Here’s why the Chalice Mining share price is jumping 15% today

Chalice Mining shares are ending the week strongly…

| More on:
A man takes his dividend and leaps for joy.

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

Key points

  • Chalice Mining shares are on fire on Friday
  • This follows news that the mineral exploration company has been given approval to explore the Hartog-Dampier targets at Julimar
  • Chalice is exploring for green metals including nickel, copper, cobalt, platinum, and palladium

The Chalice Mining Ltd (ASX: CHN) share price is on course to end the week on a positive note.

In early trade, the mineral exploration company’s shares were up as much as 15% to $6.58.

The Chalice Mining share price has pulled back a touch since then but remains up 9% to $6.22 at the time of writing.

Why is the Chalice Mining share price racing higher?

Investors have been bidding the Chalice Mining share price higher today following the release of a positive update relating to the company’s exploration activities at the 100%-owned Julimar Nickel-Copper-PGE Project.

According to the release, Chalice Mining has now received the final outstanding approvals to conduct planned low-impact exploration drilling at the Hartog-Dampier targets at Julimar.

The release notes that the company’s drilling will not involve any mechanised clearing of vegetation and strict environmental management measures will be used to minimise impact to the environment.

This includes the use of low-impact, small footprint diamond rigs and comprehensive flora, fauna and cultural heritage monitoring. Chalice advised that these small drill rigs will navigate around trees and maximise the use of existing cleared areas in order to keep disturbance to a minimum.

What’s next?

Drilling is expected to commence shortly at the high-priority targets at Hartog and Dampier. These are located to the north of the globally significant Gonneville PGE-Ni-Cu-Co-Au Deposit.

A total of 70 drill sites are planned over the ~10km of Julimar Complex strike length.

The aim of the drill program is to provide an initial test of the potential for green metals, including nickel, copper, cobalt, platinum, and palladium.

Management highlights that these metals are very rare and critical for decarbonising the global economy and addressing climate change through technologies such as renewables, electric vehicles, energy storage systems, and green hydrogen.

Motley Fool contributor James Mickleboro has no position 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 Scott Phillips.

More on Resources Shares

Top asx share price represented by paper cutout image of mountain peaks with red flag
Resources Shares

What was the highest Rio Tinto share price ever recorded?

Two major spikes in the Rio Tinto share price over its 50-year history on the ASX were caused by the…

Read more »

Resources Shares

Why are Sayona Mining shares the most actively traded of the All Ords today?

Sayona gives back gains earned in yesterdays session.

Read more »

A group of people in suits and hard hats celebrate the rising share price with champagne.
Resources Shares

Which ASX 200 mining share offers the best dividend yield for FY22?

Top brokers are forecasting dividend yields of 14% to 17% from the big three ASX 200 miners in FY22.

Read more »

Happy woman miner with her thumb up signalling Wyloo's commitment to back IGO's takeover of Western Areas nickel
ESG

Own BHP shares? Here’s how the ASX 200 miner plans to slash emissions

Miners have come under pressure around the globe to mitigate the environmental impacts of their operations.

Read more »

a woman stands next to a large green battery smiling and eating an apple with a lifting green arrow line in the background, indicating rising stock prices.
Resources Shares

After the sell-off, experts think these 2 lithium ASX stocks are great buys

Brokers think that these ASX lithium stocks could charge up returns.

Read more »

Three happy men with moustaches cooking on a BBQ with flames leaping up.
Ask a Fund Manager

‘Extremely cheap’: expert names 3 ASX shares hot to buy now

Ask A Fund Manager: Datt Capital's Emanuel Datt puts up a trio of stocks that'll take advantage of the energy…

Read more »

Three coal miners smiling while underground
Resources Shares

Why are ASX 200 coal shares bouncing back on Tuesday?

Coal shares are extending their gains today.

Read more »

A stressed woman with her head in her hands sits at her desk reading about falling ASX 200 mining shares on her laptop
Resources Shares

What’s behind the weakness in ASX 200 mining shares during June?

ASX miners have pared gains in recent weeks.

Read more »