The Geometry of Deposit Exploration and Resource Expansion
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
MEGWA Monthly Technical Talk – Perth WA
The Geometry of the Cortadera Cu-Au Porphyry
Deposit in Northern Chile: Implications for
Exploration and Resource Expansion
Dr. Steve Garwin, Chief Technical Advisor
for Hot Chili Limited
sgar@iinet.net.au
ASX : HCH
OTCQB: HHLKF
16 June 2021
Disclaimer
This Presentation is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the
material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company
hereby excludes all warranties that can be excluded by law. The Presentation contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown
risks and uncertainties, and may differ materially from results ultimately achieved.
The Presentation contains “forward-looking statements”. All statements other than those of historical facts included in the Presentation are forward-looking statements including estimates of resources.
However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such
forward-looking statements. Such risks include, but are not limited to, copper and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade ore recovery
rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release
publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Presentation, or to reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and
evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently
communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person.
Hot Chili Presentation 2
Cortadera / Productora Combined Resource:
742MT at 0.48% CuEq for 2.9 Mt Cu and 2.7 Moz Au
Favorable Infrastructure, low-altitude and 50km from a port
Cortadera ~ 91Ma *
* U-Pb SHRIMP dates from ANU (Armstrong, 2020) Cortadera Presentation 3
Cortadera Porphyry Cluster, Northern Chile
looking southeast
Cuerpo 3
Cuerpo 2
Cuerpo 1
Cortadera Presentation 4
Sheeted quartz veinlets with goethite in outcrop
Cortadera Presentation 5
Cortadera Cu-Au Porphyry, Northern Chile:
Quartz vein stockworks with chalcopyrite and pyrite
CRP0011D
Assay results 780-782m: 0.95% Cu, 0.6g/t Au, 1.6g/t Ag and 41 ppm Mo.
781.5m
Cortadera Presentation 6
Leading Global Copper-Gold Discovery
Seven of the World’s Best Cu-Au Drill Results Recorded Since Jan 2018
CRP0020D incl. 412m @ 0.7% Cu and 0.3 g/t Au
Cortadera Hot Chili Limited Chile CRP0061D 54 867 813 0.4 0.1
Source- Regulus Resources (TSXV.
REG) November 2019 Corporate
Presentation (slide 10) as per SNL
financial, SNL search criteria include:
>450 m interval, primarily copper
interval & reported after Jan 1, 2018.
Only longest reported interval
considered. Results ordered by down-
hole width of drill intersection and
addition of CRP0020D result.
CRP0088D 410m @ 0.5% Cu and 0.2 g/t Au (open) from 440-850m, incl. 144m @ 0.8% Cu and 0.3 g/t Au (open)
Refer to ASX Announcement “Hot Chili Reports 144m at 1.0% CuEq and Discovers New Shallow Porphyry Zone at Cortadera” (16th June 2021) Cortadera Presentation 7
Cuerpo 3 / Cortadera – Porphyry Cu-Au Centre
Average Grade Ranges 0.7% - 0.9% Copper & 0.3 – 0.4g/t Gold
Large Underground
development option
adds to Open Pit
potential
Favourable grade range to
reserve grade of other large
underground copper mines -
Cadia East (Newcrest)
Australia
0.3% Cu & 0.47g/t Au
Candelaria (Lundin Mining)
Chile
0.85% Cu
Refer to ASX Announcements “Hot Chili Delivers One of the Best Global Drill Results of 2019 ” (4th Dec 2019)
