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Maiden reserve at Hot Chili's Productora project

Maiden reserve at Hot Chili's Productora project

Photo by Reuters

31st March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Copper developer Hot Chili has declared a maiden ore reserve of 90.5-million tonnes, grading 0.48% copper, 0.11 g/t gold and 172 parts per million (ppm) molybdenum at its Productora project, in Chile.

The first openpit ore reserve was expected to contain 433 000 t of copper, 308 000 oz of gold and 15 500 t of molybdenum.

The company told shareholders on Monday that the maiden ore reserve underpinned a substantial initial mine life of some nine years at Productora, which could increase during 2014.

“We intend to grow the mine life significantly during 2014, through targeted drilling, and deliver a robust prefeasibility study (PFS). The opportunity to add a copper oxide operation to the front-end of our planned sulphide operation is also a new and exciting development,” said Hot Chili chairperson Murray Black.

He noted that the maiden ore reserve also paved the way for Hot Chili to complete its PFS at Productora later this year, with a decision to mine targeted for late in 2015.

“At the same time, we are aiming to execute a joint infrastructure agreement with our project partner Compania Minera del Pacifico S.A,” he said.

Productora currently has a resource of some 214.3-million tonnes, grading 0.48% copper, 0.1 g/t gold and 138 ppm molybdenum for one-million tonnes of contained copper, 675 000 oz of gold and 29 000 t of molybdenum.

Edited by Creamer Media Reporter

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