Chalice Mining shares jumped 13% on new exploration results

The Chalice Mining Ltd (ASX:CHN) today, at the beginning of trading, the share price rose by 13.3%.

Shares of Chalice Mining closed yesterday at $3.75 and are currently trading at $4.25.

It comes after the ASX Resources columnist reported the latest, promising results of the exercises.

What intelligence results were reported

Chalice Mining’s share price is rising after the company revealed it has intersected a new nickel-copper-platinum group element (PGE) sulphide zone at its Julimar Ni-Cu-PGE project located in Western Australia.

Visual results are from initial diamond drilling at the Dampier Target, approximately 10 km north of the proven Gonville deposit. Assays of the new holes at Dampir are expected within six weeks.

The researcher reported that through three widely spaced holes he intersected a 15- to 80-meter-wide zone of disseminated sulfides (averaging 1-3% sulfides), with locally widespread matrix sulfides (up to 20%-30% sulfides) in the interlayer sequence. from ultramafic to mafic intrusive rocks.

Chalish said:

This is the first significant evidence of orthomagmatic sulfide mineralization outside of the Gonville deposit itself and is considered an exciting result that demonstrates the highly promising nature of the Julimar complex for additional Ni-Cu-PGE discoveries.

Search operations continue at the Hartog-Dhampir sites. Thirteen of the 70 planned diamond wells have been completed so far, with assays pending for five more.

Chalice Mining’s share price could get a further boost as the company said it has yet to test several high-priority targets at Hartog-Dampier. There are currently four diamond drill rigs at the site, with three additional rigs drilling at the Gonneville PGE-Ni-Cu-Co-Au deposit.

Challis emphasized that the drilling program in Julimar State Forest uses “small diamond rigs.” Exploration does not involve mechanized clearing of local vegetation and earthworks.

Chalice Mining share price snapshot

Today’s big rally in Chalice Mining’s share price will be welcome news for shareholders who have endured a tough year.

Despite the gains, the ASX explorer’s shares are still down 43% in 2022. That compares with a year-to-date loss of 14% posted Index of all ordinaries (ASX: XAO).

Taking a step back, investors who bought shares of Chalice Mining on January 31, 2020 – before the start COVID-19 pandemic – will sit on gains of almost 1500%.