The share prices of FELIX Gold Ltd (ASX: FXG), Venture Minerals Ltd (ASX: VMS), and Cobre Ltd (ASX: CBE) are all soaring. For perspective, the ASX 200 Resources Index is 2.65% at the time of writing.

Let's take a look at why these ASX resources shares are shooting ahead today.

Felix Gold

The Felix Gold share price is surging 18% today. ASX 200 gold share Evolution Mining Ltd (ASX: EVN) is also up 2.44% in late afternoon trading, while Newcrest Mining Ltd (ASX: NCM) is 1.54% higher. Felix Gold is exploring the Fairbanks Gold Mining District of Alaska, US. Recently, Felix advised RC drilling is complete across 131 holes at the Treasure Creek Project. With assay results returned for just nine of the 131 RC holes so far, the company said there is a "strong news flow pipeline". Managing director and CEO Joe Webb said:

We now have a big pipeline of RC drill assays to flow over coming months and are excited to have commenced diamond drilling at Treasure Creek to test potential depth extent and target zones at depth, including the key Eastgate IP target.

Venture Minerals

The Venture Minerals share price is up 7.69% at 2.8 cents a share after hitting an intraday high of 3.1 cents today, a 19% jump. Venture has discovered Rare Earth Element (REE) mineralisation at the Mount Lindsay project. The REE mineralisation is adjacent to existing tin zones within the project. More infill surface sampling work will be conducted to define the REE anomalism and identify targets for further drill testing. Commenting on today's news, Venture's managing director Andrew Radonjic said:

The fact the Rare Earths are in shallow clays immediately adjacent to high grade Tin Zone bodes well for the economic potential of the Reward Deposit.

Cobre

The Cobre share price is 16.33% higher at the time of writing to 28.5 cents a share. Earlier in the session, Cobre shares surged 30% higher to 32 cents each. Cobre is a copper explorer with projects in Botswana and Western Australia. Cobre shares took off today despite no news from the company. The copper price is trading 0.38% today, Trading Economics data shows. Cobre recently advised drilling at NCP12 had intersected with "significant copper mineralisation" at the Ngami Copper Project in Botswana. Further drilling is ongoing. Assay results from drill holes NCP07, NCP08, and NCP09 are expected near the end of September.

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The mineral explorer's share price closed 9.81% higher to $4.59. For perspective, the S&P/ASX 200 Index (ASX: XJO) gained 0.65% today.

Let's take a look at what could be impacting the Chalice Mining share price.

What's going on?

Chalice Mining is exploring nickel, copper, gold, cobalt, and platinum group elements (PGE) at the Julimar Project in Western Australia.

Today, the nickel price lifted 6.87% to US$24,536.5 a tonne, Trading Economics data shows. Gold prices also gained 0.7% after the US dollar fell from its record high while copper prices increased 1.3%.

The S&P/ASX 200 Materials Index (ASX: XMJ) also lifted 0.5% today.

As well, news from Chalice Mining's joint venture partner Venture Minerals Ltd (ASX: VMS) may have fuelled investor optimism.

The two are developing the South West nickel-copper-PGE project in Western Australia.

Today's news from Venture related to its nearby 100%-owned Kulin project. Venture confirmed the project is prospective for magmatic nickel and copper sulphide. The company said it has commenced an AEM survey along "two highly prospective ultramafic intrusive complexes" that sit along strike of the belt that hosts Chalice's project.

The Venture Minerals share price finished the day flat after jumping nearly 4% in earlier trade.

Meanwhile, today Chalice advised the UBS Group ceased to be a substantial holder of Chalice Mining shares on 8 September.

Share price snapshot

The Chalice Mining share price has fallen 31% in the past year, while it has dropped 52% year to date.

For perspective, the ASX 200 has lost 5.6% in the past year.

Chalice has a market capitalisation of about $1.7 billion based on its current share price.

The post Why did the Chalice Mining share price leap 10% on Tuesday? appeared first on The Motley Fool Australia.

Chalice Mining shares closed 3.66% higher at $3.68 apiece, after hitting an intraday high of $3.70.

