Argonaut regards Hot Chili’s (HCH) newly acquired Cortadera Project as one of the best undeveloped copper projects in the hands of a junior mining company. After acquiring the project in February 2019, HCH has rapidly shown the potential for a large scale, deep rooted copper porphyry system, mineralised from surface. We estimate that Cortadera could contain 2.0Mt of contained copper and 2.5Moz of contained gold, however with an IP anomaly to the immediate north, displaying similar characteristics to Cortadera, drilling activities could significantly increase the mineralised extents. The potential, for a major copper porphyry system at Cortadera, coupled with HCH’s asset portfolio is likely to attract significant interest from major and mid-cap copper/gold and diversified miners. We assign a Speculative Buy recommendation with a $0.08/sh target price.
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