Here's why the Chalice Mining (ASX:CHN) share price is glowing today

Investors are piling in following a new discovery at the company's Julimar project in WA

| More on:
Two smiling men in high visibility vests and yellow hardhats stand side by side with a large mound of earth and mining equipment behind them smiling as the Carnaby Resources share price rises today

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Chalice Mining Ltd (ASX: CHN) share price is in the green today, currently up by 2.24% to $9.59.

In earlier trading, it jumped as high as $9.92 — a gain of almost 6% on the previous close.

Investors are responding positively to an announcement in which the mineral exploration company outlined progress at its Julimar Nickel-Copper-Platinum Group Element (PGE) Project.

What's got Chalice Mining charging higher?

The Chalice Mining share price is rising after the company reported a significant new discovery at its 100%-owned Julimar site, located around 70km north of Perth.

Chalice says step-out drilling has intersected a new shallow zone of high-grade sulphide mineralisation. The discovery is considered significant. This is because the zone is "located immediately south of the 6.5km long Hartog AEM anomaly", within the Julimar State Forest.

In addition, Chalice advised its conservation management plan for initial drilling at these targets has been finalised. It is now under consideration by the WA State Government, with approval expected shortly.

While waiting for approval, Chalice has continued step-out and infill drilling at its Gonneville deposit with 6 rigs.

A total of 225 diamond drill holes and 460 reverse circulation (RC) drill holes for approximately 180,000 metres have been completed.

Assay results are pending for a further 66 completed drill holes after the company obtained results for 129 holes. Lab turnaround times are currently averaging approximately four weeks, according to the announcement.

Speaking on the news pushing up the Chalice Mining share price, director and CEO Alex Dorsch said:

Extensional drilling in an area previously considered to consist only of metasediments has intersected a tantalising new shallow zone of sulphide mineralisation, which is interpreted to be the potential southern extent of a new Hartog zone. The moderate nickel, copper and cobalt grades observed are considered particularly encouraging.

We believe that the new ultramafic unit intersected is very unlikely to be Gonneville, given that it is separated by around 70m of metasediments and appears to be highly deformed and geochemically different. The new discovery has once again upgraded the prospectivity of the >6.5km long Hartog target immediately north of the new intersections.

Chalice Mining share price snapshot

The Chalice Mining share price has soared by 138% in the last 12 months and 148% this year to date.

Chalice shares have also gained 45% in the last month and are up around 2% in the past week.

The author has no positions in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Baby Bunting, Bellevue Gold, Cettire, and New Hope shares are rising today

These ASX shares are having a good session. But why are investors buying their shares?

Read more »

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Share Gainers

Here are the top 10 ASX 200 shares today

It was a shaky, but positive start to the trading week for ASX shares today.

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Bannerman Energy, Cettire, TechnologyOne, and Zip shares are charging higher

These ASX shares are having a great start to the week. But why?

Read more »

A happy girl in a yellow playsuit with a zip gives the thumbs up
Share Gainers

If I'd put $5,000 into Zip shares on 9 October, here's what I'd have now!

The stars have been aligning for Zip shares.

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was an awful end to the trading week for ASX investors this Friday.

Read more »

A beautiful woman holds up one finger with one hand and has her hand on her waist with the other as she smiles widely as though she is very pleased about something.
Share Gainers

Why Beach, Clinuvel, Deep Yellow, and EML shares are charging higher today

These ASX shares are ending the week strongly. But why?

Read more »

Man smiling at a laptop because of a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a fairly miserable day on the share market this Thursday.

Read more »

A smiling miner wearing a high vis vest and yellow hardhat and working for Superior Resources does the thumbs up in front of an open pit copper mine, indicating positive news for the company's share price today following a significant copper discovery
Resources Shares

Why are ASX copper shares having such a bumper day?

ASX copper shares are making investors very happy indeed this Thursday.

Read more »