Hot on the heels of excellent drill results in September (which included a stunning 972 meters containing 0.5% copper and 0.2 g/t gold starting at surface), Hot Chili (ASX:HCH) has now released the first step-out drill hole which intersected 649 meters of 0.4% copper and 0.1 g/t gold including a higher grade interval of 440 meters of 0.5% copper and 0.2 g/t gold from a depth of 472 meters.
Granted, the mineralization isn’t shallow, but the higher grade zone should be viable using an underground block-cave model (the mining scenario a company like Newcrest Mining (ASX:NCM) excels in). More importantly, the hole extends the known porphyry mineralization by roughly 70 meters and seven more holes will be drilled along this zone to figure out the extent of the copper-gold mineralization as Hot Chili is aiming to put a maiden resource estimate together in the first half of 2020.
Hot Chili will obviously also drill other locations on the property as the company has received approval to construct an additional 39 drill platforms.
Disclosure: The author has no position in Hot Chili.
