Highlights
- Hot Chili Limited (ASX: HCH; TSXV: HCH; OTCQX: HHLKF) reports a second porphyry center, La Verde South, about 250 m south of the existing La Verde copper-gold footprint in coastal Chile.
- Step-out hole DKP084 returned 148 m at 0.44% CuEq (0.39% Cu, 0.07 g/t Au) from 36 m. CuEq assumes US$4.50/lb copper and recoveries borrowed from the nearby Cortadera deposit.
- Diamond hole DKD100 has logged 307 m of visible copper mineralization but has no assays yet. The company expects results in December 2026.
Hot Chili Limited (ASX: HCH; TSXV: HCH; OTCQX: HHLKF) says it has found a second porphyry center at La Verde, its copper-gold discovery in Chile’s coastal Atacama region. The company announced the result on October 19, 2026, in a release distributed via PRNewswire.
The new zone is called La Verde South. Hot Chili says it has the potential to match La Verde itself in scale. Managing Director Christian Easterday said the bigger footprint “is a game changer for the Company.”
So far, lab numbers back only part of that.
Two Holes, Two Levels of Evidence
The first hole, DKP084, was drilled about 250 m south of La Verde’s +0.4% copper zone. It’s a reverse circulation hole, a fast drilling method that brings up rock chips instead of solid core. It cut 148 m grading 0.44% copper equivalent (CuEq) from 36 m depth, including 44 m at 0.56% CuEq from 138 m.
Most of that interval is oxide copper. It starts just below a shallow layer of gravel.
DKD100 carries the bigger claim, with less proof behind it so far. Collared another 100 m south, it is a diamond hole that recovers solid rock core. Geologists logged oxide copper from 40 m to 172 m. Below that, they recorded sulfide mineralization, mainly chalcopyrite, the most common copper ore mineral, down to 347 m. The hole was still in mineralization at that depth and is planned to reach 500 m.
None of it has been assayed. Hot Chili’s own release warns that visual estimates should never stand in for lab results.
Why the Oxide-Sulfide Split Matters
Porphyry deposits are large, low-grade copper systems that form around cooled bodies of magma. They supply most of the world’s mined copper.
Near the surface, weathering often turns sulfide minerals into oxides. Oxide copper can often be recovered through heap leaching, where acid is trickled through stacked ore. Sulfides usually need a concentrator. A hole that passes from one into the other, as DKD100 appears to, helps show how deep that weathered layer goes.
How La Verde Fits Into Costa Fuego
La Verde sits 30 km south of the planned central processing hub for Costa Fuego, Hot Chili’s main copper-gold project. The company describes Costa Fuego as one of the five largest independent copper developments.
Hot Chili says three milestones remain on track: a maiden La Verde Mineral Resource Estimate, a revised Costa Fuego pre-feasibility study, and an Environmental Impact Assessment submission targeted for Q2 2027. All three are forward-looking.
Four rigs are working. Assays are pending for 25 holes, six at the southern step-out and 19 for resource definition.
Reading the Fine Print
CuEq rolls copper, gold, molybdenum and silver into one number. Hot Chili’s version uses fixed prices of US$4.50/lb copper, US$3,150/oz gold, US$20/lb molybdenum and US$30/oz silver. Recoveries of 83% copper and 56% gold come from Cortadera, a nearby Hot Chili deposit, used as a proxy. Those assumptions can differ from spot prices and from other companies’ formulas, so CuEq figures don’t compare cleanly across projects.
Intercepts are reported above a 0.20% copper cut-off and may include lower-grade stretches.
The open pit outlines in the company’s maps are conceptual JORC Exploration Targets, not a resource. Hot Chili states there hasn’t been enough drilling to estimate one in that area.
Easterday approved the technical content as Qualified Person under Canada’s NI 43-101 and as Competent Person under the JORC Code, its Australian counterpart. He is also Managing Director and a full-time employee, not an independent consultant.
Next up: the DKD100 assays. The company says more results from both zones are coming shortly.
Sources
Editorial Disclosure
This article is based on a corporate press release issued by Hot Chili Limited on October 19, 2026, and distributed via PRNewswire. Securities discussed: Hot Chili Limited (ASX: HCH | TSXV: HCH | OTCQX: HHLKF). Mining Markets Report has not received compensation from Hot Chili Limited, its management, investor relations representatives, or any third party for the creation of this specific coverage. No staff member, principal, or affiliate of Mining Markets Report holds a position, option, or interest in this security as of the publication date. Drill results described here are preliminary. Assays for diamond hole DKD100 are pending, and visual estimates of mineralization are not a substitute for laboratory analysis. Copper equivalent figures rely on the company’s assumed metal prices and proxy recoveries. Statements regarding the potential scale of La Verde South, the planned maiden Mineral Resource Estimate, the revised Costa Fuego Pre-Feasibility Study, and the Environmental Impact Assessment timeline are forward-looking statements. They are subject to geological uncertainty, operational risks, and regulatory approvals; actual outcomes and timing may differ materially. Mineral exploration and mining stocks carry a high degree of financial risk. Exploration-stage projects are speculative in nature and can result in the total loss of invested capital. This overview is published strictly for informational, news-reporting, and educational market context purposes only. It does not constitute an investment recommendation, endorsement, or professional financial, legal, or tax advice.
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