Hot Chili has reported a significant copper-gold discovery at its La Verde prospect in Chile, with a drill hole returning 391.1 metres grading 0.51 per cent copper equivalent from surface. The intersection includes 0.42 per cent copper and 0.11 grams per tonne gold, with higher-grade zones such as 17.8 metres at 0.68 per cent copper equivalent from surface.
The company said the result confirms the continuity of broad mineralisation and supports the view that La Verde could serve as a high-grade starter pit for its larger Costa Fuego copper-gold project. The hole was designed to test continuity from a previous 725-metre interval grading 0.42 per cent copper equivalent.
Additional assays from two other holes expanded near-surface bulk-tonnage mineralisation. One hole drilled 125 metres to the west extended the high-grade core with 96.4 metres grading 0.40 per cent copper equivalent from 11.6 metres depth.
La Verde is located 30 kilometres south of the Costa Fuego project, which had a 2025 pre-feasibility study outlining a 20-year operation with a post-tax net present value of US$1.2 billion and an internal rate of return of 19 per cent. The current copper price of US$6.50 per pound is nearly 50 per cent higher than the study's assumption of US$4.30 per pound.
Hot Chili also holds the Huasco water project with an active maritime licence to supply seawater, providing a strategic advantage. The company is running three drill rigs at La Verde and awaiting assays for 22 holes, including six diamond and 16 reverse circulation holes. A second ISO-accredited laboratory has been engaged to speed up turnaround times.
The company expects to deliver a maiden mineral resource for La Verde ahead of a revised prefeasibility study for Costa Fuego in late 2026.