Let's take a look at what was released to the ASX earlier today.

Chalice Mining earns majority interest in South West Project

Investors rallied up the Chalice Mining share price after the company received a 51% stake in Venture Minerals' South West Project.

According to the Venture Minerals announcement, Chalice Mining received results from its recently completed auger soil geochemistry program at the site, identifying two new Ni-Cu-PGE target areas.

Ni-Cu-PGE stands for a number of different minerals. These are nickel (Ni) and copper (Cu) while PGE represents 'platinum group elements'. These consist of: palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru).

The new targets are supported by underlying geology that is said to be consistent with the presence of ultramafic rocks.

Furthermore, it contains coincident and untested airborne electromagnetic and magnetic anomalies at the Thor target – a 20-kilometre-long magnetic anomaly within the South West project.

Following the auger soil geochemistry program and recently completed maiden drilling program, Chalice Mining met its $1.2 million expenditure requirement to attain a 51% interest.

Should management choose to spend another $2.5 million on exploration activities by July 2024, the Chalice interest will increase to 70%.

Venture Minerals managing director Andrew Radonjic commented:

I am very pleased with the progress made to date at Thor. With Chalice now having met their 51% expenditure milestone ahead of schedule, Venture looks forward to working with Chalice in the future on our South West project.

Chalice Mining share price summary

Over the last 12 months, Chalice Mining shares have dropped almost 50% and are down 60% year to date.

The company's share price reached a 52-week low of $3.37 in late June before rebounding higher.

Chalice Mining commands a market capitalisation of roughly $1.38 billion.

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Shares in the ASX resource explorer are up 16.67% at time of writing, having earlier posted intraday gains as high as 27%.

Below we take a look at the latest drill results that look to be driving ASX investor interest.

What drill results were reported?

The Venture Minerals share price is surging after the company reported a record breaking drill intersection at Mount Lindsay Tin-Tungsten Project, located in Tasmania.

According to the announcement, the  drilling hit "substantial intersections of high-grade mineralisation".

These include 147m at 1% Tin (Sn) and 0.2% Tungsten (WO3) from 90m. That remains open down the hole and Venture is still awaiting further assay results.

The intersection included a high grade zone of 45m at 2.5% Sn and 0.3% WO3 from 93m or 9m at 5.9% Sn and 0.3% WO3 from 183m.

Commenting on the drill results, Venture Minerals' managing director, Andrew Radonjic said:

This new drilling at Mount Lindsay, focused on the high-grade zones, is starting to unveil the exceptional value that Mount Lindsay truly holds. At current metal prices, this 147-metre drill intersection has an average recovered value of AU$680 per tonne, taking into account metallurgical recovery test work from our previous feasibility study. This high value per tonne makes Mount Lindsay a very attractive proposition for underground mining.

The company noted that the Mount Lindsay Project has been classified by the Australian government as a Critical Minerals Project with an advanced Tin-Tungsten asset.

Venture Minerals share price snapshot

Following a strong run into the early winter, the Venture Minerals share price has been struggling since July. Year-to-date shares are down 24%. That compares to a 10% gain posted by the All Ordinaries Index (ASX: XAO) in 2021.

Over the past month the Venture Minerals share price is down 16%.

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The Venture Minerals Share price is currently swapping hands at 4.5 cents apiece, up 9.76%. Let's take a look at the latest exploration announcement from Venture.

What did Venture announce today?

In today's release, Venture advised that its joint venture partner Chalice Mining has spent $300,000 on the South West Nickel-Copper-Platinum Group Elements Project in Western Australia.

This marks the completion of the first stage of the joint venture between the two companies.

Under the terms of the agreement, Chalice can earn up to 70% if it spends $3.7 million exploring the targets over a 4-year period. The project is located 240km south of Perth in the Balingup Metamorphic Belt.

Venture stated that said most of the exploration was at its 20km long Thor target, a "Julimar lookalike magnetic anomaly interpreted to be mafic-ultramafic intrusive complex".

What did management say?