Cortadera Presentation 8
Cortadera 4D Model: Geometry and Time
Inputs Outputs
All drilling and surface data: Chronological geological model
Lithology (downhole and surface mapping) Vein abundance model
Quartz vein abundance from logging
Mineralogy/ sulphides: cpy-py ratio from Cu, Au, Ag, Mo, Zn, Au/Cu and Cu/Zn
logging isosurfaces
Geochemistry- surface and downhole from Cpy-py ratio isosurfaces
assay data
Magnetic susceptibility model
Geophysics (IP-Res, MT & MIMDAS)
Chlorite/white-mica model
Surface topography
Time: Porphyry chronology from vein Drill Targets and Resource
paragenesis and abundance Expansion / Definition
Cortadera Presentation 9
Plan View of Cortadera Geology Model
Lithology Model
5 Skarn / hornfels - proximal
Late Porphyry 6 Skarn / hornfels - distal
Dyke 10 Early-mineral Porphyry
20 Intra-mineral Porphyry
Cuerpo 4 30 Late-mineral Porphyry
Cuerpo 2
Cuerpo 1
Skarn
Intra mineral
porphyry
Cuerpo 3
Early mineral
500m porphyry
N
Cortadera Presentation 10Copper and Gold Drill Results / 0.1% and 0.4% Cu Shells
> 0.1% Cu
> 0.4% Cu
Refer to ASX Announcements “Hot Chili Delivers its Seventh World-Class Drill Result from Cortadera” (18th March 2021)
Cortadera Presentation 11Oblique long section of copper mineralisation model
Cortadera Porphyry Discovery Cuerpo 3
Cuerpo 2
Cuerpo 1 1000RL
Copper Model
(+0.1% Cu)
500RL
1.2km High Grade Core
(+0.4% Cu)
No Drilling- Potential
for a second high
grade core in Cuerpo 2
Potential for Cuerpo 0RL
2 & 3 to join at depth
No Drilling- Potential
for high grade core to
Looking Northeast grow significantly
2.3km
Cortadera Presentation 12Cortadera Key Datasets - Growth Potential
Molybdenum Model (Plan View) A- & B-type Quartz Vein Abundance Model
Growth Potential in N-S dyke corridors and IP Chargeability (Plan View)
Cortadera
Late N-S
porphyry North Target
dykes
Cuerpo 4 Cuerpo 3
Cuerpo 3 North Target
North Target
Cuerpo 1
+5ppm Mo +3% vein
abundance
Cuerpo 2
+20ppm Mo +5% vein
abundance
+40ppm Mo
Cuerpo 3 1,500m
1,500m
IP 200m Depth Slice
Cortadera Presentation 13Cortadera wall-rock
Hornfels / Skarn
(volcanics / siltstone)
Cortadera Presentation 14Cortadera intrusions
Tonalite porphyry
Cortadera Presentation 15Cortadera, Northern Chile
Unidirectional solidification textures (UST): quartz-
magnetite-chalcopyrite
This texture is inferred to indicate that the magma became saturated with the ore components during crystallization,
before complete solidification.
Cu Au Mo
Left – Six parallel asymmetric undulatory vein surfaces composed of quartz crystals,
chalcopyrite, pyrite, magnetite in varying proportions – FJOD-01 @ 61m (24 cm).
Right – Close-up view of 1.5 cm-long oriented quartz with chalcopyrite, pyrite and magnetite
between and on top of the crystals. Central crystal with rhythmic deposition of magnetite and
chalcopyrite is only possible if deposition is unimpeded into fluid medium FJOD-01 @ 51.75m
(6 cm).
Cortadera Presentation 16Cortadera: Chalcopyrite-pyrite and quartz veins
hosted by tonalite
HQ drill-core
Cortadera Presentation 17Mineragraphy
Chalcopyrite-pyrite-anhydrite veinlet with electrum in sericite-chlorite-anhydrite-albite-orthoclase altered
biotite quartz diorite to tonalite porphyry (CRPD013D, 773m; 0.6% Cu, 0.4g/t Au, 1.7g/t Ag and 254ppm Mo)
electrum
pyrite
50 microns
Electrum contains 75% Au and 25% Ag
(from Muhling, 2020)
Cortadera Presentation 18Cortadera Vein Paragenesis
• Classified on vein morphology, composition and texture.
