its coastal range, Costa Fuego copper-gold hub in Chile.
Development study drill holes at Cortadera continue to return impressive assay results, with high-grade intersections reported from all holes in the program so far.
CORMET003 returned a significant intersection of 552m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 89ppm molybdenum (Mo)) from 276m depth down-hole, including 248m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 179ppm Mo) from 574m depth.
Importantly, the high-grade core of the main porphyry (Cuerpo 3) at Cortadera continues to demonstrate further growth potential following the recently announced resource upgrade for Costa Fuego comprising Indicated resources of 725Mt grading 0.47% CuEq for 2.8Mt Cu, 2.6Moz Au, 10.5Moz Ag and67kt Mo with high grade Indicated resources (+0.6% CuEq) standing at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag & 24kt Mo.
CORMET001 was drilled into Cuerpo 1 and also returned a strong result of 70m grading 0.6% CuEq (0.5% Cu, 0.1g/t Au and 11ppm Mo) from 86m depth down-hole. CORMET001 also ended in 6m grading 0.6% copper and supplied critical hydrological and geotechnical data that will be used to inform the Costa Fuego Pre-Feasibility Study (PFS) due Q3 2022.
CORMET003 (775m depth down-hole) – 0.8% copper, 0.1g/t gold, 1.7g/t silver and 510ppm molybdenum. Planar and continuous, chalcopyrite-pyrite-molybdenite-bearing, B-type quartz vein hosted in sericite-chlorite-(biotite) altered early-mineralization tonalite porphyry.
Hot Chili has also provided an exploration update on drilling and access clearing activities across several large-scale and high grade, satellite targets being tested this year.
Assay results returned for the first eleven drill holes completed at the Productora Central target this year have provided encouragement and further drilling is planned. In addition, clearing activities are well advanced across Valentina, San Antonio and Santiago Z.
Drilling is planned to commence at Valentina and then San Antonio in the coming weeks, and Santiago Z in the coming month.
Further development study drill results from Cortadera are expected in the coming weeks.