Hot Chili (ASX: HCH) has achieved an initial JORC Resource estimate of 85.1 million tonnes at 0.6% copper, 0.1 grams per tonne (g/t) gold and 146g/t molybdenum at the company's Productora project in Chile.
The resource milestone represents an important stage in the company's progress as it transitions from explorer to project developer and follows an intensive 10 month drilling effort, just 15 months since the company listed on the ASX.
The Resource contains metal of 483,000 tonnes of copper, 290,000 ounces of gold and 12,418 tonnes of molybdenum. It is from surface (no pre-strip), with 37% Indicated and 63% Inferred.
The estimate is confined to the central 1.4 kilometre extent of project, representing only 15% of Productora’s 9.5 kilometre mineralised trend.
Murray Black, Hot Chili's chairman, said "our focus now will be to rapidly expand the resource along the entire 9.5 kilometres mineralised trend while also getting economic studies underway.
"The location, size, grade and shallow depth of the initial resource give us confidence that Productora is quickly emerging as one of Chile's newest copper developments."
Hot Chili has commenced a 55,000 metres reverse circulation and 8,000 metres diamond drilling programme which aims to expand the initial resource adjacent to, along strike, and at depth.
Planning is underway in the lead-up to the appointment of a dedicated development team to commence the scoping phase of economic studies at Productora.