Hot Chili (ASX: HCH) engages in the identification, acquisition, exploration, evaluation, and development of mineral deposits. It holds interest in the Productora Copper, El Fuego Copper, and Cortadera Copper projects in Chile.
Hot Chili’s combined Costa Fuego project now ranks as one of the world’s largest low-altitude, clean concentrate (no arsenic), copper-gold Mineral Resources not controlled by a major mining company.
HCH shares have been fairly bullish in the past few weeks. Hot Chilli shares have returned over 32% in the past month as the company has announced a few key announcements.
It looks like the reason the HCH share price is trading low today is purely due to the volatility. HCH shares have been on a bullish trend, surging over 30%. This may have been a result of a few investors and traders booking profits.
Looking beyond today, there is good reason for positivity for the HCH share price. Recently, Hot Chilli announced that recent drill results from its Cortadera copper-gold discovery in Chile continue to demonstrate strong resource growth. Hot Chili’s Resource Development Manager Kirsty Sheerin also made a comment. She said the expansion of the main porphyry was very pleasing ahead of the Company’s plans to up-grade the maiden 451 Mt Cortadera resource.
Continued strong results have been reported from extensional resource drilling across the North Flank. CRP0134D returned an extensive intersection of 610m grading 0.5% CuEq, 0.1g/t gold from 216m depth down-hole, including 138m grading 0.8% CuEq from 634m depth.
This recent drilling has demonstrated strong continuity of high grade mineralisation and extended the North Flank by approximately 170m. A follow-up hole (CRP0155D) is currently underway to extend the North Flank by a further 80m. This will once again come with a potential for further upside for the HCH share price.