• Grouped by interpreted relative age
Early - Hotter
UST Unidirectional solidification textures – quartz-magnetite-(chalcopyrite)
M Magnetite veinlets
EDM Early dark micaceous veins
Main mineralisation stages
A Irregular/discontinuous early quartz veins
(bearing minor chalcopyrite-pyrite ± magnetite)
B Through-going / planar quartz-(chalcopyrite-pyrite-molybdenite) veins
ChQ Quartz-chlorite-(pyrite) veins
C Chalcopyrite-(pyrite) veins
D Pyrite veins with sericite, quartz-carbonate or chloritic halos
Anh Anhydrite veins (locally associated with C- and D-veins)
Late - Cooler
Cortadera Presentation 19Cortadera Geological Units and Intrusive Phases
Early
Host Pre-mineral Volcanics and Sediments Low grade
Rocks Distal and Proximal and skarn/ hornfels adjacent to 10- and 20-series intrusions Variable Grade
Causal Early-mineralisation tonalite porphyry intrusion High grade
Intrusion 10 series (typically > 5% A- and B-type quartz veins) 0.2 – 1.1% Cu
Contributing Intra-mineralisation tonalite porphyry intrusions Moderate Grade
Intrusion 20 series (about 1 - 5% A- and B-type quartz veins) 0.1 -0.7% Cu
Late-mineralisation tonalite dykes Low grade to barren
Late- to Post-
30 series (< 1% A- and B-type quartz veins) ≤ 0.1 – 0.2% Cu
Mineralisation Post-mineralisation andesitic dykes ‘Barren’ (< 0.05% Cu)
Intrusions
40 series (no A- and B-type quartz veins)
Late
Cortadera Presentation 20Cortadera Geological Model: Grade Distribution by Rock Unit
Cortadera Presentation 21Plan View of Cortadera Geology Model
Lithology Model
5 Skarn / hornfels - proximal
Late Porphyry
6 Skarn / hornfels - distal
Dyke
10 Early-mineral Porphyry
C
Cuerpo 4 A’ 20 Intra-mineral Porphyry
30 Late-mineral Porphyry
Cuerpo 1
B’
Cuerpo 2
Skarn Intra mineral
porphyry A
B Cuerpo 3 C’
Early mineral
porphyry
N 500m
Cortadera Presentation 22Long Section C-C’ displaying Copper model
C / WNW Cuerpo 2 Cuerpo 3 C’ / ESE
Cuerpo 1
Copper Model
1.2km (+0.1% Cu)
750m @ 0.6% Cu, 0.2g/t Au
Including:
CRP0013D
High Grade Core
188m @ 0.9% Cu, 0.4g/t Au
Or including: (+0.4% Cu)
100m @ 1.0% Cu, 0.5g/t Au
2.5km
*Long section looking NNE, 100m wide slice displaying copper isosurfaces and drill traces displaying Cu% Cortadera Presentation 23Long section C-C’ displaying Cu isosurfaces
C / WNW Cuerpo 2 Cuerpo 3 C’ / ESE
Cuerpo 1
+0.5%
1.2km
+0.4%
+0.3%
750m @ 0.6% Cu, 0.2g/t Au
+0.2%
Including:
CRP0013D
188m @ 0.9% Cu, 0.4g/t Au +0.1%
Or including:
100m @ 1.0% Cu, 0.5g/t Au
2.5km
*Long section looking NNE, 100m wide slice displaying copper isosurfaces and drill traces displaying Cu% Cortadera Presentation 24Long Section C-C’ displaying Mo isosurfaces
C / WNW Cuerpo 2 Cuerpo 3 C’ / ESE
Cuerpo 1
+40ppm
+30ppm
+20ppm +50ppm
1.2km
2.5km
*Long section looking NNE, 100m wide slice displaying molybdenum isosurfaces and drill traces displaying Cu% Cortadera Presentation 25Long section C-C’ displaying quartz vein abundance
C / WNW Cuerpo 2 Cuerpo 3 C’ / ESE
Cuerpo 1
+2% +3% +5% +10%
1.2km
*Long section looking NNE, 100m wide slice displaying
quartz vein abundance and drill traces displaying Cu%
2.5km Cortadera Presentation 26Long section C-C’ showing calculated chalcopyrite-pyrite
ratio C’ / ESE
C / WNW Cuerpo 1 Cuerpo 2 Cuerpo 3
1 0.25
0.1
1
0.5 0.5
1.2km 0.5 0.25
1
0.1
0.5
0.25
0.1
2.5km
*Long section looking NNE, displaying calculated cpy-py ratio isosurfaces and drill traces displaying Cu% Cortadera Presentation 27Long section C-C’ displaying geology model
