Hot Chili Limited (ASX code HCH) ('Hot Chili' or 'Company') is pleased to announce it has recorded another exceptionally wide drilling intersection from its Cortadera copper-gold porphyry discovery in Chile.

The new result from Diamond (DD) drill hole CRP0029D recorded a 649m intersection grading 0.4% copper and 0.1g/t gold from 330m depth down-hole, which included a 440m wide zone grading 0.5% copper and 0.2g/t gold.

The 649m intersection is Hot Chili's fifth record drill result from Cortadera in the past five months.

Importantly, CRP0029D ended in mineralised porphyry and has confirmed a significant 70m extension of significant mineralisation along the northern contact of the largest porphyry discovered to date at Cortadera -Cuerpo 3.

Given the northern contact of Cuerpo 3 is approximately 200m in width and still remains open, the extensional result is considered a very significant addition to the continued growth of the Cortadera discovery.

CRP0029D is the first of eight diamond holes planned to expand the size of the existing discovery, a key focus for Hot Chili in advance of completing a first resource estimate for Cortadera within the first half of 2020. The Company's second expansion DD hole (CRP0032D) was terminated at a depth of 739m prior to Christmas, owing to significant deviation from its target. A replacement DD drill hole is planned to commence in the coming days.

Hot Chili plans to be in a position to release a large initial resource estimate and robust view of Cortadera's potential magnitude following the outcome of accelerated drilling activities over the coming months. Results are currently being compiled from the remainder of the 2019 drill campaign and are expected to be released shortly.

Commencement of 2020 Drilling Campaign at Cortadera

The Company's 2020 drilling campaign at Cortadera kicked-off a fortnight ago with the commencement of platform and access clearing activities, following regulatory approval late last year for access to construct a further 39 new drill platforms.

Two drill rigs are set to commence in the coming days with drilling to be focussed across two key areas of growth at Cortadera

Continued expansion of the existing Cortadera discovery in both size and grade

Double-shift DD drilling activities will continue across large extents of Cuerpo 3 and Cuerpo 2 (the two largest porphyries discovered) which remain open.

First drill testing of two large growth targets adjacent to Cortadera

Reverse Circulation (RC) drilling will test the Cuerpo 3 North target which lies 500m north of Cuerpo 3 before completing first-pass scout drilling across the 1.5km long Cortadera North target, located 2km north of the Cortadera discovery. Additional shallow RC drilling is also scheduled across the shallow high grade chalcocite zones at Cortadera, following on from positive initial results released late last year

The Director's of Hot Chili look forward to an exciting year ahead as we move to consolidate Cortadera's position as one of the most significant global copper-gold discoveries of recent times.

Contact:

Christian Easterday

Tel: +61 8 9315 9009

Email: christian@hotchili.net.au

(C) 2020 Electronic News Publishing, source ENP Newswire