Highlights
- Mineral Resource at Hot Chili's coastal-range, Costa Fuego
copper-gold project in Chile has
seen a 6% increase in copper-equivalent (CuEq) contained metal for
the total Indicated Resource1,2 and a 9% increase in CuEq contained
metal for the higher-grade component of the Indicated
Resource1,2
- Total Mineral Resource1,2
- Indicated - 798 Mt grading 0.45% CuEq for 2.9 Mt Cu, 2.6
Moz Au, 12.9 Moz Ag & 68 kt Mo
- Inferred - 203 Mt grading 0.31% CuEq for 0.5 Mt Cu, 0.4
Moz Au, 2.4 Moz Ag & 12 kt Mo
- High Grade Mineral Resource1,2
(Reported +0.6% CuEq)
- Indicated - 173 Mt grading 0.78% CuEq for 1.1 Mt Cu, 1.0
Moz Au, 4.3 Moz Ag & 25 kt Mo
- Inferred - 7 Mt grading 0.74% CuEq for 0.04 Mt Cu, 0.03
Moz Au, 0.1 Moz Ag & 1 kt Mo
- Over 85% of Costa Fuego's Mineral Resource Estimate is now
Classified as Indicated
- Strong platform to deliver a maiden Mineral Reserve for
Costa Fuego Pre-feasibility study (PFS) expected to be completed in
H2 2024
- Further updates expected (development, drilling,
exploration, and commercial activities)
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1
Reported on a 100% Basis - combining Mineral Resource estimates for
the Cortadera, Productora, Alice and San Antonio deposits
comprising the Costa Fuego project. Figures are rounded to nearest
thousand, or if less, to the nearest hundred. Reported to
appropriate significant figures and in accordance with the Joint
Ore Reserves Committee Code (2012) and National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI 43-101"). Mineral
resource estimation practices are in accordance with CIM Estimation
of Mineral Resource and Mineral Reserve Best Practice Guidelines
(November 29, 2019) and CIM Environmental, Social and Governance
Guidelines for Mineral Resources and Mineral Reserve Estimation
(September 8, 2023) and reported in accordance CIM Definition
Standards for Mineral Resources and Mineral Reserves (May 10, 2014)
that are incorporated by reference into NI 43-101.Total Resource
reported at +0.20% CuEq for open pit and +0.27% CuEq for
underground.
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2 CuEq% = ((Cu% × Cu price 1% per
tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) +
(Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per
g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The
Metal Prices applied in the calculation were: Cu=3.00 USD/lb,
Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera
(Inferred + Indicated) the average Metallurgical Recoveries are
Cu=82%, Au=55%, Mo=81%, and Ag=36%. For San Antonio (Indicated +
Inferred) the average Metallurgical Recoveries are 85% Cu, 66% Au,
80% Mo and 63% Ag. For Alice (Indicated + Inferred) the average
Metallurgical Recoveries are 81% Cu, 47% Au, 52% Mo and 37% Ag. For
Productora (Inferred + Indicated), the average Metallurgical
Recoveries are Cu=84%, Au=47%, Mo=48% and Ag=18%. For Costa Fuego
(Inferred + Indicated), the average Metallurgical Recoveries are
Cu=83%, Au=53%, Mo=71% and Ag=26%.
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3 See announcement dated 6th
September 2011 "First Resource at Productora" for details on
historical MRE reporting.
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4 See
announcement dated 12th October 2020 "Costa Fuego Becomes a Leading
Global Copper Project" for details on MRE reporting.
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5 See announcement dated 31st
March 2022 "Hot Chili Delivers Next Level of Growth" for details on
MRE reporting.
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PERTH,
AUSTRALIA, Feb. 26, 2024 /CNW/ - Hot Chili
Limited (ASX: HCH) (TSXV: HCH) (OTCQB: HHLKF) ("Hot Chili"
or "Company") is pleased to announce another Resource increase for
its Costa Fuego copper-gold project, located in the coastal range,
600 km north of Santiago,
Chile.
Costa Fuego comprises the Cortadera, Productora
(including Alice) and San Antonio deposits, all of which have
updated Mineral Resource Estimates ("MRE" or "Resource") and lie
proximal to one another, at low altitude (800 m to 1,000 m),
approximately 600 km north of Santiago (Figure 2).
The MRE update follows 24 months of material
investment, totalling 24.5 km of drilling across Costa Fuego; a mix
of development, metallurgical, geotechnical, resource expansion and
exploration drilling, designed to progress the Costa Fuego project
towards its Pre-feasibility Study (PFS) expected in H2 2024.
At Cortadera, the Company completed 43 Reverse
Circulation (RC) and Diamond Drillhole tails (DD) for 17,000 metres
of additional exploration and Resource extension drilling at
Cortadera, including six development drillholes. The Cortadera MRE
(porphyry copper-gold deposit) has again delivered the majority of
Resource growth for Costa Fuego. Cortadera is defined by over
108,000 metres of drilling and now contains an Indicated Resource
of 531 Mt grading 0.44% CuEq
(previously 471 Mt grading 0.46% CuEq) and an Inferred Resource of
149 Mt grading 0.29% CuEq (previously
108 Mt grading 0.35% CuEq); see Table
1 for complete breakdown.
Cortadera's Indicated Resource tonnage has grown
by a further 13%, further supporting the Company's June 2023 Preliminary Economic Assessment (PEA),
which outlined Costa Fuego as having the potential to be one of the
world's lowest capital intensity major copper developments. The
proportion of Indicated Resource now reported within the Open Pit
Reasonable Prospect of Eventual Economic Extraction (RPEEE)
constraints has also increased by 32%, with no change in the
reported CuEq grade (0.44%). The higher-grade +0.6% CuEq Indicated
material has also increased by 14%, at an average grade of 0.76%
CuEq. This material sits largely within the Open Pit RPEEE
constraints, with the balance of the Resource within the
underground RPEEE constraints.
The Productora MRE (breccia hosted copper-gold
deposit) has been re-estimated following an additional 16 RC and DD
exploration drillholes for 5,000 metres (including four
metallurgical drillholes), a large pulp resampling campaign for
silver and soluble copper assays, and a new approach to estimating
the oxide and transition weathering domains. The MRE was reported
using RPEEE constraints, similar to those used at Cortadera.