C / WNW C’ / ESE
Cuerpo 2 Cuerpo 3
Cuerpo 1
Volcanic rocks
Early mineral
porphyry
Late Porphyry Skarn
Sedimentary rocks Dyke (proximal)
Lithology Model
Skarn
5 Skarn / hornfels - proximal (distal)
6 Skarn / hornfels - distal
10 Early-mineral Porphyry Intra mineral
Early mineral
porphyry
20 Intra-mineral Porphyry porphyry
30 Late-mineral Porphyry
*Long section looking NNE, displaying geology model and drill traces displaying Cu% Cortadera Presentation 28Long section C-C’ displaying calculated mineralogy
alteration model
C / WNW C’ / ESE
Cuerpo 2 Cuerpo 3
Cuerpo 1
se-ch
bi
ch an
ab ab
se-ch
an
ab se-ch
an se se
se an
Alteration Model
Potassic (Biotite > 1)
bi ch
Propylitic (Chlorite > 3, Phengite < 10) se
se-ch
Intermediate argillic (Chlorite > 3, Phengite > 10)
Albite ( > 30)
bi
Anhydrite ( > 5)
Phyllic (Chlorite < 3, Phengite > 10)
*Long section looking NNE, displaying calculated alteration model and drill traces displaying Cu% Cortadera Presentation 29Plan View of Cortadera Geology Model
Lithology Model
5 Skarn / hornfels - proximal
Late Porphyry
6 Skarn / hornfels - distal
Dyke
10 Early-mineral Porphyry
C
Cuerpo 4 A’ 20 Intra-mineral Porphyry
30 Late-mineral Porphyry
Cuerpo 1
B’
Cuerpo 2
Skarn Intra mineral
porphyry A
B Cuerpo 3 C’
Early mineral
porphyry
N 500m
Cortadera Presentation 30Cuerpo 2 Cross Section A-A’ with Cu-Mo
isosurfaces
A A’ A A’
+0.7%
+40ppm
+0.5% +30ppm
+0.3% +50ppm +20ppm
1km 1km
+0.4%
+0.2%
+0.1%
Copper isosurfaces Molybdenum isosurfaces
*Cross section looking west, 200m wide slice displaying isosurfaces and drill traces displaying Cu% Cortadera Presentation 31Cuerpo 2 Cross Section A-A’ with quartz vein
abundance A’
A A’ A A’
Copper Model
(+0.1% Cu)
1km
High Grade Core
+5% (+0.4% Cu)
+3%
*Cross section looking
+2% west, 200m wide slice
*Cross section looking
displaying quartz vein
west, 200m wide slice
+10% abundance and drill
displaying copper
traces displaying Cu%
mineralisation model and
drill traces displaying Cu%
Quartz vein abundance Copper model
Cortadera Presentation 32
32Cuerpo 2 Cross Section A-A’ displaying geology model
A A’
Sedimentary rocks
Intra mineral
porphyry
Volcanic rocks
1km
Lithology Model
5 Skarn / hornfels - proximal
6 Skarn / hornfels - distal
10 Early-mineral Porphyry
20 Intra-mineral Porphyry
*Cross section looking west, 200m wide
slice displaying geology model and drill
Early mineral 30 Late-mineral Porphyry
traces displaying Cu%
porphyry
Geology Model Cortadera Presentation 33Cuerpo 2 Cross Section A-A’ displaying
calculated mineralogy
A A’ A A’
ab
ch se-ch
ab
an
Alteration Model ch 1
1.4km
Potassic (Biotite > 1)
Propylitic se
(Chlorite > 3, Phengite < 10) bi
Intermediate argillic 0.5
(Chlorite > 3, Phengite > 10)
Albite ( > 30)
0.25
ab 0.1
Anhydrite ( > 5)
Phyllic
(Chlorite < 3, Phengite > 10) ch
Alteration model Cpy-py ratio
Cortadera Presentation 34Plan View of Cortadera Geology Model
Lithology Model
5 Skarn / hornfels - proximal
Late Porphyry
6 Skarn / hornfels - distal
Dyke
C’ 10 Early-mineral Porphyry
Cuerpo 4 A’ 20 Intra-mineral Porphyry
30 Late-mineral Porphyry
Cuerpo 1 B’
Cuerpo 2
Skarn Intra mineral
porphyry
A
B Cuerpo 3
Early mineral
C
porphyry
500m
N
Cortadera Presentation 35Cuerpo 3 Cross Section B-B’ with Cu and Mo
isosurfaces
B B’
B B’
+0.7%
1.2km +0.5% 1.2km +40ppm
+50ppm
+30ppm
+20ppm
+0.4%
+0.3%
+0.2%
+0.1%
Copper isosurfaces Molybdenum isosurfaces
