PERTH,
Australia, Jan. 31, 2024 /CNW/ - Hot Chili Limited
(TSXV: HCH) (ASX: HCH) (OTCQX: HHLKF) (the "Company" or "Hot
Chili") is pleased to announce that it has filed financial reports
for the quarter ended 31 December
2023.
The complete report is available under the Company's profile at
www.asx.com, www.sedar.com and on Hot Chili's website
(www.hotchili.net.au) .
Highlights include:
Hot Chili Reduces Option Payments in 2024 by US$10 Million
Further Regional
Consolidation Expands Costa Fuego
- Options executed to acquire 100% interest in two historical
mine areas located approximately 10km southwest of Costa Fuego's
planned central processing hub
- Due diligence extended to facilitate execution of Option to
acquire 100% interest in Bastion Minerals Limited's (ASX: BMO)
Cometa Project, located adjacent to Hot Chili's Costa Fuego
landholding
Next Phase of Resource Expansion Drilling Commences
- Ten diamond drill holes for approximately 5,000m are planned to test seven targets adjacent
to the Company's two principal mineral resources: Cortadera;
and Productora
- Drilling aims to test multiple, large-scale resource growth
opportunities, which may allow Hot Chili to consider an up-lift in
the Pre-feasibility study scale for Costa Fuego
First-Pass Exploration Drill Results Returned
- Assay results have been received for first-pass drilling
undertaken in late 2023 across three new satellite targets within
the Costa Fuego landholding: Marsellesa, Cordillera and
Corroteo. Selected significant drill intersections include:
25m grading 0.4% Copper (Cu) from
surface including 10m grading
0.8% Cu from 7m depth
(Marsellesa)
- 19m grading 0.5%
Cu from 195m depth downhole
including 2m grading 2.2% Cu
from 195m depth (Marsellesa)
- 93m grading 0.3% Cu from
surface including 14m
grading 0.4% Cu from surface (Cordillera)
Additonal Highlights:
Costa Fuego Resource Upgrade Expected in Q1
2024
Pre-feasibility and Water Supply Concept Studies
On-Track
Maritime Concession Works Begin
Strong
Cash Position of A$13.3
million
This news release is authorised by the Managing Director for
release to the TSXV.
For more information please contact:
Christian
Easterday
Managing Director –
Hot Chili
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Tel: +61 8 9315
9009
Email:
admin@hotchili.net.au
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Penelope
Beattie
Company Secretary –
Hot Chili
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Tel: +61 8 9315
9009
Email:
admin@hotchili.net.au
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Harbor
Access
Investor & Public
Relations (Canada)
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Email:Graham.Farrell@harbor-access.com
Email:Jonathan.Paterson@harbor-access.com
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or visit Hot Chili's website at www.hotchili.net.au
Qualifying Statements
Qualified Persons – NI 43-101
The scientific and technical information in this new release,
has been reviewed and approved by Mr Christian Easterday, MAIG, Hot Chili's Managing
Director and Chief Executive Officer, and a qualified
person within the meaning of NI 43-101.
Competent Persons – JORC
The information in this announcement that relates to Exploration Results
for the Marsellesa and Cordillera projects
is based upon information compiled
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 deposits
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.
Disclaimer
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.
Cautionary Note for U.S. Investors Concerning Mineral Resources
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral
projects. Technical disclosure contained in this news release has
been prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification
System. These standards differ from the requirements of the U.S.
Securities and Exchange Commission ("SEC") and resource information
contained in this news release may not be comparable to similar
information disclosed by domestic United
States companies subject to the SEC's reporting and
disclosure requirements.
All amounts in this news release
are in U.S. dollars unless otherwise noted.
Forward Looking
Statements
This news release contains certain statements that are
"forward-looking information" within the meaning of Canadian
securities legislation and Australian securities legislation (each,
a "forward-looking statement"). Forward-looking statements reflect
the Company's current expectations, forecasts, and projections with
respect to future events, many of which are beyond the Company's
control, and are based on certain assumptions. No assurance can be
given that these expectations, forecasts, or projections will prove
to be correct, and such forward-looking statements included in this
news release should not be unduly relied upon. Forward-looking
information is by its nature prospective and requires the Company
to make certain assumptions and is subject to inherent risks and
uncertainties. All statements other than statements of historical
fact are forward-looking statements. The use of any of the words
"believe", "could", "estimate", "expect", "may", "plan",
"potential", "project", "should", 'toward", "up-scale", "will",
"would" and similar expressions are intended to identify forward-
looking statements.