Immaterial positive changes were reported for the Productora
Indicated MRE copper and gold contained metal, as well as an
additional 2.8 Moz of silver metal at 0.35 g/t, which has now been
incorporated into the CuEq contained metal, in line with the
approach at Cortadera.
The porphyry deposit Alice (previously included in Productora MRE
reporting) has also been re-estimated. The previous historical MRE
was completed in 2015 and has now been brought into line with the
approach taken at Cortadera, which comprises a similar style of
mineralisation. An additional nine drillholes for 2,600 metres,
including one DD metallurgical drillhole (800 m), completed in 2017 and 2022, respectively,
were also included. These changes did not result in a material
change to the overall MRE tonnage or grade, but improved confidence
in the local variability of the estimation, which has been
reflected in the updated Resource Classifications.
A San Antonio MRE update included an additional
16 drillholes (2,500 metres), including three DD metallurgical
drillholes, designed to upgrade the Inferred Resource to Indicated
Classification. Additional mapping and sampling were also completed
to validate the higher-grade copper mineralisation exposed at
surface. This additional information resulted in 3 Mt grading 0.71%
CuEq being converted to Indicated Classification, from the
previously Inferred 4 Mt grading 1.15% CuEq.
The Company is encouraged by the further
conversion of Inferred material to Indicated Classification, now
standing at 85% of the total CuEq contained metal, following
focused development drilling (metallurgical and geotechnical)
designed to support a Pre-Feasibility Study (PFS) and targeted
exploration and Resource extension drill programs. The expansion of
Costa Fuego Indicated Resources, without material impact to
reported metal grades, increases confidence in the reliability of
the MRE and its ability to inform the Company's planned PFS.
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1 Mineral
Resources are reported on a 100% Basis - combining Mineral Resource
estimates for the Cortadera, Productora, Alice and San Antonio
deposits. All figures are rounded, reported to appropriate
significant figures and reported in accordance with the Joint Ore
Reserves Committee Code (2012) and NI 43-101. Mineral Resource
estimation practices are in accordance with CIM Estimation of
Mineral Resource and Mineral Reserve Best Practice Guidelines
(November 29, 2019) and CIM Environmental, Social and Governance
Guidelines for Mineral Resources and Mineral Reserve Estimation
(September 8, 2023) and reported in accordance CIM Definition
Standards for Mineral Resources and Mineral Reserves (May 10, 2014)
that are incorporated by reference into NI 43-101.
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2
The Productora deposit is 100% owned by Chilean incorporated
company Sociedad Minera El Aguila SpA (SMEA). SMEA is a joint
venture (JV) company – 80% owned by Sociedad Minera El Corazón
Limitada (a 100% subsidiary of Hot Chili Limited), and 20% owned by
Compañía Minera del Pacífico S.A (CMP).
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3
The Cortadera deposit is controlled by a Chilean incorporated
company Sociedad Minera La Frontera SpA (Frontera). Frontera is a
subsidiary company – 100% owned by Sociedad Minera El Corazón
Limitada, which is a 100% subsidiary of Hot Chili
Limited.
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4 The San
Antonio deposit is controlled through Frontera (100% owned by
Sociedad Minera El Corazón Limitada, which is a 100% subsidiary of
Hot Chili Limited) and Frontera has an Option Agreement to earn a
100% interest.
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5 The
Mineral Resource Estimates in the tables above form coherent bodies
of mineralisation that are considered amenable to a
combination of open pit and underground extraction methods based on
the following parameters: Base Case Metal Prices: Copper US$
3.00/lb, Gold US$ 1,700/oz, Molybdenum US$ 14/lb, and Silver
US$20/oz.
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6 All
Mineral Resource Estimates were assessed for Reasonable Prospects
of Eventual Economic Extraction (RPEEE) using both Open Pit and
Block Cave Extraction mining methods at Cortadera and Open Pit
mining methods at Productora, Alice and San Antonio.
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7
Metallurgical recovery averages for each deposit consider Indicated
+ Inferred material and are weighted to combine sulphide
flotation and oxide leaching performance. Process
recoveries:
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Cortadera –
Weighted recoveries of 82% Cu, 55% Au,
81% Mo and 36%
Ag. CuEq(%) = Cu(%) +
0.55 x Au(g/t) +
0.00046 x Mo(ppm) +
0.0043 x Ag(g/t) San Antonio -
Weighted recoveries of 85% Cu, 66% Au,
80% Mo and 63%
Ag. CuEq(%) = Cu(%) +
0.64 x Au(g/t) +
0.00044 x Mo(ppm) +
0.0072 x Ag(g/t) Alice - Weighted
recoveries of 81% Cu, 47% Au, 52% Mo and 37% Ag. CuEq(%) = Cu(%) + 0.48 x Au(g/t) +
0.00030 x Mo(ppm) +
0.0044 x Ag(g/t) Productora – Weighted recoveries of 84% Cu, 47% Au,
48% Mo and 18%
Ag. CuEq(%) = Cu(%) +
0.46 x Au(g/t) +
0.00026 x Mo(ppm) +
0.0021 x Ag(g/t) Costa Fuego –
Recoveries of 83% Cu, 53% Au, 71% Mo and 26% Ag. CuEq(%) = Cu(%) + 0.53 x Au(g/t) +
0.00040 x Mo(ppm) +
0.0030 x Ag(g/t)
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8 Copper
Equivalent (CuEq) grades are calculated based on the formula: CuEq%
= ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price
per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery)
+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per
tonne × Cu recovery). The base case cut-off grade for Mineral
Resources considered amenable to open pit extraction methods at the
Cortadera, Productora, Alice and San Antonio deposits is 0.20%
CuEq, while the cut-off grade for Mineral Resources considered
amenable to underground extraction methods at the Cortadera deposit
is 0.27% CuEq.
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9 Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. These Mineral Resource estimates include
Inferred Mineral Resources that are considered too speculative
geologically to have economic considerations applied to them that
would enable them to be categorised as Mineral Reserves. It is
reasonably expected that the majority of Inferred mineral resources
could be upgraded to Measured or Indicated Mineral Resources with
continued exploration.