*Cross section looking northwest, 200m wide slice displaying isosurfaces and drill traces displaying Cu% Cortadera Presentation 36Cuerpo 3 Cross Section B-B’ with quartz vein
abundance
B B’ B B’
Copper Model
+2%
(+0.1% Cu)
1.2km +3% 1.2km High Grade Core
+5%
(+0.4% Cu)
+10%
*Oblique cross section
*Oblique cross section
looking northwest,
looking northwest, 200m
200m wide slice
wide slice displaying
displaying quartz vein
copper mineralisation
abundance and drill
model and drill traces
traces displaying Cu%
displaying Cu%
Quartz vein abundance Copper model
Cortadera Presentation 37Cuerpo 3 Cross Section B-B’ displaying
geology
B B’
Sedimentary rocks
Intra mineral
Volcanic rocks porphyry
1.4km
> 0.3% Cu Lithology Model
5 Skarn / hornfels - proximal
6 Skarn / hornfels - distal
10 Early-mineral Porphyry
20 Intra-mineral Porphyry
30 Late-mineral Porphyry
*Oblique cross section looking northwest, 200m
wide slice displaying geology model and drill
Early mineral
traces displaying Cu%
Geology Model porphyry
Cortadera Presentation 38Cuerpo 3 Cross Section B-B’ displaying calculated mineralogy
B B’ B B’
ch ch
ab
ab
Cp/Py > 0.5
an
an 1
Mo > 50ppm Mo > 50ppm
1.4km
0.5
se
Alteration Model
bi
Potassic (Biotite > 1)
se-ch Propylitic
(Chlorite > 3, Phengite < 10)
Intermediate argillic 0.25 0.1
ch
ab (Chlorite > 3, Phengite > 10)
Albite ( > 30)
ab
Anhydrite ( > 5)
Phyllic
ch (Chlorite < 3, Phengite > 10)
Alteration model Cpy-py ratio Cortadera Presentation
Cortadera Presentation 39Cuerpo 3 Cross Section B-B’ displaying calculated mineralogy
B B’ B B’
ch >6% py
ch
ab
ab
an 2-4% py
an 2
8
Mo > 50ppm Mo > 50ppm
1.4km 3-4% py
se >6% py 6
Alteration Model
Potassic (Biotite > 1)
se-ch Propylitic
(Chlorite > 3, Phengite < 10)
Intermediate argillic 4
ch
ab (Chlorite > 3, Phengite > 10)
Albite ( > 30)
2
ab
Anhydrite ( > 5)
Phyllic 1
ch (Chlorite < 3, Phengite > 10)
Alteration model Pyrite model Cortadera Presentation
Cortadera Presentation 40Cuerpo 3:
Porphyry quartz veins
Data represents the average
reading for structural measurements
taken over ~100-150m intervals
Primary Quartz Veins (1°) Secondary Quartz Veins (2°) No. of intervals: 85 (1°) + 35 (2°)
No. of drillholes: 18
NW NW
N N
NE NE
Cortadera Presentation 41Cuerpo 3 quartz vein geometry
N
NE SW NE
Copper Model
(+0.1% Cu) High Grade Core
(+0.4% Cu)
SW
Primary quartz vein
> 2% qtz veins
Primary Quartz Veins (1°) orientation (1°)
Secondary quartz
NW
N vein orientation (2°)
NE
*Oblique cross section looking northwest,
200m wide slice displaying dominant vein trends downhole
Cortadera Presentation 42Level-plan(650m RL) displaying copper model
Copper Model
(+0.1% Cu)
High Grade Core
(+0.4% Cu)
650m RL (+/-150m)
Copper model
Cortadera Presentation 43Level-plan(650m RL) with Cu isosurfaces
0.1%
+0.7%
0.4%
+0.5%
+0.1%
+0.2%
+0.3%
+0.4%
650m RL (+/-150m)
Copper isosurfaces
Cortadera Presentation 44Level-plan (650m RL) with Mo isosurfaces
B’
+40ppm
+50ppm
+30ppm
+20ppm
0.1%
0.4%
650m RL (+/-150m)
Molybdenum isosurfaces
Cortadera Presentation 45Level-plan(650m RL) with quartz vein abundance
B’
+2% +3%
+5%
0.1%
+10%
0.4%
650m RL (+/-150m)
Quartz vein abundance
Cortadera Presentation 46Level-plan (650m RL) displaying geology model
Intra mineral
porphyry
Sedimentary rocks
0.1%
Early mineral
0.4% porphyry
Lithology Model
5 Skarn / hornfels - proximal Volcanic rocks
6 Skarn / hornfels - distal
10 Early-mineral Porphyry
20 Intra-mineral Porphyry
30 Late-mineral Porphyry
