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Hot Chili executes options to acquire historical mine areas

15th November 2023

By: Creamer Media Reporter

     

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ASX- and TSX-V-listed Hot Chili has entered into option agreements to acquire two historical copper mine areas near its Costa Fuego copper/gold project, in Chile.

The Marsellesa and Cordillera projects are about 10 km southwest of Costa Fuego’s planned central processing hub.

Hot Chili states that its first-pass reverse circulation drilling is planned to start at Marsellesa and Cordillera in the coming week, following completion of drilling at the Corroteo exploration target, about 5 km southeast of the Cortadera porphyry copper/gold deposit.

The company’s recently published preliminary economic assessment establishes Costa Fuego as a low-risk, long-life copper project benefiting from a low startup capital and a copper equivalent metal production profile of more than 100 000 t for a 16-year mine life, including 95 000 t/y copper and 49 000 oz/y gold during primary production at C1 cash cost of $1.33/lb.

Hot Chili is focussed on up-scaling Costa Fuego’s resource base and potential study scale towards a 150 000 t/y copper production profile, in order to further enhance project returns ahead of the delivery of a prefeasibility study.

Edited by Creamer Media Reporter

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