The Chalice Mining Ltd (ASX: CHN) share price is gaining today, up more than 4%.
Below we take a look at the latest exploration announcement from the ASX resource share and its joint venture (JV) partner Venture Minerals Limited (ASX: VMS).
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What did Venture and Chalice announce?
Chalice Mining's share price is rising today after Venture reported Chalice has uncovered new electromagnetic (EM) anomalies at Venture's South West Ni-Cu PGE Project. (That's nickel, copper and platinum group elements, for the uninitiated).
According to the release, the EM anomalies were found during early surveys of the "ground based moving loop EM (MLEM) and fixed loop EM program".
Under the terms of the JV earn-in agreement, Chalice can earn up to 70% if it spends $3.7 million exploring the targets over a 4-year period. The current exploration program is the first stage of that JV earn-in.
Venture reported that the new EM anomalies are similar strength conductors to ones detected during the early drilling phase of the Julimar Ni-Cu-PGE discovery. Those "yielded wide and significant palladium intervals".
The MLEM program has suffered some delays due to rains, with one third of the total planned 42 line kilometres completed so far. The full program is now expected to be complete by November. Once that's complete, Venture said any promising anomalies will be infilled "to define targets for subsequent follow-up with surface geochemical sampling or drilling".
Commenting on the developments, Venture's managing director, Andrew Radonjic said:
Venture is extremely encouraged by the success of the early work done by our JV partners Chalice Mining on our South West Project. The ground EM program, though only one third complete, has already yielded new EM anomalies with one sitting adjacent to a previously drilled hole containing significant disseminated sulfides with elevated PGE levels.
The majority of the Thor 'Julimar lookalike' Target that already hosts several airborne EM anomalies is yet to be tested by Chalice's EM program and the company looks forward to results from this work and potential follow up drill testing in the near future.
Chalice Mining share price snapshot
Chalice Mining's share price has been a stellar performer over the past 12 months, up 638%. By comparison, the All Ordinaries Index (ASX: XAO) gained 27% over that same time.
Year-to-date the Chalice Mining share price has continued to outperform, up 72% in 2021.
Venture Minerals also got a healthy boost from today's announcement, with shares up 11% today. That brings the Venture Minerals' share price gains to 400% over the past 12 months.
