{"id":27476,"date":"2023-08-28T08:30:04","date_gmt":"2023-08-28T12:30:04","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=27476"},"modified":"2024-03-21T09:03:22","modified_gmt":"2024-03-21T13:03:22","slug":"hot-chili-signs-binding-letter-of-intent-for-option-to-acquire-cometa-project-in-chile","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/hot-chili-signs-binding-letter-of-intent-for-option-to-acquire-cometa-project-in-chile\/","title":{"rendered":"Hot Chili Signs Binding Letter of Intent for Option to Acquire Cometa Project in Chile"},"content":{"rendered":"<p><strong>Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF)<\/strong> announced that the Company has entered into a binding letter of intent (&#8220;LOI&#8221;) with Bastion Minerals Limited (ASX: BMO) (&#8220;Bastion&#8221;) for the grant to Hot Chili of an option to acquire 100% of Bastion&#8217;s Cometa Project in Chile (&#8220;Cometa&#8221;), located near Hot Chili&#8217;s Costa Fuego Copper-Gold Project (&#8220;Costa Fuego&#8221; or &#8220;the Project&#8221;) in the coastal range of the Atacama Region, Chile.<\/p>\n<p><strong>Figure 1. Location of the Cometa Project in relation to Costa Fuego (CNW Group\/Hot Chili Limited)<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-27477\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Figure-1-Aug-28-2023.png\" alt=\"\" width=\"826\" height=\"597\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Figure-1-Aug-28-2023.png 826w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Figure-1-Aug-28-2023-300x217.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Figure-1-Aug-28-2023-768x555.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Figure-1-Aug-28-2023-696x503.png 696w\" sizes=\"auto, (max-width: 826px) 100vw, 826px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>Cometa consists of exploration and mining concessions covering approximately 56km<sup>2<\/sup>\u00a0in area located approximately\u00a015km\u00a0southeast of\u00a0Costa\u00a0Fuego&#8217;s planned\u00a0operating\u00a0centre (refer\u00a0accompanying\u00a0Figure 1) and contiguous with Hot Chili&#8217;s landholdings in the region.<\/p>\n<p>The option is another step in Hot Chili&#8217;s consolidation strategy for the Costa Fuego copper project.<\/p>\n<p>The Company&#8217;s recently published Preliminary Economic Assessment entitled\u00a0<i>Costa Fuego Copper Project \u2013 NI 43-101 Technical Report Preliminary Economic Assessment\u00a0<\/i>with an effective date of\u00a0<span class=\"xn-chron\">June 28, 2023<\/span>\u00a0(the &#8220;PEA&#8221;)<sup>1<\/sup>\u00a0establishes\u00a0Costa\u00a0Fuego\u00a0as\u00a0a\u00a0low-risk,\u00a0long\u00a0life\u00a0copper\u00a0project\u00a0benefiting\u00a0from\u00a0a\u00a0low start-up\u00a0capital\u00a0and\u00a0a\u00a0high annual\u00a0copper equivalent<sup>2<\/sup>\u00a0metal\u00a0production\u00a0profile of over 100\u00a0kt for\u00a0a 16-year mine life, including 95 kt copper and 49 koz gold during primary production (first 14 years) at C1 Cash Cost<sup>3<\/sup>\u00a0of\u00a0<span class=\"xn-money\">US$1.33<\/span>\/lb (estimated net of by-product credits).<\/p>\n<p>Hot Chili is focused on up-scaling Costa Fuego&#8217;s resource base and potential study scale towards a 150,000 tpa copper production profile ahead of the delivery of the Costa Fuego Pre-Feasibility Study (&#8220;PFS&#8221;), expected in H2 2024. Cometa provides additional optionality for the discovery of further mineral deposits in the Costa Fuego Project area with the potential to provide supplemental feed and\/or a longer mine life to the project laid out in the PEA.<\/p>\n<p>The\u00a0material terms\u00a0of\u00a0the\u00a0LOI\u00a0are\u00a0as\u00a0follows:<\/p>\n<ul type=\"disc\">\n<li>Exclusivity period of 60 days for Hot Chili to conduct due diligence and for Hot Chili&#8217;s subsidiary\u00a0Sociedad Minera La Frontera SpA (&#8220;Frontera&#8221;) to enter into a definitive option agreement with Bastion&#8217;s subsidiary SCM Cornet Constelaci\u00f3n, the holder of a 100% interest in the concessions comprising\u00a0Cometa, for\u00a0the\u00a0grant\u00a0to\u00a0Frontera of an option to acquire a 100% interest in the Cometa concessions (&#8220;Option&#8221;).<br class=\"dnr\" \/><br class=\"dnr\" \/><\/li>\n<li>Non-refundable cash payment of\u00a0<span class=\"xn-money\">US$100,000<\/span>\u00a0to Bastion upon grant of the Option.<br class=\"dnr\" \/><br class=\"dnr\" \/><\/li>\n<li>Non-refundable cash payment of\u00a0<span class=\"xn-money\">US$200,000<\/span>\u00a0within 12 months from the grant of the Option to keep the Option in good standing.<br class=\"dnr\" \/><br class=\"dnr\" \/><\/li>\n<li>Option may be exercised within 30 months of the date of grant.<br class=\"dnr\" \/><br class=\"dnr\" \/><\/li>\n<li>If the Option is exercised, the consideration payable to Bastion to purchase the\u00a0Cometa concessions is:\n<ul type=\"disc\">\n<li><span class=\"xn-money\">US$2,400,000<\/span>\u00a0if the Option is exercised by Hot Chili within 18 months from the date of grant of the Option; or<br class=\"dnr\" \/><br class=\"dnr\" \/><\/li>\n<li><span class=\"xn-money\">US$3,000,000<\/span>\u00a0if the Option is exercised by Hot Chili within 30 months from the date of grant of the Option.