We present a detailed spectral study (photoionization modelling and variability) of the Big Dipper 4U 1624-490 based on a chandra-High Energy Transmission Gratings Spectrometer (HETGS) observation over the $sim76$ ks binary orbit of 4U 1624-490. While the continuum spectrum can be modeled using a blackbody plus power-law, a slightly better fit is obtained using a single $Gamma=2.25$ power-law partially (71%) covered by a local absorber of column density $N_{rm H, Local}=8.1_{-0.6}^{+0.7}times 10^{22} rm cm^{-2}$. The data show a possible quasi-sinusoidal modulation with period $43_{-9}^{+13}$ ks that might be due to changes in local obscuration. Photoionization modeling with the {sc xstar} code and variability studies of the observed strong ion{Fe}{25} and ion{Fe}{26} absorption lines point to a two-temperature plasma for their origin: a highly ionized component of ionization parameter $xi_{rm hot} approx 10^{4.3} {rm ergs cm s^{-1}}$ ($Tsim 3.0times 10^{6}$ K) associated with an extended accretion disk corona of radius $R sim3times10^{10}$ cm, and a less ionized more variable component of $xi approx 10^{3.4} {rm ergs cm s^{-1}}$ ($Tsim 1.0times 10^{6}$ K) and $rm xi approx 10^{3.1} ergs cm s^{-1}$ ($Tsim 0.9times 10^{6}$ K) coincident with the accretion disk rim. We use this, with the observed ion{Fe}{25} and ion{Fe}{26} absorption line variations (in wavelength, strength, and width) to construct a viewing geometry that is mapped to changes in plasma conditions over the 4U 1624-490 orbital period.
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