The forward-looking statements within this news release are
based on information currently available and what management
believes are reasonable assumptions. Forward-looking statements
speak only as of the date of this news release. In addition, this
news release may contain forward-looking statements attributed to
third-party industry sources, the accuracy of which has not been
verified by the Company.
In this news release, forward-looking statements
relate, among other things, to:
prospects, projections and success of the Company
and its projects; the ability of the Company to expand mineral
resources beyond current mineral resource estimates; the results
and impacts of current and planned drilling to convert inferred
mineral resources to indicated, to extend mineral resources and to
identify new deposits; the Company's ability to convert mineral
resources to mineral reserves; opportunities for growth in mineral
projects; the timing and outcomes of current and future planned
economic studies; the Company's ability to up-scale the project;
the potential to develop a water business in the Huasco valley and
the future economics thereof; the timing and outcomes of regulatory
processes required to obtain permits for the development and
operation of the Costa Fuego Project and/or future planned economic
studies; whether or not the
Company will make a development decision and the timing thereof;
the ability of the Company
to complete the PFS on the timeline
indicated or at all and the outcomes of the PFS; and estimates of
planned exploration.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors, which may cause the actual
results, performance, or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. A number of factors could cause actual results to
differ materially from a conclusion, forecast or projection
contained in the forward-looking statements in this news release,
including, but not limited to, the following material factors:
operational risks; risks related to the cost estimates of
exploration; sovereign risks associated with the Company's
operations in Chile; changes in
estimates of mineral resources of properties where the Company
holds interests; recruiting qualified personnel and retaining key
personnel; future financial needs and availability of adequate
financing; fluctuations in mineral prices; market volatility;
exchange rate fluctuations; ability to exploit successful
discoveries; the production at or performance of properties where
the Company holds interests; ability to retain title to mining
concessions; environmental risks; financial failure or default of
joint venture partners, contractors or serv ice providers;
competition risks; economic and market conditions; and other risks
and uncertainties described elsewhere in this news release and
elsewhere in the Company's public disclosure record.
Although the forward-looking statements contained in this news
release are based upon assumptions which the Company believes to be
reasonable, the Company cannot assure investors that actual results
will be consistent with these forward- looking statements. With
respect to forward-looking statements contained in this news
release, the Company has made assumptions regarding: future
commodity prices and demand; availability of skilled labour; timing
and amount of capital expenditures; future currency exchange and
interest rates; the impact of increasing competition; general
conditions in economic and financial markets; availability of
drilling and related equipment; effects of regulation by
governmental agencies; future tax rates; future operating costs;
availability of future sources of funding; ability to obtain
financing; and assumptions underlying estimates related to adjusted
funds from operations. The Company has included the above summary
of assumptions and risks related to forward- looking information
provided in this news release to provide investors with a more
complete perspective on the Company's future operations, and such
information may not be appropriate for other purposes. The
Company's actual results, performance or achievement could differ
materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits the Company will derive therefrom.
For additional information with respect to these and other
factors and assumptions underlying the forward-looking statements
made herein, please refer to the public disclosure record of the
Company, including the Company's most recent Annual Report, which
is available on SEDAR+ (www.sedarplus.ca) under the Company's
issuer profile. New factors emerge from time to time, and it is not
possible for management to predict all those factors or to assess
in advance the impact of each such factor on the Company's business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statement.
The forward-looking statements contained in this news release
are expressly qualified by the foregoing cautionary statements and
are made as of the date of this news release. Except as may be
required by applicable securities laws, the Company does not
undertake any obligation to publicly update or revise any
forward-looking statement to reflect events or circumstances after
the date of this news release or to reflect the occurrence of
unanticipated events, whether as a result of new information,
future events or results, or otherwise. Investors should read this
entire news release and consult their own professional advisors to
ascertain and assess the income tax and legal risks and other
aspects of an investment in the Company.
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SOURCE Hot Chili Limited