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10 The
effective date of the estimate of Mineral Resources is February
26th, 2024. Refer to JORC Code Table 1 information in this
announcement related to the Costa Fuego Mineral Resource Estimate
(MRE) by Competent Person Elizabeth Haren, who is also a qualified
person (within the meaning of NI 43-101), constituting the MREs of
Cortadera, Productora, Alice and San Antonio (which combine to form
Costa Fuego). Hot Chili confirms it is not aware of any new
information or data that materially affects the information
included in the Resource Announcement and all material assumptions
and technical parameters stated for the Mineral Resource Estimates
in the Resource Announcement continue to apply and have not
materially changed.
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11 Hot
Chili Limited is not aware of political, environmental or other
risks that could materially affect the potential development of the
Mineral Resources.
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Cut Off Grade and Reporting Copper
Price Analysis
Following release of the Company's PEA in
June 2023, a review of MRE
appropriate CuEq Cut-off Grades (COG) was completed, with revisions
to long-term consensus copper price assumptions and breakeven grade
assessments considered.
The long-term consensus copper price assumption
changed from US$ 3.30/lb Cu in 2022,
to US$ 3.85/lb Cu in 2024. The change
in copper price, in combination with the latest costs, as informed
by the Company's PEA in June 2023,
has reduced the breakeven grade for Costa Fuego.
The revised COGs reflect these changes in
assumptions and have been set appropriately higher than the
calculated breakeven grade.
These key assumptions in relation to COG's are
summarised in Table 2.
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*Refer to Table 1in
Appendix for CuEq calculations
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Cortadera Mineral Resource
Increase
The Cortadera MRE increase follows an additional
17,000 m of DD and RC drilling since
the March 2022 Mineral Resource
Estimate. Samples used during the MRE update were obtained using
both RC and DD and were analysed using Inductively Coupled Plasma
(ICP) techniques to quantify 33 elements along with fire-assay
techniques to quantify gold. The update resulted in a 7% increase
in total Indicated Resource tonnage at the same cut-off grade, for
approximately 88 kt of additional CuEq contained metal.
Cortadera has maintained a proportion of 84%
Indicated CuEq contained metal during this MRE update, with the
spacing and location of drilling at Cortadera ranging from
80 m to 300
m. The selected drill spacing and orientation over the
Resource area ensures that drilling is optimised where possible to
intersect perpendicular to mineralisation.
The additional drilling enabled improved
delineation of low-grade copper across Cortadera, but particularly
at Cuerpo 3 where the porphyry mineralisation halo extends the
furthest (Figure 2), following analysis during the Preliminary
Economic Assessment (PEA). The economics of the low-grade sulphide
leach presented in the PEA indicated processing material down to
grades of 0.15% Cu at Costa Fuego would be profitable.
Drilling below Cuerpo 1 resulted in additional
Resource material at depth, included largely within the underground
RPEEE.
Continuity of grade and geology is controlled by
the emplacement of mineralised porphyry intrusions into shallow
dipping host stratigraphy. While these porphyry intrusions have a
reasonably consistent pipe-like geometry, grade distribution also
extends into the host stratigraphy.
Mineralisation models have been generated using
over 109,000 m of drilling and
continued increase in knowledge of the geological controls on
mineralisation. Each metal has been independently optimised
following the completion of extensional drilling, resulting in
improved continuity of copper, gold, silver, and molybdenum within
each of Cortadera's three porphyry bodies (Cuerpos). These models
correlate well with higher A + B porphyry vein percentages and
other key porphyry mineralisation metrics.
Review of the late-stage dyke model was also
completed following infill drilling of six diamond development
drillholes, which resulted in additional narrow dykes being added
to the geology model, particularly beneath the dyke-eye at Cuerpo
3. This improved geology model reduced dilution of the estimated
porphyry mineralisation and contributed to a 14% increase in
Indicated CuEq contained metal above 0.6% CuEq.
Extensive test work was completed to determine an
optimal estimation approach and ensure the model was representative
of the underlying porphyry mineralisation controls. The updated
Cortadera MRE continues to utilise a probabilistic estimation
approach (Categorical Indicator Kriging or CIK) within each
mineralisation domain. This approach enabled the spatial and
chronological aspects of the multiple phases of mineralisation to
be better represented.
Table 3, Figure 3, and Figure 4 below outline the
upgraded Cortadera MRE.
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1 Mineral
Resources are reported on a 100% Basis. All figures are rounded,
reported to appropriate significant figures and reported in
accordance with the Joint Ore Reserves Committee Code (2012) and NI
43-101. Mineral resource estimation practices are in accordance
with CIM Estimation of Mineral Resource and Mineral Reserve Best
Practice Guidelines (November 29, 2019) and CIM Environmental,
Social and Governance Guidelines for Mineral Resources and Mineral
Reserve Estimation (September 8, 2023) and reported in accordance
CIM Definition Standards for Mineral Resources and Mineral Reserves
(May 10, 2014) that are incorporated by reference into NI
43-101.
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2
The Cortadera deposit is controlled by a Chilean incorporated
company Sociedad Minera La Frontera SpA (Frontera). Frontera is a
subsidiary company – 100% owned by Sociedad Minera El Corazón
Limitada, which is a 100% subsidiary of Hot Chili
Limited.
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3 The
Mineral Resource Estimates in the tables above form coherent bodies
of mineralisation that are considered amenable to a
combination of open pit and underground extraction methods based on
the following parameters: Base Case Metal Prices: Copper US$
3.00/lb, Gold US$ 1,700/oz, Molybdenum US$ 14/lb, and Silver
US$20/oz.
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4 All
Mineral Resource Estimates were assessed for Reasonable Prospects
of Eventual Economic Extraction (RPEEE) using both Open Pit and
Block Cave Extraction mining methods at Cortadera.
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5
Metallurgical recovery averages for each deposit consider Indicated
+ Inferred material and are weighted to combine sulphide
flotation and oxide leaching performance. Process recoveries:
Cortadera – Weighted recoveries of 82% Cu, 55% Au, 81% Mo and 36%
Ag. CuEq(%) = Cu(%) + 0.55 x Au(g/t) + 0.00046 x Mo(ppm) + 0.0043 x
Ag(g/t).
