In a sauce pan place all ingredients, using only 1/4 cup of the water. Mix to combine.
Turn heat to low and stir mixture often to prevent scorching. Once the chocolate chips melt, add the remaining 3/4 cup water and stir well. Allow the sauce to cook 5-10 minutes. Adjust seasonings, if needed.
Remove pan from heat and place sauce into a blender. Blend well until creamy and smooth.
You may return the mole sauce to the sauce pan to reheat at a low setting and keep warm. However, keep an eye on the mole, since it will continue to thicken as moisture evaporates due to the heat. You may wish to add water, vegetable broth or no-chicken broth if you desire a thinner, less intense sauce.
The sauce will dramatically thicken when it comes to room temperature and when stored in the fridge. Just reheat the mole sauce over low heat, adding additional liquid if needed to achieve desired consistency.