650m RL (+/-150m)
Geology Model
Cortadera Presentation 47Level-plan: alteration model
Cortadera Presentation 48> 0.2% Cu outline,
surface projection
> 0.2% Cu-Eq. outline
For Alpala deposit
Alpala Bulk Resource
(+0.2% CuEq)
2.95Bt grading 0.52% CuEq
Alpala High Grade Zone
(+0.9% CuEq)
420Mt grading 1.47% CuEq
Refer to ASX Announcements “Hot Chili Delivers its Seventh World-Class Drill Result from Cortadera” (18th March 2021) Cortadera Presentation 49Discovery Context Scale/Grade/Depth
Cascabel (Ecuador) Long-section Cortadera (Chile) Long-section Vertical
Depth
0m
500m
0.9% CuEq
Very Limited drilling
1,000m
Alpala Bulk Resource
(+0.2% CuEq) CRP0013D
2.95Bt grading 0.52% CuEq High Grade Discovery Zone 1,500m
0.3% CuEq
Alpala High Grade Zone 188m @ 0.9% Cu, 0.4g/t Au
500m (+0.9% CuEq) Or including: 500m
420Mt grading 1.47% CuEq 100m @ 1.0% Cu, 0.5g/t Au
Similar strike extent of porphyry Cu-Au discovery windows
Similar combined grade for Cortadera and Cascabel high grade zone
Source: SolGold PacRim Presentation 5th April 2019. Refer to presentation for further detail on Cascabel CuEq grade Cortadera Presentation 50Large High Grade Zone Discovered
Alpala section
Cuerpo 3 section
SW NE
V
BX 750 RL
0.3%
Copper Model
Alpala Bulk Resource
(+0.2% CuEq) (+0.1% Cu)
2.95Bt grading 0.52% CuEq
D10
Alpala High Grade Zone High Grade Core
(+0.9% CuEq) (+0.4% Cu)
D20 0.9% CuEq
420Mt grading 1.47% CuEq
0 RL
QD10
CRP0013D
QD15 High Grade Discovery Zone 250m
188m @ 0.9% Cu, 0.4g/t Au CRP0020D
Or including: High Grade Discovery Zone
100m @ 1.0% Cu, 0.5g/t Au 412m @ 0.7% Cu, 0.3g/t Au
D15
Cortadera Presentation 51Cortadera Deposit Geometry
• LeapFrog-assisted models show relationships between Cu grades, geology, mineralization and hydrothermal alteration
– Examples include 0.4% and 0.2% Cu grade shells, molybdenum, quartz vein abundance, chalcopyrite-pyrite ratio, hydrothermal alteration and anhydrite
distribution
– Increased-grade (> 0.4% Cu) associated with 10- and 20-series tonalite porphyry intrusions
• Highest grades relate to early-mineralization 10-series tonalite porphyry (e.g., up to 1.1% Cu); Intra-mineralization 20-series intrusions contribute
moderate grades to the deposit (e.g., 0.1% to 0.8% Cu); Late-mineralization 30-series are low-grade (< 0.1 to 0.2% Cu); Post-mineralization 40-series
andesite dikes are ‘barren’ (< 0.05% Cu)
• Steeply-dipping, west-northwesterly and northerly-trending structural controls to intrusive distribution and higher Cu-Au grades
• Molybdenum (in molybdenite) forms a halo to the Cu-Au cores of Cuerpos 1, 2 and 3
• Mo < 30 ppm in deposit cores; Mo ranges from 30 to > 50 ppm in lower grade peripheries
• Porphyry-style quartz vein abundance shows a positive spatial correlation to Cu-Au grades and intrusive stages
• Quartz veins > 5 volume-percent characterize > 0.4% Cu (10-series tonalite); Quartz vein abundance typically 1 - 5% in 20-series intrusions;
Approximately two-percent quartz vein abundance coincides with the 0.1% Cu shell
• Quartz vein orientations vary from the upper- to lower-portions of Cuerpo 3; NW-, N- and NE-trends are common; flat veins in core of deposit
• Sulfide mineral distribution provides vectors towards higher-grade ore zones
• Chalcopyrite-pyrite ratios exceed 1:2 (cp/py > 0.5) in higher-grade cores (> 0.4% Cu); and approximate 1:10 to 1:5 for > 0.1% Cu peripheries