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6
Resource Copper Equivalent (CuEq) grades are calculated based on
the formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) +
(Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per
g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) /
(Cu price 1% per tonne × Cu recovery). The base case cut-off grade
for Mineral Resources considered amenable to open pit extraction
methods at the Cortadera, Productora, Alice and San Antonio
deposits is 0.20% CuEq while the cut-off grade for Mineral
Resources considered amenable to underground extraction methods at
the Cortadera deposit is 0.27% CuEq.
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7 Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. These Mineral Resource estimates include
Inferred Mineral Resources that are considered too speculative
geologically to have economic considerations applied to them that
would enable them to be categorised as Mineral Reserves. It is
reasonably expected that the majority of Inferred mineral resources
could be upgraded to Measured or Indicated Mineral Resources with
continued exploration.
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8 The
effective date of the estimate of Mineral Resources is February
26th, 2024. Refer to JORC Code Table 1 information in this
announcement related to the Costa Fuego Mineral Resource Estimate
(MRE) by Competent Person Elizabeth Haren, who is also a qualified
person (within the meaning of NI 43-101), constituting the MREs of
Cortadera, Productora, Alice and San Antonio (which combine to form
Costa Fuego). Hot Chili confirms it is not aware of any new
information or data that materially affects the information
included in the Resource Announcement and all material assumptions
and technical parameters stated for the Mineral Resource Estimates
in the Resource Announcement continue to apply and have not
materially changed.
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9 Hot
Chili Limited is not aware of political, environmental or other
risks that could materially affect the potential development of the
Mineral Resources.
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*Refer to Table 3 for CuEq
calculation
*Refer to Table 3 for CuEq
calculation
Productora Mineral Resource
Update
The Productora MRE has been updated following an
additional 16 RC and DD exploration drillholes (~5,000 metres),
including four metallurgical drillholes. The drilling increased
confidence in the previously developed probabilistic CIK technique
used for estimation, with the model able to predict high- and
low-grade zones within the structurally complex, breccia-hosted
Productora mineralisation. This increase in confidence allowed for
the lateral expansion of classification boundaries, converting
material from Inferred to Indicated, before subsequent application
RPEEE Open Pit constraint. These changes resulted in a minimal
increase (2%) in Indicated CuEq contained metal above 0.20%
CuEq.
Drillhole spacing at Productora varies from
40 m x 40
m to 160 m x 160 m and has provided a high level of support
for the geological, mineralisation and resource estimation models,
with both Indicated and Inferred Resource Classification at
Productora. Samples used during the MRE update were obtained using
both RC and DD and were analysed using ICP for 33-elements and
fire-assay for gold.
A large pulp resampling campaign for silver,
comprising approximately 3,000 samples, culminated in a maiden
Indicated Resource of 2.8 Moz of silver at Productora. A smaller
pulp resampling campaign (approximately 900 samples) was completed
for soluble copper, which was also been included in the updated
Productora MRE to allow for modelling of metallurgical recovery in
the Company's planned PFS later this year.
An updated approach to the modelling of
weathering surfaces was also developed, utilising a combination of
quantitative (i.e. ratio of soluble copper to total copper) and
qualitative (i.e. proximity to structures and logged regolith) data
to model the oxide, transitional, and fresh weathering zones. This
technique accounts for the impact of structural complexity on
weathering at Productora and allows for the more accurate
application of metal recoveries for calculation of CuEq%.
Table 4 and Figures 5 and 6 below show the
upgraded Productora MRE.
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1 Mineral
Resources are reported on a 100% Basis. All figures are rounded,
reported to appropriate significant figures and reported in
accordance with the Joint Ore Reserves Committee Code (2012) and NI
43-101. Mineral resource estimation practices are in accordance
with CIM Estimation of Mineral Resource and Mineral Reserve
Best Practice Guidelines (November 29, 2019) and CIM Environmental,
Social and Governance Guidelines for Mineral Resources and Mineral
Reserve Estimation (September 8, 2023) and reported in accordance
CIM Definition Standards for Mineral Resources and Mineral Reserves
(May 10, 2014) that are incorporated by reference into NI
43-101.
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2
The Productora deposit is 100% owned by Chilean incorporated
company Sociedad Minera El Aguila SpA (SMEA). SMEA is a joint
venture (JV) company – 80% owned by Sociedad Minera El Corazón
Limitada (a 100% subsidiary of Hot Chili Limited), and 20% owned by
Compañía Minera del Pacífico S.A (CMP).
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3 The
Mineral Resource Estimates in the tables above form coherent bodies
of mineralisation that are considered amenable to a
combination of open pit and underground extraction methods based on
the following parameters: Base Case Metal Prices: Copper US$
3.00/lb, Gold US$ 1,700/oz, Molybdenum US$ 14/lb, and Silver
US$20/oz.
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4 All
Mineral Resource Estimates were assessed for Reasonable Prospects
of Eventual Economic Extraction (RPEEE) using both Open Pit and
Block Cave Extraction mining methods at Cortadera and Open Pit
mining methods at Productora, Alice and San Antonio.
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5
Metallurgical recovery averages for each deposit consider Indicated
+ Inferred material and are weighted to combine sulphide
flotation and oxide leaching performance. Process
recoveries:
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Productora –
Weighted recoveries of 84% Cu, 47% Au, 48% Mo and 18% Ag. CuEq(%) =
Cu(%) + 0.46 x Au(g/t) + 0.00026 x Mo(ppm) + 0.0021 x
Ag(g/t).
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6
Resource Copper Equivalent (CuEq) grades are calculated based on
the formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) +
(Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per
g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) /
(Cu price 1% per tonne × Cu recovery). The base case cut-off grade
for Mineral Resources considered amenable to open pit extraction
methods at the Cortadera, Productora, Alice and San Antonio
deposits is 0.20% CuEq while the cut-off grade for Mineral
Resources considered amenable to underground extraction methods at
the Cortadera deposit is 0.27% CuEq.
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7 Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. These Mineral Resource estimates include
Inferred Mineral Resources that are considered too speculative
geologically to have economic considerations applied to them that
would enable them to be categorised as Mineral Reserves. It is
reasonably expected that the majority of Inferred mineral resources
could be upgraded to Measured or Indicated Mineral Resources with
continued exploration.
