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

Chalice Mining shares are ending the week strongly…

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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.

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