PERTH, Australia , June 27,
2023 /CNW/ - Hot Chili Limited (ASX: HCH) (TSXV: HCH)
(OTCQX: HHLKF) ("Hot Chili" or the "Company") advises that, at the
request of the company, its ordinary shares on the Australian
Securities Exchange ("ASX") have been placed In a trading halt
effective 27 June 2023.
In its letter to the ASX, the Company noted that the request for
the trading halt was made pending the release of an announcement by
the company concerning a form of Investment Agreement and the
results of a Preliminary Economic Assessment (Scoping Study) in
relation to Its Coast Fuego copper-gold project in the coastal
range of the Atacama Region, Chile.
The Company will remain in a temporary trading halt on the ASX
until the earlier of the commencement of normal trading on
29 June 2023 or when the announcement
Is released to the market.
A copy of the ASX announcement Is available on SEDAR and at the
Company's website
https://www.hotchili.net.au/category/investor-news/
This announcement is authorised by the Board of Directors for
release to ASX and TSXV.
For more information please contact:
Managing
Director
|
Company
Secretary
|
Investor Relations -
US
|
Investor Relations -
Canada
|
Christian
Easterday
|
Penelope
Beattie
|
Jonathan
Paterson
|
Graham
Farrell
|
admin@hotchili.net.au
|
admin@hotchili.net.au
|
Jonathan.Paterson@Harbor-Access.com
|
Graham.Farrell@harbor-access.com
|
+61 8 9315
9009
|
+61 8 9315
9009
|
+1 475 477
9401
|
+1 416 842
9003
|
About Hot Chili
Hot Chili Ltd (ASX/TSXV: HCH, OTCQX: HHLKF) aims to build
shareholder value through the acquisition, exploration and
development of high-quality copper assets in a low elevation and
accessible region of northern Chile. With substantial mineral
resources already defined, the Company's Costa Fuego Copper Hub is
well positioned to benefit from the looming structural shortfall in
copper production due to its size, quality and low economic hurdle
location with an indicated resource of 2.8Mt Cu, 2.6Moz Au and 67kt
of Mo (in 725Mt) and inferred
resource of 0.6 Mt Cu, 1.2 Moz Au
and 13kt Mo (in 202Mt). Costa
Fuego is rated by S&P Global Market Intelligence one of the top
10 "low risk" undeveloped copper projects globally.
Hot Chili has materially de-risked the potential future
development of Costa Fuego, securing seawater extraction rights,
surface rights for mining activities, easement corridors for water
and power pipelines, and electrical connection to the national
power grid as well as entering into a LOI with the nearby port of
Las Losas.
Costa Fuego has exceptional ESG credentials due to the abundance
of existing infrastructure, amenability of ore processing using
seawater, potential to operate Costa Fuego on a 100% renewable
power mix, minimal community impact and ability to drive growth in
an economically deprived area.
Hot Chili's growth trajectory continues with the recent
announcement of further consolidation contiguous with the bulk of
its resources. This new, low-cost, acquisition contains near
surface copper-gold porphyry mineralization intersected in historic
drilling that has yet to be followed up. The Company commenced an
initial 10,000m drill program in
January 2023 to test highly
prospective copper-gold porphyry targets along strike of the
existing porphyry cluster.
Hot Chili recently obtained secondary listings on the TSXV and
OTCQX to better align with the exchanges of its global copper peer
group. The Company aims to narrow the relative valuation gap
with its North American listed peers, particularly as the general
market starts to appreciate the medium term structural deficit in
copper – the critical commodity – and the copper price
required to incentivize new production.
Qualifying Statements
Forward Looking Statements
This Announcement is provided on the basis that neither the
Company nor its representatives make any warranty (express or
implied) as to the accuracy, reliability, relevance or completeness
of the material contained in the Announcement and nothing contained
in the Announcement is, or may be relied upon as a promise,
representation or warranty, whether as to the past or the future.
The Company hereby excludes all warranties that can be excluded by
law. The Announcement contains material which is predictive in
nature and may be affected by inaccurate assumptions or by known
and unknown risks and uncertainties and may differ materially from
results ultimately achieved.
The Announcement contains "forward-looking statements". All
statements other than those of historical facts included in the
Announcement are forward-looking statements including estimates of
Mineral Resources. However, forward-looking statements are subject
to risks, uncertainties and other factors, which could cause actual
results to differ materially from future results expressed,
projected or implied by such forward-looking statements. Such risks
include, but are not limited to, copper, gold and other metals
price volatility, currency fluctuations, increased production costs
and variances in ore grade recovery rates from those assumed in
mining plans, as well as political and operational risks and
governmental regulation and judicial outcomes. The Company does not
undertake any obligation to release publicly any revisions to any
"forward-looking statement" to reflect events or circumstances
after the date of the Announcement, or to reflect the occurrence of
unanticipated events, except as may be required under applicable
securities laws. All persons should consider seeking appropriate
professional advice in reviewing the Announcement and all other
information with respect to the Company and evaluating the
business, financial performance and operations of the Company.
Neither the provision of the Announcement nor any information
contained in the Announcement or subsequently communicated to any
person in connection with the Announcement is, or should be taken
as, constituting the giving of investment advice to any person
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.
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content:https://www.prnewswire.com/news-releases/hot-chili-limited-request-for-trading-halt-301864308.html
SOURCE Hot Chili Limited