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8 The
effective date of the estimate of Mineral Resources is February
26th, 2024. Refer to JORC Code Table 1 information in this
announcement related to the Costa Fuego Mineral Resource Estimate
(MRE) by Competent Person Elizabeth Haren, who is also a qualified
person (within the meaning of NI 43-101) constituting the MREs of
Cortadera, Productora, Alice and San Antonio (which combine to form
Costa Fuego). Hot Chili confirms it is not aware of any new
information or data that materially affects the information
included in the Resource Announcement and all material assumptions
and technical parameters stated for the Mineral Resource Estimates
in the Resource Announcement continue to apply and have not
materially changed.
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9 Hot
Chili Limited is not aware of political, environmental or other
risks that could materially affect the potential development of the
Mineral Resources.
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*Refer to Table 4 for CuEq calculation
*Refer to Table 4 for CuEq calculation
Alice Mineral Resource
Update
The Alice MRE has been updated following the
addition of nine drillholes for 2,600 metres, including one DD
metallurgical drillhole (800 m).
Alice was previously reported as
part of the Productora MRE due to its proximity (less than 300
metres). Drillhole spacing at Alice is on a nominal 80 m x 40 m
spacing. This drillhole spacing has provided a high level of
support for domaining of mineralisation. Geological and grade
continuity is sufficient for Mineral Resource estimation, with both
Indicated and Inferred Resources being classified at Alice. Samples used during the MRE update were
obtained using both RC and DD and were analysed using ICP (33
element) and fire-assay for gold.
Alice is an
outcropping copper-mineralised porphyry, with minor gold and
molybdenum. Significant work has been completed since the maiden
MRE in 2015, including surface mapping for mineralisation and
structures, and relogging of RC chips and DD core. This culminated
in the construction of an updated litho-structural model at
Alice, which then informed the
mineralised envelopes. Many of the lessons from Cortadera were able
to be applied to Alice due to the
similarities in deposit style.
While the estimation updates did not result in a
material change to the Alice MRE tonnes and grade, they did improve
confidence in the local variability of the estimation, which has
been reflected in the Resource Classification. Open-pit RPEEE
constraints have been applied for Resource reporting at
Alice.
Table 5 and Figure 7 below show the upgraded
Alice MRE.
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1 Mineral
Resources are reported on a 100% Basis. All figures are rounded,
reported to appropriate significant figures and reported in
accordance with the Joint Ore Reserves Committee Code (2012) and NI
43-101. Mineral resource estimation practices are in accordance
with CIM Estimation of Mineral Resource and Mineral Reserve
Best Practice Guidelines (November 29, 2019) and CIM Environmental,
Social and Governance Guidelines for Mineral Resources and Mineral
Reserve Estimation (September 8, 2023) and reported in accordance
CIM Definition Standards for Mineral Resources and Mineral Reserves
(May 10, 2014) that are incorporated by reference into NI
43-101.
|
|
2
The Productora deposit (including Alice) is 100% owned by
Chilean incorporated company Sociedad Minera El Aguila SpA (SMEA).
SMEA is a joint venture (JV) company – 80% owned by Sociedad Minera
El Corazón Limitada (a 100% subsidiary of Hot Chili Limited), and
20% owned by Compañía Minera del Pacífico S.A (CMP).
|
|
3 The
Mineral Resource Estimates in the tables above form coherent bodies
of mineralisation that are considered amenable to a
combination of open pit and underground extraction methods based on
the following parameters: Base Case Metal Prices: Copper US$
3.00/lb, Gold US$ 1,700/oz, Molybdenum US$ 14/lb, and Silver
US$20/oz.
|
|
4 All
Mineral Resource Estimates were assessed for Reasonable Prospects
of Eventual Economic Extraction (RPEEE) using both Open Pit and
Block Cave Extraction mining methods at Cortadera and Open Pit
mining methods at Productora, Alice and San Antonio.
|
|
5
Metallurgical recovery averages for each deposit consider Indicated
+ Inferred material and are weighted to combine sulphide
flotation and oxide leaching performance. Process
recoveries:
|
|
|
Alice - Weighted
recoveries of 81% Cu, 47% Au, 52% Mo and 37% Ag. CuEq(%) = Cu(%) +
0.48 x Au(g/t) + 0.00030 x Mo(ppm) + 0.0044 x
Ag(g/t).
|
|
6
Resource Copper Equivalent (CuEq) grades are calculated based on
the formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) +
(Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per
g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) /
(Cu price 1% per tonne × Cu recovery). The base case cut-off grade
for Mineral Resources considered amenable to open pit extraction
methods at the Cortadera, Productora, Alice and San Antonio
deposits is 0.20% CuEq while the cut-off grade for Mineral
Resources considered amenable to underground extraction methods at
the Cortadera deposit is 0.27% CuEq.
|
|
7 Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. These Mineral Resource estimates include
Inferred Mineral Resources that are considered too speculative
geologically to have economic considerations applied to them that
would enable them to be categorised as Mineral Reserves. It is
reasonably expected that the majority of Inferred mineral resources
could be upgraded to Measured or Indicated Mineral Resources with
continued exploration.
|
|
8 The
effective date of the estimate of Mineral Resources is February
26th, 2024. Refer to JORC Code Table 1 information in this
announcement related to the Costa Fuego Resource Estimate (MRE) by
Competent Person Elizabeth Haren, who Is also a qualified person
(within the meaning of NI 43-101) constituting the MREs of
Cortadera, Productora, Alice and San Antonio (which combine to form
Costa Fuego). Hot Chili confirms it is not aware of any new
information or data that materially affects the information
included in the Resource Announcement and all material assumptions
and technical parameters stated for the Mineral Resource Estimates
in the Resource Announcement continue to apply and have not
materially changed.
|
|
9 Hot
Chili Limited is not aware of political, environmental or other
risks that could materially affect the potential development of the
Mineral Resources
|
*Refer to Table 4 and 5 for CuEq
calculation
San Antonio Mineral Resource
Update
The San Antonio MRE has also been updated with an
additional 16 drillholes completed (2,500 metres), including four
metallurgical drillholes. The aim of the drilling was to define
along-strike and down-dip extents of the mineralisation and aid
conversion of the maiden MRE from Inferred to Indicated
Classification.