• Chalcopyrite is transitional-stage and occurs with magnetite and pyrite; early-stage metals are characterized by magnetite + chalcopyrite
• Pyrite in the higher-grade cores ranges from about 2 to 4%; in the lower-grade peripheries, pyrite ranges from about 5 to 8%
• Spatial and temporal relationships between hydrothermal alteration and copper-gold mineralization
– Higher Cu-Au grades and chalcopyrite deposition related to > 30% albite in transitional-stage chlorite-sericite and late-stage phyllic overprints of early-
stage potassic (biotite-albite) alteration and propylitic (chlorite-epidote-albite) alteration
– Secondary albite is stable with potassic, propylitic, and sericite-chlorite alteration and partially destroyed by sericitic (phyllic) alteration
– Anhydrite (disseminated + veins) forms haloes to the Cu-Au-bearing, sericitic deposit cores, showing a similar distribution to elevated Mo
Cortadera Presentation 52Large Footprint – Large System
Cortadera Porphyry Deposit
Historical data (secured in June 2019)
provides breakthrough in
understanding
Tonalite Porphyry Cluster discovered
within a classic large alteration
Magnetic- footprint (4km x 3km in size)
destructive phyllic
alteration
at Alpala Alpala
> 0.4% CuEq Porphyry centres associated with
discrete magnetic anomalies
Inferred magnetite
destruction
at Alpala
Type II chalcopyrite-pyrite-dominant
Cu-Au porphyry system
Refer to“ “New Data Reveals Large System and Fourth Porphyry at Cortadera” (ASX Announcement 12th June 2019) for further detail on historical geophysical survey Cortadera Presentation 53Application of the Cortadera Model in District Exploration
Cortadera North target identified by historical
work with similar signature and size to
Cortadera, located 2km north of Cortadera
4 RC holes were drilled late 2020 at Cortadera
North testing the > 4.8 Mo surface anomaly.
RC drilling is again underway, holes were
designed to test the large Induced Polarisation
(IP) chargeability anomaly at Cortadera North
S. Gap
Refer to ASX Announcements “Acceleration of Drilling at Cortadera” (24th February 2021)
Cortadera Presentation 54CRP0088D Results: 410m at 0.5% Cu, 0.2g/t Au, 0.7g/t Ag and 71ppm Mo from 440m (open at depth);
including 144m at 0.8% Cu, 0.3g/t Au, 1.6g/t Ag and 136ppm Mo from 706m (open at depth).
822 to 824m depth (1.8% Cu & 0.6g/t Au)
768m to 770m (2.0% Cu, 0.7g/t Au,
4.1g/t Ag & 751ppm Mo)
Early-stage porphyry; chlorite-albite-sericite
alteration with 6% A-B quartz vein abundance
Refer to ASX Announcement “Hot Chili Reports 144m at 1.0% CuEq and Discovers New Shallow Porphyry Zone at Cortadera” (16th June 2021) Cortadera Presentation 55Plan View of Cortadera Cu- and Geology-Models with New Drill Results
Porphyry intrusion models
Cuerpo 1 as of June 2021
CRP0068D (New result)
22m @ 0.5% Cu, 0.1g/t Au +0.1% Copper
Model (Oct 2020)
CRP0094 (New result)
10m @ 0.5% Cu, 0.1g/t Au CRP0013D (HG discovery hole, July 2019)
750m @ 0.6% Cu, 0.2g/t Au
Including 188m @ 0.9% Cu, 0.4g/t Au
Cuerpo 2 or Incl 100m @ 1.0% Cu, 0.5g/t Au
CRP0098 (New result) CRP0088D (new result)
56m @ 0.4% Cu, 0.1g/t Au 410m @ 0.5% Cu, 0.2g/t Au
Incl 20m @ 0.7% Cu, 0.2g/t Au Incl 144 @ 0.8% Cu, 0.3g/t Au
Incl 62m @ 1.0% Cu, 0.4g/t Au
New porphyry Assays pending Open at depth
discovery zone
CRP0091 (New result)
14m @ 0.4% Cu, 0.1g/t Au Cuerpo 3
DD Drilled, Significant Intercept
DD Drilled, Assays Pending
DD Drilling underway
Cu %
Early Porphyry
Typically grades 0.3-1.0% Cu & 0.2-0.4 g/t Au.
