With a 77 metre grading of 1.0% copper equivalent (0.6% copper, 142ppm molybdenum, 0.1g/t gold, 24ppm uranium and 119ppm cobalt) from a 111 metre down-hole, Hot Chili (ASX: HCH) is beginning to intercept some positive copper at the Productora copper gold mine in Chile.
Significant results were recorded in each of the last four shallow reverse circulation drillholes directed towards the central area of Productora, with 16 significant intersections from 17 shallow drillholes completed within the central area of the project.
Other intersections from the latest drilling included; 40 metre grading at 1.2% copper equivalent from 136 metre down-hole, and 15 metre grading at 1.1% copper equivalent from 102 metre down-hole.
Hot Chili has a 5 year option agreement to acquire the encompassing tenement, which is a key portion of the Productora project, and equates to some 1.4km of strike extent along the main mineralised corridor.
The company will now add deeper reverse circulation drilling to the program, with 15 holes planned to further test the central area of Productora below the zone of surface leaching.
The market supported the news pushing the stock 2% higher to $0.285 in intra-day trading today.