Client favourite Chalice Mining is having an amazing day today increasing 13.3% during the trading day.
Chalice Mining shares closed yesterday at $3.75 and are currently trading for $4.25. This comes after the announcement from the company on its latest and very promising drill results.
The Chalice Mining share price is on the rise after the company revealed it had intersected a new nickel-copper-platinum group element (PGE) sulphide zone at its Julimar Ni-Cu-PGE Project, located in Western Australia.
The actual results come from initial diamond drilling at the Dampier Target, some 10km north of the proven Gonneville Deposit. Assays for the new holes at Dampier are expected within six weeks.
Across three wide-spaced holes it had intersected a “15m to 80m wide zone of disseminated sulphides (averaging 1-3% sulphide), with locally abundant matrix sulphides (up to 20% to 30% sulphide) within an interlayered sequence of ultramafic to mafic intrusive rocks.”
The company stated:
This is the first significant indication of orthomagmatic sulphide mineralisation outside of the Gonneville Deposit itself and is considered an exciting result which demonstrates the highly prospective nature of the Julimar Complex for additional Ni-Cu-PGE discoveries.
The Chalice Mining share price could be getting an extra boost as the company noted it’s yet to test several high-priority targets at Hartog-Dampier. It currently has four diamond drill rigs at the site with three additional rigs drilling at the Gonneville PGE-Ni-Cu-Co-Au Deposit.
Today’s big lift in the Chalice Mining share price will come as welcome news to shareholders who’ve held on during a difficult year.
Despite this drastic increase, the share price of this ASX explorer remain down 49% for the the last financial year ending June 30 2022.