Venture managing director Andrew Radonjic said with the completion of the detailed EM survey, the company was eagerly awaiting the survey results:

The knowledge gained from Chalice's Julimar discoveries will be a huge advantage in determining which conductors should be drilled first and this no doubt increases the probability of bringing a discovery forward.

This is the main reason why Venture decided to partner with Chalice on this project as it clearly increases the chances of success which benefits all of the company's shareholders.

Venture share price snap shot

The Venture share price is up 12.82% over the past 12 months, although Venture shares have dropped 10% since January this year. Shares in the mineral exploration company reached a high of 15.5 cents on 15 June.

At today's share price, Venture has a market capitalisation of roughly $63.8 million.

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At the time of writing, Venture Minerals shares are down a massive 33.77% to 5.1 cents. This means that its shares are now trading at a 6-month low.

What did Venture Minerals announce?

According to its release, Venture Minerals advised it has completed its first ever commercial shipment of iron ore from its Riley Iron Ore Mine.

The shipment comprised 45,632 tonnes of iron ore with an average grade of 57.3% Fe. A discharge port in China as designated by the company's off-take partner, Prosperity Steel will receive the shipment. It's expected that Venture Minerals will collect around $5.1 million in the next fortnight under its offtake agreement.

While this is good news, the company provided a concerning operational update, which has caused its shares to fall.

As such, Venture Minerals stated that 62% of Fe iron ore prices have declined significantly in the past few months. Once reaching highs of US$230 per tonne, the current market rate is hovering just above US$100 per tonne.

Furthermore, the company's 57% Fe grade ore has been heavily discounted to a market rate of 30%. This is a stark contrast to when its iron ore was trading at just a 10% market rate discount.

Venture Minerals' woes have been amplified with the volatile shipping market caused by congestion at Chinese ports, COVID-19, and political impacts. The shipping rates for iron ore have tripled since 2019 from US$18 per tonne to the current rate of US$54 per tonne.

In response to the above conditions, the company is conducting a full review of its Riley Iron Ore Mine operations. Management hopes to identify cost efficiency measures to offset some of the external market volatility.

While some of the external pressures are expected to be temporary, Venture Minerals has decided to suspend mining operations. It aims to preserve existing capital while it works through its review and assesses the situation.

About the Venture Minerals share price

Over the past 12 months, Venture Minerals has gained almost 50% despite today's significant drop. However, when looking at year-to-date, its shares are down around 7% for the period.

Venture Minerals presides a market capitalisation of roughly $68 million and has 1.3 billion shares on issue.

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Since it finished last week's trading for 9.2 cents apiece, Venture Minerals' stock has fallen 6.52%.

Right now, the Venture Minerals share price is 8.6 cents.

Let's take a look at what might be driving the company's shares lower this week.

A quick refresher

Venture Minerals is a mineral explorer in the early stages of production.

The company mines iron ore at its Tasmanian Riley Ore Mine, with its first shipment due this month.

Additionally, Venture Minerals is exploring for tin and tungsten at the Mount Lindsay Project in Tasmania. According to Venture, Mount Lindsay is one of the world's largest tin deposits.

It also has projects focused on gold, copper, nickel, and other minerals in Western Australia.

What's Venture Minerals been up to lately?

Venture Minerals has maintained silence as its share price plummets this week.

However, last week was a busy one for the company.

Last Wednesday, Venture announced a drilling campaign at Mount Lindsay had successfully found a new skarn system. The skarn system is potentially tin bearing and is located nearby the Renison Tin Operation. The company stated Renison was one of the world's largest and highest-grade tin mines.

The Venture Minerals share price gained 7% after the company announced the discovery.

Not to mention, over 25 million of the company's shares were traded last Wednesday. For comparison, in the past 4 weeks the average day saw around 16 million Venture shares swap hands.

Then, Venture Minerals unveiled its New World Metals Conference presentation on Thursday.

Despite the presentation containing plenty of seemingly positive news, Venture Minerals' shares fell 4% the day it was released.

Venture Minerals share price snapshot

Despite its poor performance this week, the Venture Minerals share price is well and truly in the ASX green.

Right now, the company's share price is 76% higher than it was at the start of 2021. It has also gained 193% since this time last year.

