Hot Chile drilled into the Valentina deposit in Chile and found a bonanza.
Drilling at a depth of 29 meters found 3 meters of ore, copper equivalent grade 12.1%.
The drill was a diamond hole and the coring thickness is estimated to be 70% of the mineralized thickness.
Previous reverse circulation boreholes drilled at this location have yielded 8 metres at 27 metres and 5.9% copper-equivalent.
Red Geely said that the mineralization is mainly sulfide, so it is suitable for flotation.
"This result confirms that the high grade copper silver ore body of the old underground mine in Valentina extends 120 meters to the south, providing material for the development of related metallurgical experiments and is critical for the inclusion of Valentina resources in the pre-feasibility study to be completed in the first quarter of 2023," Red Geely said.
Further drilling results from the Valentina and San Antonio deposits are pending.
The deposit is part of the overall Costa Fuego project, which is considered by Red Geely to be the "low altitude (< The only copper deposit at an advanced stage of development in the area, located just 50 km from the port."