Drillhole spacing at San Antonio is on a nominal 40 m spacing along strike and between
40-80 m spacing up/down dip of the
mineralised diorite unit. Historic drilling includes underground
channel and sludge drilling, providing high-density drill spacing
down to 20 m in some areas. Drill
spacing has the highest density around the old underground
workings. Samples used during the MRE update were obtained using
both RC and DD and were analysed using ICP (33 element) and
fire-assay for gold.
The San Antonio
deposit is characterised by narrow mineralisation along an NNE-SSW
trending shear through the host rocks, which are a shallowly
west-dipping sedimentary and volcanic sequence. An updated
litho-structural model was informed by surface mapping (campaigns
completed in 2018 and 2022), underground mapping (2018 and 2019),
drillhole logging and assay data (2018 and 2022), and an RC chip
relogging campaign (2022).
The reporting of an Indicated Resource at
San Antonio is a significant
outcome, primarily driven by infill drilling completed since the
previous MRE and detailed surface mapping work culminating in a
high- confidence interpretation of the mineralisation. Existing
underground workings at San
Antonio also assisted in validating mineralisation
interpretations.
The San Antonio Indicated Resource totals 3 Mt
grading 0.71% CuEq and the Inferred Resource totals 2 Mt grading
0.41% CuEq. The previous 2022 MRE for San
Antonio was an Inferred 4 Mt grading 1.15% CuEq.
Table 6 and Figure 8 below outline the updated
San Antonio MRE.
|
1 Mineral
Resources are reported on a 100% Basis. All figures are rounded,
reported to appropriate significant figures and reported in
accordance with the Joint Ore Reserves Committee Code (2012) and NI
43-101. Mineral resource estimation practices are in accordance
with CIM Estimation of Mineral Resource and Mineral Reserve Best
Practice Guidelines (November 29, 2019) and CIM Environmental,
Social and Governance Guidelines for Mineral Resources and Mineral
Reserve Estimation (September 8, 2023) and reported in accordance
CIM Definition Standards for Mineral Resources and Mineral Reserves
(May 10, 2014) that are incorporated by reference into NI
43-101.
|
|
2 The San
Antonio deposit is controlled through Frontera (100% owned by
Sociedad Minera El Corazón Limitada, which is a 100% subsidiary of
Hot Chili Limited) and Frontera has an Option Agreement to earn a
100% interest.
|
|
3 The
Mineral Resource Estimates in the tables above form coherent bodies
of mineralisation that are considered amenable to a
combination of open pit and underground extraction methods based on
the following parameters: Base Case Metal Prices: Copper US$
3.00/lb, Gold US$ 1,700/oz, Molybdenum US$ 14/lb, and Silver
US$20/oz.
|
|
4 All
Mineral Resource Estimates were assessed for Reasonable Prospects
of Eventual Economic Extraction (RPEEE) using both Open Pit and
Block Cave Extraction mining methods at Cortadera and Open Pit
mining methods at Productora, Alice and San Antonio.
|
|
5
Metallurgical recovery averages for each deposit consider Indicated
+ Inferred material and are weighted to combine sulphide
flotation and oxide leaching performance. Process
recoveries:
|
|
|
San Antonio -
Weighted recoveries of 85% Cu, 66% Au, 80% Mo and 63% Ag. CuEq(%) =
Cu(%) + 0.64 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0072 x
Ag(g/t).
|
|
6
Resource Copper Equivalent (CuEq) grades are calculated based on
the formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) +
(Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per
g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) /
(Cu price 1% per tonne × Cu recovery). The base case cut-off grade
for Mineral Resources considered amenable to open pit extraction
methods at the Cortadera, Productora, Alice and San Antonio
deposits is 0.20% CuEq while the cut-off grade for Mineral
Resources considered amenable to underground extraction methods at
the Cortadera deposit is 0.27% CuEq.
|
|
7 Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. These Mineral Resource estimates include
Inferred Mineral Resources that are considered too speculative
geologically to have economic considerations applied to them that
would enable them to be categorised as Mineral Reserves. It is
reasonably expected that the majority of Inferred mineral resources
could be upgraded to Measured or Indicated Mineral Resources with
continued exploration.
|
|
8 The
effective date of the estimate of Mineral Resources is February
26th, 2024. Refer to JORC Code Table 1 information in this
announcement related to the Costa Fuego Resource Estimate (MRE) by
Competent Person Elizabeth Haren, who is also a qualified person
(within the meaning of NI 43-101) constituting the MREs of
Cortadera, Productora, Alice and San Antonio (which combine to form
Costa Fuego). Hot Chili confirms it is not aware of any new
information or data that materially affects the information
included in the Resource Announcement and all material assumptions
and technical parameters stated for the Mineral Resource Estimates
in the Resource Announcement continue to apply and have not
materially changed.
|
|
9 Hot
Chili Limited is not aware of political, environmental or other
risks that could materially affect the potential development of the
Mineral Resources
|
*Refer to Table 6 for CuEq
calculation
This announcement is authorised by the Board
of Directors for release to ASX and TSXV.
Hot Chili's Managing Director and Chief
Executive Officer Mr Christian
Easterday is responsible for this announcement and has
provided sign-off for release to the ASX and TSXV.
For more information please contact:
|
Christian Easterday
Managing Director – Hot
Chili
|
Tel:
+61 8 9315 9009
Email:
admin@hotchili.net.au
|
|
Penelope Beattie
Company Secretary – Hot
Chili
|
Tel:
+61 8 9315 9009
Email:
admin@hotchili.net.au
|
|
Harbor Access
Investor & Public
Relations
|
Email:
graham.farrell@harbor-access.com
Email:
jonathan.paterson@harbor-access.com
|
or visit Hot Chili's website at
www.hotchili.net.au
Qualifying Statements
Qualified Persons – NI
43-101
The information pertaining to the Mineral
Resource Estimates included in this news release has been reviewed
and approved by Ms. Elizabeth Haren
(MAUSIMM (CP) & MAIG) of Haren Consulting Pty Ltd. All other
scientific and technical information in this news release, has been
reviewed and approved by Mr Christian
Easterday, MAIG, Hot Chili's Managing Director and Chief
Executive Officer. Each of Ms. Haren and Mr. Easterday are a
qualified person within the meaning of NI 43-101.
