'It is pleasing to see further growth in Cortadera's open pit potential with these new drill results and we look forward to announcing further results soon. 'A resource upgrade this quarter and a combined pre-feasibility study in the third quarter will position Costa Fuego as a production front-runner in the senior copper development space this year. 'In addition, we have kicked off our next phase of growth, with first drilling well underway across the first of several large exploration targets we will be testing this year, all capable of materially lifting the scale and economics of Costa Fuego even further.'
New Drill Results Expand Shallow Resource Potential at Cortadera
Drilling in late 2021, focussed on expanding any remaining open flanks on each of Cortadera's three porphyries and completing required in-fill drill holes for upgrading resource classification. Initial results analysed from shallow Reverse Circulation (RC) drilling across Cuerpo 1 and Cuerpo 2 has confirmed wide intersections of copper-gold mineralisation from surface across both porphyries. Cuerpo 2 has recorded some of the highest grade copper results at Cortadera and the recent campaign to delineate the shallow mineralisation has proven successful. Expansion of the +0.4% CuEq mineralisation from surface was bolstered by several drillholes, particularly to the south and east of Cuerpo 2. So far, up to five drillholes have recorded significant intercepts of +0.3% CuEq mineralisation at a maximum of 36 m downhole with the majority from less than 10 m downhole. This material is predominately within the oxidised weathering zone and suggests that an expansion of the +0.4% Cu material laterally and vertically is likely at Cuerpo 2. In addition, several wide intersections of mineralisation were recorded across Cuerpo 1, further expanding the +0.3 CuEq* mineralisation extent.
2022 Drilling Campaign Underway
News Flow and Key Catalysts in 2022
The Company expects to provide further news flow over the coming weeks, including:
Further Cortadera drilling results being received, reviewed and compiled from 2021 resourcedrilling.
Development study updates related to advances in mining optimisations and metallurgical workstreams for the Costa Fuego combined Pre-feasibility study,
Corporate updates, and Exploration drilling updates as results are received Key Catalysts expected this year include:
1. Global Mineral Resource upgrade for Costa Fuego expected in Q1
2. Off-take agreement with Glencore (60% of first 8 years of production) expected in Q1
3. Pre-feasibility study for Costa Fuego expected in Q3
This announcement is authorised by the Board of Directors for release to ASX.
Contact:
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Email: christian@hotchili.net.au
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Email: Penelope@hotchili.net.au
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Investor & Public Relations
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