Hot Chili Limited Reveals Copper-Gold Resources Estimated for 2024
Hot Chili Limited Updates Mineral Resources for Costa Fuego
Hot Chili Limited (NASDAQ: HCH) is excited to announce the release of its annual Mineral Resources and Ore Reserves (MRE) statement for the Costa Fuego Project. This report provides an overview of the significant resources located within the Cortadera, Productora, Alice, and San Antonio deposits, noting impressive updates to their Mineral Resource Estimates.
Costa Fuego Project Overview
The Costa Fuego Project, situated at a low altitude between 800m to 1000m, has undergone substantial drilling efforts over the past two years, amounting to 24.5 km. This drilling focused on resource expansion, development, metallurgical testing, and geotechnical assessments to push the project closer to a Preliminary Feasibility Study (PFS) and a maiden Ore Reserve, anticipated by the end of the year.
Mineral Resource Estimates
The updated estimates reflect a robust Indicated Mineral Resource totaling 2.9 million tonnes of copper, 2.6 million ounces of gold, along with 12.8 million ounces of silver and 68 thousand tonnes of molybdenum. Furthermore, Inferred Resources are listed at 0.5 million tonnes of copper and 0.4 million ounces of gold. Notably, there are no reported Ore Reserves for the Costa Fuego Project at this time.
Key Highlights from the Resource Estimates
- There has been a remarkable 6% increase in copper equivalent contained metal for the combined Indicated resource.
- Over 85% of Costa Fuego's MRE is now classified as Indicated, showing improved confidence in the resource base.
- The updated MRE lays a strong foundation for the upcoming PFS.
Drilling Activity and Resource Classification
Recent drilling efforts, which included a blend of development, drilling, and exploration, have helped classify a significant proportion of the previous Inferred resource into the Indicated category. The integrated approach has ensured a more accurate and reliable representation of resource distribution across the project.
Copper-Gold Price Impacts
The company has recently revised its long-term assumptions regarding metal prices, modifying the copper price for estimation to US$3.00/lb for the forthcoming years. These changes reflect current market trends and are expected to influence future project economics positively.
Final Considerations
Hot Chili Limited remains focused on advancing the Costa Fuego Project through meticulous drilling and precise resource estimation. With this updated report, the company aims to enhance its attractiveness to potential investors and stakeholders while reaffirming its commitment to sustainable development and responsible mining practices.
Frequently Asked Questions
1. What resources does Hot Chili Limited report for Costa Fuego?
Hot Chili Limited reports a total of 2.9 million tonnes of copper, along with gold, silver, and molybdenum resources.
2. What drill length was completed in the past two years?
A total of 24.5 km of drilling has been completed in developing the Costa Fuego Project.
3. Are Ore Reserves reported for Costa Fuego?
No Ore Reserves are currently reported for the Costa Fuego Project.
4. How much of Costa Fuego's MRE is classified as Indicated?
Over 85% of the MRE is now classified as Indicated.
5. What are the current copper price assumptions for the project?
The current copper price assumption used for resource estimation is set at US$3.00/lb.
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