Chalice Mining (ASX:CHN) share price leaps another 8% on the back of historic discovery

A historic mining discovery is setting the Chalice Mining share price on fire…
The post Chalice Mining (ASX:CHN) share price leaps another 8% on the back of historic discovery appeared first on The Motley Fool Australia. –

The Chalice Mining Ltd (ASX: CHN) share price is flying higher again today. Excitement is still in the air after the minerals explorer proclaimed to the market yesterday that it has made the largest nickel sulphide discovery in more than 20 years, and the largest platinum discovery in Australian history.

At the time of writing, shares in the company are up 8% to $9.42. Impressively, this takes the Chalice Mining rally to approximately 30% in two days.

Let’s recap the news that put all this into motion.

Going down in history

The contents of yesterday’s announcement from Chalice Mining represents a historical moment in Australian mining and exploration history. Investors are still brimming with excitement after the company released its maiden mineral resource estimate for the Gonneville deposit at its 100%-owned Julimar Project in Western Australia.

According to the release, the deposit is of tier-1 scale, containing a mix of oxide, transitional, and sulphide mineralisation. Impressively, the inferred mineral resource is estimated to be 10 million ounces (Moz) of palladium, platinum, and gold. In addition, 530kt of nickel, 330kt of copper, and 53kt of cobalt are also inferred.

The discovery of platinum group elements marks the largest in Australian history. These elements are gaining more interest as they have numerous uses in hydrogen applications. Because of this, the company believes Gonneville could make for a world-class green metals project.

More to come for the Chalice Mining share price?

Having already achieved historic status, Chalice Mining continues to explore the extent of the resource. Currently, the miner is conducting drilling, with assays pending on around 160 drill holes.

Furthermore, Gonneville remains open at the Julimar State Forest boundary to the north. At present, Chalice is awaiting approval to drill over an additional strike length of around 10km.

Investors might be still be speculating on the Chalice Mining share price for a potential increase in the inferred mineral resource, dependent on the results of future drills.

Any additional upside would only add to the already 208% return from the company’s shares over the past 12 months.

The post Chalice Mining (ASX:CHN) share price leaps another 8% on the back of historic discovery appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Mitchell Lawler 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 Bruce Jackson.

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