<br class=\"dnr\" \/><br class=\"dnr\" \/><\/li>\n<\/ul>\n<\/li>\n<li>Hot Chili may elect to satisfy the purchase consideration in cash (100%), or in cash (50%) and ordinary shares of Hot Chili (50%) issued at a price per share equal to the 15-day\u00a0VWAP at the date\u00a0of\u00a0exercise of\u00a0the\u00a0Option,\u00a0subject\u00a0to\u00a0applicable\u00a0regulatory\u00a0approvals,\u00a0including\u00a0the\u00a0approval\u00a0of the TSX Venture Exchange (&#8220;TSXV&#8221;).<\/li>\n<\/ul>\n<p>The Company\u00a0will\u00a0provide further\u00a0updates\u00a0on\u00a0the\u00a0grant\u00a0and\u00a0any\u00a0exercise\u00a0of\u00a0the\u00a0Option in\u00a0due\u00a0course.<\/p>\n<p>_______________<\/p>\n<p><span style=\"font-size: 8pt;\">1 The PEA is preliminary in nature and includes 3% inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. See Page 6 for additional cautionary language.<\/span><\/p>\n<p><span style=\"font-size: 8pt;\">2 CuEq considers assumed commodity prices and average metallurgical recoveries from testwork. See page 9 for complete mineral resource disclosure of Costa Fuego.<\/span><\/p>\n<p><span style=\"font-size: 8pt;\">3 See page 7 for full non-IFRS measures discussion.<\/span><\/p>\n<h2>Cortadera Expansion Drilling Update<\/h2>\n<p>Drilling operations at Cortadera continue, with nine Reverse Circulation (&#8220;RC&#8221;) drillholes completed so far for 2,010m.<\/p>\n<figure id=\"attachment_27478\" aria-describedby=\"caption-attachment-27478\" style=\"width: 826px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-27478\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Figure-2-Aug-28-2023.png\" alt=\"\" width=\"826\" height=\"542\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Figure-2-Aug-28-2023.png 826w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Figure-2-Aug-28-2023-300x197.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Figure-2-Aug-28-2023-768x504.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Figure-2-Aug-28-2023-696x457.png 696w\" sizes=\"auto, (max-width: 826px) 100vw, 826px\" \/><figcaption id=\"caption-attachment-27478\" class=\"wp-caption-text\">Figure 2. Location of Recently Completed RC Drillholes across Cortadera Porphyry Expansion Targets (CNW Group\/Hot Chili Limited)<\/figcaption><\/figure>\n<p>Four of these drillholes have been completed across the western extension of the Cortadera porphyry resource, including one pre-collar in preparation for a deep diamond hole beneath Cuerpo 4. Following the drilling of RC pre-collars at Cortadera, the RC drill rig will begin a hydrogeological program at Cortadera commencing in mid-September.<\/p>\n<p>One diamond drill rig is planned to commence double shift drilling in September. Preparations are underway to bring a second diamond drill rig online as the Company ramps up for its extensive 30,000m expansion drilling campaign across multiple exploration targets.<\/p>\n<p>This announcement is authorised by the Board of Directors for release to ASX and TSXV.<\/p>\n<p>Hot Chili&#8217;s Managing Director and Chief Executive Officer Mr Christian Easterday is responsible for this announcement and has provided sign-off for release to the ASX and TSXV.<\/p>\n<figure id=\"attachment_27479\" aria-describedby=\"caption-attachment-27479\" style=\"width: 893px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-27479\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Mineral-Resource-Statement-Aug-28-2023.png\" alt=\"\" width=\"893\" height=\"362\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Mineral-Resource-Statement-Aug-28-2023.png 893w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Mineral-Resource-Statement-Aug-28-2023-300x122.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Mineral-Resource-Statement-Aug-28-2023-768x311.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2023\/08\/Mineral-Resource-Statement-Aug-28-2023-696x282.png 696w\" sizes=\"auto, (max-width: 893px) 100vw, 893px\" \/><figcaption id=\"caption-attachment-27479\" class=\"wp-caption-text\">Mineral Resource Statement &#8211; Costa Fuego Combined Mineral Resource (Effective Date 31st March 2022) (CNW Group\/Hot Chili Limited)<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) announced that the Company has entered into a binding letter of intent (&#8220;LOI&#8221;) with Bastion Minerals Limited (ASX: BMO) (&#8220;Bastion&#8221;) for the grant to Hot Chili of an option to acquire 100% of Bastion&#8217;s Cometa Project in Chile (&#8220;Cometa&#8221;), located near Hot Chili&#8217;s Costa Fuego Copper-Gold Project (&#8220;Costa Fuego&#8221; or &#8220;the Project&#8221;) in the coastal range of the Atacama Region, Chile.<\/p>\n","protected":false},"author":25,"featured_media":27485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2430,56],"tags":[2324,2322,1470,2355,2354,2353],"class_list":{"0":"post-27476","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-energy-transition-metals","8":"category-featured","9":"tag-asxhch","10":"tag-copper-mining","11":"tag-gold-mining","12":"tag-hot-chili-limited","13":"tag-otcqx-hhlfk","14":"tag-tsxv-hch"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hot Chili Signs Binding Letter of Intent for Option to Acquire 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