Insights

Why the Chalice Mining (ASX:CHN) share price is rocketing 19% today

This gold explorer is glittering on Tuesday…
The post Why the Chalice Mining (ASX:CHN) share price is rocketing 19% today appeared first on The Motley Fool Australia. –

The Chalice Mining Ltd (ASX: CHN) share price has returned from its trading halt with a bang on Tuesday.

In morning trade, the gold explorer’s shares are up 19% to $8.07.

Why is the Chalice Mining share price rocketing higher?

Investors have been bidding the Chalice Mining share price higher today after it released its maiden mineral resource estimate for the Gonneville deposit at the Julimar Project in Western Australia.

According to the release, the company has defined a tier-1 scale, pit-constrained maiden resource for Gonneville, which includes a mix of oxide, transitional and sulphide mineralisation.

The maiden indicated and inferred, pit constrained, mineral resource estimate is for 10Moz of palladium, platinum, and gold, 530kt of nickel, 330kt of copper and 53kt of cobalt.

This makes it the largest nickel sulphide discovery in over 20 years and the largest platinum-group elements (PGE) discovery in Australian history. Management believes that this establishes the foundation for a world-class green metals project.

What’s next?

Chalice advised that drilling is continuing at the ~1.9km x 0.9km deposit outside the maiden resource, with assays pending for ~160 drill holes and five rigs continuing to test for extensions of high-grade mineralisation.

Gonneville remains open at the Julimar State Forest boundary to the north, where approval to drill over a further ~10km of strike length is anticipated to be received shortly. The deposit also remains open beyond a depth of ~630m.

Also ongoing is its scoping study. That study is scoping the initial mine development options at Gonneville and is expected to be completed in the second quarter of 2022.

“Major milestone”

Chalice’s Managing Director and Chief Executive Officer, Alex Dorsch, commented: “This is a major milestone for Chalice, coming just 18 months after our stunning first hole discovery at Julimar. Since then, we have completed more than 175,000m of diamond and RC drilling and now defined a genuine tier-1 scale deposit of critical minerals, with exceptional growth potential.”

“The Resource confirms that Gonneville is the largest nickel sulphide discovery globally in over two decades, and the largest PGE discovery in Australia’s history – a remarkable achievement considering that this is the first discovery in what we consider to be an entirely new district, Julimar, within a new nickel-copper-PGE province, the West Yilgarn.”

“Given its sheer scale, the attractive suite of six payable metals it contains and its premier location close to world-class infrastructure and services in Perth, Chalice clearly has the potential to become a leading global player in the green metals space.”

The Chalice Mining share price is now up almost 90% in 2021.

The post Why the Chalice Mining (ASX:CHN) share price is rocketing 19% today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Chalice right now?

Before you consider Chalice, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Chalice wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Why is the Chalice Mining (ASX:CHN) share price struggling today?

Minerals 260 (ASX:MI6) share price leaps 36% following IPO

Motley Fool contributor James Mickleboro 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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!