ASX 200 gold stock Chalice Mining just rocketed 14%. Here's why

Atop gold, the ASX 200 miner also explores for and produces platinum group elements (PGE), nickel and copper.

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S&P/ASX 200 Index (ASX: XJO) gold stock Chalice Mining Ltd (ASX: CHN) has had a tough seven months behind it.

But today things are looking decidedly up.

Shares in the gold miner – which also explores for and produces platinum group elements (PGE), nickel and copper – closed yesterday trading for $1.49. In early afternoon trade on Wednesday, shares are swapping hands for $1.69 apiece, up 13.5%.

For some context, the ASX 200 is up 1.4% at this same time.

Here's what's spurring investor interest.

ASX 200 gold stock rockets on exploration approvals

The Chalice Mining share price is soaring after the miner reported it has received all the required approvals to commence the next phase of exploration drilling across its 100% owned Julimar Nickel-Copper-PGE Exploration Project, located in Western Australia.

The Julimar Exploration Project surrounds the Gonneville Deposit, a significant greenfield Ni-Cu-PGE discovery made by Chalice in 2020.

The ASX 200 gold stock said that with the approval of the Stage 3 Conservation Management Plan and Program of Work for exploration drilling across the full 30 kilometre interpreted strike length of the Julimar Complex, it expects to commence low-impact drilling "shortly".

Management said the exploratory "will be completed within non-vegetated areas, using low-impact techniques that have no impact on vegetation or the environmental values of the Julimar State Forest".

Chalice Mining will used diamond drill rigs to target high-grade Ni-Cu-PGE discoveries at the untested Torres, Jansz and Baudin targets, located between 10 kilometres and 20 kilometres from the Gonneville Project.

Atop the diamond drilling, Chalice said it will employ broad, shallow aircore (AC) drilling to "assess the full extent of prospective ultramafic-mafic geology, the host rocks for Ni-Cu-PGE mineralisation, across the Julimar Complex".

The company expects the drilling program to continue for at least six months.

Chalice Mining share price snapshot

Despite the big boost to the Chalice Mining share price today, the ASX 200 gold stock remains down 70% over the past 12 months.

Motley Fool contributor Bernd Struben 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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