Hot Chili Limited (ASX: HCH) (TSXV:HCH) (OTCQX: HHLKF) (“Hot Chili” or “Company”) is pleased to announce that Chile´s Central Authority Electrical Regulator has approved the Company’s application for connection to the Maitencillo sub-electrical power station, located 17 km from the centre of its Costa Fuego senior copper development in Chile.
Connection to Maitencillo is a key step forward for the development of Costa Fuego, providing access to Chile’s national energy grid and its multiple renewable energy providers.
As part of the Company’s Pre-feasibility Studies (PFS) for Costa Fuego, Hot Chili have engaged with several electrical market providers and advisors. Several non-binding long-term power quotes have been received and Hot Chili expects to start a binding process to select one or more electrical providers for the Costa Fuego copper hub in Q4 2022.
Outside of being the lowest-altitude senior copper development in the America’s, Costa Fuego benefits significantly from a low energy intensity development approach (raw sea water processing without the requirement for a desalination plant).
Hot Chili will be able to operate Costa Fuego on a 100% renewable power mix (certified by I-Recs) - nearby solar generators, wind turbines and hydroelectric power, adding significantly to the projects’ environmental credentials.
Costa Fuego is fast approaching infrastructure readiness, with port access and services discussions currently advancing toward agreement and all other necessary critical infrastructure accesses in place. Exploration and resource growth drilling is continuing and a resource upgrade is planned for late 2022.
Hot Chili is on-track to deliver its PFS on Costa Fuego in Q1 2023, which will establish the project as one of few new material copper mines in the world set for production in the near-term.
Further announcements across multiple work streams are expected.
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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