The Chalice Mining (ASX: CHN) share price hit a new all-time high today. Could it be linked to the rising gold price?
The post The Chalice Mining (ASX:CHN) share price hits record high today appeared first on The Motley Fool Australia. –
Chalice Mining Ltd (ASX: CHN) shareholders are enjoying a great start to the week after shares in the mining company touched an all-time high of $8.37 today.
The Chalice Mining share price has since retreated and was trading up 4.76% at $8.14 at the market close today.
As there has been no price-sensitive news from the company this month, it’s possible today’s gains relate to the increasing price of gold.
At the time of writing, the gold price is up 6.9% and is currently worth US$1883.60 an ounce.
That’s still a way off gold’s highest price of the year so far – US$1950.50 – which it reached in early January.
Let’s take a look at the Chalice Mining share price and why it has taken off on the ASX.
About Chalice Mining
Chalice is a mining explorer. It has 3 major operations in Australia including the Julimar Nickel-Copper-PGE Project, Pyramid Hill Gold Project, and Hawkstone Nickel-Copper-Cobalt Project.
Chalice is also involved in a number of joint ventures and has three up and coming mining targets, all based in Australia.
Most of the news Chalice Mining has disclosed to the ASX this year has been in regard to its Julimar Nickel-Copper-PGE Project.
It had a number of announcements regarding the mine in March, which saw its share price gain 51% in just 1 month.
Then, in April, the company announced it had found 165 new, high-grade mineralised areas, each with at least 1 gram of palladium per tonne, at the project.
It also purchased 4 properties in the area to expand the project.
Chalice Mining share price snapshot
The Chalice Mining share price is having a fantastic year on the ASX.
Currently, the Chalice Mining share price has gained 89% since the start of the year and is up a massive 653% since this time last year.
The miner has a market capitalisation of around $2.6 billion, with approximately 345 million shares outstanding.
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