A technical report prepared in accordance with NI
43-101 containing the full details with respect to the updated
Mineral Resource Update Estimate will be filed with the applicable
Canadian securities regulators on SEDAR+ (www.sedarplus.ca.com)
within 45 days of February 26th,
2024. For further information on the Costa Fuego Project,
refer to the technical report titled "NI 43-101 Technical Report
Preliminary Economic Assessment", dated June
28, 2023, which is available for review under Hot Chili's
profile at www.sedarplus.ca.com.
Competent Persons – JORC
The information in this report that relates to
Mineral Resources for Cortadera, Productora (including Alice) and San
Antonio which constitute the combined Costa Fuego Project is
based on information compiled by Ms Elizabeth Haren, a Competent Person who is a
Member and Chartered Professional of The Australasian Institute of
Mining and Metallurgy and a Member of the Australian Institute of
Geoscientists. Ms Haren is a full-time employee of Haren Consulting
Pty Ltd and an independent consultant to Hot Chili. Ms Haren has
sufficient experience, which is relevant to the style of
mineralisation and types of deposits under consideration and to the
activities undertaken, to qualify as a Competent Person as defined
in the 2012 Edition of the 'Australasian Code of Reporting of
Exploration Results, Mineral Resources and Ore Reserves'. Ms Haren
consents to the inclusion in the report of the matters based on her
information in the form and context in which it appears.
Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Cautionary Note for U.S. Investors
Concerning Mineral Resources
NI 43-101 is a rule of the Canadian Securities
Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. Technical disclosure contained in this
news release has been prepared in accordance with NI 43-101 and the
Canadian Institute of Mining, Metallurgy and Petroleum
Classification System. These standards differ
from the requirements of the U.S. Securities and Exchange
Commission ("SEC") and resource information contained in this news
release may not be comparable to similar information disclosed by
domestic United States companies
subject to the SEC's reporting and disclosure requirements.
All amounts in this news release are in U.S.
dollars unless otherwise noted.
Forward Looking
Statements
This news release contains certain statements
that are "forward-looking information" within the meaning of
Canadian securities legislation and Australian securities
legislation (each, a "forward-looking statement"). All statements
other than statements of historical fact are forward-looking
statements. The use of any of the words "believe", "could",
"estimate", "expect", "may", "plan", "potential", "projections",
"should", "will", "would", variants of these words, and similar
expressions are intended to identify forward-looking statements.
The forward-looking statements within this news release are based
on information currently available and what management believes are
reasonable assumptions. Forward-looking statements speak only as of
the date of this news release. In addition, this news release may
contain forward-looking statements attributed to third-party
industry sources, the accuracy of which has not been verified by
the Company.
In this news release, forward-looking statements
relate to practices including (a) mineral resource estimation, (b)
preliminary mine design, and (c) the undertaking of studies
including the Preliminary Feasibility Study (PFS) , among other
things. (a) Mineral resource estimation includes the results of
completed, and potential impact of planned, programs of sampling,
including drilling and pulp resampling in this news release, to
convert inferred mineral resources to indicated, to extend mineral
resources and to identify new deposits, and the Company's ability
to convert mineral resources to mineral reserves. Assumptions and
methodology employed within mineral resource estimation that have a
material impact on the reported results include metal prices,
forecast and modelled metal recoveries, mining, processing, and
shipping methods and costs, and mineral resource estimation
practices. (b) Preliminary mine design refers to the models for
reasonable eventual economic extraction for the mineral resource
and in this news release includes Open Pit and Underground methods.
In addition to the assumptions made in the mineral resource,
material factors include geotechnical models, and historic or
current workings. (c). The undertaking of studies includes
consideration of the timing and outcomes of regulatory processes
required to obtain permits for the development and operation of the
Costa Fuego Project and/or future planned economic studies, whether
or not the Company will make a development decision and the timing
thereof, the ability of the Company to complete the PFS on the
timeline indicated or at all, and the involvement of contributing
third parties such as consultants and subject matter experts.
The forward-looking statements within this news
release are based on information currently available and what
management believes are reasonable assumptions. Forward-looking
statements speak only as of the date of this news release. In
addition, this news release may contain forward-looking statements
attributed to third-party industry sources, the accuracy of which
has not been verified by the Company.
Forward-looking statements involve known and
unknown risks, uncertainties, and other factors, which may cause
the actual results, performance, or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. A number of factors could cause actual results to
differ materially from a conclusion, forecast or projection
contained in the forward-looking statements in this news release,
including, but not limited to, the following material factors:
operational risks; risks related to the cost estimates of
exploration; sovereign risks associated with the Company's
operations in Chile; changes in
estimates of mineral resources of properties where the Company
holds interests; recruiting qualified personnel and retaining key
personnel; future financial needs and availability of adequate
financing; fluctuations in mineral prices; market volatility;
exchange rate fluctuations; ability to exploit successful
discoveries; the production at or performance of properties where
the Company holds interests; ability to retain title to mining
concessions; environmental risks; financial failure or default of
joint venture partners, contractors or service providers;
competition risks; economic and market conditions; and other risks
and uncertainties described elsewhere in this news release and
elsewhere in the Company's public disclosure record.
Although the forward-looking statements contained
in this news release are based upon assumptions which the Company
believes to be reasonable, the Company cannot assure investors that
actual results will be consistent with these forward- looking
statements. With respect to forward-looking statements contained in
this news release, the Company has made assumptions regarding:
future commodity prices and demand; availability of skilled labour;
timing and amount of capital expenditures; future currency exchange
and interest rates; the impact of increasing competition; general
conditions in economic and financial markets; availability of
drilling and related equipment; effects of regulation by
governmental agencies; future tax rates; future operating costs;
availability of future sources of funding; ability to obtain
financing; and assumptions underlying estimates related to adjusted
funds from operations. The Company's actual results, performance or
achievement could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do so, what benefits the Company will derive therefrom.
For additional information with respect to these
and other factors and assumptions underlying the forward-looking
statements made herein, please refer to the public disclosure
record of the Company, including the Company's most recent Annual
Report, which is available on SEDAR+ (www.sedarplus.ca) under the
Company's issuer profile. New factors emerge from time to time, and
it is not possible for management to predict all those factors or
to assess in advance the impact of each such factor on the
Company's business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking
statement.