± 5% quartz veinlets, MAB, A and B veins.
Intra-Mineral Porphyry CRP0047D (new results)
Typically grades 0.1-0.4% Cu & 0.1g/t Au. 218m @ 0.5% Cu, 0.1g/t Au
± 2% quartz veinlets, dominantly ‘B’ veins,
and late sulfide veinlets.
Incl 24m @ 0.75 Cu, 0.2g/t Au
Refer to ASX Announcement “Hot Chili Reports 144m at 1.0% CuEq and Discovers New Shallow Porphyry Zone at Cortadera” (16th June 2021) Cortadera Presentation 56Qualifying Statements
Competent Person’s Statement
Exploration Results
Exploration information in this Presentation is based upon work undertaken by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili
Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Easterday consents to the inclusion in the report
of the matters based on their information in the form and context in which it appears..
Competent Person’s Statement- Productora Mineral Resources
The information in this Announcement that relates to the Productora Project Mineral Resources, is based on information compiled by Mr N Ingvar Kirchner. Mr
Kirchner is employed by AMC Consultants (AMC). AMC has been engaged on a fee for service basis to provide independent technical advice and final audit for
the Productora Project Mineral Resource estimates. Mr Kirchner is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a Member of
the Australian Institute of Geoscientists (AIG). Mr Kirchner has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code 2012). Mr Kirchner consents to the inclusion in this report of the matters based on
the source information in the form and context in which it appears.
Competent Person’s Statement- Cortadera & Costa Fuego Mineral Resources
The information in this report that relates to Mineral Resources for the Cortadera and Costa Fuego Project is based on information compiled by Elizabeth Haren, a
Competent Person who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of
Geoscientists. Elizabeth Haren is employed as an associate Principal Geologist of Wood, who was engaged by Hot Chili Limited. Elizabeth Haren has sufficient
experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Elizabeth Haren
consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.
.
Hot Chili Presentation 57Qualifying Statements
Reporting of Copper Equivalent
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne ×
Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t ×
Ag_recovery)) / (Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb,
and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and
Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego
(Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
Independent JORC Code Costa Fuego Combined Mineral Resource (Reported 12th October 2020)
Costa Fuego Combined Resource Grade Contained Metal
Deposit Classfication Tonnage CuEq Cu Au Ag Mo Copper Eq Copper Gold Silver Molybdenum
(+0.25% CuEq*) (Mt) (%) (%) (g/t) (g/t) (ppm) (tonnes) (tonnes) (ounces) (ounces) (tonnes)
Cortadera Indicated 183 0.49 0.40 0.15 0.7 43 905,000 728,000 889,000 4,227,000 7,900
Inferred 267 0.44 0.35 0.12 0.7 73 1,181,000 935,000 1,022,000 5,633,000 19,400
Sub Total 451 0.46 0.37 0.13 0.7 61 2,086,000 1,663,000 1,911,000 9,860,000 27,300
Productora Indicated 208 0.54 0.46 0.10 140 1,122,000 960,000 643,000 - 29,200
Inferred 67 0.44 0.38 0.08 109 295,000 255,000 167,000 - 7,200
Sub Total 273 0.52 0.44 0.09 133 1,417,000 1,215,000 810,000 - 36,400
Costa Fuego Indicated 391 0.52 0.43 0.12 95 2,027,000 1,688,000 1,533,000 - 37,000
(Combined) Inferred 334 0.44 0.36 0.11 80 1,476,000 1,191,000 1,189,000 - 26,700
Total 724 0.48 0.40 0.12 0.7** 88 3,503,000 2,879,000 2,722,000 9,860,000 63,700
Reported at or above 0.25% CuEq*. Figures in the above table are rounded, reported to appropriate significant figures, and reported in accordance with the JORC Code - Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Metal rounded to nearest thousand, or if less, to the nearest hundred. * * Copper Equivalent (CuEq) reported for the resource were calculated using the
following formula:: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) /
(Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical
Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred +
Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate
Hot Chili Presentation 58Hot Chili Limited
ACN 130 955 725
ASX: HCH
Level 1, 768 Canning Highway, Applecross,
Western Australia 6153
P: +61 8 9315 9009
F: +61 8 9315 5004
www.hotchili.net.au
Cortadera
Copper-Gold
Porphyry
Discovery
Cortadera Presentation 59You can also read