The post The Venture Minerals (ASX:VMS) share price has fallen 6% this week appeared first on The Motley Fool Australia.

Let's take a look at what the company announced today and why investors appear undecided on the Venture Minerals share price.

Landholding acquisition

Earlier today, Venture Minerals updated the market on the company's nickel-copper-platinum (Ni-Cu-PGE) landholding.

According to the update, Venture has expanded its Ni-Cu-PGE portfolio following the acquisition of a highly prospective tenure at the company's Kulin Project.

Venture said it secured two highly prospective 20-kilometre-long Ni-Cu-PGE targets as part of the acquisition, effectively doubling the company's Ni-Cu-PGE portfolio.

The Venture Minerals portfolio includes the South West Ni-Cu-PGE Project, currently joint-ventured with Chalice Mining Ltd (ASX: CHN).

Venture Minerals managing director Andrew Radonjic commented;

Venture has made some excellent acquisitions around the Kulin Project, which sees the company now control a highly sought-after ground position in close vicinity to the recently discovered Julimar Ni-Cu-PGE deposit.

Venture Minerals completes maiden drill program

In addition to the acquisition update, Venture Minerals also provided results from a maiden drill program at Kulin.

The results delivered a gold intersection with mineralised intervals to 18 metres @ 0.6 g/t gold (Au) from 329 metres. Higher grade zones were also found at 9 metres @ 1.2 g/t Au from 338 metres and 3 metres @ 3.4g/t Au from 341 metres.

More on Venture Minerals

Venture Minerals is a mining explorer that is looking to make the transition to producer.

The company has various operations including its Riley Iron Ore mine in northwest Tasmania and Tin-Tungsten Project at Mount Lindsay.

As noted previously, the company's joint venture in Western Australia is the location of the South West Nickel-Copper-PGE Project. Chalice Mining has already committed up to $3.7 million to the project.  

Overall, the Venture Minerals share price has enjoyed a stellar year thus far. Since the start of 2021, shares in the mining explorer are trading more than 139% higher.

The post The Venture Minerals (ASX:VMS) share price has slipped today. Here's why appeared first on The Motley Fool Australia.

Below we take a look at the latest exploration announcement from the ASX resource share and its joint venture (JV) partner Venture Minerals Limited (ASX: VMS).

What did Venture and Chalice announce?

Chalice Mining's share price is rising today after Venture reported Chalice has uncovered new electromagnetic (EM) anomalies at Venture's South West Ni-Cu PGE Project. (That's nickel, copper and platinum group elements, for the uninitiated).

According to the release, the EM anomalies were found during early surveys of the "ground based moving loop EM (MLEM) and fixed loop EM program".

Under the terms of the JV earn-in agreement, Chalice can earn up to 70% if it spends $3.7 million exploring the targets over a 4-year period. The current exploration program is the first stage of that JV earn-in.

Venture reported that the new EM anomalies are similar strength conductors to ones detected during the early drilling phase of the Julimar Ni-Cu-PGE discovery. Those "yielded wide and significant palladium intervals".

The MLEM program has suffered some delays due to rains, with one third of the total planned 42 line kilometres completed so far. The full program is now expected to be complete by November. Once that's complete, Venture said any promising anomalies will be infilled "to define targets for subsequent follow-up with surface geochemical sampling or drilling".

Commenting on the developments, Venture's managing director, Andrew Radonjic said:

Venture is extremely encouraged by the success of the early work done by our JV partners Chalice Mining on our South West Project. The ground EM program, though only one third complete, has already yielded new EM anomalies with one sitting adjacent to a previously drilled hole containing significant disseminated sulfides with elevated PGE levels.

The majority of the Thor 'Julimar lookalike' Target that already hosts several airborne EM anomalies is yet to be tested by Chalice's EM program and the company looks forward to results from this work and potential follow up drill testing in the near future.

Chalice Mining share price snapshot

Chalice Mining's share price has been a stellar performer over the past 12 months, up 638%. By comparison, the All Ordinaries Index (ASX: XAO) gained 27% over that same time.