The forward-looking statements contained in this
news release are expressly qualified by the foregoing cautionary
statements and are made as of the date of this news release. Except
as may be required by applicable securities laws, the Company does
not undertake any obligation to publicly update or revise any
forward-looking statement to reflect events or circumstances after
the date of this news release or to reflect the occurrence of
unanticipated events, whether as a result of new information,
future events or results, or otherwise.
Mineral Resource
Statement
Costa Fuego Combined Mineral Resource (Effective Date
26th February 2024)
|
1 Mineral
Resources are reported on a 100% Basis - combining Mineral Resource
estimates for the Cortadera, Productora, Alice and San Antonio
deposits composing the Costa Fuego project. All figures are
rounded, reported to appropriate significant figures and reported
in accordance with the Joint Ore Reserves Committee Code (2012) and
NI 43- 101.). Mineral resource estimation practices are in
accordance with CIM Estimation of Mineral Resource and Mineral
Reserve Best Practice Guidelines (November 29, 2019) and CIM
Environmental, Social and Governance Guidelines for Mineral
Resources and Mineral Reserve Estimation (September 8, 2023) and
reported in accordance CIM Definition Standards for Mineral
Resources and Mineral Reserves (May 10, 2014) that are incorporated
by reference into NI 43-101.
|
|
2
The Productora deposit is 100% owned by Chilean incorporated
company Sociedad Minera El Aguila SpA (SMEA). SMEA is a joint
venture (JV) company – 80% owned by Sociedad Minera El Corazón
Limitada (a 100% subsidiary of Hot Chili Limited), and 20% owned by
Compañía Minera del Pacífico S.A (CMP).
|
|
3
The Cortadera deposit is controlled by a Chilean incorporated
company Sociedad Minera La Frontera SpA (Frontera). Frontera is a
subsidiary company – 100% owned by Sociedad Minera El Corazón
Limitada, which is a 100% subsidiary of Hot Chili
Limited.
|
|
4 The San
Antonio deposit is controlled through Frontera (100% owned by
Sociedad Minera El Corazón Limitada, which is a 100% subsidiary of
Hot Chili Limited) and Frontera has an Option Agreement to earn a
100% interest.
|
|
5 The
Mineral Resource Estimates in the tables above form coherent bodies
of mineralisation that are considered amenable to a
combination of open pit and underground extraction methods based on
the following parameters: Base Case Metal Prices: Copper US$
3.00/lb, Gold US$ 1,700/oz, Molybdenum US$ 14/lb, and Silver
US$20/oz.
|
|
6 All
Mineral Resource Estimates were assessed for Reasonable Prospects
of Eventual Economic Extraction (RPEEE) using both Open Pit and
Block Cave Extraction mining methods at Cortadera and Open Pit
mining methods at Productora, Alice and San Antonio.
|
|
7
Metallurgical recovery averages for each deposit consider Indicated
+ Inferred material and are weighted to combine sulphide
flotation and oxide leaching performance. Process
recoveries:
|
|
Cortadera – Weighted
recoveries of 82% Cu, 55% Au, 81% Mo and 36% Ag. CuEq(%) = Cu(%) +
0.55 x Au(g/t) + 0.00046 x Mo(ppm) + 0.0043 x
Ag(g/t)
|
|
San Antonio -
Weighted recoveries of 85% Cu, 66% Au, 80% Mo and 63% Ag. CuEq(%) =
Cu(%) + 0.64 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0072 x
Ag(g/t)
|
|
Alice - Weighted
recoveries of 81% Cu, 47% Au, 52% Mo and 37% Ag. CuEq(%) = Cu(%) +
0.48 x Au(g/t) + 0.00030 x Mo(ppm) + 0.0044 x
Ag(g/t)
|
|
Productora –
Weighted recoveries of 84% Cu, 47% Au, 48% Mo and 18% Ag. CuEq(%) =
Cu(%) + 0.46 x Au(g/t) + 0.00026 x Mo(ppm) + 0.0021 x Ag(g/t) Costa
Fuego – Recoveries of 83% Cu, 53% Au, 71% Mo and 26% Ag. CuEq(%) =
Cu(%) + 0.53 x Au(g/t) + 0.00040 x Mo(ppm) + 0.0030 x
Ag(g/t)
|
|
8
Resource Copper Equivalent (CuEq) grades are calculated based on
the formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) +
(Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per
g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) /
(Cu price 1% per tonne × Cu recovery). The base case cut-off grade
for Mineral Resources considered amenable to open pit extraction
methods at the Cortadera, Productora, Alice and San Antonio
deposits is 0.20% CuEq while the cut-off grade for Mineral
Resources considered amenable to underground extraction methods at
the Cortadera deposit is 0.27% CuEq.
|
|
9 Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. These Mineral Resource estimates include
Inferred Mineral Resources that are considered too speculative
geologically to have economic considerations applied to them that
would enable them to be categorised as Mineral Reserves. It is
reasonably expected that the majority of Inferred Mineral Resources
could be upgraded to Measured or Indicated Mineral Resources with
continued exploration.
|
|
10 The
effective date of the estimate of Mineral Resources is February
26th, 2024. Refer to JORC Code Table 1 information in this
announcement related to the Costa Fuego Resource Estimate (MRE) by
Competent Person Elizabeth Haren, who is also a qualified person
(within the meaning of NI 43-101), constituting the MREs of
Cortadera, Productora, Alice and San Antonio (which combine to form
Costa Fuego). Hot Chili confirms it is not aware of any new
information or data that materially affects the information
included in the Resource Announcement and all material assumptions
and technical parameters stated for the Mineral Resource Estimates
in the Resource Announcement continue to apply and have not
materially changed.
|
|
11 Hot
Chili Limited is not aware of political, environmental or other
risks that could materially affect the potential development of the
Mineral Resources.
|
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SOURCE Hot Chili Limited
Copyright 2024 Canada NewsWire
Hot Chili (TSXV:HCH)
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부터 12월(12) 2024 으로 1월(1) 2025
Hot Chili (TSXV:HCH)
과거 데이터 주식 차트
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