Hot Chili (HCH) has confirmed a large copper porphyry system 5 kilometers south of its Cortadera discovery in Chile.
The new system was determined through soil sampling and mapping procedures, and it was more than 4 kilometers in length and 2 kilometers in width.
It is located in the land of Santiago Z and contains a large historical X-ray fluorescence (XRF) soil molybdenum anomaly that is twice the size of the Cortadera anomaly.
Soil sampling of the new porphyry system confirmed stronger molybdenum results than first discovered in earlier work.
The sampling also identified gold, copper, and silver mineralization, which provided confidence in the existence of potentially large systems deep down.
In addition, the survey also outlines several areas where copper-bearing hydrothermal breccias are exposed.
Hot Chili will now perform additional mapping of hydrothermal breccias that intrude into the volcanic sedimentary sequence.
The company also plans to carry out a soil geochemistry and detailed mapping program to advance the first drilling program planned for later this year.
As drilling progresses and results are received, updates will continue.
Hot Chili rose 9.09% in the market, and the stock price of AEST was 4.8 cents at 11:24 am.