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Hot Chili Limited reports on copper-gold exploration and development activity centered on its Costa Fuego project in Chile's coastal Atacama region. Recurring updates focus on the La Verde copper-gold porphyry discovery, including diamond and reverse-circulation drilling, assay results, mineralised zone extensions, and the relationship of La Verde to the planned Costa Fuego processing hub.
Company news also includes quarterly reports, capital-raising activity, feasibility and environmental study references, and commodity-market context for copper and gold. Technical disclosures in the company's releases commonly reference copper-equivalent grades, JORC Code reporting, and National Instrument 43-101 standards for mineral-project disclosure.
Hot Chili and Compania Minera del Pacifico (CMP) have launched Huasco Water, a new entity to address water scarcity in Chile's Atacama region. Hot Chili holds an 80% interest in Huasco Water, while CMP holds 20%. The new company will develop a seawater and desalinated water supply network for mining, agriculture, and community use. The transfer of critical water assets from Sociedad Minera El Águila SpA to Huasco Water has started. Hot Chili's Costa Fuego project and CMP's Los Colorados mine are potential large consumers of this water. Additionally, discussions with other potential off-takers are ongoing. The establishment of Huasco Water aligns with industry trends in water infrastructure outsourcing, as evidenced by Antofogasta Minerals' recent $600 million water asset sale. This move secures water supply for future developments and preserves continental water sources.
Hot Chili (ASX: HCH; TSXV: HCH; OTCQX: HHLKF) held its General Meeting on July 4, 2024, in Perth, Australia. All resolutions proposed were passed. Key resolutions included the ratification of placement shares under Listing Rules 7.1 and 7.1A, approval for issuing broker options to agents, approval for issuing underwriter options to Veritas, and re-approval of the Employee Incentive Plan. The vote percentages were mainly in favor, with 92.65% for resolutions 1 and 2, over 94% for resolutions 3 and 4, and 89.44% for resolution 5. Abstentions were noted but did not affect the outcomes.
The results indicate strong shareholder support for the company's strategies, including its equity and incentive plans. Detailed voting results are available in the official release.
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.
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