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Hot Chili (HHLKF) announced its financial report for the quarter ending March 31, 2024, showing significant advancements in various areas.
The company reported a substantial increase in its Costa Fuego Indicated Copper-Gold Resource, reaching approximately 798 Mt. Moreover, the Mineral Resource reflected a 6% rise in copper-equivalent (CuEq) contained metal in the Indicated Resource and a 9% increase in CuEq contained metal in the higher-grade section of the Indicated Resource.
Additionally, Hot Chili has made progress in its water study, preparing to establish a new water company, and enhanced regional consolidation for Costa Fuego. The company is also working on exploration activities, with deep penetrating geophysical surveys and drilling initiatives.
Despite these positive developments, the company's cash position stood at A$9.5 million. The press release was authorized by the Managing Director for release to the TSXV.
Hot Chili announced the acquisition of the Domeyko cluster, a large addition to its Costa Fuego Copper-Gold Project in Chile, boosting its exploration pipeline. The company secured an option for 141 km2 of land, representing a 25% increase in total landholding area. This new landholding strengthens the potential for discovering new mineral resources. The Technical Report confirms Costa Fuego as a low-risk, long-life copper project with high metal production. Hot Chili is progressing towards the delivery of the Pre-Feasibility Study in 2H 2024, aiming to contribute significant new copper supply this decade.