Year-to-date the Chalice Mining share price has continued to outperform, up 72% in 2021.

Venture Minerals also got a healthy boost from today's announcement, with shares up 11% today. That brings the Venture Minerals' share price gains to 400% over the past 12 months.

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In earlier trade, the company's shares were actually up by 8% before giving back those gains and then some.

As its name suggests, Venture Minerals is focused on the exploration and development of mineral resources. It's currently exploring in Western Australia for copper- lead-zinc at the Thor Prospect, nickel-copper at the Odin Prospect, and gold-nickel-copper-cobalt at the Caesar Project, among others.

Presentation highlights

The Venture Minerals share price is in the red today after the company outlined its current progress on multiple projects. Its Riley iron ore processing plant has now been built on schedule and within budget. The first shipment of ore out of the plant is expected in the second quarter of this year. The company is hoping the quick turnaround will allow it to capitalise on record-high iron ore prices.

Venture Minerals has also commenced an electromagnetic survey program on what it calls a 'Julimar lookalike' drilling target at its South West nickel and copper project.

Meanwhile, drilling has confirmed up to 7% zinc deposits from the company's first assays at the Orcus prospect and, at Golden Grove North, follow-up drilling has commenced.

According to Venture Minerals, the trench results at Kulin also have confirmed a "significant gold system" but the company is still awaiting results from its maiden drill program. Judging by today's Venture Minerals share price action, it seems some investors have decided not to wait around for these results. 

Renewable aspirations

In today's presentation, there was also some news on the renewable energy front. Venture Minerals reported it has advanced its Mount Lindsay tin and tungsten project, which "provides near-term exposure" to electric vehicle (EV) market demand for rare earth metal and the critical minerals markets. Tungsten is considered a critical mineral by the Australian Government.

According to the company's presentation, "EV and critical minerals demand drives re-assessment of the high-grade tin and tungsten resource base at Mount Lindsay."

Venture also added that it is "uniquely positioned with Mount Lindsay being one of the largest undeveloped tin projects in the world, containing in excess of 80,000 tonnes of tin metal. Mount Lindsay also hosts, within the same mineralised body, a globally significant tungsten resource containing 3.2 million metric tonne units of tungsten."

Venture Minerals share price snapshot

Despite today's falls, the Venture Minerals share price has boomed in the past month, gaining more than 95%. It's also up by 135% year to date and 488% over the past year. Based on the current valuation, the company has market capitalisation of $157 million.

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Why is the Chalice Mining share price rocketing higher?

Chalice Mining has started a program of ground electromagnetic (EM) surveying on the South West Nickel-Copper-Platinum Group Element (Ni-Cu-PGE) Project. Venture Minerals Limited (ASX: VMS) owns the site with Chalice working as a joint venture partner.

Chalice has commenced the surveying over selected areas of the "Julimar lookalike" magnetic anomaly (Thor Target) and other interpreted mafic-ultramafic intrusions.

The Chalice Mining share price shot higher in August after announcing the Julimar Ni-Cu-PGE Project discovery. Chalice announced that it had struck a significant sulphide zone, the first in the region.

Chalice is planning a total of ~42 line kilometres of moving loop EM in the initial stage. Any anomalies will be infilled to define targets for follow-up surface geochemical sampling or drilling.

The Chalice Mining share price is soaring on the back of this morning's news. Similarly, the Venture Minerals share price is up more than 13% in early trade.

The program is expected to be completed within 4 to 6 weeks, subject to weather constraints. It represents the first stage of the joint venture earn-in with Chalice earnings up to 70% by spending $3.7 million on exploration over 4 years.

The two main prospects within Venture Minerals' project are Thor and Odin with both containing areas of potential Ni-Cu-PGE prospectivity. 

Today's announcement has investors hoping for more strong discoveries in the region. It comes after the success of the Julimar discovery which has propelled Chalice shares 153.7% higher in the last 6 months.

Foolish takeaway

The Chalice Mining share price is surging this morning after the Venture Minerals update. It comes as the Aussie miner begins ground EM surveying over a "Julimar lookalike" area in the South West Ni-Cu-PGE Project.

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